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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
(-21%)
Cap. Flow
-$76.3M
Cap. Flow
% of AUM
-24.68%
Top 10 Holdings %
Top 10 Hldgs %
65.7%
Holding
40
New
7
Increased
6
Reduced
12
Closed
10
Avg Time Held Equity + Options
3.8
quarters
Top 10 Avg Time Held Equity + Options
3.2
quarters
Top 20 Avg Time Held Equity + Options
4.1
quarters
Avg Time Held Equity only
4
quarters
Top 10 Avg Time Held Equity only
3.2
quarters
Top 20 Avg Time Held Equity only
4.1
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
OSB
Norbord Inc.
OSB
|
+$10.9M |
| 2 |
Toll Brothers
TOL
|
+$8.67M |
| 3 |
Ally Financial
ALLY
|
+$6.92M |
| 4 |
Caesarstone
CSTE
|
+$5.87M |
| 5 |
MEG
Media General, Inc
MEG
|
+$3.87M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Pultegroup
PHM
|
+$10.2M |
| 2 |
American Airlines Group
AAL
|
+$9.84M |
| 3 |
SPN
Superior Energy Services, Inc.
SPN
|
+$9.75M |
| 4 |
General Motors
GM
|
+$9.32M |
| 5 |
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 | Miscellaneous | 5.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
APA Corp
APA
$16.1B
| – | – |
-70,000
| Closed | -$3.11M | – |
|
27
Dana Inc
DAN
$3.16B
| – | – |
-245,781
| Closed | -$3.39M | – |
|
28
CALL
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.3B
| – | – |
-250,000
| Closed | -$148K | – |
|
29
MGM Resorts International
MGM
$7.36B
| – | – |
-286,902
| Closed | -$6.52M | – |
|
30
M/I Homes
MHO
$3.23B
| – | – |
-289,066
| Closed | -$6.34M | – |
|
31
VanEck Oil Services ETF
OIH
$1.87B
| – | – |
-7,000
| Closed | -$3.7M | – |
|
32
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$833B
| – | – |
-420,000
| Closed | -$496K | – |
|
33
UFP Industries
UFPI
$4.09B
| – | – |
-140,628
| Closed | -$3.21M | – |
|
|
SPN
34
DELISTED
Superior Energy Services, Inc.
SPN
| – | – |
-72,390
| Closed | -$9.75M | – |
|
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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 $76.3M 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.