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Livermore
Livermore
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CQS (US), LLC

SEC CIK
0001447946
Latest filing
Aug 6, 2024

The latest 13F from CQS (US), LLC covers Q2 2024 (filed Aug 6, 2024): 44 long positions worth $367.3M. The top 10 holdings make up 63.9% of the portfolio, and the largest is On Semiconductor Corp at 9.0%. Livermore has 16 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2024

Share counts compared with Q1 2024: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$3.14M
Added
2
Est. +$1.17M
Reduced
1
Est. −$600.6K
Sold out
4
Est. −$19.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. On Semiconductor Corp682189AS4
    9.0%$33.2M
  2. Booking Holdings Inc09857LAN8
    8.6%$31.5M
  3. Akamai Technologies Inc00971TAJ0
    8.5%$31.2M
  4. Ford MTR Co Del345370CZ1
    8.5%$31.1M
  5. Euronet Worldwide, Inc.298736AL3
    7.6%$27.9M

Biggest buys

New and added positions, by estimated amount bought

  1. EQXEquinox Gold Corp.
    +$3.14MNewHistory
  2. SGMLSigma Lithium Corp
    +$1.08MAddedHistory
  3. URGUr-Energy Inc
    +$89.8KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. EQXEquinox Gold Corp.
    +0.85 pp0.0% → 0.9%History
  2. SGMLSigma Lithium Corp
    +0.29 pp0.4% → 0.7%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Pioneer Nat Res Co723787AP2
    −$14.8MSold out
  2. PXDPioneer Natural Resources Co
    −$2.63MSold outHistory
  3. Nice Ltd653656AB4
    −$1.05MSold out
  4. Lumentum Hldgs Inc55024UAD1
    −$881.9KSold out
  5. FANGDiamondback Energy, Inc.
    −$600.6KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Pioneer Nat Res Co723787AP2
    −3.80 pp3.8% → 0.0%
  2. PXDPioneer Natural Resources Co
    −0.68 pp0.7% → 0.0%History
  3. Nice Ltd653656AB4
    −0.27 pp0.3% → 0.0%
  4. Lumentum Hldgs Inc55024UAD1
    −0.23 pp0.2% → 0.0%
  5. FANGDiamondback Energy, Inc.
    −0.03 pp2.0% → 1.9%History

Metrics

13F metrics for Q2 2024, computed only from the numbers in the filings. Definitions below.

Portfolio value
$367.3M
−$21.1M (−5.4%) vs. prior quarter
Positions
44
−3 vs. prior quarter
Top 10 concentration
63.9%
Top 10 as share of value
Turnover
1.1%
Q2 2024, one quarter
Average holding period
10.8 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

14 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.64B (Q2 2021)

Q1 2021: $1.51BQ2 2021: $1.64BQ3 2021: $1.61BQ4 2021: $1.59BQ1 2022: $1.44BQ2 2022: $930.3MQ3 2022: $819.4MQ4 2022: $760.9MQ1 2023: $792.2MQ2 2023: $831.5MQ3 2023: $851.4MQ4 2023: $911.7MQ1 2024: $388.4MQ2 2024: $367.3M
Q1 2021Q2 2024
13F filings of CQS (US), LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2024Aug 6, 202444$367.3MOn Semiconductor CorpBooking Holdings IncAkamai Technologies Incvs. Q1 2024SEC
Q1 2024May 8, 202447$388.4MAkamai Technologies IncOn Semiconductor CorpFord MTR Co Delvs. Q4 2023SEC
Q4 2023Feb 9, 202466$911.7MGOOGLCCLLBRDKvs. Q3 2023SEC
Q3 2023Nov 7, 202374$851.4MLBTYALBRDKFOXvs. Q2 2023SEC
Q2 2023Aug 10, 202371$831.5MFOXOn Semiconductor CorpLBTYAvs. Q1 2023SEC
Q1 2023May 12, 202369$792.2MFOXOn Semiconductor CorpEuronet Worldwide, Inc.vs. Q4 2022SEC
Q4 2022Feb 13, 202376$760.9MFOXLBTYAOn Semiconductor Corpvs. Q3 2022SEC
Q3 2022Nov 9, 202291$819.4MFOXPioneer Nat Res CoLBTYAvs. Q2 2022SEC
Q2 2022Aug 15, 2022Amended94$930.3MFOXLBTYAPioneer Nat Res Covs. Q1 2022SEC
Q1 2022May 12, 2022111$1.44BFOXPioneer Nat Res CoAmerican Airls Group Incvs. Q4 2021SEC
Q4 2021Feb 10, 2022109$1.59BFOXAmerican Airls Group IncPalo Alto Networks Incvs. Q3 2021SEC
Q3 2021Nov 12, 2021119$1.61BAmerican Airls Group IncFOXPalo Alto Networks Incvs. Q2 2021SEC
Q2 2021Aug 10, 2021117$1.64BAmerican Airls Group IncAkamai Technologies IncSquare Incvs. Q1 2021SEC
Q1 2021May 10, 2021Amended121$1.51BAmerican Airls Group IncDiscovery IncAkamai Technologies Inc–SEC