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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
+242.83%
1 Year Est. Return
+21.27%
3 Year Est. Return
+50.18%
5 Year Est. Return
+762.23%
10 Year Est. Return
–
AUM
$422M
AUM Growth
-$287M
(-40%)
Cap. Flow
-$453M
Cap. Flow
% of AUM
-107.2%
Top 10 Holdings %
Top 10 Hldgs %
99.92%
Holding
34
New
9
Increased
–
Reduced
2
Closed
23
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NKLA
Nikola Corporation Common Stock
NKLA
|
+$64.3M |
| 2 |
Match Group
MTCH
|
+$30.5M |
| 3 |
PG&E
PCG
|
+$21.8M |
| 4 |
TBIO
Translate Bio, Inc. Common Stock
TBIO
|
+$15.2M |
| 5 |
iShares MSCI Emerging Markets ETF
EEM
|
+$6.99M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$115M |
| 2 |
Microsoft
MSFT
|
+$78.1M |
| 3 |
Meta Platforms (Facebook)
META
|
+$74.2M |
| 4 |
Apple
AAPL
|
+$60.5M |
| 5 |
Alibaba
BABA
|
+$42.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 34.9% |
| 2 | Consumer Discretionary | 32% |
| 3 | Healthcare | 9.9% |
| 4 | Utilities | 4.2% |
| 5 | Industrials | 1.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
NKLA
1
DELISTED
Nikola Corporation Common Stock
NKLA
| $135M | 32% |
+66,667
| New | +$64.3M |
|
|
DISH
2
DELISTED
DISH Network Corp.
DISH
| $108M | 25.66% |
3,138,533
-887,636
| -22% | -$24.7M |
|
|
3
PUT
Apple
AAPL
$4.79T
| $64.6M | 15.3% |
+708,000
| New | +$54.9M |
|
|
4
Match Group
MTCH
$8.87B
| $39M | 9.24% |
+364,390
| New | +$30.5M |
|
5
Moderna
MRNA
$23B
| $23.7M | 5.62% |
369,676
-21,895
| -6% | -$1.2M |
|
|
TBIO
6
DELISTED
Translate Bio, Inc. Common Stock
TBIO
| $18.1M | 4.28% |
+1,007,665
| New | +$15.2M |
|
|
7
PG&E
PCG
$39.9B
| $17.7M | 4.2% |
+2,000,000
| New | +$21.8M |
|
|
8
iShares MSCI Emerging Markets ETF
EEM
$28.8B
| $7.46M | 1.77% |
+186,600
| New | +$6.99M |
|
9
American Airlines Group
AAL
$9.78B
| $6.63M | 1.57% |
+507,313
| New | +$6.15M |
|
|
X
10
DELISTED
US Steel
X
| $1.2M | 0.28% |
+165,723
| New | +$1.29M |
|
|
VISN
11
Vistance Networks Inc
VISN
$2.72B
| $349K | 0.08% |
+41,850
| New | +$413K |
|
|
12
Apple
AAPL
$4.79T
| – | – |
-780,708
| Closed | -$60.5M |
|
13
Afya
AFYA
$1.27B
| – | – |
-477,500
| Closed | -$9.1M |
|
14
AGNC Investment
AGNC
$12.5B
| – | – |
-1,115,357
| Closed | -$11.8M |
|
15
Advanced Micro Devices
AMD
$901B
| – | – |
-723,360
| Closed | -$32.9M |
|
|
16
Alibaba
BABA
$279B
| – | – |
-217,867
| Closed | -$42.4M |
|
17
Salesforce
CRM
$133B
| – | – |
-73,556
| Closed | -$10.6M |
|
18
Freeport-McMoran
FCX
$93.4B
| – | – |
-1,630,634
| Closed | -$11M |
|
19
GE Aerospace
GE
$354B
| – | – |
-487,966
| Closed | -$19.3M |
|
20
SPDR Gold Trust
GLD
$133B
| – | – |
-86,200
| Closed | -$12.8M |
|
|
21
Alphabet (Google) Class C
GOOG
$4.17T
| – | – |
-1,972,920
| Closed | -$115M |
|
22
JD.com
JD
$40.7B
| – | – |
-792,590
| Closed | -$32.1M |
|
|
23
Meta Platforms (Facebook)
META
$1.59T
| – | – |
-445,058
| Closed | -$74.2M |
|
24
MGM Resorts International
MGM
$11.6B
| – | – |
-970,307
| Closed | -$11.4M |
|
|
25
Microsoft
MSFT
$2.9T
| – | – |
-495,097
| Closed | -$78.1M |
|
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Key Square Capital Management's Q2 2020 Portfolio in Review
As of Q2 2020, Key Square Capital Management held 34 positions worth $422M, down 40% from $709M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Key Square Capital Management withdrew a net $453M in Q2 2020, closing 23 positions and reducing 2 holdings. Its most notable exit was Alphabet (Google) Class C, an estimated $115M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 35% of assets, down from 38% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Key Square Capital Management opened a new position in Nikola Corporation Common Stock worth $135M.
- Key Square Capital Management's largest Q2 2020 buy was Nikola Corporation Common Stock: 66,667 shares worth $135M.
- Key Square Capital Management's biggest Q2 2020 reduction was DISH Network Corp., cutting an estimated $24.7M.
- Key Square Capital Management fully exited Alphabet (Google) Class C in Q2 2020, selling an estimated $115M.
- Key Square Capital Management's ten largest holdings make up 100% of its $422M portfolio in Q2 2020.
- Key Square Capital Management opened 9 new positions and closed 23 in Q2 2020.
- Key Square Capital Management's portfolio value fell 40% quarter-over-quarter to $422M.
Based on Key Square Capital Management's 13F filing for Q2 2020, filed 14 Aug 2020.