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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
-9.36%
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
$105M
AUM Growth
-$13.1M
Cap. Flow
-$5.09M
Cap. Flow %
-4.85%
Top 10 Hldgs %
65.76%
Holding
30
New
7
Increased
7
Reduced
9
Closed
5

Top Buys

Rank Stock Value
1
PTEN icon
Patterson-UTI
PTEN
+$5.91M
2
LEN icon
Lennar Class A
LEN
+$2.59M
3
TWI icon
Titan International
TWI
+$2.59M
4
EVRI
Everi Holdings
EVRI
+$2.26M
5
PCG icon
PG&E
PCG
+$1.82M

Top Sells

Rank Stock Value
1
ALLY icon
Ally Financial
ALLY
+$3.98M
2
BMCH
BMC Stock Holdings, Inc
BMCH
+$3.81M
3
PGEM
Ply Gem Holdings, Inc.
PGEM
+$2.28M
4
C icon
Citigroup
C
+$2.25M
5
BXC icon
BlueLinx
BXC
+$2.24M

Sector Composition

Rank Sector Weight
1 Energy 33.32%
2 Real Estate 23.4%
3 Consumer Discretionary 16.86%
4 Industrials 15.42%
5 Financials 4.48%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BXC icon
26
BlueLinx
BXC
$653M
– –
-229,640
Closed -$2.24M
C icon
27
Citigroup
C
$221B
– –
-30,311
Closed -$2.25M
BMCH
28
DELISTED
BMC Stock Holdings, Inc
BMCH
– –
-150,743
Closed -$3.81M
WFT
29
DELISTED
Weatherford International plc
WFT
– –
-240,741
Closed -$1M
NEXTW
30
DELISTED
NextDecade Corporation Warrant
NEXTW
– –
-831,017
Closed -$499K
1
2

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BCM
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MS
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Covalent Partners's Q1 2018 Portfolio in Review

As of Q1 2018, Covalent Partners held 30 positions worth $105M, down 11% from $118M the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Covalent Partners withdrew a net $5.09M in Q1 2018, closing 5 positions and reducing 9 holdings. Its most notable exit was BMC Stock Holdings, Inc, an estimated $3.81M position sold in full.

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

Against the trend, Covalent Partners opened a new position in Patterson-UTI worth $4.96M.

  • Covalent Partners's largest Q1 2018 buy was Patterson-UTI: 283,320 shares worth $4.96M.
  • Covalent Partners added most to Lennar Class A in Q1 2018, an estimated $2.59M increase.
  • Covalent Partners's biggest Q1 2018 reduction was Ally Financial, cutting an estimated $3.98M.
  • Covalent Partners fully exited BMC Stock Holdings, Inc in Q1 2018, selling an estimated $3.81M.
  • Covalent Partners's ten largest holdings make up 66% of its $105M portfolio in Q1 2018.
  • Covalent Partners opened 7 new positions and closed 5 in Q1 2018.
  • Covalent Partners's portfolio value fell 11% quarter-over-quarter to $105M.

Based on Covalent Partners's 13F filing for Q1 2018, filed 15 May 2018.