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KSCM
Key Square Capital Management Portfolio holdings
AUM
$14.2M
1-Year Est. Return
21.27%
This Fund
S&P 500
This Quarter
Est. Return
+4.65%
1 Year Est. Return
+21.27%
3 Year Est. Return
+50.18%
5 Year Est. Return
+762.23%
10 Year Est. Return
–
AUM
$195M
AUM Growth
-$227M
(-54%)
Cap. Flow
-$216M
Cap. Flow
% of AUM
-110.51%
Top 10 Holdings %
Top 10 Hldgs %
94.03%
Holding
23
New
12
Increased
1
Reduced
–
Closed
10
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Teck Resources
TECK
|
+$18.5M |
| 2 |
Norfolk Southern
NSC
|
+$14.2M |
| 3 |
General Motors
GM
|
+$12M |
| 4 |
D.R. Horton
DHI
|
+$7.04M |
| 5 |
Lennar Class A
LEN
|
+$6.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NKLA
Nikola Corporation Common Stock
NKLA
|
+$135M |
| 2 |
Match Group
MTCH
|
+$39M |
| 3 |
Moderna
MRNA
|
+$23.7M |
| 4 |
TBIO
Translate Bio, Inc. Common Stock
TBIO
|
+$18.1M |
| 5 |
PG&E
PCG
|
+$17.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 47.54% |
| 2 | Consumer Discretionary | 20.76% |
| 3 | Industrials | 14.94% |
| 4 | Materials | 14.37% |
| 5 | Energy | 2.39% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
DISH
1
DELISTED
DISH Network Corp.
DISH
| $92.8M | 47.54% |
3,197,390
+58,857
| +2% | +$1.94M |
|
|
2
Teck Resources
TECK
$29.3B
| $21.8M | 11.16% |
+1,564,859
| New | +$18.5M |
|
|
3
Norfolk Southern
NSC
$78.3B
| $15.1M | 7.72% |
+70,461
| New | +$14.2M |
|
|
4
General Motors
GM
$73B
| $12.6M | 6.46% |
+426,558
| New | +$12M |
|
|
5
D.R. Horton
DHI
$39.9B
| $7.8M | 3.99% |
+103,108
| New | +$7.04M |
|
|
6
Lennar Class A
LEN
$19.8B
| $7.57M | 3.88% |
+95,690
| New | +$6.8M |
|
7
Cummins
CMI
$91.8B
| $7.1M | 3.63% |
+33,611
| New | +$6.7M |
|
8
Home Depot
HD
$324B
| $6.67M | 3.41% |
+24,007
| New | +$6.5M |
|
9
Freeport-McMoran
FCX
$91.3B
| $6.28M | 3.22% |
+401,524
| New | +$5.79M |
|
10
JB Hunt Transport Services
JBHT
$27.2B
| $5.88M | 3.01% |
+46,559
| New | +$6.2M |
|
11
Ford
F
$56.4B
| $5.88M | 3.01% |
+882,684
| New | +$5.98M |
|
12
EQT Corp
EQT
$33.4B
| $4.67M | 2.39% |
+361,271
| New | +$5.3M |
|
13
Alaska Air
ALK
$4.99B
| $1.1M | 0.56% |
+30,125
| New | +$1.13M |
|
14
American Airlines Group
AAL
$8.96B
| – | – |
-507,313
| Closed | -$6.63M |
|
15
PUT
Apple
AAPL
$4.72T
| – | – |
-708,000
| Closed | -$64.6M |
|
|
VISN
16
Vistance Networks Inc
VISN
$2.69B
| – | – |
-41,850
| Closed | -$349K |
|
17
iShares MSCI Emerging Markets ETF
EEM
$28.6B
| – | – |
-186,600
| Closed | -$7.46M |
|
|
18
Moderna
MRNA
$22.6B
| – | – |
-369,676
| Closed | -$23.7M |
|
|
19
Match Group
MTCH
$8.72B
| – | – |
-364,390
| Closed | -$39M |
|
|
20
PG&E
PCG
$38.6B
| – | – |
-2,000,000
| Closed | -$17.7M |
|
|
X
21
DELISTED
US Steel
X
| – | – |
-165,723
| Closed | -$1.2M |
|
|
NKLA
22
DELISTED
Nikola Corporation Common Stock
NKLA
| – | – |
-66,667
| Closed | -$135M |
|
|
TBIO
23
DELISTED
Translate Bio, Inc. Common Stock
TBIO
| – | – |
-1,007,665
| Closed | -$18.1M |
|
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Key Square Capital Management's Q3 2020 Portfolio in Review
As of Q3 2020, Key Square Capital Management held 23 positions worth $195M, down 54% from $422M the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Key Square Capital Management withdrew a net $216M in Q3 2020, closing 10 positions. Its most notable exit was Nikola Corporation Common Stock, an estimated $135M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 48% of assets, up from 35% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Key Square Capital Management opened a new position in Teck Resources worth $21.8M.
- Key Square Capital Management's largest Q3 2020 buy was Teck Resources: 1,564,859 shares worth $21.8M.
- Key Square Capital Management added most to DISH Network Corp. in Q3 2020, an estimated $1.94M increase.
- Key Square Capital Management fully exited Nikola Corporation Common Stock in Q3 2020, selling an estimated $135M.
- Key Square Capital Management's ten largest holdings make up 94% of its $195M portfolio in Q3 2020.
- Key Square Capital Management opened 12 new positions and closed 10 in Q3 2020.
- Key Square Capital Management's portfolio value fell 54% quarter-over-quarter to $195M.
Based on Key Square Capital Management's 13F filing for Q3 2020, filed 9 Nov 2020.