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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
+0.19%
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
$393M
AUM Growth
-$81.8M
Cap. Flow
-$151M
Cap. Flow %
-38.5%
Top 10 Hldgs %
64.26%
Holding
42
New
5
Increased
8
Reduced
14
Closed
10

Top Buys

Rank Stock Value
1
CAA
CalAtlantic Group, Inc.
CAA
+$43.2M
2
WLH
WILLIAM LYON HOMES
WLH
+$7.35M
3
GLPI icon
Gaming and Leisure Properties
GLPI
+$6.19M
4
CSTE icon
Caesarstone
CSTE
+$5.21M
5
OIH icon
VanEck Oil Services ETF
OIH
+$4.17M

Top Sells

Rank Stock Value
1
RYL
RYLAND GROUP INC
RYL
+$38.4M
2
DAN icon
Dana Inc
DAN
+$20.1M
3
SPN
Superior Energy Services, Inc.
SPN
+$11.5M
4
UFPI icon
UFP Industries
UFPI
+$11.1M
5
APA icon
APA Corp
APA
+$10.6M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 65.42%
2 Real Estate 10.7%
3 Industrials 7.98%
4 Financials 5.19%
5 Energy 3.28%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CAA
1
DELISTED
CalAtlantic Group, Inc.
CAA
$41M 10.44%
+1,080,204
New +$43.2M
PHM icon
2
Pultegroup
PHM
$24.7B
$34.5M 8.78%
1,934,194
+200,769
+12% +$3.74M
GLPI icon
3
Gaming and Leisure Properties
GLPI
$12.8B
$30.3M 7.72%
1,090,118
+216,360
+25% +$6.19M
WLH
4
DELISTED
WILLIAM LYON HOMES
WLH
$25.1M 6.4%
1,522,039
+390,851
+35% +$7.35M
WCIC
5
DELISTED
WCI Communities, Inc.
WCIC
$24.3M 6.2%
1,091,874
+139,626
+15% +$3.26M
DHI icon
6
D.R. Horton
DHI
$41.7B
$21M 5.34%
654,742
-172,000
-21% -$5.37M
C icon
7
Citigroup
C
$221B
$20.4M 5.19%
393,997
-89,000
-18% -$4.72M
NWHM
8
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$18.9M 4.82%
1,458,441
+127,634
+10% +$1.75M
LEN icon
9
Lennar Class A
LEN
$21.2B
$18.8M 4.79%
404,153
-78,267
-16% -$3.73M
PENN icon
10
PENN Entertainment
PENN
$2.45B
$18M 4.58%
1,123,249
-60,300
-5% -$1.01M
BLD
11
DELISTED
TopBuild
BLD
$15.6M 3.97%
505,841
+900
+0.2% +$27K
GM icon
12
General Motors
GM
$76.3B
$15.3M 3.9%
449,542
-212,000
-32% -$7.36M
MCRI icon
13
Monarch Casino & Resort
MCRI
$2.23B
$13.7M 3.49%
602,821
-82,424
-12% -$1.75M
RPT
14
Rithm Property Trust
RPT
$102M
$11.7M 2.97%
166,174
+1
+0% +$73
LGIH icon
15
LGI Homes
LGIH
$1.35B
$9.99M 2.55%
410,811
-143,782
-26% -$4.19M
AAL icon
16
American Airlines Group
AAL
$9.02B
$9.84M 2.51%
232,273
-72,000
-24% -$3.12M
SPN
17
DELISTED
Superior Energy Services, Inc.
SPN
$9.75M 2.48%
72,390
-77,440
-52% -$11.5M
MGM icon
18
MGM Resorts International
MGM
$11B
$6.52M 1.66%
286,902
-326,000
-53% -$7.19M
MHO icon
19
M/I Homes
MHO
$3.84B
$6.34M 1.61%
289,066
+103,330
+56% +$2.37M
CSTE icon
20
Caesarstone
CSTE
$118M
$5.93M 1.51%
+136,815
New +$5.21M
OIH icon
21
VanEck Oil Services ETF
OIH
$1.94B
$3.7M 0.94%
+7,000
New +$4.17M
DAN icon
22
Dana Inc
DAN
$3.24B
$3.39M 0.86%
245,781
-1,275,106
-84% -$20.1M
UFPI icon
23
UFP Industries
UFPI
$4.92B
$3.21M 0.82%
140,628
-466,365
-77% -$11.1M
APA icon
24
APA Corp
APA
$15.1B
$3.11M 0.79%
70,000
-227,900
-77% -$10.6M
TLT icon
25
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.6B
$654K 0.17%
1,350,000
-1,290,300
-49% -$157M
1
2

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Covalent Partners's Q4 2015 Portfolio in Review

As of Q4 2015, Covalent Partners held 42 positions worth $393M, down 17% from $474M the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Covalent Partners withdrew a net $151M in Q4 2015, closing 10 positions and reducing 14 holdings. Its most notable exit was RYLAND GROUP INC, an estimated $38.4M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 65% of assets, up from 63% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Covalent Partners opened a new position in CalAtlantic Group, Inc. worth $41M.

  • Covalent Partners's largest Q4 2015 buy was CalAtlantic Group, Inc.: 1,080,204 shares worth $41M.
  • Covalent Partners added most to WILLIAM LYON HOMES in Q4 2015, an estimated $7.35M increase.
  • Covalent Partners's biggest Q4 2015 reduction was Dana Inc, cutting an estimated $20.1M.
  • Covalent Partners fully exited RYLAND GROUP INC in Q4 2015, selling an estimated $38.4M.
  • Covalent Partners's ten largest holdings make up 64% of its $393M portfolio in Q4 2015.
  • Covalent Partners opened 5 new positions and closed 10 in Q4 2015.
  • Covalent Partners's portfolio value fell 17% quarter-over-quarter to $393M.

Based on Covalent Partners's 13F filing for Q4 2015, filed 12 Feb 2016.