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Key Square Capital Management Portfolio holdings

AUM $14.2M
1-Year Est. Return 21.27%
This Fund
S&P 500
This Quarter Est. Return
-11.76%
1 Year Est. Return
+21.27%
3 Year Est. Return
+50.18%
5 Year Est. Return
+762.23%
10 Year Est. Return
AUM
$262M
AUM Growth
-$181M
Cap. Flow
-$138M
Cap. Flow %
-52.8%
Top 10 Hldgs %
100%
Holding
28
New
4
Increased
1
Reduced
3
Closed
20

Sector Composition

Rank Sector Weight
1 Communication Services 47.71%
2 Materials 15.56%
3 Consumer Discretionary 15.05%
4 Industrials 4.37%
5 Consumer Staples 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake
Capital Flow
DISH
1
DELISTED
DISH Network Corp.
DISH
$74.5M 28.49%
2,983,796
+661,363
+28% +$20.8M
GDX icon
2
VanEck Gold Miners ETF
GDX
$23.4B
$41.7M 15.94%
+1,976,899
New +$38.8M
NEM icon
3
Newmont
NEM
$102B
$40.7M 15.56%
+1,174,345
New +$38.1M
GOOS
4
Canada Goose Holdings
GOOS
$952M
$39.3M 15.05%
+900,031
New +$50.1M
TEO icon
5
Telecom Argentina
TEO
$6.03B
$35.1M 13.41%
2,254,522
-54,202
-2% -$929K
SBGI icon
6
Sinclair Inc
SBGI
$999M
$15.2M 5.8%
576,204
-8,100
-1% -$236K
CAAP icon
7
Corporacion America
CAAP
$4.09B
$11.4M 4.37%
1,725,282
-32,374
-2% -$251K
IPOA.U
8
DELISTED
Social Capital Hedosophia Holdings Corp.
IPOA.U
$3.58M 1.37%
+350,000
New +$3.57M
BHC icon
9
Bausch Health
BHC
$1.7B
-408,798
Closed -$10.5M
CHRD icon
10
Chord Energy
CHRD
$7.74B
-960,936
Closed -$13.6M
CLF icon
11
Cleveland-Cliffs
CLF
$5.39B
-2,083,810
Closed -$26.4M
FHB icon
12
First Hawaiian
FHB
$3.51B
-1,500,000
Closed -$40.7M
NIO icon
13
NIO
NIO
$11.7B
-1,000,000
Closed -$6.98M
PM icon
14
Philip Morris
PM
$303B
-438,617
Closed -$35.8M
RIG icon
15
Transocean
RIG
$5.87B
-242,190
Closed -$3.38M
SMH icon
16
VanEck Semiconductor ETF
SMH
$70.7B
-343,406
Closed -$18.3M
SPCE icon
17
Virgin Galactic
SPCE
$343M
-17,500
Closed -$3.57M
VAC icon
18
Marriott Vacations Worldwide
VAC
$3.33B
-300,000
Closed -$33.5M
SWN
19
DELISTED
Southwestern Energy Company
SWN
-4,742,346
Closed -$24.2M
ARCE
20
DELISTED
Arco Platform Limited Class A Common Shares
ARCE
-175,000
Closed -$3.99M
VRTV
21
DELISTED
VERITIV CORPORATION
VRTV
-199,900
Closed -$7.28M
ROSE
22
DELISTED
Rosehill Resources Inc. Class A
ROSE
-500,000
Closed -$3.05M
ZAYO
23
DELISTED
Zayo Group Holdings, Inc.
ZAYO
-1,002,333
Closed -$34.8M
UPL
24
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
-447,165
Closed -$501K
RDC
25
DELISTED
Rowan Companies Plc
RDC
-789,849
Closed -$14.9M

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Key Square Capital Management's Q4 2018 Portfolio in Review

As of Q4 2018, Key Square Capital Management held 28 positions worth $262M, down 41% from $443M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Key Square Capital Management withdrew a net $138M in Q4 2018, closing 20 positions and reducing 3 holdings. Its most notable exit was First Hawaiian, an estimated $40.7M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 48% of assets, up from 32% a quarter earlier, followed by Materials and Consumer Discretionary.

Against the trend, Key Square Capital Management opened a new position in Canada Goose Holdings worth $39.3M.

  • Key Square Capital Management's largest Q4 2018 buy was Canada Goose Holdings: 900,031 shares worth $39.3M.
  • Key Square Capital Management added most to DISH Network Corp. in Q4 2018, an estimated $20.8M increase.
  • Key Square Capital Management's biggest Q4 2018 reduction was Telecom Argentina, cutting an estimated $929K.
  • Key Square Capital Management fully exited First Hawaiian in Q4 2018, selling an estimated $40.7M.
  • Key Square Capital Management's ten largest holdings make up 100% of its $262M portfolio in Q4 2018.
  • Key Square Capital Management opened 4 new positions and closed 20 in Q4 2018.
  • Key Square Capital Management's portfolio value fell 41% quarter-over-quarter to $262M.

Based on Key Square Capital Management's 13F filing for Q4 2018, filed 13 Feb 2019.