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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
-2.3%
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
$269M
AUM Growth
+$12.7M
(+4.9%)
Cap. Flow
+$65.9M
Cap. Flow
% of AUM
24.49%
Top 10 Holdings %
Top 10 Hldgs %
62.41%
Holding
41
New
6
Increased
10
Reduced
12
Closed
4
Avg Time Held Equity + Options
5
quarters
Top 10 Avg Time Held Equity + Options
3.5
quarters
Top 20 Avg Time Held Equity + Options
5.6
quarters
Avg Time Held Equity only
5.3
quarters
Top 10 Avg Time Held Equity only
3.5
quarters
Top 20 Avg Time Held Equity only
5.6
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
BAS
Basis Energy Services, Inc.
BAS
|
+$65.6M |
| 2 |
BMCH
BMC Stock Holdings, Inc
BMCH
|
+$16.4M |
| 3 |
Pultegroup
PHM
|
+$11.3M |
| 4 |
D.R. Horton
DHI
|
+$8.72M |
| 5 |
WFT
Weatherford International plc
WFT
|
+$4.84M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
WCIC
WCI Communities, Inc.
WCIC
|
+$11.9M |
| 2 |
OSB
Norbord Inc.
OSB
|
+$8.99M |
| 3 |
Citigroup
C
|
+$5.1M |
| 4 |
Toll Brothers
TOL
|
+$4.33M |
| 5 |
Monarch Casino & Resort
MCRI
|
+$4.25M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 63.4% |
| 2 | Real Estate | 12.22% |
| 3 | Financials | 8.78% |
| 4 | Energy | 7.84% |
| 5 | Miscellaneous | 3.72% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
BRS
26
DELISTED
Bristow Group, Inc.
BRS
| $870K | 0.32% |
42,500
-47,500
| -53% | -$716K |
2016 Q3
1 quarter
|
|
27
PUT
iShares Russell 2000 ETF
IWM
$77.4B
| $655K | 0.24% |
550,000
+150,000
| +38% | +$19.2M |
2016 Q2
2 quarters
|
|
|
HRMNW
28
DELISTED
Harmony Merger Corp. Warrant
HRMNW
| $252K | 0.09% |
+720,000
| New | +$265K |
2016 Q4
0 quarters
|
|
29
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.41B
| $211K | 0.08% |
+4,841,700
| New | +$162M |
2016 Q4
0 quarters
|
|
30
CALL
Wynn Resorts
WYNN
$7.74B
| $205K | 0.08% |
26,100
| – | – |
2016 Q1
3 quarters
|
|
31
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.7B
| $190K | 0.07% |
187,500
-1,052,500
| -85% | -$132M |
2015 Q1
7 quarters
|
|
32
NextDecade
NEXT
$1.76B
| $2K | ﹤0.01% |
180,000
| – | – |
2015 Q3
5 quarters
|
|
|
WFT
33
CALL
DELISTED
Weatherford International plc
WFT
| $1K | ﹤0.01% |
34,400
| – | – |
2016 Q1
3 quarters
|
|
|
OSB
34
DELISTED
Norbord Inc.
OSB
| – | – |
-349,977
| Closed | -$8.99M | – |
|
|
WCIC
35
DELISTED
WCI Communities, Inc.
WCIC
| – | – |
-502,984
| Closed | -$11.9M | – |
|
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Covalent Partners's Q4 2016 Portfolio in Review
As of Q4 2016, Covalent Partners held 41 positions worth $269M, up 4.9% from $256M the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Covalent Partners deployed $65.9M of net new capital in Q4 2016, opening 6 new positions and adding to 10 existing holdings. Its largest new stake was Basis Energy Services, Inc.: 241,490 shares worth $8.54M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 63% of assets, up from 60% a quarter earlier, followed by Real Estate and Financials.
On the sell side, the largest reduction was Citigroup, an estimated $5.1M trimmed.
- Covalent Partners's largest Q4 2016 buy was Basis Energy Services, Inc.: 241,490 shares worth $8.54M.
- Covalent Partners added most to Pultegroup in Q4 2016, an estimated $11.3M increase.
- Covalent Partners's biggest Q4 2016 reduction was Citigroup, cutting an estimated $5.1M.
- Covalent Partners fully exited WCI Communities, Inc. in Q4 2016, selling an estimated $11.9M.
- Covalent Partners's ten largest holdings make up 62% of its $269M portfolio in Q4 2016.
- Covalent Partners opened 6 new positions and closed 4 in Q4 2016.
- Covalent Partners's portfolio value rose 4.9% quarter-over-quarter to $269M.
Based on Covalent Partners's 13F filing for Q4 2016, filed 14 Feb 2017.