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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
+5.87%
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
$118M
AUM Growth
-$29.4M
Cap. Flow
+$20.5M
Cap. Flow %
17.36%
Top 10 Hldgs %
66.82%
Holding
28
New
2
Increased
8
Reduced
11
Closed
5

Top Buys

Rank Stock Value
1
AGCO icon
AGCO
AGCO
+$7.17M
2
GLPI icon
Gaming and Leisure Properties
GLPI
+$5.03M
3
PGEM
Ply Gem Holdings, Inc.
PGEM
+$3.24M
4
NBR icon
Nabors Industries
NBR
+$2.23M
5
BXC icon
BlueLinx
BXC
+$2.15M

Top Sells

Rank Stock Value
1
UFPI icon
UFP Industries
UFPI
+$12.7M
2
BMCH
BMC Stock Holdings, Inc
BMCH
+$9.8M
3
DHI icon
D.R. Horton
DHI
+$7.51M
4
MHO icon
M/I Homes
MHO
+$5.74M
5
LEN icon
Lennar Class A
LEN
+$3.78M

Sector Composition

Rank Sector Weight
1 Energy 32.57%
2 Real Estate 21.91%
3 Consumer Discretionary 14.76%
4 Industrials 14.44%
5 Financials 9.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PHM icon
26
Pultegroup
PHM
$24.7B
– –
-94,269
Closed -$2.58M
QQQ icon
27
PUT
Invesco QQQ Trust
QQQ
$483B
– –
-140,000
Closed -$87K
CRC
28
DELISTED
California Resources Corporation
CRC
– –
-182,564
Closed -$1.91M
1
2

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Covalent Partners's Q4 2017 Portfolio in Review

As of Q4 2017, Covalent Partners held 28 positions worth $118M, down 20% from $147M the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Covalent Partners deployed $20.5M of net new capital in Q4 2017, opening 2 new positions and adding to 8 existing holdings. Its largest new stake was AGCO: 100,468 shares worth $7.18M.

By sector, the portfolio is most concentrated in Energy at 33% of assets, up from 29% a quarter earlier, followed by Real Estate and Consumer Discretionary.

On the sell side, the largest reduction was UFP Industries, an estimated $12.7M trimmed.

  • Covalent Partners's largest Q4 2017 buy was AGCO: 100,468 shares worth $7.18M.
  • Covalent Partners added most to Gaming and Leisure Properties in Q4 2017, an estimated $5.03M increase.
  • Covalent Partners's biggest Q4 2017 reduction was UFP Industries, cutting an estimated $12.7M.
  • Covalent Partners fully exited Pultegroup in Q4 2017, selling an estimated $2.58M.
  • Covalent Partners's ten largest holdings make up 67% of its $118M portfolio in Q4 2017.
  • Covalent Partners opened 2 new positions and closed 5 in Q4 2017.
  • Covalent Partners's portfolio value fell 20% quarter-over-quarter to $118M.

Based on Covalent Partners's 13F filing for Q4 2017, filed 14 Feb 2018.