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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
+0.57%
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
$147M
AUM Growth
-$63.9M
Cap. Flow
-$66.3M
Cap. Flow %
-45.03%
Top 10 Hldgs %
67.56%
Holding
33
New
9
Increased
2
Reduced
15
Closed
6
Avg Time Held Equity + Options
4.3 quarters
Top 10 Avg Time Held Equity + Options
3.3 quarters
Top 20 Avg Time Held Equity + Options
5 quarters
Avg Time Held Equity only
4.8 quarters
Top 10 Avg Time Held Equity only
3.3 quarters
Top 20 Avg Time Held Equity only
5 quarters

Top Buys

Rank Stock Value
1
CJ
C&J Energy Services, Inc.
CJ
+$5.93M
2
PGEM
Ply Gem Holdings, Inc.
PGEM
+$3.7M
3
NBR icon
Nabors Industries
NBR
+$3.25M
4
PUMP icon
ProPetro Holding
PUMP
+$2.41M
5
PXD
Pioneer Natural Resource Co.
PXD
+$2.06M

Top Sells

Rank Stock Value
1
LGIH icon
LGI Homes
LGIH
+$11.9M
2
DHI icon
D.R. Horton
DHI
+$9.08M
3
UFPI icon
UFP Industries
UFPI
+$7.85M
4
RPT
Rithm Property Trust
RPT
+$6.52M
5
ALLY icon
Ally Financial
ALLY
+$5.53M

Sector Composition

Rank Sector Weight
1 Energy 28.74%
2 Consumer Discretionary 27.4%
3 Real Estate 16.41%
4 Materials 11.91%
5 Financials 6.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
QQQ icon
26
PUT
Invesco QQQ Trust
QQQ
$507B
$87K 0.06%
+140,000
New +$20.1M
2017 Q3
0 quarters
LGIH icon
27
LGI Homes
LGIH
$1.02B
– –
-295,109
Closed -$11.9M –
TOL icon
28
Toll Brothers
TOL
$12.3B
– –
-136,361
Closed -$5.39M –
JCP
29
CALL
DELISTED
J.C. Penney Company, Inc.
JCP
– –
-757,600
Closed -$83K –
HRMNW
30
DELISTED
Harmony Merger Corp. Warrant
HRMNW
– –
-720,000
Closed -$576K –
BAS
31
DELISTED
Basis Energy Services, Inc.
BAS
– –
-198,216
Closed -$4.94M –
HRMNU
32
DELISTED
Harmony Merger Corp. Unit
HRMNU
– –
-90,000
Closed -$315K –
1
2

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Covalent Partners's Q3 2017 Portfolio in Review

As of Q3 2017, Covalent Partners held 33 positions worth $147M, down 30% from $211M the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Covalent Partners withdrew a net $66.3M in Q3 2017, closing 6 positions and reducing 15 holdings. Its most notable exit was LGI Homes, an estimated $11.9M position sold in full.

By sector, the portfolio is most concentrated in Energy at 29% of assets, up from 23% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Covalent Partners opened a new position in C&J Energy Services, Inc. worth $5.99M.

  • Covalent Partners's largest Q3 2017 buy was C&J Energy Services, Inc.: 200,000 shares worth $5.99M.
  • Covalent Partners added most to Medical Properties Trust in Q3 2017, an estimated $2.01M increase.
  • Covalent Partners's biggest Q3 2017 reduction was D.R. Horton, cutting an estimated $9.08M.
  • Covalent Partners fully exited LGI Homes in Q3 2017, selling an estimated $11.9M.
  • Covalent Partners's ten largest holdings make up 68% of its $147M portfolio in Q3 2017.
  • Covalent Partners opened 9 new positions and closed 6 in Q3 2017.
  • Covalent Partners's portfolio value fell 30% quarter-over-quarter to $147M.

Based on Covalent Partners's 13F filing for Q3 2017, filed 14 Nov 2017.