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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
+11.5%
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
$441M
AUM Growth
+$23.9M
Cap. Flow
+$95.7M
Cap. Flow %
21.72%
Top 10 Hldgs %
65.84%
Holding
41
New
9
Increased
6
Reduced
13
Closed
12

Top Buys

Rank Stock Value
1
PENN icon
PENN Entertainment
PENN
+$16.6M
2
TMHC
Taylor Morrison
TMHC
+$15.6M
3
MGM icon
MGM Resorts International
MGM
+$11.5M
4
LEN icon
Lennar Class A
LEN
+$11.4M
5
MTH icon
Meritage Homes
MTH
+$10.2M

Top Sells

Rank Stock Value
1
BEE
STRATEGIC HOTELS & RESORTS, INC
BEE
+$15.7M
2
LPX icon
Louisiana-Pacific
LPX
+$7.95M
3
CYS
CYS Investments Inc.
CYS
+$7.75M
4
AXLL
AXIALL CORP COM STK (DE)
AXLL
+$7.74M
5
GTN icon
Gray Television
GTN
+$7.13M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 70.29%
2 Industrials 10.98%
3 Financials 9.29%
4 Real Estate 5.37%
5 Communication Services 2.28%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GM icon
1
General Motors
GM
$76.3B
$42.5M 9.63%
1,216,342
+71,931
+6% +$2.3M
MGM icon
2
MGM Resorts International
MGM
$11B
$41.8M 9.48%
1,955,902
+529,402
+37% +$11.5M
PHM icon
3
Pultegroup
PHM
$24.7B
$36.1M 8.18%
1,680,152
+14,895
+0.9% +$297K
C icon
4
Citigroup
C
$221B
$33.8M 7.68%
625,497
-118,345
-16% -$6.28M
DAN icon
5
Dana Inc
DAN
$3.24B
$30.1M 6.83%
1,386,087
-235,529
-15% -$4.76M
RYL
6
DELISTED
RYLAND GROUP INC
RYL
$24.2M 5.49%
628,087
+98,095
+19% +$3.56M
GLPI icon
7
Gaming and Leisure Properties
GLPI
$12.8B
$23.7M 5.37%
807,259
-94,014
-10% -$2.9M
NCFT
8
DELISTED
NORCRAFT COS INC COM STK (DE)
NCFT
$21.3M 4.84%
1,105,724
-134,064
-11% -$2.39M
AAL icon
9
American Airlines Group
AAL
$9.02B
$19.1M 4.34%
356,660
-13,041
-4% -$562K
PENN icon
10
PENN Entertainment
PENN
$2.45B
$17.6M 3.99%
+1,281,540
New +$16.6M
TMHC
11
DELISTED
Taylor Morrison
TMHC
$16.5M 3.74%
+872,044
New +$15.6M
ISCA
12
DELISTED
International Speedway Corp
ISCA
$16.1M 3.65%
507,780
-6,868
-1% -$213K
LEN icon
13
Lennar Class A
LEN
$21.2B
$11.7M 2.66%
+275,247
New +$11.4M
NWHM
14
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$11.5M 2.6%
791,210
-34,985
-4% -$497K
SBGI icon
15
Sinclair Inc
SBGI
$1.05B
$10M 2.28%
366,893
-195,190
-35% -$5.32M
MTH icon
16
Meritage Homes
MTH
$4.73B
$10M 2.27%
+556,000
New +$10.2M
DHI icon
17
D.R. Horton
DHI
$41.7B
$9.96M 2.26%
+394,000
New +$9.22M
CNR
18
DELISTED
Cornerstone Building Brands, Inc.
CNR
$7.95M 1.8%
429,208
-320,994
-43% -$6.01M
MCRI icon
19
Monarch Casino & Resort
MCRI
$2.23B
$7.58M 1.72%
457,072
+55,316
+14% +$839K
F icon
20
Ford
F
$55.5B
$7.51M 1.7%
484,812
-88,842
-15% -$1.31M
TRK
21
DELISTED
Speedway Motorsports, Inc.
TRK
$7.51M 1.7%
343,426
-59,226
-15% -$1.16M
GS icon
22
Goldman Sachs
GS
$302B
$7.13M 1.62%
36,802
-18,128
-33% -$3.41M
WLH
23
DELISTED
WILLIAM LYON HOMES
WLH
$5.89M 1.34%
+290,500
New +$6.17M
MHO icon
24
M/I Homes
MHO
$3.84B
$5.22M 1.18%
227,472
-94,932
-29% -$2.07M
LNW
25
DELISTED
Light & Wonder
LNW
$4.38M 0.99%
343,800
+25,000
+8% +$301K
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 2014 Portfolio in Review

As of Q4 2014, Covalent Partners held 41 positions worth $441M, up 5.7% from $417M the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Covalent Partners deployed $95.7M of net new capital in Q4 2014, opening 9 new positions and adding to 6 existing holdings. Its largest new stake was PENN Entertainment: 1,281,540 shares worth $17.6M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 70% of assets, up from 51% a quarter earlier, followed by Industrials and Financials.

On the sell side, the largest reduction was Citigroup, an estimated $6.28M trimmed.

  • Covalent Partners's largest Q4 2014 buy was PENN Entertainment: 1,281,540 shares worth $17.6M.
  • Covalent Partners added most to MGM Resorts International in Q4 2014, an estimated $11.5M increase.
  • Covalent Partners's biggest Q4 2014 reduction was Citigroup, cutting an estimated $6.28M.
  • Covalent Partners fully exited STRATEGIC HOTELS & RESORTS, INC in Q4 2014, selling an estimated $15.7M.
  • Covalent Partners's ten largest holdings make up 66% of its $441M portfolio in Q4 2014.
  • Covalent Partners opened 9 new positions and closed 12 in Q4 2014.
  • Covalent Partners's portfolio value rose 5.7% quarter-over-quarter to $441M.

Based on Covalent Partners's 13F filing for Q4 2014, filed 13 Feb 2015.