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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
(-17%)
Cap. Flow
-$94.7M
Cap. Flow
% of AUM
-24.12%
Top 10 Holdings %
Top 10 Hldgs %
64.26%
Holding
42
New
5
Increased
8
Reduced
14
Closed
10
Avg Time Held Equity + Options
4.1
quarters
Top 10 Avg Time Held Equity + Options
3.3
quarters
Top 20 Avg Time Held Equity + Options
3.8
quarters
Avg Time Held Equity only
4.4
quarters
Top 10 Avg Time Held Equity only
3.3
quarters
Top 20 Avg Time Held Equity only
3.8
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CAA
CalAtlantic Group, Inc.
CAA
|
+$43.2M |
| 2 |
WLH
WILLIAM LYON HOMES
WLH
|
+$7.35M |
| 3 |
Gaming and Leisure Properties
GLPI
|
+$6.19M |
| 4 |
Caesarstone
CSTE
|
+$5.21M |
| 5 |
VanEck Oil Services ETF
OIH
|
+$4.17M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RYL
RYLAND GROUP INC
RYL
|
+$38.4M |
| 2 |
Dana Inc
DAN
|
+$20.1M |
| 3 |
SPN
Superior Energy Services, Inc.
SPN
|
+$11.5M |
| 4 |
UFP Industries
UFPI
|
+$11.1M |
| 5 |
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 | Miscellaneous | 6.62% |
| 5 | Financials | 5.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
CAA
1
DELISTED
CalAtlantic Group, Inc.
CAA
| $41M | 10.44% |
+1,080,204
| New | +$43.2M |
2015 Q4
0 quarters
|
|
2
Pultegroup
PHM
$21.4B
| $34.5M | 8.78% |
1,934,194
+200,769
| +12% | +$3.74M |
2014 Q1
7 quarters
|
|
|
3
Gaming and Leisure Properties
GLPI
$11.1B
| $30.3M | 7.72% |
1,090,118
+216,360
| +25% | +$6.19M |
2013 Q4
8 quarters
|
|
|
WLH
4
DELISTED
WILLIAM LYON HOMES
WLH
| $25.1M | 6.4% |
1,522,039
+390,851
| +35% | +$7.35M |
2014 Q4
4 quarters
|
|
|
WCIC
5
DELISTED
WCI Communities, Inc.
WCIC
| $24.3M | 6.2% |
1,091,874
+139,626
| +15% | +$3.26M |
2014 Q4
4 quarters
|
|
6
D.R. Horton
DHI
$37.7B
| $21M | 5.34% |
654,742
-172,000
| -21% | -$5.37M |
2014 Q4
4 quarters
|
|
7
Citigroup
C
$217B
| $20.4M | 5.19% |
393,997
-89,000
| -18% | -$4.72M |
2013 Q2
10 quarters
|
|
|
NWHM
8
DELISTED
THE NEW HOME COMPANY INC.
NWHM
| $18.9M | 4.82% |
1,458,441
+127,634
| +10% | +$1.75M |
2014 Q1
7 quarters
|
|
9
Lennar Class A
LEN
$18.2B
| $18.8M | 4.79% |
404,153
-78,267
| -16% | -$3.73M |
2014 Q4
4 quarters
|
|
10
PENN Entertainment
PENN
$2.08B
| $18M | 4.58% |
1,123,249
-60,300
| -5% | -$1.01M |
2014 Q4
4 quarters
|
|
|
BLD
11
DELISTED
TopBuild
BLD
| $15.6M | 3.97% |
505,841
+900
| +0.2% | +$27K |
2015 Q3
1 quarter
|
|
12
General Motors
GM
$72.6B
| $15.3M | 3.9% |
449,542
-212,000
| -32% | -$7.36M |
2013 Q2
10 quarters
|
|
13
Monarch Casino & Resort
MCRI
$2.05B
| $13.7M | 3.49% |
602,821
-82,424
| -12% | -$1.75M |
2013 Q4
8 quarters
|
|
|
RPT
14
Rithm Property Trust
RPT
$83.8M
| $11.7M | 2.97% |
166,174
+1
| +0% | +$73 |
2015 Q2
2 quarters
|
|
15
LGI Homes
LGIH
$1.02B
| $9.99M | 2.55% |
410,811
-143,782
| -26% | -$4.19M |
2015 Q2
2 quarters
|
|
16
American Airlines Group
AAL
$8.45B
| $9.84M | 2.51% |
232,273
-72,000
| -24% | -$3.12M |
2013 Q4
8 quarters
|
|
|
SPN
17
DELISTED
Superior Energy Services, Inc.
SPN
| $9.75M | 2.48% |
72,390
-77,440
| -52% | -$11.5M |
2015 Q1
3 quarters
|
|
18
MGM Resorts International
MGM
$7.36B
| $6.52M | 1.66% |
286,902
-326,000
| -53% | -$7.19M |
2013 Q2
10 quarters
|
|
19
M/I Homes
MHO
$3.23B
| $6.34M | 1.61% |
289,066
+103,330
| +56% | +$2.37M |
2014 Q1
7 quarters
|
|
|
20
Caesarstone
CSTE
$98.5M
| $5.93M | 1.51% |
+136,815
| New | +$5.21M |
2015 Q4
0 quarters
|
|
|
21
VanEck Oil Services ETF
OIH
$1.87B
| $3.7M | 0.94% |
+7,000
| New | +$4.17M |
2015 Q4
0 quarters
|
|
|
22
Dana Inc
DAN
$3.16B
| $3.39M | 0.86% |
245,781
-1,275,106
| -84% | -$20.1M |
2013 Q2
10 quarters
|
|
|
23
UFP Industries
UFPI
$4.09B
| $3.21M | 0.82% |
140,628
-466,365
| -77% | -$11.1M |
2015 Q3
1 quarter
|
|
|
24
APA Corp
APA
$16.1B
| $3.11M | 0.79% |
70,000
-227,900
| -77% | -$10.6M |
2015 Q2
2 quarters
|
|
25
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.7B
| $654K | 0.17% |
1,350,000
-1,290,300
| -49% | -$157M |
2015 Q1
3 quarters
|
|
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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 $94.7M 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.