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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
+7.28%
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
$288M
AUM Growth
+$2.02M
Cap. Flow
-$31.7M
Cap. Flow %
-11.02%
Top 10 Hldgs %
64.46%
Holding
33
New
6
Increased
6
Reduced
4
Closed
5

Top Buys

Rank Stock Value
1
CNR
Cornerstone Building Brands, Inc.
CNR
+$9.29M
2
BAC icon
Bank of America
BAC
+$7.56M
3
PENN icon
PENN Entertainment
PENN
+$7.46M
4
CYS
CYS Investments Inc.
CYS
+$6.21M
5
BEE
STRATEGIC HOTELS & RESORTS, INC
BEE
+$4.51M

Top Sells

Rank Stock Value
1
ASCA
AMERISTAR CASINOS INC
ASCA
+$15.2M
2
ISCA
International Speedway Corp
ISCA
+$7.44M
3
PNK
Pinnacle Entertainment Inc.
PNK
+$7.15M
4
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$4.01M
5
DAN icon
Dana Inc
DAN
+$3.42M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 32.55%
2 Financials 20.12%
3 Industrials 16.13%
4 Communication Services 7.74%
5 Real Estate 6.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CNR
1
DELISTED
Cornerstone Building Brands, Inc.
CNR
$22.3M 7.75%
1,749,699
+697,630
+66% +$9.29M
SBGI icon
2
Sinclair Inc
SBGI
$1.05B
$22.3M 7.74%
664,750
+63,105
+10% +$1.78M
C icon
3
Citigroup
C
$221B
$20.1M 6.99%
414,642
– –
PNK
4
DELISTED
Pinnacle Entertainment Inc.
PNK
$17.8M 6.19%
711,245
-318,837
-31% -$7.15M
GM icon
5
General Motors
GM
$76.3B
$17.4M 6.03%
482,600
– –
DAN icon
6
Dana Inc
DAN
$3.24B
$17M 5.91%
744,488
-158,000
-18% -$3.42M
BEE
7
DELISTED
STRATEGIC HOTELS & RESORTS, INC
BEE
$13.7M 4.78%
1,583,837
+518,000
+49% +$4.51M
WMS
8
DELISTED
WMS INDS INC
WMS
$12.3M 4.29%
475,267
– –
BSBR icon
9
Santander
BSBR
$43.3B
$12.1M 4.22%
1,823,774
+327,294
+22% +$1.91M
LCC
10
DELISTED
US AIRWAYS GROUP INC.
LCC
$11.8M 4.1%
622,492
+192,692
+45% +$3.41M
CIT
11
DELISTED
CIT Group Inc.
CIT
$11.7M 4.07%
240,300
+48,000
+25% +$2.36M
MGM icon
12
MGM Resorts International
MGM
$11B
$10.9M 3.8%
535,500
– –
F icon
13
Ford
F
$55.5B
$8.81M 3.06%
522,000
– –
PENN icon
14
PENN Entertainment
PENN
$2.45B
$7.75M 2.69%
+619,220
New +$7.46M
BAC icon
15
Bank of America
BAC
$436B
$7.31M 2.54%
+529,777
New +$7.56M
AAPL icon
16
Apple
AAPL
$4.53T
$7.2M 2.5%
422,800
– –
EEM icon
17
iShares MSCI Emerging Markets ETF
EEM
$30.7B
$6.61M 2.3%
162,262
– –
GS icon
18
Goldman Sachs
GS
$302B
$6.61M 2.3%
41,800
– –
CYS
19
DELISTED
CYS Investments Inc.
CYS
$6.25M 2.17%
+768,152
New +$6.21M
TRK
20
DELISTED
Speedway Motorsports, Inc.
TRK
$6.17M 2.15%
344,902
– –
ISCA
21
DELISTED
International Speedway Corp
ISCA
$4.97M 1.73%
154,278
-226,163
-59% -$7.44M
BRSL
22
Brightstar Lottery PLC
BRSL
$2.16B
$2.85M 0.99%
150,500
– –
SPY icon
23
State Street SPDR S&P 500 ETF Trust
SPY
$819B
$2.13M 0.74%
12,700
– –
IWM icon
24
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$365K 0.13%
+5,000
New +$517K
VBF icon
25
Invesco Bond Fund
VBF
$167M
$278K 0.1%
+15,844
New +$279K
1
2

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BCPE
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HAM
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BCA
Boundary Creek Advisors New York $15.3M AUM 0.41% 1-Year Est. Return
BCM
BCK Capital Management Stamford, Connecticut $23M AUM 33.03% 1-Year Est. Return
MS
Mizuho Securities Tokyo, Japan $7.68M AUM 15.91% 1-Year Est. Return
RA
Ritter Alpha New York $4.78M AUM
AIIC
AJU IB Investment Company Seoul, South Korea $30.5M AUM 128.96% 1-Year Est. Return
HFA
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Covalent Partners's Q3 2013 Portfolio in Review

As of Q3 2013, Covalent Partners held 33 positions worth $288M, up 0.71% from $286M the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Covalent Partners withdrew a net $31.7M in Q3 2013, closing 5 positions and reducing 4 holdings. Its most notable exit was AMERISTAR CASINOS INC, an estimated $15.2M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 33% of assets, down from 33% a quarter earlier, followed by Financials and Industrials.

Against the trend, Covalent Partners opened a new position in Bank of America worth $7.31M.

  • Covalent Partners's largest Q3 2013 buy was Bank of America: 529,777 shares worth $7.31M.
  • Covalent Partners added most to Cornerstone Building Brands, Inc. in Q3 2013, an estimated $9.29M increase.
  • Covalent Partners's biggest Q3 2013 reduction was International Speedway Corp, cutting an estimated $7.44M.
  • Covalent Partners fully exited AMERISTAR CASINOS INC in Q3 2013, selling an estimated $15.2M.
  • Covalent Partners's ten largest holdings make up 64% of its $288M portfolio in Q3 2013.
  • Covalent Partners opened 6 new positions and closed 5 in Q3 2013.
  • Covalent Partners's portfolio value rose 0.71% quarter-over-quarter to $288M.

Based on Covalent Partners's 13F filing for Q3 2013, filed 14 Nov 2013.