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CP

Covalent Partners Portfolio holdings

AUM $17.6M
1-Year Est. Return 2.91%
This Fund
S&P 500
This Quarter Est. Return
+7.28%
1 Year Est. Return
+2.91%
3 Year Est. Return
+36.56%
5 Year Est. Return
+67.28%
10 Year Est. Return
+115.1%
AUM
$288M
AUM Growth
+$2.02M
Cap. Flow
-$31.7M
Cap. Flow %
-11.02%
Top 10 Hldgs %
64.46%
Holding
33
New
6
Increased
6
Reduced
4
Closed
5

Top Buys

Rank Stock Value
1
CNR
Cornerstone Building Brands, Inc.
CNR
+$9.29M
2
BAC icon
Bank of America
BAC
+$7.56M
3
PENN icon
PENN Entertainment
PENN
+$7.46M
4
CYS
CYS Investments Inc.
CYS
+$6.21M
5
BEE
STRATEGIC HOTELS & RESORTS, INC
BEE
+$4.51M

Top Sells

Rank Stock Value
1
ASCA
AMERISTAR CASINOS INC
ASCA
+$15.2M
2
ISCA
International Speedway Corp
ISCA
+$7.44M
3
PNK
Pinnacle Entertainment Inc.
PNK
+$7.15M
4
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$4.01M
5
DAN icon
Dana Inc
DAN
+$3.42M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 32.55%
2 Financials 20.12%
3 Industrials 16.13%
4 Communication Services 7.74%
5 Real Estate 6.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
26
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$819B
$273K 0.09%
+3,000
New +$503K
XLI icon
27
PUT
State Street Industrial Select Sector SPDR ETF
XLI
$33.2B
$228K 0.08%
4,000
-1,500
-27% -$67.9K
LGND icon
28
Ligand Pharmaceuticals
LGND
$5.59B
– –
-140,402
Closed -$3.28M
SRI icon
29
Stoneridge
SRI
$205M
– –
-96,687
Closed -$1.13M
CMLS
30
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
– –
-147,881
Closed -$4.01M
XRM
31
DELISTED
Xerium Technologies Inc (new)
XRM
– –
-257,461
Closed -$2.62M
ASCA
32
DELISTED
AMERISTAR CASINOS INC
ASCA
– –
-578,161
Closed -$15.2M
1
2

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Covalent Partners's Q3 2013 Portfolio in Review

As of Q3 2013, Covalent Partners held 33 positions worth $288M, up 0.71% from $286M the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Covalent Partners withdrew a net $31.7M in Q3 2013, closing 5 positions and reducing 4 holdings. Its most notable exit was AMERISTAR CASINOS INC, an estimated $15.2M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 33% of assets, down from 33% a quarter earlier, followed by Financials and Industrials.

Against the trend, Covalent Partners opened a new position in Bank of America worth $7.31M.

  • Covalent Partners's largest Q3 2013 buy was Bank of America: 529,777 shares worth $7.31M.
  • Covalent Partners added most to Cornerstone Building Brands, Inc. in Q3 2013, an estimated $9.29M increase.
  • Covalent Partners's biggest Q3 2013 reduction was International Speedway Corp, cutting an estimated $7.44M.
  • Covalent Partners fully exited AMERISTAR CASINOS INC in Q3 2013, selling an estimated $15.2M.
  • Covalent Partners's ten largest holdings make up 64% of its $288M portfolio in Q3 2013.
  • Covalent Partners opened 6 new positions and closed 5 in Q3 2013.
  • Covalent Partners's portfolio value rose 0.71% quarter-over-quarter to $288M.

Based on Covalent Partners's 13F filing for Q3 2013, filed 14 Nov 2013.