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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
+7.07%
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
$302M
AUM Growth
+$13.8M
Cap. Flow
-$36.9M
Cap. Flow %
-12.24%
Top 10 Hldgs %
66.76%
Holding
34
New
6
Increased
9
Reduced
5
Closed
8
Avg Time Held Equity + Options
1.4 quarters
Top 10 Avg Time Held Equity + Options
1.1 quarters
Top 20 Avg Time Held Equity + Options
1.5 quarters
Avg Time Held Equity only
1.5 quarters
Top 10 Avg Time Held Equity only
1.1 quarters
Top 20 Avg Time Held Equity only
1.5 quarters

Top Buys

Rank Stock Value
1
AAL icon
American Airlines Group
AAL
+$17.6M
2
GLPI icon
Gaming and Leisure Properties
GLPI
+$14.8M
3
NCFT
NORCRAFT COS INC COM STK (DE)
NCFT
+$8.44M
4
DAN icon
Dana Inc
DAN
+$7.92M
5
BEE
STRATEGIC HOTELS & RESORTS, INC
BEE
+$3.94M

Top Sells

Rank Stock Value
1
WMS
WMS INDS INC
WMS
+$12.3M
2
LCC
US AIRWAYS GROUP INC.
LCC
+$11.8M
3
CNR
Cornerstone Building Brands, Inc.
CNR
+$10.7M
4
PNK
Pinnacle Entertainment Inc.
PNK
+$8.38M
5
PENN icon
PENN Entertainment
PENN
+$7.75M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 27.79%
2 Financials 22.51%
3 Industrials 14.99%
4 Real Estate 13.5%
5 Miscellaneous 13.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
C icon
1
Citigroup
C
$217B
$24.3M 8.06%
466,642
+52,000
+13% +$2.63M
2013 Q2
2 quarters
DAN icon
2
Dana Inc
DAN
$3.16B
$22.3M 7.38%
1,134,488
+390,000
+52% +$7.92M
2013 Q2
2 quarters
BEE
3
DELISTED
STRATEGIC HOTELS & RESORTS, INC
BEE
$19.2M 6.36%
2,028,837
+445,000
+28% +$3.94M
2013 Q2
2 quarters
CNR
4
DELISTED
Cornerstone Building Brands, Inc.
CNR
$18.6M 6.18%
1,062,398
-687,301
-39% -$10.7M
2013 Q2
2 quarters
AAL icon
5
American Airlines Group
AAL
$8.45B
$17.3M 5.73%
+683,994
New +$17.6M
2013 Q4
0 quarters
MGM icon
6
MGM Resorts International
MGM
$7.36B
$17.1M 5.66%
725,500
+190,000
+35% +$3.87M
2013 Q2
2 quarters
CIT
7
DELISTED
CIT Group Inc.
CIT
$16.6M 5.5%
318,300
+78,000
+32% +$3.87M
2013 Q2
2 quarters
GLPI icon
8
Gaming and Leisure Properties
GLPI
$11.1B
$15.9M 5.26%
+312,000
New +$14.8M
2013 Q4
0 quarters
SBGI icon
9
Sinclair Inc
SBGI
$921M
$15.7M 5.2%
438,994
-225,756
-34% -$7.59M
2013 Q2
2 quarters
GM icon
10
General Motors
GM
$72.6B
$14.1M 4.68%
345,600
-137,000
-28% -$5.18M
2013 Q2
2 quarters
BSBR icon
11
Santander
BSBR
$43.5B
$11.3M 3.76%
1,938,614
+114,840
+6% +$723K
2013 Q2
2 quarters
PNK
12
DELISTED
Pinnacle Entertainment Inc.
PNK
$9.56M 3.17%
367,745
-343,500
-48% -$8.38M
2013 Q2
2 quarters
NCFT
13
DELISTED
NORCRAFT COS INC COM STK (DE)
NCFT
$9.32M 3.09%
+475,000
New +$8.44M
2013 Q4
0 quarters
BAC icon
14
Bank of America
BAC
$380B
$8.25M 2.74%
529,777
– –
2013 Q3
1 quarter
AAPL icon
15
Apple
AAPL
$4.91T
$8.06M 2.67%
402,388
-20,412
-5% -$386K
2013 Q2
2 quarters
F icon
16
Ford
F
$48.5B
$8.05M 2.67%
522,000
– –
2013 Q2
2 quarters
GS icon
17
Goldman Sachs
GS
$261B
$7.41M 2.46%
41,800
– –
2013 Q2
2 quarters
TRK
18
DELISTED
Speedway Motorsports, Inc.
TRK
$7.15M 2.37%
360,032
+15,130
+4% +$289K
2013 Q2
2 quarters
CYS
19
DELISTED
CYS Investments Inc.
CYS
$5.69M 1.89%
768,152
– –
2013 Q3
1 quarter
ISCA
20
DELISTED
International Speedway Corp
ISCA
$5.47M 1.81%
154,278
– –
2013 Q2
2 quarters
SPY icon
21
State Street SPDR S&P 500 ETF Trust
SPY
$833B
$4.84M 1.6%
26,200
+13,500
+106% +$2.39M
2013 Q2
2 quarters
VBF icon
22
Invesco Bond Fund
VBF
$162M
$640K 0.21%
36,199
+20,355
+128% +$362K
2013 Q3
1 quarter
MDY icon
23
PUT
State Street SPDR S&P MIDCAP 400 ETF Trust
MDY
$25.7B
$148K 0.05%
+325,000
New +$76.4M
2013 Q4
0 quarters
MCRI icon
24
Monarch Casino & Resort
MCRI
$2.05B
$131K 0.04%
+6,500
New +$122K
2013 Q4
0 quarters
QQQ icon
25
PUT
Invesco QQQ Trust
QQQ
$507B
$78K 0.03%
+560,000
New +$46.7M
2013 Q4
0 quarters
1
2

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HAM
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BCA
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BCM
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MS
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AIIC
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HFA
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Covalent Partners's Q4 2013 Portfolio in Review

As of Q4 2013, Covalent Partners held 34 positions worth $302M, up 4.8% from $288M the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Covalent Partners withdrew a net $36.9M in Q4 2013, closing 8 positions and reducing 5 holdings. Its most notable exit was WMS INDS INC, an estimated $12.3M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 28% of assets, down from 33% a quarter earlier, followed by Financials and Industrials.

Against the trend, Covalent Partners opened a new position in American Airlines Group worth $17.3M.

  • Covalent Partners's largest Q4 2013 buy was American Airlines Group: 683,994 shares worth $17.3M.
  • Covalent Partners added most to Dana Inc in Q4 2013, an estimated $7.92M increase.
  • Covalent Partners's biggest Q4 2013 reduction was Cornerstone Building Brands, Inc., cutting an estimated $10.7M.
  • Covalent Partners fully exited WMS INDS INC in Q4 2013, selling an estimated $12.3M.
  • Covalent Partners's ten largest holdings make up 67% of its $302M portfolio in Q4 2013.
  • Covalent Partners opened 6 new positions and closed 8 in Q4 2013.
  • Covalent Partners's portfolio value rose 4.8% quarter-over-quarter to $302M.

Based on Covalent Partners's 13F filing for Q4 2013, filed 14 Feb 2014.