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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
+10.29%
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
$492M
AUM Growth
+$50.7M
Cap. Flow
+$289M
Cap. Flow %
58.83%
Top 10 Hldgs %
58.31%
Holding
39
New
6
Increased
12
Reduced
7
Closed
3

Top Buys

Rank Stock Value
1
SPN
Superior Energy Services, Inc.
SPN
+$9.21M
2
PTEN icon
Patterson-UTI
PTEN
+$4.89M
3
WLH
WILLIAM LYON HOMES
WLH
+$4.6M
4
LEN icon
Lennar Class A
LEN
+$4.27M
5
C icon
Citigroup
C
+$4.18M

Top Sells

Rank Stock Value
1
TMHC
Taylor Morrison
TMHC
+$16.5M
2
GM icon
General Motors
GM
+$14.6M
3
MGM icon
MGM Resorts International
MGM
+$14.5M
4
AAL icon
American Airlines Group
AAL
+$10M
5
TRK
Speedway Motorsports, Inc.
TRK
+$7.51M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 60.16%
2 Industrials 9.26%
3 Financials 8.82%
4 Real Estate 6.06%
5 Energy 3.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LNW
26
DELISTED
Light & Wonder
LNW
$3.6M 0.73%
343,800
– –
IWM icon
27
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$2.79M 0.57%
1,690,000
+690,000
+69% +$83.2M
TLT icon
28
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.6B
$1.12M 0.23%
+1,724,100
New +$225M
HK
29
DELISTED
Halcon Resources Corporation
HK
$319K 0.06%
+1,202
New +$356K
ITB icon
30
PUT
iShares US Home Construction ETF
ITB
$2.28B
$31K 0.01%
+625,000
New +$16.7M
TMHC
31
DELISTED
Taylor Morrison
TMHC
– –
-872,044
Closed -$16.5M
TRK
32
DELISTED
Speedway Motorsports, Inc.
TRK
– –
-343,426
Closed -$7.51M
XIV
33
DELISTED
VelocityShares Daily Inverse VIX Short Term ETN
XIV
– –
-16,000
Closed -$498K
1
2

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Covalent Partners's Q1 2015 Portfolio in Review

As of Q1 2015, Covalent Partners held 39 positions worth $492M, up 11% from $441M the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Covalent Partners deployed $289M of net new capital in Q1 2015, opening 6 new positions and adding to 12 existing holdings. Its largest new stake was Superior Energy Services, Inc.: 44,340 shares worth $9.91M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 60% of assets, down from 70% a quarter earlier, followed by Industrials and Financials.

On the sell side, the largest reduction was General Motors, an estimated $14.6M trimmed.

  • Covalent Partners's largest Q1 2015 buy was Superior Energy Services, Inc.: 44,340 shares worth $9.91M.
  • Covalent Partners added most to WILLIAM LYON HOMES in Q1 2015, an estimated $4.6M increase.
  • Covalent Partners's biggest Q1 2015 reduction was General Motors, cutting an estimated $14.6M.
  • Covalent Partners fully exited Taylor Morrison in Q1 2015, selling an estimated $16.5M.
  • Covalent Partners's ten largest holdings make up 58% of its $492M portfolio in Q1 2015.
  • Covalent Partners opened 6 new positions and closed 3 in Q1 2015.
  • Covalent Partners's portfolio value rose 11% quarter-over-quarter to $492M.

Based on Covalent Partners's 13F filing for Q1 2015, filed 15 May 2015.