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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
-9.41%
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
$474M
AUM Growth
-$80.2M
Cap. Flow
+$535M
Cap. Flow %
112.8%
Top 10 Hldgs %
54.03%
Holding
43
New
7
Increased
13
Reduced
14
Closed
6

Top Buys

Rank Stock Value
1
BLD
TopBuild
BLD
+$15.6M
2
SPN
Superior Energy Services, Inc.
SPN
+$14.1M
3
UFPI icon
UFP Industries
UFPI
+$12.1M
4
WCIC
WCI Communities, Inc.
WCIC
+$8.76M
5
DAN icon
Dana Inc
DAN
+$8.66M

Top Sells

Rank Stock Value
1
MTH icon
Meritage Homes
MTH
+$13.1M
2
MGM icon
MGM Resorts International
MGM
+$12.1M
3
TLT icon
iShares 20+ Year Treasury Bond ETF
TLT
+$8.19M
4
C icon
Citigroup
C
+$7.29M
5
ISCA
International Speedway Corp
ISCA
+$6.29M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 63.31%
2 Real Estate 7.98%
3 Industrials 7.74%
4 Energy 6.45%
5 Financials 5.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RYL
1
DELISTED
RYLAND GROUP INC
RYL
$38.4M 8.1%
941,566
-85,044
-8% -$3.79M
PHM icon
2
Pultegroup
PHM
$24.7B
$32.7M 6.9%
1,733,425
-113,455
-6% -$2.31M
GLPI icon
3
Gaming and Leisure Properties
GLPI
$12.8B
$26M 5.47%
873,758
+125,500
+17% +$4.09M
DHI icon
4
D.R. Horton
DHI
$41.7B
$24.3M 5.12%
826,742
-119,458
-13% -$3.52M
DAN icon
5
Dana Inc
DAN
$3.24B
$24.2M 5.09%
1,520,887
+478,800
+46% +$8.66M
C icon
6
Citigroup
C
$221B
$24M 5.05%
482,997
-133,500
-22% -$7.29M
WLH
7
DELISTED
WILLIAM LYON HOMES
WLH
$23.3M 4.91%
1,131,188
+262,575
+30% +$6.24M
LEN icon
8
Lennar Class A
LEN
$21.2B
$22.1M 4.66%
482,420
+43,073
+10% +$2.11M
WCIC
9
DELISTED
WCI Communities, Inc.
WCIC
$21.5M 4.54%
952,248
+364,132
+62% +$8.76M
PENN icon
10
PENN Entertainment
PENN
$2.45B
$19.9M 4.19%
1,183,549
+97,432
+9% +$1.78M
GM icon
11
General Motors
GM
$76.3B
$19.9M 4.19%
661,542
-82,000
-11% -$2.51M
SPN
12
DELISTED
Superior Energy Services, Inc.
SPN
$18.9M 3.99%
149,830
+86,160
+135% +$14.1M
NWHM
13
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$17.2M 3.63%
1,330,807
+241,477
+22% +$3.69M
BLD
14
DELISTED
TopBuild
BLD
$15.6M 3.3%
+504,941
New +$15.6M
LGIH icon
15
LGI Homes
LGIH
$1.35B
$15.1M 3.18%
554,593
+101,372
+22% +$2.39M
MCRI icon
16
Monarch Casino & Resort
MCRI
$2.23B
$12.3M 2.6%
685,245
+114,046
+20% +$2.15M
RPT
17
Rithm Property Trust
RPT
$102M
$11.9M 2.51%
166,173
+49,654
+43% +$3.88M
AAL icon
18
American Airlines Group
AAL
$9.02B
$11.8M 2.49%
304,273
-96,387
-24% -$3.96M
UFPI icon
19
UFP Industries
UFPI
$4.92B
$11.7M 2.46%
+606,993
New +$12.1M
APA icon
20
APA Corp
APA
$15.1B
$11.7M 2.46%
297,900
+25,000
+9% +$1.14M
MGM icon
21
MGM Resorts International
MGM
$11B
$11.3M 2.38%
612,902
-607,000
-50% -$12.1M
CNR
22
DELISTED
Cornerstone Building Brands, Inc.
CNR
$6.21M 1.31%
587,145
-184,700
-24% -$2.26M
IWM icon
23
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$6.19M 1.3%
+3,050,000
New +$362M
TMHC
24
DELISTED
Taylor Morrison
TMHC
$5.35M 1.13%
+286,817
New +$5.67M
MTH icon
25
Meritage Homes
MTH
$4.73B
$4.95M 1.04%
271,124
-611,276
-69% -$13.1M
1
2

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HAM
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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
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AIIC
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HFA
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Covalent Partners's Q3 2015 Portfolio in Review

As of Q3 2015, Covalent Partners held 43 positions worth $474M, down 14% from $554M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Covalent Partners deployed $535M of net new capital in Q3 2015, opening 7 new positions and adding to 13 existing holdings. Its largest new stake was TopBuild: 504,941 shares worth $15.6M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 63% of assets, up from 62% a quarter earlier, followed by Real Estate and Industrials.

On the sell side, the largest reduction was Meritage Homes, an estimated $13.1M trimmed.

  • Covalent Partners's largest Q3 2015 buy was TopBuild: 504,941 shares worth $15.6M.
  • Covalent Partners added most to Superior Energy Services, Inc. in Q3 2015, an estimated $14.1M increase.
  • Covalent Partners's biggest Q3 2015 reduction was Meritage Homes, cutting an estimated $13.1M.
  • Covalent Partners fully exited iShares 20+ Year Treasury Bond ETF in Q3 2015, selling an estimated $8.19M.
  • Covalent Partners's ten largest holdings make up 54% of its $474M portfolio in Q3 2015.
  • Covalent Partners opened 7 new positions and closed 6 in Q3 2015.
  • Covalent Partners's portfolio value fell 14% quarter-over-quarter to $474M.

Based on Covalent Partners's 13F filing for Q3 2015, filed 13 Nov 2015.