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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
+11.5%
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
$441M
AUM Growth
+$23.9M
Cap. Flow
-$14.2M
Cap. Flow %
-3.23%
Top 10 Hldgs %
65.84%
Holding
41
New
9
Increased
6
Reduced
13
Closed
12
Avg Time Held Equity + Options
3.1 quarters
Top 10 Avg Time Held Equity + Options
2.7 quarters
Top 20 Avg Time Held Equity + Options
3.1 quarters
Avg Time Held Equity only
3.2 quarters
Top 10 Avg Time Held Equity only
2.7 quarters
Top 20 Avg Time Held Equity only
3.1 quarters

Top Buys

Rank Stock Value
1
PENN icon
PENN Entertainment
PENN
+$16.6M
2
TMHC
Taylor Morrison
TMHC
+$15.6M
3
MGM icon
MGM Resorts International
MGM
+$11.5M
4
LEN icon
Lennar Class A
LEN
+$11.4M
5
MTH icon
Meritage Homes
MTH
+$10.2M

Top Sells

Rank Stock Value
1
BEE
STRATEGIC HOTELS & RESORTS, INC
BEE
+$15.7M
2
LPX icon
Louisiana-Pacific
LPX
+$7.95M
3
CYS
CYS Investments Inc.
CYS
+$7.75M
4
AXLL
AXIALL CORP COM STK (DE)
AXLL
+$7.74M
5
GTN icon
Gray Television
GTN
+$7.13M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 70.29%
2 Industrials 10.98%
3 Financials 9.29%
4 Real Estate 5.37%
5 Communication Services 2.28%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
WCIC
26
DELISTED
WCI Communities, Inc.
WCIC
$3.79M 0.86%
+193,600
New +$3.6M
2014 Q4
0 quarters
XIV
27
DELISTED
VelocityShares Daily Inverse VIX Short Term ETN
XIV
$498K 0.11%
+16,000
New +$560K
2014 Q4
0 quarters
IWM icon
28
PUT
iShares Russell 2000 ETF
IWM
$77.4B
$284K 0.06%
+1,000,000
New +$114M
2014 Q4
0 quarters
BYD icon
29
Boyd Gaming
BYD
$5.01B
– –
-583,625
Closed -$5.93M –
GTN icon
30
Gray Television
GTN
$468M
– –
-904,535
Closed -$7.13M –
IWM icon
31
CALL
iShares Russell 2000 ETF
IWM
$77.4B
– –
-660,000
Closed -$132K –
LPX icon
32
Louisiana-Pacific
LPX
$4.59B
– –
-585,161
Closed -$7.95M –
NXST icon
33
Nexstar Media Group
NXST
$4.97B
– –
-133,902
Closed -$5.41M –
SPY icon
34
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$833B
– –
-2,900,000
Closed -$4.25M –
PNK
35
DELISTED
Pinnacle Entertainment Inc.
PNK
– –
-70,250
Closed -$1.76M –
AXLL
36
DELISTED
AXIALL CORP COM STK (DE)
AXLL
– –
-215,988
Closed -$7.74M –
BEE
37
DELISTED
STRATEGIC HOTELS & RESORTS, INC
BEE
– –
-1,348,271
Closed -$15.7M –
WLT
38
DELISTED
WALTER ENERGY INC COM STK (DE)
WLT
– –
-557,330
Closed -$1.3M –
MGAM
39
DELISTED
MULTIMEDIA GAMES HOLDING COMPANY INC COM STK (TX)
MGAM
– –
-30,235
Closed -$1.09M –
CYS
40
DELISTED
CYS Investments Inc.
CYS
– –
-939,899
Closed -$7.75M –
1
2

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Covalent Partners's Q4 2014 Portfolio in Review

As of Q4 2014, Covalent Partners held 41 positions worth $441M, up 5.7% from $417M the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Covalent Partners withdrew a net $14.2M in Q4 2014, closing 12 positions and reducing 13 holdings. Its most notable exit was STRATEGIC HOTELS & RESORTS, INC, an estimated $15.7M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 70% of assets, up from 51% a quarter earlier, followed by Industrials and Financials.

Against the trend, Covalent Partners opened a new position in PENN Entertainment worth $17.6M.

  • Covalent Partners's largest Q4 2014 buy was PENN Entertainment: 1,281,540 shares worth $17.6M.
  • Covalent Partners added most to MGM Resorts International in Q4 2014, an estimated $11.5M increase.
  • Covalent Partners's biggest Q4 2014 reduction was Citigroup, cutting an estimated $6.28M.
  • Covalent Partners fully exited STRATEGIC HOTELS & RESORTS, INC in Q4 2014, selling an estimated $15.7M.
  • Covalent Partners's ten largest holdings make up 66% of its $441M portfolio in Q4 2014.
  • Covalent Partners opened 9 new positions and closed 12 in Q4 2014.
  • Covalent Partners's portfolio value rose 5.7% quarter-over-quarter to $441M.

Based on Covalent Partners's 13F filing for Q4 2014, filed 13 Feb 2015.