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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
-$29.7M
Cap. Flow %
-25.16%
Top 10 Hldgs %
66.82%
Holding
28
New
2
Increased
8
Reduced
11
Closed
5
Avg Time Held Equity + Options
5.1 quarters
Top 10 Avg Time Held Equity + Options
2.6 quarters
Top 20 Avg Time Held Equity + Options
4.9 quarters
Avg Time Held Equity only
5.3 quarters
Top 10 Avg Time Held Equity only
2.6 quarters
Top 20 Avg Time Held Equity only
4.9 quarters

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 Held Since
PHM icon
26
Pultegroup
PHM
$21.4B
– –
-94,269
Closed -$2.58M –
QQQ icon
27
PUT
Invesco QQQ Trust
QQQ
$507B
– –
-140,000
Closed -$87K –
CRC icon
28
DELISTED
California Resources Corporation
CRC
– –
-182,564
Closed -$1.91M –
1
2

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BCM
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MS
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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 withdrew a net $29.7M in Q4 2017, closing 5 positions and reducing 11 holdings. Its most notable exit was Pultegroup, an estimated $2.58M position sold in full.

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.

Against the trend, Covalent Partners opened a new position in AGCO worth $7.18M.

  • 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.