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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
+3.73%
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
$392M
AUM Growth
+$51.8M
Cap. Flow
+$787M
Cap. Flow %
200.7%
Top 10 Hldgs %
62.58%
Holding
39
New
9
Increased
15
Reduced
3
Closed
7

Top Buys

Rank Stock Value
1
LPX icon
Louisiana-Pacific
LPX
+$14.2M
2
MGM icon
MGM Resorts International
MGM
+$10.8M
3
GM icon
General Motors
GM
+$10.5M
4
PHM icon
Pultegroup
PHM
+$10.1M
5
CNR
Cornerstone Building Brands, Inc.
CNR
+$8.82M

Top Sells

Rank Stock Value
1
BSBR icon
Santander
BSBR
+$23M
2
CIT
CIT Group Inc.
CIT
+$20.8M
3
BAC icon
Bank of America
BAC
+$9.97M
4
DAN icon
Dana Inc
DAN
+$5.12M
5
BEE
STRATEGIC HOTELS & RESORTS, INC
BEE
+$4.94M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 46.01%
2 Industrials 15.14%
3 Real Estate 13.62%
4 Financials 12.29%
5 Communication Services 7.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JGW
26
DELISTED
J G WENTWORTH CO CL A COM STK (DE)
JGW
$2.97M 0.76%
+263,610
New +$3.27M
SPY icon
27
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$819B
$2.8M 0.71%
+3,360,000
New +$639M
WLT
28
DELISTED
WALTER ENERGY INC COM STK (DE)
WLT
$2.77M 0.71%
+507,330
New +$3.22M
IWM icon
29
iShares Russell 2000 ETF
IWM
$81.4B
$2.73M 0.7%
+23,000
New +$2.61M
IWM icon
30
CALL
iShares Russell 2000 ETF
IWM
$81.4B
$819K 0.21%
+1,000,000
New +$114M
WAC
31
DELISTED
Walter Investment Mgt Corp
WAC
$328K 0.08%
11,000
– –
BAC icon
32
Bank of America
BAC
$436B
– –
-579,777
Closed -$9.97M
BSBR icon
33
Santander
BSBR
$43.3B
– –
-4,306,113
Closed -$23M
IWM icon
34
PUT
iShares Russell 2000 ETF
IWM
$81.4B
– –
-20,000
Closed -$1.72M
SPY icon
35
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$819B
– –
-10,000
Closed -$170K
SPY icon
36
State Street SPDR S&P 500 ETF Trust
SPY
$819B
– –
-15,639
Closed -$2.97M
XIV
37
DELISTED
VelocityShares Daily Inverse VIX Short Term ETN
XIV
– –
-91,200
Closed -$2.88M
CIT
38
DELISTED
CIT Group Inc.
CIT
– –
-424,800
Closed -$20.8M
1
2

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Covalent Partners's Q2 2014 Portfolio in Review

As of Q2 2014, Covalent Partners held 39 positions worth $392M, up 15% from $340M the previous quarter. Its ten largest holdings account for 63% of the portfolio.

Covalent Partners deployed $787M of net new capital in Q2 2014, opening 9 new positions and adding to 15 existing holdings. Its largest new stake was Louisiana-Pacific: 935,000 shares worth $14M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 46% of assets, up from 40% a quarter earlier, followed by Industrials and Real Estate.

On the sell side, the largest reduction was Dana Inc, an estimated $5.12M trimmed.

  • Covalent Partners's largest Q2 2014 buy was Louisiana-Pacific: 935,000 shares worth $14M.
  • Covalent Partners added most to MGM Resorts International in Q2 2014, an estimated $10.8M increase.
  • Covalent Partners's biggest Q2 2014 reduction was Dana Inc, cutting an estimated $5.12M.
  • Covalent Partners fully exited Santander in Q2 2014, selling an estimated $23M.
  • Covalent Partners's ten largest holdings make up 63% of its $392M portfolio in Q2 2014.
  • Covalent Partners opened 9 new positions and closed 7 in Q2 2014.
  • Covalent Partners's portfolio value rose 15% quarter-over-quarter to $392M.

Based on Covalent Partners's 13F filing for Q2 2014, filed 14 Aug 2014.