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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
-4.39%
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
$309M
AUM Growth
-$83.2M
Cap. Flow
-$70.4M
Cap. Flow %
-22.76%
Top 10 Hldgs %
65.7%
Holding
40
New
7
Increased
6
Reduced
12
Closed
10

Top Buys

Rank Stock Value
1
OSB
Norbord Inc.
OSB
+$10.9M
2
TOL icon
Toll Brothers
TOL
+$8.67M
3
ALLY icon
Ally Financial
ALLY
+$6.92M
4
CSTE icon
Caesarstone
CSTE
+$5.87M
5
MEG
Media General, Inc
MEG
+$3.87M

Top Sells

Rank Stock Value
1
PHM icon
Pultegroup
PHM
+$10.2M
2
AAL icon
American Airlines Group
AAL
+$9.84M
3
SPN
Superior Energy Services, Inc.
SPN
+$9.75M
4
GM icon
General Motors
GM
+$9.32M
5
GLPI icon
Gaming and Leisure Properties
GLPI
+$8.83M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 64.18%
2 Real Estate 11.4%
3 Industrials 7.7%
4 Financials 6.56%
5 Materials 3.82%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
APA icon
26
APA Corp
APA
$15.1B
– –
-70,000
Closed -$3.11M
DAN icon
27
Dana Inc
DAN
$3.24B
– –
-245,781
Closed -$3.39M
HYG icon
28
CALL
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.6B
– –
-250,000
Closed -$148K
MGM icon
29
MGM Resorts International
MGM
$11B
– –
-286,902
Closed -$6.52M
MHO icon
30
M/I Homes
MHO
$3.84B
– –
-289,066
Closed -$6.34M
OIH icon
31
VanEck Oil Services ETF
OIH
$1.94B
– –
-7,000
Closed -$3.7M
SPY icon
32
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$819B
– –
-420,000
Closed -$496K
UFPI icon
33
UFP Industries
UFPI
$4.92B
– –
-140,628
Closed -$3.21M
SPN
34
DELISTED
Superior Energy Services, Inc.
SPN
– –
-72,390
Closed -$9.75M
1
2

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Covalent Partners's Q1 2016 Portfolio in Review

As of Q1 2016, Covalent Partners held 40 positions worth $309M, down 21% from $393M the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Covalent Partners withdrew a net $70.4M in Q1 2016, closing 10 positions and reducing 12 holdings. Its most notable exit was American Airlines Group, an estimated $9.84M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 64% of assets, down from 65% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Covalent Partners opened a new position in Norbord Inc. worth $11.8M.

  • Covalent Partners's largest Q1 2016 buy was Norbord Inc.: 594,264 shares worth $11.8M.
  • Covalent Partners added most to Caesarstone in Q1 2016, an estimated $5.87M increase.
  • Covalent Partners's biggest Q1 2016 reduction was Pultegroup, cutting an estimated $10.2M.
  • Covalent Partners fully exited American Airlines Group in Q1 2016, selling an estimated $9.84M.
  • Covalent Partners's ten largest holdings make up 66% of its $309M portfolio in Q1 2016.
  • Covalent Partners opened 7 new positions and closed 10 in Q1 2016.
  • Covalent Partners's portfolio value fell 21% quarter-over-quarter to $309M.

Based on Covalent Partners's 13F filing for Q1 2016, filed 13 May 2016.