CQS (us), LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 8, 2024), CQS (us), LLC reported 16 stock positions worth $76.2 million. Its top holding was Ur-Energy (URG) at 25.5% of the portfolio, followed by Uranium Energy (UEC, 14.2%) and Transocean (RIG, 10.7%). Compared with Q4 2023, it opened 1 new position, sold out of 20 and reduced 3. The biggest buy was a new position in Sigma Lithium (SGML) and the biggest sale an exit from Alphabet Class A (GOOGL).
- Most Recent 13F
- Q2 2024
- Location
- NEW YORK, NY
- CIK
- 0001447946
- Portfolio Value
- $76.2M (Q1 2024)
- SEC Filing
- 0001447946-24-000006 ↗ filed May 8, 2024
Holdings Value
Holdings 16 stocks · $76.2M
| URG Ur-Energy Inc. | 25.53% | 12,159,798 | $19.5M | Reduce -6.5% |
| UEC Uranium Energy Corp. | 14.17% | 1,599,865 | $10.8M | No change |
| RIG Transocean Ltd. | 10.67% | 1,295,000 | $8.1M | No change |
| FANG Diamondback Energy Inc. | 10.06% | 38,700 | $7.7M | No change |
| CCJ Cameco Corp. | 7.67% | 135,000 | $5.8M | Reduce -71.8% |
| EOG EOG Resources Inc. | 7.15% | 42,600 | $5.4M | No change |
| UUUU Energy Fuels Inc. | 4.97% | 602,697 | $3.8M | No change |
| WPM Wheaton Precious Metals Corp. | 4.70% | 76,000 | $3.6M | No change |
| BTU Peabody Energy Corp. | 4.14% | 130,000 | $3.2M | No change |
| PXD Pioneer Natural Resources Co. | 3.44% | 10,000 | $2.6M | No change |
| OR Osisko Gold Royalties Ltd. | 2.15% | 100,000 | $1.6M | No change |
| SGML Sigma Lithium Corp. | 2.13% | 125,000 | $1.6M | New |
| MAG Mag Silver Corp. | 1.58% | 114,000 | $1.2M | No change |
| PLG Platinum Group Metals Ltd. | 1.36% | 883,365 | $1.0M | No change |
| GOLD RESOURCE CORP | 0.18% | 315,978 | $137K | No change |
| GFR Greenfire Resources Ltd. | 0.09% | 11,051 | $66K | Reduce -33.6% |
Other holdings (31): bonds, preferreds, convertibles and warrants · $312.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | 29,650,000 | $35.1M | No change |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 23,700,000 | $34.8M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 30,950,000 | $32.1M | Add +1.5% |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 14,950,000 | $28.9M | Reduce -1.6% |
| EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) | NOTE 0.750% 3/1 · principal | 28,796,000 | $28.0M | No change |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 27,350,000 | $27.7M | Add +2.8% |
| PIONEER NATURAL RESOURCE (PXD 0.25 05/15/25) | NOTE 0.250% 5/1 · principal | 5,200,000 | $14.8M | Reduce -7.1% |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | 14,178,000 | $13.2M | No change |
| BURLINGTON STORES INC (BURL 2.25 04/15/25) | NOTE 2.250% 4/1 · principal | 8,750,000 | $10.4M | No change |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 11,000,000 | $10.2M | Add +10.0% |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 11,200,000 | $9.7M | No change |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | 6,000,000 | $8.5M | No change |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 7,434,000 | $6.5M | No change |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 6,500,000 | $6.4M | New |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 5,700,000 | $5.6M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 5,000,000 | $5.3M | Add +150.0% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 5,900,000 | $5.0M | Reduce -6.3% |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | 4,950,000 | $4.8M | Reduce -55.8% |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | 4,000,000 | $4.1M | No change |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 2,800,000 | $3.7M | No change |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 3,750,000 | $3.4M | No change |
| LIVENT CORP (LTHM 4.125 07/15/25) | NOTE 4.125% 7/1 · principal | 2,200,000 | $2.9M | No change |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 877,000 | $2.0M | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,500,000 | $1.4M | Reduce -16.7% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 1,500,000 | $1.4M | Add +50.0% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 1,250,000 | $1.2M | New |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 1,250,000 | $1.2M | Reduce -28.6% |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 1,000,000 | $1.1M | Reduce -50.0% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 1,000,000 | $1.1M | Reduce -16.7% |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | 1,000,000 | $1.0M | New |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | 1,000,000 | $882K | No change |
Total filed on the 13F, all lines: $388.4M.
Portfolio Sells Q4 2023 → Q1 2024
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −18.87 |
| CUK Carnival PLC-ADR | Sold out | 0.00% | −9.87 |
| LBRDK Liberty Broadband-C | Sold out | 0.00% | −8.99 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −6.89 |
| GDX Vaneck Gold Miners ETF | Sold out | 0.00% | −6.20 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −5.47 |
| NWSA News Corp. Class A | Sold out | 0.00% | −4.55 |
| UAA Under Armour Inc. Class A | Sold out | 0.00% | −3.52 |
| ZG Zillow Group Inc. Class A | Sold out | 0.00% | −3.04 |
| FWONA Liberty Media Corp. Class A | Sold out | 0.00% | −2.93 |
| GDXJ Vaneck Junior Gold Miners | Sold out | 0.00% | −2.74 |
| FOX Fox Corp. Class B | Sold out | 0.00% | −2.36 |
| CENTA Central Garden and Pet Co. Class A | Sold out | 0.00% | −2.15 |
| HEI.A Heico Corp. Class A | Sold out | 0.00% | −2.08 |
| CWEN.A Clearway Energy Inc. Class A | Sold out | 0.00% | −1.78 |
| LLYVK Liberty Media Corp.-Liberty-C | Sold out | 0.00% | −1.74 |
| SMLP Summit Midstream Partners LP | Sold out | 0.00% | −1.18 |
| LGF.B Lions Gate Entertainment-B | Sold out | 0.00% | −0.48 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Sold out | 0.00% | −0.03 |
| GRFS Grifols SA-ADR | Sold out | 0.00% | −0.02 |
| GFR Greenfire Resources Ltd. | Reduce -33.6% | 0.09% | +0.07 |
| CCJ Cameco Corp. | Reduce -71.8% | 7.67% | +4.12 |
| URG Ur-Energy Inc. | Reduce -6.5% | 25.53% | +22.08 |
Portfolio Buys Q4 2023 → Q1 2024
| SGML Sigma Lithium Corp. | New | 2.13% | +2.13 |
Options Activity Q4 2023 → Q1 2024
| ARKK ARK Innovation ETF | put | Sold out | 1,300,000 | $68.1Mbefore exit |
| DIA SS SPDR Dow Jones Indus Avg | put | Sold out | 50,000 | $18.8Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +1.5% | 30,950,000 | $32.1M |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | Reduce -1.6% | 14,950,000 | $28.9M |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Add +2.8% | 27,350,000 | $27.7M |
| SPLUNK INC (SPLK 1.125 09/15/25) | NOTE 1.125% 9/1 · principal | Sold out | 19,250,000 | $21.3Mbefore exit |
| PIONEER NATURAL RESOURCE (PXD 0.25 05/15/25) | NOTE 0.250% 5/1 · principal | Reduce -7.1% | 5,200,000 | $14.8M |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | Add +10.0% | 11,000,000 | $10.2M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | New | 6,500,000 | $6.4M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Add +150.0% | 5,000,000 | $5.3M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Reduce -6.3% | 5,900,000 | $5.0M |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Reduce -55.8% | 4,950,000 | $4.8M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Reduce -16.7% | 1,500,000 | $1.4M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Add +50.0% | 1,500,000 | $1.4M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | New | 1,250,000 | $1.2M |
| PALO ALTO NETWORKS (PANW 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | Sold out | 400,000 | $1.2Mbefore exit |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Reduce -28.6% | 1,250,000 | $1.2M |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Reduce -50.0% | 1,000,000 | $1.1M |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Reduce -16.7% | 1,000,000 | $1.1M |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | New | 1,000,000 | $1.0M |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | Sold out | 950,000 | $908Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.