CQS (us), LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 6, 2024), CQS (us), LLC reported 16 stock positions worth $73.6 million. Its top holding was Ur-Energy (URG) at 23.2% of the portfolio, followed by Uranium Energy (UEC, 13.1%) and Diamondback Energy (FANG, 9.7%). Compared with Q1 2024, it opened 1 new position, sold out of 1, added to 2 and reduced 1. The biggest buy was a new position in Equinox Gold (EQX) and the biggest sale an exit from Pioneer Natural Resources (PXD).
- Most Recent 13F
- Q2 2024
- Location
- NEW YORK, NY
- CIK
- 0001447946
- Portfolio Value
- $73.6M (Q2 2024)
- SEC Filing
- 0001447946-24-000008 ↗ filed Aug 6, 2024
Holdings Value
Holdings 16 stocks · $73.6M
| URG Ur-Energy Inc. | 23.24% | 12,223,939 | $17.1M | Add +0.5% |
| UEC Uranium Energy Corp. | 13.06% | 1,599,865 | $9.6M | No change |
| FANG Diamondback Energy Inc. | 9.71% | 35,700 | $7.1M | Reduce -7.8% |
| RIG Transocean Ltd. | 9.41% | 1,295,000 | $6.9M | No change |
| CCJ Cameco Corp. | 9.02% | 135,000 | $6.6M | No change |
| EOG EOG Resources Inc. | 7.28% | 42,600 | $5.4M | No change |
| WPM Wheaton Precious Metals Corp. | 5.41% | 76,000 | $4.0M | No change |
| UUUU Energy Fuels Inc. | 4.96% | 602,697 | $3.7M | No change |
| EQX Equinox Gold Corp. | 4.26% | 600,000 | $3.1M | New |
| BTU Peabody Energy Corp. | 3.91% | 130,000 | $2.9M | No change |
| SGML Sigma Lithium Corp. | 3.51% | 215,000 | $2.6M | Add +72.0% |
| OR Osisko Gold Royalties Ltd. | 2.12% | 100,000 | $1.6M | No change |
| PLG Platinum Group Metals Ltd. | 2.04% | 883,365 | $1.5M | No change |
| MAG Mag Silver Corp. | 1.81% | 114,000 | $1.3M | No change |
| GOLD RESOURCE CORP | 0.16% | 315,978 | $118K | No change |
| GFR Greenfire Resources Ltd. | 0.10% | 11,051 | $75K | No change |
Other holdings (28): bonds, preferreds, convertibles and warrants · $293.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 23,700,000 | $33.2M | No change |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 14,950,000 | $31.5M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | 29,650,000 | $31.2M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 30,700,000 | $31.1M | Reduce -0.8% |
| EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) | NOTE 0.750% 3/1 · principal | 28,796,000 | $27.9M | No change |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 26,850,000 | $26.9M | Reduce -1.8% |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | 14,178,000 | $13.2M | No change |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 11,700,000 | $12.4M | Add +105.3% |
| BURLINGTON STORES INC (BURL 2.25 04/15/25) | NOTE 2.250% 4/1 · principal | 8,750,000 | $10.2M | No change |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 11,200,000 | $9.3M | No change |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 11,000,000 | $8.9M | No change |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | 6,000,000 | $8.7M | No change |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 7,434,000 | $6.6M | No change |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 6,750,000 | $6.5M | Add +3.9% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 5,750,000 | $5.6M | Add +15.0% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 5,900,000 | $4.9M | No change |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | 4,700,000 | $4.6M | Reduce -5.0% |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | 4,000,000 | $3.9M | No change |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 3,750,000 | $3.4M | No change |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 2,800,000 | $3.0M | No change |
| LIVENT CORP (LTHM 4.125 07/15/25) | NOTE 4.125% 7/1 · principal | 2,200,000 | $2.6M | No change |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 877,000 | $1.8M | No change |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 1,500,000 | $1.4M | No change |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 1,250,000 | $1.2M | Add +25.0% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 1,250,000 | $1.2M | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,250,000 | $1.1M | Reduce -16.7% |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 750,000 | $751K | Reduce -25.0% |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 750,000 | $689K | Reduce -40.0% |
Total filed on the 13F, all lines: $367.3M.
Portfolio Sells Q1 2024 → Q2 2024
Portfolio Buys Q1 2024 → Q2 2024
Notes & Other Activity Q1 2024 → Q2 2024
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -0.8% | 30,700,000 | $31.1M |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Reduce -1.8% | 26,850,000 | $26.9M |
| PIONEER NATURAL RESOURCE (PXD 0.25 05/15/25) | NOTE 0.250% 5/1 · principal | Sold out | 5,200,000 | $14.8Mbefore exit |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | Add +105.3% | 11,700,000 | $12.4M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Add +3.9% | 6,750,000 | $6.5M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Add +15.0% | 5,750,000 | $5.6M |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Reduce -5.0% | 4,700,000 | $4.6M |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Add +25.0% | 1,250,000 | $1.2M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Reduce -16.7% | 1,250,000 | $1.1M |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | Sold out | 1,000,000 | $1.0Mbefore exit |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | Sold out | 1,000,000 | $882Kbefore exit |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Reduce -25.0% | 750,000 | $751K |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Reduce -40.0% | 750,000 | $689K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.