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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
+3.95%
1 Year Est. Return
+21.27%
3 Year Est. Return
+50.18%
5 Year Est. Return
+762.23%
10 Year Est. Return
–
AUM
$272M
AUM Growth
-$257M
(-49%)
Cap. Flow
-$262M
Cap. Flow
% of AUM
-96.43%
Top 10 Holdings %
Top 10 Hldgs %
78.41%
Holding
40
New
12
Increased
1
Reduced
6
Closed
21
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Devon Energy
DVN
|
+$15.8M |
| 2 |
Diamondback Energy
FANG
|
+$14.6M |
| 3 |
GE Aerospace
GE
|
+$12M |
| 4 |
Bunge Global
BG
|
+$9.58M |
| 5 |
Cleveland-Cliffs
CLF
|
+$9.23M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DISH
DISH Network Corp.
DISH
|
+$45.4M |
| 2 |
iShares Biotechnology ETF
IBB
|
+$33.9M |
| 3 |
General Motors
GM
|
+$30M |
| 4 |
FedEx
FDX
|
+$29M |
| 5 |
EQT Corp
EQT
|
+$22.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 40.61% |
| 2 | Communication Services | 18.08% |
| 3 | Materials | 16.58% |
| 4 | Technology | 12.75% |
| 5 | Industrials | 4.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Cleveland-Cliffs
CLF
$5.39B
| $37.4M | 13.73% |
1,885,593
+404,963
| +27% | +$9.23M |
|
|
DISH
2
DELISTED
DISH Network Corp.
DISH
| $36.2M | 13.3% |
832,542
-1,066,676
| -56% | -$45.4M |
|
3
Occidental Petroleum
OXY
$57.2B
| $29M | 10.67% |
981,481
-403,699
| -29% | -$10.8M |
|
|
4
Devon Energy
DVN
$51.8B
| $19.8M | 7.27% |
+556,455
| New | +$15.8M |
|
5
Vontier
VNT
$4.25B
| $18.6M | 6.85% |
554,327
-102,166
| -16% | -$3.47M |
|
|
6
Diamondback Energy
FANG
$57.1B
| $17.2M | 6.32% |
+181,644
| New | +$14.6M |
|
7
Transocean
RIG
$5.87B
| $16.6M | 6.12% |
4,391,086
-764,417
| -15% | -$2.78M |
|
8
Oracle
ORCL
$362B
| $16.1M | 5.91% |
184,392
-114,433
| -38% | -$10.1M |
|
|
9
GE Aerospace
GE
$354B
| $12M | 4.42% |
+187,387
| New | +$12M |
|
10
Peabody Energy
BTU
$2.91B
| $10.4M | 3.81% |
+700,900
| New | +$9.18M |
|
|
11
Bunge Global
BG
$24B
| $10.1M | 3.71% |
+124,100
| New | +$9.58M |
|
12
Live Nation Entertainment
LYV
$41.4B
| $9.4M | 3.46% |
+103,166
| New | +$8.69M |
|
|
PXD
13
DELISTED
Pioneer Natural Resource Co.
PXD
| $8.82M | 3.24% |
52,980
-21,790
| -29% | -$3.3M |
|
14
The Mosaic Company
MOS
$7.24B
| $7.75M | 2.85% |
+217,000
| New | +$6.94M |
|
15
Booking.com
BKNG
$138B
| $7.46M | 2.74% |
+78,600
| New | +$7.05M |
|
|
TELL
16
DELISTED
Tellurian Inc.
TELL
| $4.85M | 1.78% |
+1,240,386
| New | +$4.24M |
|
17
APA Corp
APA
$12.8B
| $3.8M | 1.4% |
+177,200
| New | +$3.39M |
|
|
TWTR
18
DELISTED
Twitter, Inc.
TWTR
| $3.58M | 1.32% |
+59,300
| New | +$3.89M |
|
19
State Street Energy Select Sector SPDR ETF
XLE
$39.2B
| $2.97M | 1.09% |
+114,200
| New | +$2.83M |
|
20
Apple
AAPL
$4.79T
| – | – |
-7,500
| Closed | -$1.03M |
|
21
Alaska Air
ALK
$4.95B
| – | – |
-22,500
| Closed | -$1.36M |
|
22
Applied Materials
AMAT
$440B
| – | – |
-91,712
| Closed | -$13.1M |
|
23
Alibaba
BABA
$279B
| – | – |
-29,250
| Closed | -$6.63M |
|
24
Cenovus Energy
CVE
$54.1B
| – | – |
-1,457,884
| Closed | -$14M |
|
|
25
EQT Corp
EQT
$33.8B
| – | – |
-1,014,665
| Closed | -$22.6M |
|
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Key Square Capital Management's Q3 2021 Portfolio in Review
As of Q3 2021, Key Square Capital Management held 40 positions worth $272M, down 49% from $529M the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Key Square Capital Management withdrew a net $262M in Q3 2021, closing 21 positions and reducing 6 holdings. Its most notable exit was iShares Biotechnology ETF, an estimated $33.9M position sold in full.
By sector, the portfolio is most concentrated in Energy at 41% of assets, up from 25% a quarter earlier, followed by Communication Services and Materials.
Against the trend, Key Square Capital Management opened a new position in Devon Energy worth $19.8M.
- Key Square Capital Management's largest Q3 2021 buy was Devon Energy: 556,455 shares worth $19.8M.
- Key Square Capital Management added most to Cleveland-Cliffs in Q3 2021, an estimated $9.23M increase.
- Key Square Capital Management's biggest Q3 2021 reduction was DISH Network Corp., cutting an estimated $45.4M.
- Key Square Capital Management fully exited iShares Biotechnology ETF in Q3 2021, selling an estimated $33.9M.
- Key Square Capital Management's ten largest holdings make up 78% of its $272M portfolio in Q3 2021.
- Key Square Capital Management opened 12 new positions and closed 21 in Q3 2021.
- Key Square Capital Management's portfolio value fell 49% quarter-over-quarter to $272M.
Based on Key Square Capital Management's 13F filing for Q3 2021, filed 9 Nov 2021.