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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
+$85.3M
Cap. Flow %
28.29%
Top 10 Hldgs %
66.76%
Holding
34
New
6
Increased
9
Reduced
5
Closed
8

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 Communication Services 5.2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
C icon
1
Citigroup
C
$221B
$24.3M 8.06%
466,642
+52,000
+13% +$2.63M
DAN icon
2
Dana Inc
DAN
$3.24B
$22.3M 7.38%
1,134,488
+390,000
+52% +$7.92M
BEE
3
DELISTED
STRATEGIC HOTELS & RESORTS, INC
BEE
$19.2M 6.36%
2,028,837
+445,000
+28% +$3.94M
CNR
4
DELISTED
Cornerstone Building Brands, Inc.
CNR
$18.6M 6.18%
1,062,398
-687,301
-39% -$10.7M
AAL icon
5
American Airlines Group
AAL
$9.02B
$17.3M 5.73%
+683,994
New +$17.6M
MGM icon
6
MGM Resorts International
MGM
$11B
$17.1M 5.66%
725,500
+190,000
+35% +$3.87M
CIT
7
DELISTED
CIT Group Inc.
CIT
$16.6M 5.5%
318,300
+78,000
+32% +$3.87M
GLPI icon
8
Gaming and Leisure Properties
GLPI
$12.8B
$15.9M 5.26%
+312,000
New +$14.8M
SBGI icon
9
Sinclair Inc
SBGI
$1.05B
$15.7M 5.2%
438,994
-225,756
-34% -$7.59M
GM icon
10
General Motors
GM
$76.3B
$14.1M 4.68%
345,600
-137,000
-28% -$5.18M
BSBR icon
11
Santander
BSBR
$43.3B
$11.3M 3.76%
1,938,614
+114,840
+6% +$723K
PNK
12
DELISTED
Pinnacle Entertainment Inc.
PNK
$9.56M 3.17%
367,745
-343,500
-48% -$8.38M
NCFT
13
DELISTED
NORCRAFT COS INC COM STK (DE)
NCFT
$9.32M 3.09%
+475,000
New +$8.44M
BAC icon
14
Bank of America
BAC
$436B
$8.25M 2.74%
529,777
– –
AAPL icon
15
Apple
AAPL
$4.53T
$8.06M 2.67%
402,388
-20,412
-5% -$386K
F icon
16
Ford
F
$55.5B
$8.05M 2.67%
522,000
– –
GS icon
17
Goldman Sachs
GS
$302B
$7.41M 2.46%
41,800
– –
TRK
18
DELISTED
Speedway Motorsports, Inc.
TRK
$7.15M 2.37%
360,032
+15,130
+4% +$289K
CYS
19
DELISTED
CYS Investments Inc.
CYS
$5.69M 1.89%
768,152
– –
ISCA
20
DELISTED
International Speedway Corp
ISCA
$5.47M 1.81%
154,278
– –
SPY icon
21
State Street SPDR S&P 500 ETF Trust
SPY
$819B
$4.84M 1.6%
26,200
+13,500
+106% +$2.39M
VBF icon
22
Invesco Bond Fund
VBF
$167M
$640K 0.21%
36,199
+20,355
+128% +$362K
MDY icon
23
PUT
State Street SPDR S&P MIDCAP 400 ETF Trust
MDY
$26.6B
$148K 0.05%
+325,000
New +$76.4M
MCRI icon
24
Monarch Casino & Resort
MCRI
$2.23B
$131K 0.04%
+6,500
New +$122K
QQQ icon
25
PUT
Invesco QQQ Trust
QQQ
$483B
$78K 0.03%
+560,000
New +$46.7M
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 deployed $85.3M of net new capital in Q4 2013, opening 6 new positions and adding to 9 existing holdings. Its largest new stake was American Airlines Group: 683,994 shares worth $17.3M.

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.

On the sell side, the largest reduction was Cornerstone Building Brands, Inc., an estimated $10.7M trimmed.

  • 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.