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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
-2.63%
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
$340M
AUM Growth
+$38.8M
(+13%)
Cap. Flow
+$77.7M
Cap. Flow
% of AUM
22.82%
Top 10 Holdings %
Top 10 Hldgs %
61.74%
Holding
34
New
9
Increased
15
Reduced
5
Closed
4
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Pultegroup
PHM
|
+$12M |
| 2 |
Santander
BSBR
|
+$11.5M |
| 3 |
Citigroup
C
|
+$10.1M |
| 4 |
Gaming and Leisure Properties
GLPI
|
+$10.1M |
| 5 |
Boyd Gaming
BYD
|
+$8.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Airlines Group
AAL
|
+$19.6M |
| 2 |
PNK
Pinnacle Entertainment Inc.
PNK
|
+$9.56M |
| 3 |
CNR
Cornerstone Building Brands, Inc.
CNR
|
+$6.61M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.94M |
| 5 |
Dana Inc
DAN
|
+$944K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 39.73% |
| 2 | Financials | 27.27% |
| 3 | Real Estate | 14.53% |
| 4 | Industrials | 9.33% |
| 5 | Communication Services | 4.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
State Street SPDR S&P 500 ETF Trust
SPY
$819B
| $2.92M | 0.86% |
15,639
-10,561
| -40% | -$1.94M |
|
|
XIV
27
DELISTED
VelocityShares Daily Inverse VIX Short Term ETN
XIV
| $2.88M | 0.85% |
+91,200
| New | +$2.9M |
|
28
PUT
iShares Russell 2000 ETF
IWM
$81.4B
| $1.72M | 0.51% |
+20,000
| New | +$2.31M |
|
|
WAC
29
DELISTED
Walter Investment Mgt Corp
WAC
| $328K | 0.1% |
+11,000
| New | +$330K |
|
|
30
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$819B
| $170K | 0.05% |
+10,000
| New | +$1.84M |
|
31
PUT
State Street SPDR S&P MIDCAP 400 ETF Trust
MDY
$26.6B
| – | – |
-325,000
| Closed | -$148K |
|
32
PUT
Invesco QQQ Trust
QQQ
$483B
| – | – |
-560,000
| Closed | -$78K |
|
33
Invesco Bond Fund
VBF
$167M
| – | – |
-36,199
| Closed | -$640K |
|
|
PNK
34
DELISTED
Pinnacle Entertainment Inc.
PNK
| – | – |
-367,745
| Closed | -$9.56M |
|
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Covalent Partners's Q1 2014 Portfolio in Review
As of Q1 2014, Covalent Partners held 34 positions worth $340M, up 13% from $302M the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Covalent Partners deployed $77.7M of net new capital in Q1 2014, opening 9 new positions and adding to 15 existing holdings. Its largest new stake was Pultegroup: 607,200 shares worth $11.7M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 40% of assets, up from 28% a quarter earlier, followed by Financials and Real Estate.
On the sell side, the largest reduction was American Airlines Group, an estimated $19.6M trimmed.
- Covalent Partners's largest Q1 2014 buy was Pultegroup: 607,200 shares worth $11.7M.
- Covalent Partners added most to Santander in Q1 2014, an estimated $11.5M increase.
- Covalent Partners's biggest Q1 2014 reduction was American Airlines Group, cutting an estimated $19.6M.
- Covalent Partners fully exited Pinnacle Entertainment Inc. in Q1 2014, selling an estimated $9.56M.
- Covalent Partners's ten largest holdings make up 62% of its $340M portfolio in Q1 2014.
- Covalent Partners opened 9 new positions and closed 4 in Q1 2014.
- Covalent Partners's portfolio value rose 13% quarter-over-quarter to $340M.
Based on Covalent Partners's 13F filing for Q1 2014, filed 14 May 2014.