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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
-1.77%
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
$554M
AUM Growth
+$62.9M
(+13%)
Cap. Flow
+$43.3M
Cap. Flow
% of AUM
7.81%
Top 10 Holdings %
Top 10 Hldgs %
51.28%
Holding
43
New
8
Increased
14
Reduced
9
Closed
6
Avg Time Held Equity + Options
3.2
quarters
Top 10 Avg Time Held Equity + Options
4.1
quarters
Top 20 Avg Time Held Equity + Options
3.5
quarters
Avg Time Held Equity only
3.5
quarters
Top 10 Avg Time Held Equity only
4.1
quarters
Top 20 Avg Time Held Equity only
3.5
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
APA Corp
APA
|
+$17.2M |
| 2 |
RYL
RYLAND GROUP INC
RYL
|
+$14.4M |
| 3 |
American Airlines Group
AAL
|
+$11M |
| 4 |
D.R. Horton
DHI
|
+$11M |
| 5 |
RPT
Rithm Property Trust
RPT
|
+$9.47M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NCFT
NORCRAFT COS INC COM STK (DE)
NCFT
|
+$29.7M |
| 2 |
Ford
F
|
+$7.83M |
| 3 |
ISCA
International Speedway Corp
ISCA
|
+$7.75M |
| 4 |
Goldman Sachs
GS
|
+$6.92M |
| 5 |
Patterson-UTI
PTEN
|
+$5.35M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 61.71% |
| 2 | Miscellaneous | 13.34% |
| 3 | Real Estate | 6.67% |
| 4 | Financials | 6.14% |
| 5 | Industrials | 6.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
RYL
1
DELISTED
RYLAND GROUP INC
RYL
| $47.6M | 8.59% |
1,026,610
+324,223
| +46% | +$14.4M |
2014 Q1
5 quarters
|
|
2
Pultegroup
PHM
$21.4B
| $37.2M | 6.71% |
1,846,880
+331,579
| +22% | +$6.73M |
2014 Q1
5 quarters
|
|
3
Citigroup
C
$217B
| $34.1M | 6.14% |
616,497
-91,000
| -13% | -$4.95M |
2013 Q2
8 quarters
|
|
4
Gaming and Leisure Properties
GLPI
$11.1B
| $27.4M | 4.95% |
748,258
-59,001
| -7% | -$2.17M |
2013 Q4
6 quarters
|
|
|
5
D.R. Horton
DHI
$37.7B
| $25.9M | 4.67% |
946,200
+407,700
| +76% | +$11M |
2014 Q4
2 quarters
|
|
6
General Motors
GM
$72.6B
| $24.8M | 4.47% |
743,542
-72,000
| -9% | -$2.57M |
2013 Q2
8 quarters
|
|
|
WLH
7
DELISTED
WILLIAM LYON HOMES
WLH
| $22.3M | 4.02% |
868,613
+365,312
| +73% | +$8.6M |
2014 Q4
2 quarters
|
|
8
MGM Resorts International
MGM
$7.36B
| $22.3M | 4.02% |
1,219,902
-41,000
| -3% | -$833K |
2013 Q2
8 quarters
|
|
9
Dana Inc
DAN
$3.16B
| $21.4M | 3.87% |
1,042,087
-90,000
| -8% | -$1.95M |
2013 Q2
8 quarters
|
|
10
Lennar Class A
LEN
$18.2B
| $21.3M | 3.85% |
439,347
+70,388
| +19% | +$3.24M |
2014 Q4
2 quarters
|
|
11
Meritage Homes
MTH
$3.83B
| $20.8M | 3.75% |
882,400
+231,400
| +36% | +$5.23M |
2014 Q4
2 quarters
|
|
12
PENN Entertainment
PENN
$2.08B
| $19.9M | 3.59% |
1,086,117
-55,447
| -5% | -$923K |
2014 Q4
2 quarters
|
|
|
NWHM
13
DELISTED
THE NEW HOME COMPANY INC.
NWHM
| $18.8M | 3.38% |
1,089,330
+180,687
| +20% | +$2.85M |
2014 Q1
5 quarters
|
|
|
14
American Airlines Group
AAL
$8.45B
| $16M | 2.89% |
400,660
+241,000
| +151% | +$11M |
2013 Q4
6 quarters
|
|
|
15
APA Corp
APA
$16.1B
| $15.7M | 2.84% |
+272,900
| New | +$17.2M |
2015 Q2
0 quarters
|
|
|
WCIC
16
DELISTED
WCI Communities, Inc.
WCIC
| $14.3M | 2.59% |
588,116
+239,657
| +69% | +$5.72M |
2014 Q4
2 quarters
|
|
|
SPN
17
DELISTED
Superior Energy Services, Inc.
SPN
| $13.4M | 2.42% |
63,670
+19,330
| +44% | +$4.52M |
2015 Q1
1 quarter
|
|
18
Monarch Casino & Resort
MCRI
$2.05B
| $11.7M | 2.12% |
571,199
+112,327
| +24% | +$2.21M |
2013 Q4
6 quarters
|
|
|
CNR
19
DELISTED
Cornerstone Building Brands, Inc.
CNR
| $11.6M | 2.1% |
771,845
+342,637
| +80% | +$5.39M |
2013 Q2
8 quarters
|
|
|
ISCA
20
DELISTED
International Speedway Corp
ISCA
| $10.9M | 1.97% |
297,138
-210,642
| -41% | -$7.75M |
2013 Q2
8 quarters
|
|
21
M/I Homes
MHO
$3.23B
| $10.1M | 1.81% |
407,662
+118,700
| +41% | +$2.83M |
2014 Q1
5 quarters
|
|
|
RPT
22
Rithm Property Trust
RPT
$83.8M
| $9.58M | 1.73% |
+116,519
| New | +$9.47M |
2015 Q2
0 quarters
|
|
23
LGI Homes
LGIH
$1.02B
| $8.96M | 1.62% |
+453,221
| New | +$8.14M |
2015 Q2
0 quarters
|
|
24
iShares 20+ Year Treasury Bond ETF
TLT
$46.7B
| $7.93M | 1.43% |
+67,500
| New | +$8.28M |
2015 Q2
0 quarters
|
|
25
Terex
TEX
$5.79B
| $6.03M | 1.09% |
+259,200
| New | +$6.84M |
2015 Q2
0 quarters
|
|
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Covalent Partners's Q2 2015 Portfolio in Review
As of Q2 2015, Covalent Partners held 43 positions worth $554M, up 13% from $492M the previous quarter. Its ten largest holdings account for 51% of the portfolio.
Covalent Partners deployed $43.3M of net new capital in Q2 2015, opening 8 new positions and adding to 14 existing holdings. Its largest new stake was APA Corp: 272,900 shares worth $15.7M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 62% of assets, up from 60% a quarter earlier, followed by Miscellaneous and Real Estate.
On the sell side, the largest reduction was International Speedway Corp, an estimated $7.75M trimmed.
- Covalent Partners's largest Q2 2015 buy was APA Corp: 272,900 shares worth $15.7M.
- Covalent Partners added most to RYLAND GROUP INC in Q2 2015, an estimated $14.4M increase.
- Covalent Partners's biggest Q2 2015 reduction was International Speedway Corp, cutting an estimated $7.75M.
- Covalent Partners fully exited NORCRAFT COS INC COM STK (DE) in Q2 2015, selling an estimated $29.7M.
- Covalent Partners's ten largest holdings make up 51% of its $554M portfolio in Q2 2015.
- Covalent Partners opened 8 new positions and closed 6 in Q2 2015.
- Covalent Partners's portfolio value rose 13% quarter-over-quarter to $554M.
Based on Covalent Partners's 13F filing for Q2 2015, filed 14 Aug 2015.