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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
Cap. Flow
+$122M
Cap. Flow %
22.05%
Top 10 Hldgs %
51.28%
Holding
43
New
8
Increased
14
Reduced
9
Closed
6

Top Buys

Rank Stock Value
1
APA icon
APA Corp
APA
+$17.2M
2
RYL
RYLAND GROUP INC
RYL
+$14.4M
3
AAL icon
American Airlines Group
AAL
+$11M
4
DHI icon
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
F icon
Ford
F
+$7.83M
3
ISCA
International Speedway Corp
ISCA
+$7.75M
4
GS icon
Goldman Sachs
GS
+$6.92M
5
PTEN icon
Patterson-UTI
PTEN
+$5.35M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 61.71%
2 Real Estate 6.67%
3 Financials 6.14%
4 Industrials 6.07%
5 Energy 5.25%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RYL
1
DELISTED
RYLAND GROUP INC
RYL
$47.6M 8.59%
1,026,610
+324,223
+46% +$14.4M
PHM icon
2
Pultegroup
PHM
$24.7B
$37.2M 6.71%
1,846,880
+331,579
+22% +$6.73M
C icon
3
Citigroup
C
$221B
$34.1M 6.14%
616,497
-91,000
-13% -$4.95M
GLPI icon
4
Gaming and Leisure Properties
GLPI
$12.8B
$27.4M 4.95%
748,258
-59,001
-7% -$2.17M
DHI icon
5
D.R. Horton
DHI
$41.7B
$25.9M 4.67%
946,200
+407,700
+76% +$11M
GM icon
6
General Motors
GM
$76.3B
$24.8M 4.47%
743,542
-72,000
-9% -$2.57M
WLH
7
DELISTED
WILLIAM LYON HOMES
WLH
$22.3M 4.02%
868,613
+365,312
+73% +$8.6M
MGM icon
8
MGM Resorts International
MGM
$11B
$22.3M 4.02%
1,219,902
-41,000
-3% -$833K
DAN icon
9
Dana Inc
DAN
$3.24B
$21.4M 3.87%
1,042,087
-90,000
-8% -$1.95M
LEN icon
10
Lennar Class A
LEN
$21.2B
$21.3M 3.85%
439,347
+70,388
+19% +$3.24M
MTH icon
11
Meritage Homes
MTH
$4.73B
$20.8M 3.75%
882,400
+231,400
+36% +$5.23M
PENN icon
12
PENN Entertainment
PENN
$2.45B
$19.9M 3.59%
1,086,117
-55,447
-5% -$923K
NWHM
13
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$18.8M 3.38%
1,089,330
+180,687
+20% +$2.85M
AAL icon
14
American Airlines Group
AAL
$9.02B
$16M 2.89%
400,660
+241,000
+151% +$11M
APA icon
15
APA Corp
APA
$15.1B
$15.7M 2.84%
+272,900
New +$17.2M
WCIC
16
DELISTED
WCI Communities, Inc.
WCIC
$14.3M 2.59%
588,116
+239,657
+69% +$5.72M
SPN
17
DELISTED
Superior Energy Services, Inc.
SPN
$13.4M 2.42%
63,670
+19,330
+44% +$4.52M
MCRI icon
18
Monarch Casino & Resort
MCRI
$2.23B
$11.7M 2.12%
571,199
+112,327
+24% +$2.21M
CNR
19
DELISTED
Cornerstone Building Brands, Inc.
CNR
$11.6M 2.1%
771,845
+342,637
+80% +$5.39M
ISCA
20
DELISTED
International Speedway Corp
ISCA
$10.9M 1.97%
297,138
-210,642
-41% -$7.75M
MHO icon
21
M/I Homes
MHO
$3.84B
$10.1M 1.81%
407,662
+118,700
+41% +$2.83M
RPT
22
Rithm Property Trust
RPT
$102M
$9.58M 1.73%
+116,519
New +$9.47M
LGIH icon
23
LGI Homes
LGIH
$1.35B
$8.96M 1.62%
+453,221
New +$8.14M
TLT icon
24
iShares 20+ Year Treasury Bond ETF
TLT
$46.6B
$7.93M 1.43%
+67,500
New +$8.28M
TEX icon
25
Terex
TEX
$7.53B
$6.03M 1.09%
+259,200
New +$6.84M
1
2

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BCPE
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HAM
Honeycomb Asset Management New York $19.4M AUM 25.86% 1-Year Est. Return
BCA
Boundary Creek Advisors New York $15.3M AUM 0.41% 1-Year Est. Return
BCM
BCK Capital Management Stamford, Connecticut $23M AUM 33.03% 1-Year Est. Return
MS
Mizuho Securities Tokyo, Japan $7.68M AUM 15.91% 1-Year Est. Return
RA
Ritter Alpha New York $4.78M AUM
AIIC
AJU IB Investment Company Seoul, South Korea $30.5M AUM 128.96% 1-Year Est. Return
HFA
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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 $122M 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 Real Estate and Financials.

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.