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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
+$95.7M
Cap. Flow %
21.72%
Top 10 Hldgs %
65.84%
Holding
41
New
9
Increased
6
Reduced
13
Closed
12

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
WCIC
26
DELISTED
WCI Communities, Inc.
WCIC
$3.79M 0.86%
+193,600
New +$3.6M
XIV
27
DELISTED
VelocityShares Daily Inverse VIX Short Term ETN
XIV
$498K 0.11%
+16,000
New +$560K
IWM icon
28
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$284K 0.06%
+1,000,000
New +$114M
BYD icon
29
Boyd Gaming
BYD
$5.89B
– –
-583,625
Closed -$5.93M
GTN icon
30
Gray Television
GTN
$507M
– –
-904,535
Closed -$7.13M
IWM icon
31
CALL
iShares Russell 2000 ETF
IWM
$81.4B
– –
-660,000
Closed -$132K
LPX icon
32
Louisiana-Pacific
LPX
$5.08B
– –
-585,161
Closed -$7.95M
NXST icon
33
Nexstar Media Group
NXST
$5.74B
– –
-133,902
Closed -$5.41M
SPY icon
34
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$819B
– –
-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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BCA
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BCM
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AIIC
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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 deployed $95.7M of net new capital in Q4 2014, opening 9 new positions and adding to 6 existing holdings. Its largest new stake was PENN Entertainment: 1,281,540 shares worth $17.6M.

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.

On the sell side, the largest reduction was Citigroup, an estimated $6.28M trimmed.

  • 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.