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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
+7.07%
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
$302M
AUM Growth
+$13.8M
(+4.8%)
Cap. Flow
-$36.9M
Cap. Flow
% of AUM
-12.24%
Top 10 Holdings %
Top 10 Hldgs %
66.76%
Holding
34
New
6
Increased
9
Reduced
5
Closed
8
Avg Time Held Equity + Options
1.4
quarters
Top 10 Avg Time Held Equity + Options
1.1
quarters
Top 20 Avg Time Held Equity + Options
1.5
quarters
Avg Time Held Equity only
1.5
quarters
Top 10 Avg Time Held Equity only
1.1
quarters
Top 20 Avg Time Held Equity only
1.5
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Airlines Group
AAL
|
+$17.6M |
| 2 |
Gaming and Leisure Properties
GLPI
|
+$14.8M |
| 3 |
NCFT
NORCRAFT COS INC COM STK (DE)
NCFT
|
+$8.44M |
| 4 |
Dana Inc
DAN
|
+$7.92M |
| 5 |
BEE
STRATEGIC HOTELS & RESORTS, INC
BEE
|
+$3.94M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
WMS
WMS INDS INC
WMS
|
+$12.3M |
| 2 |
LCC
US AIRWAYS GROUP INC.
LCC
|
+$11.8M |
| 3 |
CNR
Cornerstone Building Brands, Inc.
CNR
|
+$10.7M |
| 4 |
PNK
Pinnacle Entertainment Inc.
PNK
|
+$8.38M |
| 5 |
PENN Entertainment
PENN
|
+$7.75M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 27.79% |
| 2 | Financials | 22.51% |
| 3 | Industrials | 14.99% |
| 4 | Real Estate | 13.5% |
| 5 | Miscellaneous | 13.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
iShares MSCI Emerging Markets ETF
EEM
$31B
| – | – |
-162,262
| Closed | -$6.61M | – |
|
|
BRSL
27
Brightstar Lottery PLC
BRSL
$1.8B
| – | – |
-150,500
| Closed | -$2.85M | – |
|
28
PUT
iShares Russell 2000 ETF
IWM
$77.4B
| – | – |
-5,000
| Closed | -$365K | – |
|
|
29
PENN Entertainment
PENN
$2.08B
| – | – |
-619,220
| Closed | -$7.75M | – |
|
30
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$833B
| – | – |
-3,000
| Closed | -$273K | – |
|
31
PUT
State Street Industrial Select Sector SPDR ETF
XLI
$30.3B
| – | – |
-4,000
| Closed | -$228K | – |
|
|
LCC
32
DELISTED
US AIRWAYS GROUP INC.
LCC
| – | – |
-622,492
| Closed | -$11.8M | – |
|
|
WMS
33
DELISTED
WMS INDS INC
WMS
| – | – |
-475,267
| Closed | -$12.3M | – |
|
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Covalent Partners's Q4 2013 Portfolio in Review
As of Q4 2013, Covalent Partners held 34 positions worth $302M, up 4.8% from $288M the previous quarter. Its ten largest holdings account for 67% of the portfolio.
Covalent Partners withdrew a net $36.9M in Q4 2013, closing 8 positions and reducing 5 holdings. Its most notable exit was WMS INDS INC, an estimated $12.3M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 28% of assets, down from 33% a quarter earlier, followed by Financials and Industrials.
Against the trend, Covalent Partners opened a new position in American Airlines Group worth $17.3M.
- Covalent Partners's largest Q4 2013 buy was American Airlines Group: 683,994 shares worth $17.3M.
- Covalent Partners added most to Dana Inc in Q4 2013, an estimated $7.92M increase.
- Covalent Partners's biggest Q4 2013 reduction was Cornerstone Building Brands, Inc., cutting an estimated $10.7M.
- Covalent Partners fully exited WMS INDS INC in Q4 2013, selling an estimated $12.3M.
- Covalent Partners's ten largest holdings make up 67% of its $302M portfolio in Q4 2013.
- Covalent Partners opened 6 new positions and closed 8 in Q4 2013.
- Covalent Partners's portfolio value rose 4.8% quarter-over-quarter to $302M.
Based on Covalent Partners's 13F filing for Q4 2013, filed 14 Feb 2014.