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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
+3.44%
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
$290M
AUM Growth
-$18.8M
(-6.1%)
Cap. Flow
-$36.4M
Cap. Flow
% of AUM
-12.54%
Top 10 Holdings %
Top 10 Hldgs %
62.86%
Holding
34
New
4
Increased
6
Reduced
9
Closed
1
Avg Time Held Equity + Options
4.2
quarters
Top 10 Avg Time Held Equity + Options
3.6
quarters
Top 20 Avg Time Held Equity + Options
5
quarters
Avg Time Held Equity only
4.8
quarters
Top 10 Avg Time Held Equity only
3.6
quarters
Top 20 Avg Time Held Equity only
5
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Toll Brothers
TOL
|
+$5.59M |
| 2 |
M/I Homes
MHO
|
+$4.01M |
| 3 |
Ally Financial
ALLY
|
+$3.17M |
| 4 |
LGI Homes
LGIH
|
+$2.13M |
| 5 |
EVRI
Everi Holdings
EVRI
|
+$1.83M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BLD
TopBuild
BLD
|
+$13.5M |
| 2 |
Pultegroup
PHM
|
+$10.5M |
| 3 |
Gaming and Leisure Properties
GLPI
|
+$6.83M |
| 4 |
D.R. Horton
DHI
|
+$4.95M |
| 5 |
CAA
CalAtlantic Group, Inc.
CAA
|
+$3.52M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 65.44% |
| 2 | Real Estate | 11.93% |
| 3 | Financials | 7.87% |
| 4 | Miscellaneous | 5.22% |
| 5 | Industrials | 4.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
CAA
1
DELISTED
CalAtlantic Group, Inc.
CAA
| $32.1M | 11.07% |
875,775
-100,163
| -10% | -$3.52M |
2015 Q4
2 quarters
|
|
|
WLH
2
DELISTED
WILLIAM LYON HOMES
WLH
| $24.2M | 8.34% |
1,503,362
-194,277
| -11% | -$2.97M |
2014 Q4
6 quarters
|
|
|
3
Gaming and Leisure Properties
GLPI
$11.1B
| $19.3M | 6.63% |
558,743
-206,000
| -27% | -$6.83M |
2013 Q4
10 quarters
|
|
|
WCIC
4
DELISTED
WCI Communities, Inc.
WCIC
| $18.5M | 6.37% |
1,095,665
| – | – |
2014 Q4
6 quarters
|
|
|
5
LGI Homes
LGIH
$1.02B
| $16.7M | 5.76% |
523,803
+77,000
| +17% | +$2.13M |
2015 Q2
4 quarters
|
|
|
RPT
6
Rithm Property Trust
RPT
$83.8M
| $15.4M | 5.3% |
191,526
+12,334
| +7% | +$955K |
2015 Q2
4 quarters
|
|
|
7
Pultegroup
PHM
$21.4B
| $14.9M | 5.14% |
766,594
-567,000
| -43% | -$10.5M |
2014 Q1
9 quarters
|
|
|
8
D.R. Horton
DHI
$37.7B
| $14.1M | 4.86% |
448,803
-162,039
| -27% | -$4.95M |
2014 Q4
6 quarters
|
|
|
9
Toll Brothers
TOL
$12.3B
| $13.7M | 4.72% |
509,000
+199,000
| +64% | +$5.59M |
2016 Q1
1 quarter
|
|
10
Lennar Class A
LEN
$18.2B
| $13.5M | 4.66% |
308,750
| – | – |
2014 Q4
6 quarters
|
|
|
NWHM
11
DELISTED
THE NEW HOME COMPANY INC.
NWHM
| $13.3M | 4.58% |
1,393,122
-5,880
| -0.4% | -$62.1K |
2014 Q1
9 quarters
|
|
12
Citigroup
C
$217B
| $12.9M | 4.43% |
303,731
-2,291
| -0.7% | -$101K |
2013 Q2
12 quarters
|
|
13
Caesarstone
CSTE
$98.5M
| $12M | 4.11% |
343,844
+42,729
| +14% | +$1.58M |
2015 Q4
2 quarters
|
|
|
OSB
14
DELISTED
Norbord Inc.
OSB
| $11.6M | 4% |
594,264
| – | – |
2016 Q1
1 quarter
|
|
15
PENN Entertainment
PENN
$2.08B
| $10.1M | 3.47% |
722,287
-98,962
| -12% | -$1.55M |
2014 Q4
6 quarters
|
|
|
16
Ally Financial
ALLY
$11.4B
| $9.99M | 3.44% |
585,446
+183,587
| +46% | +$3.17M |
2016 Q1
1 quarter
|
|
17
Monarch Casino & Resort
MCRI
$2.05B
| $9.13M | 3.14% |
415,539
| – | – |
2013 Q4
10 quarters
|
|
18
General Motors
GM
$72.6B
| $4.37M | 1.51% |
154,542
+15,000
| +11% | +$455K |
2013 Q2
12 quarters
|
|
|
MEG
19
DELISTED
Media General, Inc
MEG
| $4.13M | 1.42% |
240,000
| – | – |
2016 Q1
1 quarter
|
|
|
20
M/I Homes
MHO
$3.23B
| $4M | 1.38% |
+212,690
| New | +$4.01M |
2016 Q2
0 quarters
|
|
|
EVRI
21
DELISTED
Everi Holdings
EVRI
| $1.26M | 0.44% |
+1,100,000
| New | +$1.83M |
2016 Q2
0 quarters
|
|
22
PUT
iShares Russell 2000 ETF
IWM
$77.4B
| $955K | 0.33% |
+300,000
| New | +$33.8M |
2016 Q2
0 quarters
|
|
23
PUT
iShares US Home Construction ETF
ITB
$2.28B
| $500K | 0.17% |
+1,000,000
| New | +$27.1M |
2016 Q2
0 quarters
|
|
24
CALL
Wynn Resorts
WYNN
$7.74B
| $383K | 0.13% |
26,100
-16,500
| -39% | -$1.57M |
2016 Q1
1 quarter
|
|
25
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.7B
| $14K | ﹤0.01% |
1,375,000
| – | – |
2015 Q1
5 quarters
|
|
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Covalent Partners's Q2 2016 Portfolio in Review
As of Q2 2016, Covalent Partners held 34 positions worth $290M, down 6.1% from $309M the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Covalent Partners withdrew a net $36.4M in Q2 2016, closing 1 position and reducing 9 holdings. Its most notable exit was TopBuild, an estimated $13.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 65% of assets, up from 64% a quarter earlier, followed by Real Estate and Financials.
Against the trend, Covalent Partners opened a new position in M/I Homes worth $4M.
- Covalent Partners's largest Q2 2016 buy was M/I Homes: 212,690 shares worth $4M.
- Covalent Partners added most to Toll Brothers in Q2 2016, an estimated $5.59M increase.
- Covalent Partners's biggest Q2 2016 reduction was Pultegroup, cutting an estimated $10.5M.
- Covalent Partners fully exited TopBuild in Q2 2016, selling an estimated $13.5M.
- Covalent Partners's ten largest holdings make up 63% of its $290M portfolio in Q2 2016.
- Covalent Partners opened 4 new positions and closed 1 in Q2 2016.
- Covalent Partners's portfolio value fell 6.1% quarter-over-quarter to $290M.
Based on Covalent Partners's 13F filing for Q2 2016, filed 15 Aug 2016.