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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
+0.19%
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
$393M
AUM Growth
-$81.8M
(-17%)
Cap. Flow
-$94.7M
Cap. Flow
% of AUM
-24.12%
Top 10 Holdings %
Top 10 Hldgs %
64.26%
Holding
42
New
5
Increased
8
Reduced
14
Closed
10
Avg Time Held Equity + Options
4.1
quarters
Top 10 Avg Time Held Equity + Options
3.3
quarters
Top 20 Avg Time Held Equity + Options
3.8
quarters
Avg Time Held Equity only
4.4
quarters
Top 10 Avg Time Held Equity only
3.3
quarters
Top 20 Avg Time Held Equity only
3.8
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CAA
CalAtlantic Group, Inc.
CAA
|
+$43.2M |
| 2 |
WLH
WILLIAM LYON HOMES
WLH
|
+$7.35M |
| 3 |
Gaming and Leisure Properties
GLPI
|
+$6.19M |
| 4 |
Caesarstone
CSTE
|
+$5.21M |
| 5 |
VanEck Oil Services ETF
OIH
|
+$4.17M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RYL
RYLAND GROUP INC
RYL
|
+$38.4M |
| 2 |
Dana Inc
DAN
|
+$20.1M |
| 3 |
SPN
Superior Energy Services, Inc.
SPN
|
+$11.5M |
| 4 |
UFP Industries
UFPI
|
+$11.1M |
| 5 |
APA Corp
APA
|
+$10.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 65.42% |
| 2 | Real Estate | 10.7% |
| 3 | Industrials | 7.98% |
| 4 | Miscellaneous | 6.62% |
| 5 | Financials | 5.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$833B
| $496K | 0.13% |
+420,000
| New | +$86.2M |
2015 Q4
0 quarters
|
|
27
CALL
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.3B
| $148K | 0.04% |
+250,000
| New | +$20.8M |
2015 Q4
0 quarters
|
|
28
NextDecade
NEXT
$1.76B
| $2K | ﹤0.01% |
180,000
| – | – |
2015 Q3
1 quarter
|
|
29
PUT
iShares Russell 2000 ETF
IWM
$77.4B
| – | – |
-3,050,000
| Closed | -$6.19M | – |
|
30
PUT
MBIA
MBI
$231M
| – | – |
-207,400
| Closed | -$54K | – |
|
31
Meritage Homes
MTH
$3.83B
| – | – |
-271,124
| Closed | -$4.95M | – |
|
32
Sinclair Inc
SBGI
$921M
| – | – |
-156,252
| Closed | -$3.96M | – |
|
|
TMHC
33
DELISTED
Taylor Morrison
TMHC
| – | – |
-286,817
| Closed | -$5.35M | – |
|
34
United States Oil Fund
USO
$1.68B
| – | – |
-11,250
| Closed | -$1.32M | – |
|
|
SAVE
35
DELISTED
Spirit Airlines, Inc.
SAVE
| – | – |
-65,000
| Closed | -$3.08M | – |
|
|
CNR
36
DELISTED
Cornerstone Building Brands, Inc.
CNR
| – | – |
-587,145
| Closed | -$6.21M | – |
|
|
ISCA
37
DELISTED
International Speedway Corp
ISCA
| – | – |
-108,292
| Closed | -$3.44M | – |
|
|
RYL
38
DELISTED
RYLAND GROUP INC
RYL
| – | – |
-941,566
| Closed | -$38.4M | – |
|
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Covalent Partners's Q4 2015 Portfolio in Review
As of Q4 2015, Covalent Partners held 42 positions worth $393M, down 17% from $474M the previous quarter. Its ten largest holdings account for 64% of the portfolio.
Covalent Partners withdrew a net $94.7M in Q4 2015, closing 10 positions and reducing 14 holdings. Its most notable exit was RYLAND GROUP INC, an estimated $38.4M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 65% of assets, up from 63% a quarter earlier, followed by Real Estate and Industrials.
Against the trend, Covalent Partners opened a new position in CalAtlantic Group, Inc. worth $41M.
- Covalent Partners's largest Q4 2015 buy was CalAtlantic Group, Inc.: 1,080,204 shares worth $41M.
- Covalent Partners added most to WILLIAM LYON HOMES in Q4 2015, an estimated $7.35M increase.
- Covalent Partners's biggest Q4 2015 reduction was Dana Inc, cutting an estimated $20.1M.
- Covalent Partners fully exited RYLAND GROUP INC in Q4 2015, selling an estimated $38.4M.
- Covalent Partners's ten largest holdings make up 64% of its $393M portfolio in Q4 2015.
- Covalent Partners opened 5 new positions and closed 10 in Q4 2015.
- Covalent Partners's portfolio value fell 17% quarter-over-quarter to $393M.
Based on Covalent Partners's 13F filing for Q4 2015, filed 12 Feb 2016.