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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
-4.39%
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
$309M
AUM Growth
-$83.2M
Cap. Flow
-$70.4M
Cap. Flow %
-22.76%
Top 10 Hldgs %
65.7%
Holding
40
New
7
Increased
6
Reduced
12
Closed
10

Top Buys

Rank Stock Value
1
OSB
Norbord Inc.
OSB
+$10.9M
2
TOL icon
Toll Brothers
TOL
+$8.67M
3
ALLY icon
Ally Financial
ALLY
+$6.92M
4
CSTE icon
Caesarstone
CSTE
+$5.87M
5
MEG
Media General, Inc
MEG
+$3.87M

Top Sells

Rank Stock Value
1
PHM icon
Pultegroup
PHM
+$10.2M
2
AAL icon
American Airlines Group
AAL
+$9.84M
3
SPN
Superior Energy Services, Inc.
SPN
+$9.75M
4
GM icon
General Motors
GM
+$9.32M
5
GLPI icon
Gaming and Leisure Properties
GLPI
+$8.83M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 64.18%
2 Real Estate 11.4%
3 Industrials 7.7%
4 Financials 6.56%
5 Materials 3.82%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CAA
1
DELISTED
CalAtlantic Group, Inc.
CAA
$32.6M 10.55%
975,938
-104,266
-10% -$3.26M
PHM icon
2
Pultegroup
PHM
$24.7B
$25M 8.07%
1,333,594
-600,600
-31% -$10.2M
WLH
3
DELISTED
WILLIAM LYON HOMES
WLH
$24.6M 7.95%
1,697,639
+175,600
+12% +$2.08M
GLPI icon
4
Gaming and Leisure Properties
GLPI
$12.8B
$23.6M 7.65%
764,743
-325,375
-30% -$8.83M
WCIC
5
DELISTED
WCI Communities, Inc.
WCIC
$20.4M 6.58%
1,095,665
+3,791
+0.3% +$71.4K
DHI icon
6
D.R. Horton
DHI
$41.7B
$18.5M 5.97%
610,842
-43,900
-7% -$1.21M
NWHM
7
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$17.2M 5.55%
1,399,002
-59,439
-4% -$598K
LEN icon
8
Lennar Class A
LEN
$21.2B
$14.2M 4.6%
308,750
-95,403
-24% -$3.91M
PENN icon
9
PENN Entertainment
PENN
$2.45B
$13.7M 4.43%
821,249
-302,000
-27% -$4.33M
BLD
10
DELISTED
TopBuild
BLD
$13.5M 4.36%
453,141
-52,700
-10% -$1.43M
C icon
11
Citigroup
C
$221B
$12.8M 4.13%
306,022
-87,975
-22% -$3.68M
OSB
12
DELISTED
Norbord Inc.
OSB
$11.8M 3.82%
+594,264
New +$10.9M
RPT
13
Rithm Property Trust
RPT
$102M
$11.6M 3.76%
179,192
+13,018
+8% +$817K
LGIH icon
14
LGI Homes
LGIH
$1.35B
$10.8M 3.5%
446,803
+35,992
+9% +$801K
CSTE icon
15
Caesarstone
CSTE
$118M
$10.3M 3.34%
301,115
+164,300
+120% +$5.87M
TOL icon
16
Toll Brothers
TOL
$13.8B
$9.15M 2.96%
+310,000
New +$8.67M
MCRI icon
17
Monarch Casino & Resort
MCRI
$2.23B
$8.09M 2.61%
415,539
-187,282
-31% -$3.75M
ALLY icon
18
Ally Financial
ALLY
$12.9B
$7.52M 2.43%
+401,859
New +$6.92M
GM icon
19
General Motors
GM
$76.3B
$4.39M 1.42%
139,542
-310,000
-69% -$9.32M
MEG
20
DELISTED
Media General, Inc
MEG
$3.91M 1.27%
+240,000
New +$3.87M
TLT icon
21
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.6B
$1.59M 0.52%
1,375,000
+25,000
+2% +$3.2M
WYNN icon
22
CALL
Wynn Resorts
WYNN
$10.2B
$767K 0.25%
+42,600
New +$3.14M
WFT
23
CALL
DELISTED
Weatherford International plc
WFT
$34K 0.01%
+34,400
New +$232K
NEXT icon
24
NextDecade
NEXT
$1.96B
$2K ﹤0.01%
180,000
– –
AAL icon
25
American Airlines Group
AAL
$9.02B
– –
-232,273
Closed -$9.84M
1
2

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HAM
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BCA
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BCM
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MS
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AIIC
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HFA
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Covalent Partners's Q1 2016 Portfolio in Review

As of Q1 2016, Covalent Partners held 40 positions worth $309M, down 21% from $393M the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Covalent Partners withdrew a net $70.4M in Q1 2016, closing 10 positions and reducing 12 holdings. Its most notable exit was American Airlines Group, an estimated $9.84M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 64% of assets, down from 65% a quarter earlier, followed by Real Estate and Industrials.

Against the trend, Covalent Partners opened a new position in Norbord Inc. worth $11.8M.

  • Covalent Partners's largest Q1 2016 buy was Norbord Inc.: 594,264 shares worth $11.8M.
  • Covalent Partners added most to Caesarstone in Q1 2016, an estimated $5.87M increase.
  • Covalent Partners's biggest Q1 2016 reduction was Pultegroup, cutting an estimated $10.2M.
  • Covalent Partners fully exited American Airlines Group in Q1 2016, selling an estimated $9.84M.
  • Covalent Partners's ten largest holdings make up 66% of its $309M portfolio in Q1 2016.
  • Covalent Partners opened 7 new positions and closed 10 in Q1 2016.
  • Covalent Partners's portfolio value fell 21% quarter-over-quarter to $309M.

Based on Covalent Partners's 13F filing for Q1 2016, filed 13 May 2016.