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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
-4.89%
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
$211M
AUM Growth
-$49.3M
Cap. Flow
-$35.2M
Cap. Flow %
-16.67%
Top 10 Hldgs %
70.52%
Holding
33
New
4
Increased
5
Reduced
9
Closed
7

Top Buys

Rank Stock Value
1
UFPI icon
UFP Industries
UFPI
+$24.6M
2
CYH icon
Community Health Systems
CYH
+$7.12M
3
MPT
Medical Properties Trust
MPT
+$6.62M
4
SPN
Superior Energy Services, Inc.
SPN
+$5.06M
5
BAS
Basis Energy Services, Inc.
BAS
+$4.27M

Top Sells

Rank Stock Value
1
GLPI icon
Gaming and Leisure Properties
GLPI
+$12.8M
2
PHM icon
Pultegroup
PHM
+$11.9M
3
LEN icon
Lennar Class A
LEN
+$10.5M
4
CAA
CalAtlantic Group, Inc.
CAA
+$8.21M
5
WLH
WILLIAM LYON HOMES
WLH
+$7.39M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 35.15%
2 Energy 23.43%
3 Real Estate 14.17%
4 Materials 11.13%
5 Financials 7.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
26
PUT
iShares Russell 2000 ETF
IWM
$81.4B
– –
-650,000
Closed -$462K
PENN icon
27
PENN Entertainment
PENN
$2.45B
– –
-159,178
Closed -$2.93M
CAA
28
DELISTED
CalAtlantic Group, Inc.
CAA
– –
-219,224
Closed -$8.21M
ATW
29
DELISTED
Atwood Oceanics
ATW
– –
-174,323
Closed -$1.66M
WLH
30
DELISTED
WILLIAM LYON HOMES
WLH
– –
-358,256
Closed -$7.39M
1
2

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Covalent Partners's Q2 2017 Portfolio in Review

As of Q2 2017, Covalent Partners held 33 positions worth $211M, down 19% from $260M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Covalent Partners withdrew a net $35.2M in Q2 2017, closing 7 positions and reducing 9 holdings. Its most notable exit was CalAtlantic Group, Inc., an estimated $8.21M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 35% of assets, down from 53% a quarter earlier, followed by Energy and Real Estate.

Against the trend, Covalent Partners opened a new position in UFP Industries worth $23.5M.

  • Covalent Partners's largest Q2 2017 buy was UFP Industries: 808,098 shares worth $23.5M.
  • Covalent Partners added most to Superior Energy Services, Inc. in Q2 2017, an estimated $5.06M increase.
  • Covalent Partners's biggest Q2 2017 reduction was Gaming and Leisure Properties, cutting an estimated $12.8M.
  • Covalent Partners fully exited CalAtlantic Group, Inc. in Q2 2017, selling an estimated $8.21M.
  • Covalent Partners's ten largest holdings make up 71% of its $211M portfolio in Q2 2017.
  • Covalent Partners opened 4 new positions and closed 7 in Q2 2017.
  • Covalent Partners's portfolio value fell 19% quarter-over-quarter to $211M.

Based on Covalent Partners's 13F filing for Q2 2017, filed 14 Aug 2017.