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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
+4.54%
1 Year Est. Return
+21.27%
3 Year Est. Return
+50.18%
5 Year Est. Return
+762.23%
10 Year Est. Return
–
AUM
$49.9M
AUM Growth
-$70.2M
(-58%)
Cap. Flow
-$72.8M
Cap. Flow
% of AUM
-145.81%
Top 10 Holdings %
Top 10 Hldgs %
100%
Holding
18
New
5
Increased
1
Reduced
3
Closed
9
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sony
SONY
|
+$5M |
| 2 |
United Rentals
URI
|
+$4.55M |
| 3 |
ArcelorMittal
MT
|
+$3.77M |
| 4 |
Ivanhoe Electric
IE
|
+$3.71M |
| 5 |
Commercial Metals
CMC
|
+$2.53M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares China Large-Cap ETF
FXI
|
+$26.3M |
| 2 |
Peabody Energy
BTU
|
+$13.6M |
| 3 |
Transocean
RIG
|
+$11.6M |
| 4 |
Weatherford International
WFRD
|
+$11.2M |
| 5 |
Noble Corp
NE
|
+$9.33M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 20.48% |
| 2 | Industrials | 16.68% |
| 3 | Materials | 15.17% |
| 4 | Communication Services | 10.34% |
| 5 | Technology | 9.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
CALL
Transocean
RIG
$5.89B
| $13.8M | 27.7% |
1,973,700
-516,300
| -21% | -$3.19M |
|
|
2
Transocean
RIG
$5.89B
| $6.68M | 13.37% |
952,743
-1,868,936
| -66% | -$11.6M |
|
|
3
United Rentals
URI
$64.8B
| $5.47M | 10.96% |
+12,288
| New | +$4.55M |
|
4
Warner Bros
WBD
$64.8B
| $5.17M | 10.34% |
411,953
+70,753
| +21% | +$918K |
|
|
5
Sony
SONY
$123B
| $4.8M | 9.62% |
+266,675
| New | +$5M |
|
|
6
Ivanhoe Electric
IE
$1.49B
| $3.83M | 7.67% |
+293,565
| New | +$3.71M |
|
|
7
ArcelorMittal
MT
$50.2B
| $3.75M | 7.51% |
+137,100
| New | +$3.77M |
|
8
EQT Corp
EQT
$33.2B
| $3.55M | 7.11% |
86,293
-22,461
| -21% | -$794K |
|
|
9
Commercial Metals
CMC
$7.48B
| $2.86M | 5.73% |
+54,300
| New | +$2.53M |
|
|
10
Peabody Energy
BTU
$2.88B
| – | – |
-531,974
| Closed | -$13.6M |
|
|
11
iShares China Large-Cap ETF
FXI
$4.29B
| – | – |
-889,100
| Closed | -$26.3M |
|
12
SPDR Gold Trust
GLD
$134B
| – | – |
-22,099
| Closed | -$4.05M |
|
|
13
Noble Corp
NE
$6.95B
| – | – |
-236,482
| Closed | -$9.33M |
|
14
PBF Energy
PBF
$7.69B
| – | – |
-66,250
| Closed | -$2.87M |
|
15
State Street SPDR S&P 500 ETF Trust
SPY
$789B
| – | – |
-5,124
| Closed | -$2.1M |
|
|
16
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$789B
| – | – |
-6,200
| Closed | -$2.54M |
|
|
17
Weatherford International
WFRD
$6.52B
| – | – |
-188,041
| Closed | -$11.2M |
|
|
ATVI
18
DELISTED
Activision Blizzard
ATVI
| – | – |
-68,200
| Closed | -$5.84M |
|
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Key Square Capital Management's Q2 2023 Portfolio in Review
As of Q2 2023, Key Square Capital Management held 18 positions worth $49.9M, down 58% from $120M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Key Square Capital Management withdrew a net $72.8M in Q2 2023, closing 9 positions and reducing 3 holdings. Its most notable exit was iShares China Large-Cap ETF, an estimated $26.3M position sold in full.
By sector, the portfolio is most concentrated in Energy at 20% of assets, down from 49% a quarter earlier, followed by Industrials and Materials.
Against the trend, Key Square Capital Management opened a new position in Sony worth $4.8M.
- Key Square Capital Management's largest Q2 2023 buy was Sony: 266,675 shares worth $4.8M.
- Key Square Capital Management added most to Warner Bros in Q2 2023, an estimated $918K increase.
- Key Square Capital Management's biggest Q2 2023 reduction was Transocean, cutting an estimated $11.6M.
- Key Square Capital Management fully exited iShares China Large-Cap ETF in Q2 2023, selling an estimated $26.3M.
- Key Square Capital Management's ten largest holdings make up 100% of its $49.9M portfolio in Q2 2023.
- Key Square Capital Management opened 5 new positions and closed 9 in Q2 2023.
- Key Square Capital Management's portfolio value fell 58% quarter-over-quarter to $49.9M.
Based on Key Square Capital Management's 13F filing for Q2 2023, filed 14 Aug 2023.