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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
+3.73%
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
$392M
AUM Growth
+$51.8M
Cap. Flow
+$36.6M
Cap. Flow %
9.34%
Top 10 Hldgs %
62.58%
Holding
39
New
9
Increased
15
Reduced
3
Closed
7
Avg Time Held Equity + Options
2 quarters
Top 10 Avg Time Held Equity + Options
2 quarters
Top 20 Avg Time Held Equity + Options
2.4 quarters
Avg Time Held Equity only
2.2 quarters
Top 10 Avg Time Held Equity only
2 quarters
Top 20 Avg Time Held Equity only
2.4 quarters

Top Buys

Rank Stock Value
1
LPX icon
Louisiana-Pacific
LPX
+$14.2M
2
MGM icon
MGM Resorts International
MGM
+$10.8M
3
GM icon
General Motors
GM
+$10.5M
4
PHM icon
Pultegroup
PHM
+$10.1M
5
CNR
Cornerstone Building Brands, Inc.
CNR
+$8.82M

Top Sells

Rank Stock Value
1
BSBR icon
Santander
BSBR
+$23M
2
CIT
CIT Group Inc.
CIT
+$20.8M
3
BAC icon
Bank of America
BAC
+$9.97M
4
DAN icon
Dana Inc
DAN
+$5.12M
5
BEE
STRATEGIC HOTELS & RESORTS, INC
BEE
+$4.94M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 46.01%
2 Industrials 15.14%
3 Real Estate 13.62%
4 Financials 12.29%
5 Communication Services 7.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
C icon
1
Citigroup
C
$217B
$35.6M 9.08%
755,842
+85,500
+13% +$4.07M
2013 Q2
4 quarters
MGM icon
2
MGM Resorts International
MGM
$7.36B
$32.4M 8.26%
1,227,000
+431,000
+54% +$10.8M
2013 Q2
4 quarters
GM icon
3
General Motors
GM
$72.6B
$28.7M 7.33%
791,600
+301,000
+61% +$10.5M
2013 Q2
4 quarters
GLPI icon
4
Gaming and Leisure Properties
GLPI
$11.1B
$26.6M 6.79%
784,273
+205,000
+35% +$7.16M
2013 Q4
2 quarters
CNR
5
DELISTED
Cornerstone Building Brands, Inc.
CNR
$23.5M 5.99%
1,209,184
+517,800
+75% +$8.82M
2013 Q2
4 quarters
PHM icon
6
Pultegroup
PHM
$21.4B
$22.9M 5.84%
1,135,757
+528,557
+87% +$10.1M
2014 Q1
1 quarter
DAN icon
7
Dana Inc
DAN
$3.16B
$21M 5.36%
860,504
-228,484
-21% -$5.12M
2013 Q2
4 quarters
SBGI icon
8
Sinclair Inc
SBGI
$921M
$19.1M 4.87%
549,494
+21,000
+4% +$611K
2013 Q2
4 quarters
BEE
9
DELISTED
STRATEGIC HOTELS & RESORTS, INC
BEE
$18.2M 4.64%
1,553,271
-457,566
-23% -$4.94M
2013 Q2
4 quarters
ISCA
10
DELISTED
International Speedway Corp
ISCA
$17.4M 4.44%
522,977
+162,623
+45% +$5.16M
2013 Q2
4 quarters
NCFT
11
DELISTED
NORCRAFT COS INC COM STK (DE)
NCFT
$15.5M 3.95%
1,081,601
+151,007
+16% +$2.45M
2013 Q4
2 quarters
LPX icon
12
Louisiana-Pacific
LPX
$4.59B
$14M 3.58%
+935,000
New +$14.2M
2014 Q2
0 quarters
NWHM
13
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$11.5M 2.93%
813,953
+207,063
+34% +$2.75M
2014 Q1
1 quarter
AAPL icon
14
Apple
AAPL
$4.91T
$10.6M 2.7%
456,008
-16,800
-4% -$357K
2013 Q2
4 quarters
RYL
15
DELISTED
RYLAND GROUP INC
RYL
$10.3M 2.63%
261,692
+132,300
+102% +$5.08M
2014 Q1
1 quarter
F icon
16
Ford
F
$48.5B
$10M 2.55%
581,000
– –
2013 Q2
4 quarters
GS icon
17
Goldman Sachs
GS
$261B
$9.33M 2.38%
55,700
+13,900
+33% +$2.24M
2013 Q2
4 quarters
BYD icon
18
Boyd Gaming
BYD
$5.01B
$9.11M 2.32%
751,343
– –
2014 Q1
1 quarter
CYS
19
DELISTED
CYS Investments Inc.
CYS
$8.6M 2.19%
953,152
– –
2013 Q3
3 quarters
TRK
20
DELISTED
Speedway Motorsports, Inc.
TRK
$7.41M 1.89%
406,032
– –
2013 Q2
4 quarters
GTN icon
21
Gray Television
GTN
$468M
$6.45M 1.64%
+490,870
New +$5.51M
2014 Q2
0 quarters
AAL icon
22
American Airlines Group
AAL
$8.45B
$6.38M 1.63%
148,430
+40,936
+38% +$1.6M
2013 Q4
2 quarters
NXST icon
23
Nexstar Media Group
NXST
$4.97B
$5.47M 1.4%
+106,035
New +$4.54M
2014 Q2
0 quarters
MHO icon
24
M/I Homes
MHO
$3.23B
$5.19M 1.32%
213,729
+39,364
+23% +$896K
2014 Q1
1 quarter
MCRI icon
25
Monarch Casino & Resort
MCRI
$2.05B
$4.45M 1.14%
294,093
+64,033
+28% +$1.04M
2013 Q4
2 quarters
1
2

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Covalent Partners's Q2 2014 Portfolio in Review

As of Q2 2014, Covalent Partners held 39 positions worth $392M, up 15% from $340M the previous quarter. Its ten largest holdings account for 63% of the portfolio.

Covalent Partners deployed $36.6M of net new capital in Q2 2014, opening 9 new positions and adding to 15 existing holdings. Its largest new stake was Louisiana-Pacific: 935,000 shares worth $14M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 46% of assets, up from 40% a quarter earlier, followed by Industrials and Real Estate.

On the sell side, the largest reduction was Dana Inc, an estimated $5.12M trimmed.

  • Covalent Partners's largest Q2 2014 buy was Louisiana-Pacific: 935,000 shares worth $14M.
  • Covalent Partners added most to MGM Resorts International in Q2 2014, an estimated $10.8M increase.
  • Covalent Partners's biggest Q2 2014 reduction was Dana Inc, cutting an estimated $5.12M.
  • Covalent Partners fully exited Santander in Q2 2014, selling an estimated $23M.
  • Covalent Partners's ten largest holdings make up 63% of its $392M portfolio in Q2 2014.
  • Covalent Partners opened 9 new positions and closed 7 in Q2 2014.
  • Covalent Partners's portfolio value rose 15% quarter-over-quarter to $392M.

Based on Covalent Partners's 13F filing for Q2 2014, filed 14 Aug 2014.