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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
(-14%)
Cap. Flow
-$17.4M
Cap. Flow
% of AUM
-3.66%
Top 10 Holdings %
Top 10 Hldgs %
54.03%
Holding
43
New
7
Increased
13
Reduced
14
Closed
6
Avg Time Held Equity + Options
3.8
quarters
Top 10 Avg Time Held Equity + Options
3.8
quarters
Top 20 Avg Time Held Equity + Options
3.7
quarters
Avg Time Held Equity only
4.1
quarters
Top 10 Avg Time Held Equity only
3.8
quarters
Top 20 Avg Time Held Equity only
3.7
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
BLD
TopBuild
BLD
|
+$15.6M |
| 2 |
SPN
Superior Energy Services, Inc.
SPN
|
+$14.1M |
| 3 |
UFP Industries
UFPI
|
+$12.1M |
| 4 |
WCIC
WCI Communities, Inc.
WCIC
|
+$8.76M |
| 5 |
Dana Inc
DAN
|
+$8.66M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meritage Homes
MTH
|
+$13.1M |
| 2 |
MGM Resorts International
MGM
|
+$12.1M |
| 3 |
iShares 20+ Year Treasury Bond ETF
TLT
|
+$8.19M |
| 4 |
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 | Miscellaneous | 6.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
RYL
1
DELISTED
RYLAND GROUP INC
RYL
| $38.4M | 8.1% |
941,566
-85,044
| -8% | -$3.79M |
2014 Q1
6 quarters
|
|
2
Pultegroup
PHM
$21.4B
| $32.7M | 6.9% |
1,733,425
-113,455
| -6% | -$2.31M |
2014 Q1
6 quarters
|
|
3
Gaming and Leisure Properties
GLPI
$11.1B
| $26M | 5.47% |
873,758
+125,500
| +17% | +$4.09M |
2013 Q4
7 quarters
|
|
4
D.R. Horton
DHI
$37.7B
| $24.3M | 5.12% |
826,742
-119,458
| -13% | -$3.52M |
2014 Q4
3 quarters
|
|
|
5
Dana Inc
DAN
$3.16B
| $24.2M | 5.09% |
1,520,887
+478,800
| +46% | +$8.66M |
2013 Q2
9 quarters
|
|
|
6
Citigroup
C
$217B
| $24M | 5.05% |
482,997
-133,500
| -22% | -$7.29M |
2013 Q2
9 quarters
|
|
|
WLH
7
DELISTED
WILLIAM LYON HOMES
WLH
| $23.3M | 4.91% |
1,131,188
+262,575
| +30% | +$6.24M |
2014 Q4
3 quarters
|
|
8
Lennar Class A
LEN
$18.2B
| $22.1M | 4.66% |
482,420
+43,073
| +10% | +$2.11M |
2014 Q4
3 quarters
|
|
|
WCIC
9
DELISTED
WCI Communities, Inc.
WCIC
| $21.5M | 4.54% |
952,248
+364,132
| +62% | +$8.76M |
2014 Q4
3 quarters
|
|
10
PENN Entertainment
PENN
$2.08B
| $19.9M | 4.19% |
1,183,549
+97,432
| +9% | +$1.78M |
2014 Q4
3 quarters
|
|
11
General Motors
GM
$72.6B
| $19.9M | 4.19% |
661,542
-82,000
| -11% | -$2.51M |
2013 Q2
9 quarters
|
|
|
SPN
12
DELISTED
Superior Energy Services, Inc.
SPN
| $18.9M | 3.99% |
149,830
+86,160
| +135% | +$14.1M |
2015 Q1
2 quarters
|
|
|
NWHM
13
DELISTED
THE NEW HOME COMPANY INC.
NWHM
| $17.2M | 3.63% |
1,330,807
+241,477
| +22% | +$3.69M |
2014 Q1
6 quarters
|
|
|
BLD
14
DELISTED
TopBuild
BLD
| $15.6M | 3.3% |
+504,941
| New | +$15.6M |
2015 Q3
0 quarters
|
|
15
LGI Homes
LGIH
$1.02B
| $15.1M | 3.18% |
554,593
+101,372
| +22% | +$2.39M |
2015 Q2
1 quarter
|
|
16
Monarch Casino & Resort
MCRI
$2.05B
| $12.3M | 2.6% |
685,245
+114,046
| +20% | +$2.15M |
2013 Q4
7 quarters
|
|
|
RPT
17
Rithm Property Trust
RPT
$83.8M
| $11.9M | 2.51% |
166,173
+49,654
| +43% | +$3.88M |
2015 Q2
1 quarter
|
|
18
American Airlines Group
AAL
$8.45B
| $11.8M | 2.49% |
304,273
-96,387
| -24% | -$3.96M |
2013 Q4
7 quarters
|
|
|
19
UFP Industries
UFPI
$4.09B
| $11.7M | 2.46% |
+606,993
| New | +$12.1M |
2015 Q3
0 quarters
|
|
20
APA Corp
APA
$16.1B
| $11.7M | 2.46% |
297,900
+25,000
| +9% | +$1.14M |
2015 Q2
1 quarter
|
|
|
21
MGM Resorts International
MGM
$7.36B
| $11.3M | 2.38% |
612,902
-607,000
| -50% | -$12.1M |
2013 Q2
9 quarters
|
|
|
CNR
22
DELISTED
Cornerstone Building Brands, Inc.
CNR
| $6.21M | 1.31% |
587,145
-184,700
| -24% | -$2.26M |
2013 Q2
9 quarters
|
|
23
PUT
iShares Russell 2000 ETF
IWM
$77.4B
| $6.19M | 1.3% |
+3,050,000
| New | +$362M |
2015 Q3
0 quarters
|
|
|
TMHC
24
DELISTED
Taylor Morrison
TMHC
| $5.35M | 1.13% |
+286,817
| New | +$5.67M |
2015 Q3
0 quarters
|
|
|
25
Meritage Homes
MTH
$3.83B
| $4.95M | 1.04% |
271,124
-611,276
| -69% | -$13.1M |
2014 Q4
3 quarters
|
|
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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 withdrew a net $17.4M in Q3 2015, closing 6 positions and reducing 14 holdings. Its most notable exit was iShares 20+ Year Treasury Bond ETF, an estimated $8.19M position sold in full.
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.
Against the trend, Covalent Partners opened a new position in TopBuild worth $15.6M.
- 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.