# EDGAR Filing Document

**Accession Number:** 0001447946
**File Stem:** 0001447946-23-000002
**Filing Date:** 2023-2
**Character Count:** 11941
**Document Hash:** d56e6232ef16a8def69960ebfa32a06f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001447946-23-000002.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001447946-23-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CQS (US), LLC
- **CENTRAL INDEX KEY:** 0001447946
- **IRS NUMBER:** 753266974
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13237
- **FILM NUMBER:** 23616016

**BUSINESS ADDRESS:**
- **STREET 1:** 152 WEST 57TH STREET
- **STREET 2:** 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2122592900

**MAIL ADDRESS:**
- **STREET 1:** 152 WEST 57TH STREET
- **STREET 2:** 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CQS (US) LLC
- **DATE OF NAME CHANGE:** 20081014

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** CQS (US) LLC<br>**Address:** 152 WEST 57TH STREET<br>40TH FLOOR<br>NEW YORK, NY 10019

**Form 13F File Number:** 028-13237

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Maria Piccolino<br>**Title:** Chief Compliance Officer CQS (US) LLC<br>**Phone:** 2122592617

**Signature, Place, and Date of Signing:**

Maria Piccolino  NEW YORK, NY  02-10-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 2

**Form 13F Information Table Entry Total:** 77

**Form 13F Information Table Value Total:** $762714997

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                | Form 13F File Number   |
|:---|:---|:---|
|  | CQS (HONG KONG) LTD | 028-13133              |
|  | CQS (UK) LLP        | 028-13136              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AIRBNB INC | NOTE          3/1 | 009066AB7 |  | 1494000 | 1800000 | PRN |  | DFND | 12 | 0 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE   0.125% 5/0 | 00971TAJ0 |  | 27970875 | 26450000 | PRN |  | DFND |  | 0 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 6941848 | 78679 | SH |  | DFND |  | 0 | 78679 | 0 |
| AMYRIS INC | NOTE  1.500%11/1 | 03236MAJ0 |  | 1324738 | 4045000 | PRN |  | DFND |  | 0 | 0 | 0 |
| ARRAY TECHNOLOGIES INC | NOTE  1.000%12/0 | 04271TAB6 |  | 3578750 | 3500000 | PRN |  | DFND |  | 0 | 0 | 0 |
| BOOKING HOLDINGS INC | NOTE   0.750% 5/0 | 09857LAN8 |  | 22624875 | 16900000 | PRN |  | DFND |  | 0 | 0 | 0 |
| BURLINGTON STORES INC | NOTE   2.250% 4/1 | 122017AB2 |  | 5480313 | 4750000 | PRN |  | DFND |  | 0 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 14259430 | 629000 | SH |  | DFND |  | 0 | 629000 | 0 |
| CARNIVAL PLC | ADR | 14365C103 |  | 13596363 | 1886520 | SH |  | DFND |  | 0 | 1886520 | 0 |
| CENTRAL GARDEN  PET CO | COM | 153527106 |  | 63440 | 1694 | SH |  | DFND |  | 0 | 1694 | 0 |
| CENTRAL GARDEN  PET CO | CL A NON-VTG | 153527205 |  | 2563065 | 71594 | SH |  | DFND |  | 0 | 71594 | 0 |
| CLEARWAY ENERGY INC | CL A | 18539C105 |  | 14371085 | 480317 | SH |  | DFND |  | 0 | 480317 | 0 |
| DATADOG INC | NOTE   0.125% 6/1 | 23804LAB9 |  | 6566280 | 6000000 | PRN |  | DFND |  | 0 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 9109548 | 66600 | SH |  | DFND |  | 0 | 66600 | 0 |
| EOG RES INC | COM | 26875P101 |  | 5970872 | 46100 | SH |  | DFND |  | 0 | 46100 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 3742748 | 602697 | SH |  | DFND |  | 0 | 0 | 0 |
| EURONET WORLDWIDE INC | NOTE   0.750% 3/1 | 298736AL3 |  | 37454822 | 39400000 | PRN |  | DFND |  | 0 | 0 | 0 |
| FORD MTR CO DEL | NOTE          3/1 | 345370CZ1 |  | 27364832 | 28900000 | PRN |  | DFND |  | 0 | 0 | 0 |
| FOX CORP | CL B COM | 35137L204 |  | 48647509 | 1709930 | SH |  | DFND |  | 0 | 1709930 | 0 |
| GOLD RESOURCE CORP | COM | 38068T105 |  | 483446 | 315978 | SH |  | DFND |  | 0 | 315978 | 0 |
| GRIFOLS S A | SP ADR REP B NVT | 398438408 |  | 2272229 | 271230 | SH |  | DFND |  | 0 | 271230 | 0 |
| HEICO CORP NEW | CL A | 422806208 |  | 15050883 | 125581 | SH |  | DFND |  | 0 | 125581 | 0 |
| HUBSPOT INC | NOTE   0.375% 6/0 | 443573AD2 |  | 1330095 | 1077000 | PRN |  | DFND |  | 0 | 0 | 0 |
| ILLUMINA INC | NOTE          8/1 | 452327AK5 |  | 36691790 | 37850000 | PRN |  | DFND |  | 0 | 0 | 0 |
| IVANHOE ELECTRIC INC | COM | 46578C108 |  | 4997672 | 411331 | SH |  | DFND |  | 0 | 411331 | 0 |
| JETBLUE AIRWAYS CORP | NOTE  0.500% 4/0 | 477143AP6 |  | 10301883 | 14100000 | PRN |  | DFND |  | 0 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER C | 530307305 |  | 24067609 | 315558 | SH |  | DFND |  | 0 | 315558 | 0 |
| LIBERTY MEDIA CORP DEL | COM C SIRIUSXM | 531229607 |  | 936264 | 23927 | SH |  | DFND |  | 0 | 23927 | 0 |
| LIBERTY MEDIA CORP DEL | COM SER A FRMLA | 531229870 |  | 15050910 | 281694 | SH |  | DFND |  | 0 | 281694 | 0 |
| LIBERTY MEDIA CORP DEL | NOTE   1.375%10/1 | 531229AB8 |  | 2360750 | 1900000 | PRN |  | DFND |  | 0 | 0 | 0 |
| LIONS GATE ENTMNT CORP | CL A VTG | 535919401 |  | 308 | 54 | SH |  | DFND |  | 0 | 54 | 0 |
| LIONS GATE ENTMNT CORP | CL B NON VTG | 535919500 |  | 1794305 | 330443 | SH | Put | DFND |  | 0 | 330443 | 0 |
| LIVENT CORP | NOTE   4.125% 7/1 | 53814LAB4 |  | 5280000 | 2200000 | PRN |  | DFND |  | 0 | 0 | 0 |
| LUMENTUM HLDGS INC | NOTE   0.500%12/1 | 55024UAD1 |  | 432190 | 500000 | PRN |  | DFND |  | 0 | 0 | 0 |
| MAG SILVER CORP | COM | 55903Q104 |  | 3657420 | 234000 | SH |  | DFND |  | 0 | 234000 | 0 |
| MIDDLEBY CORP | NOTE   1.000% 9/0 | 596278AB7 |  | 3295264 | 2800000 | PRN |  | DFND |  | 0 | 0 | 0 |
| NEWS CORP NEW | CL A | 65249B109 |  | 11038664 | 606520 | SH |  | DFND |  | 0 | 606520 | 0 |
| OKTA INC | NOTE   0.125% 9/0 | 679295AD7 |  | 486750 | 550000 | PRN |  | DFND |  | 0 | 0 | 0 |
| ON SEMICONDUCTOR CORP | NOTE         5/0 | 682189AS4 |  | 37467360 | 28224000 | PRN |  | DFND |  | 0 | 0 | 0 |
| PALO ALTO NETWORKS INC | NOTE   0.750% 7/0 | 697435AD7 |  | 21172000 | 13400000 | PRN |  | DFND |  | 0 | 0 | 0 |
| PALO ALTO NETWORKS INC | NOTE   0.375% 6/0 | 697435AF2 |  | 590252 | 400000 | PRN |  | DFND |  | 0 | 0 | 0 |
| PEABODY ENGR CORP | COM | 704551100 |  | 3434600 | 130000 | SH |  | DFND |  | 0 | 130000 | 0 |
| PINDUODUO INC | NOTE          12/0 | 722304AC6 |  | 1867500 | 2000000 | PRN |  | DFND |  | 0 | 0 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 2283900 | 10000 | SH |  | DFND |  | 0 | 10000 | 0 |
| PIONEER NAT RES CO | NOTE   0.250% 5/1 | 723787AP2 |  | 24953871 | 10684000 | PRN |  | DFND |  | 0 | 0 | 0 |
| PLATINUM GROUP METALS LTD | COM | 72765Q882 |  | 1537055 | 883365 | SH |  | DFND |  | 0 | 883365 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADS | 783513203 |  | 13933999 | 186036 | SH |  | DFND |  | 0 | 186036 | 0 |
| SEA LTD | NOTE   2.375%12/0 | 81141RAF7 |  | 938724 | 950000 | PRN |  | DFND |  | 0 | 0 | 0 |
| SEA LTD | NOTE   0.250% 9/1 | 81141RAG5 |  | 994140 | 1350000 | PRN |  | DFND |  | 0 | 0 | 0 |
| SHOPIFY INC | NOTE   0.125%11/0 | 82509LAA5 |  | 941875 | 1100000 | PRN |  | DFND |  | 0 | 0 | 0 |
| SIBANYE STILLWATER LTD | SPONSORED ADR | 82575P107 |  | 373100 | 35000 | SH |  | DFND |  | 0 | 35000 | 0 |
| SILICON LABORATORIES INC | NOTE   0.625% 6/1 | 826919AD4 |  | 26179886 | 20850000 | PRN |  | DFND |  | 0 | 0 | 0 |
| SNAP INC | NOTE   0.750% 8/0 | 83304AAB2 |  | 850630 | 1000000 | PRN |  | DFND |  | 0 | 0 | 0 |
| SOUTHWEST AIRLS CO | NOTE   1.250% 5/0 | 844741BG2 |  | 26001670 | 21500000 | PRN |  | DFND |  | 0 | 0 | 0 |
| SPLUNK INC | NOTE   0.500% 9/1 | 848637AC8 |  | 6711129 | 6950000 | PRN |  | DFND |  | 0 | 0 | 0 |
| SPLUNK INC | NOTE   1.125% 9/1 | 848637AD6 |  | 18227440 | 19250000 | PRN |  | DFND |  | 0 | 0 | 0 |
| SPOTIFY USA INC | NOTE          3/1 | 84921RAB6 |  | 809700 | 1000000 | PRN |  | DFND |  | 0 | 0 | 0 |
| BLOCK INC | NOTE   0.500% 5/1 | 852234AD5 |  | 4834375 | 4550000 | PRN |  | DFND |  | 0 | 0 | 0 |
| BLOCK INC | NOTE   0.125% 3/0 | 852234AF0 |  | 4816438 | 5050000 | PRN |  | DFND |  | 0 | 0 | 0 |
| BLOCK INC | NOTE          5/0 | 852234AJ2 |  | 3051563 | 3750000 | PRN |  | DFND |  | 0 | 0 | 0 |
| SUMMIT MIDSTREAM PARTNERS LP | COM UNIT LTD | 866142409 |  | 7831911 | 469539 | SH |  | DFND |  | 0 | 469539 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 15084225 | 202500 | SH |  | DFND |  | 0 | 202500 | 0 |
| TELADOC HEALTH INC | NOTE   1.250% 6/0 | 87918AAF2 |  | 4870719 | 6300000 | PRN |  | DFND |  | 0 | 0 | 0 |
| TERADYNE INC | NOTE   1.250%12/1 | 880770AG7 |  | 18391440 | 6650000 | PRN |  | DFND |  | 0 | 0 | 0 |
| UNDER ARMOUR INC | CL C | 904311206 |  | 702254 | 78728 | SH |  | DFND |  | 0 | 78728 | 0 |
| UR-ENERGY INC | COM | 91688R108 |  | 12370036 | 10756553 | SH |  | DFND |  | 0 | 10756553 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 6207476 | 1599865 | SH |  | DFND |  | 0 | 1599865 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 17886505 | 624093 | SH |  | DFND |  | 0 | 624093 | 0 |
| WAYFAIR INC | NOTE   1.125%11/0 | 94419LAD3 |  | 2541000 | 3000000 | PRN |  | DFND |  | 0 | 0 | 0 |
| WAYFAIR INC | NOTE   0.625%10/0 | 94419LAM3 |  | 6579802 | 10176000 | PRN |  | DFND |  | 0 | 0 | 0 |
| ANTHEM INC | NOTE   2.750%10/1 | 94973VBG1 |  | 8055410 | 1100000 | PRN |  | DFND |  | 0 | 0 | 0 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 6178800 | 1355000 | SH |  | DFND |  | 0 | 1355000 | 0 |
| LIBERTY GLOBAL PLC | SHS CL A | G5480U104 |  | 39097568 | 2065376 | SH |  | DFND |  | 0 | 2065376 | 0 |
| ZILLOW GROUP INC | NOTE   1.375% 9/0 | 98954MAG6 |  | 1063125 | 1050000 | PRN |  | DFND |  | 0 | 0 | 0 |
| ZILLOW GROUP INC | CL A | 98954M101 |  | 3194094 | 102342 | SH |  | DFND |  | 0 | 102342 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 2735600 | 70000 | SH |  | DFND |  | 0 | 70000 | 0 |
| WESTERN DIGITAL CORP. | NOTE   1.500% 2/0 | 958102AP0 |  | 15300000 | 16000000 | PRN |  | DFND |  | 0 | 0 | 0 |

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