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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
Cap. Flow
+$23M
Cap. Flow %
7.91%
Top 10 Hldgs %
62.86%
Holding
34
New
4
Increased
6
Reduced
9
Closed
1

Top Buys

Rank Stock Value
1
TOL icon
Toll Brothers
TOL
+$5.59M
2
MHO icon
M/I Homes
MHO
+$4.01M
3
ALLY icon
Ally Financial
ALLY
+$3.17M
4
LGIH icon
LGI Homes
LGIH
+$2.13M
5
EVRI
Everi Holdings
EVRI
+$1.83M

Top Sells

Rank Stock Value
1
BLD
TopBuild
BLD
+$13.5M
2
PHM icon
Pultegroup
PHM
+$10.5M
3
GLPI icon
Gaming and Leisure Properties
GLPI
+$6.83M
4
DHI icon
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 Industrials 4.11%
5 Materials 4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CAA
1
DELISTED
CalAtlantic Group, Inc.
CAA
$32.1M 11.07%
875,775
-100,163
-10% -$3.52M
WLH
2
DELISTED
WILLIAM LYON HOMES
WLH
$24.2M 8.34%
1,503,362
-194,277
-11% -$2.97M
GLPI icon
3
Gaming and Leisure Properties
GLPI
$12.8B
$19.3M 6.63%
558,743
-206,000
-27% -$6.83M
WCIC
4
DELISTED
WCI Communities, Inc.
WCIC
$18.5M 6.37%
1,095,665
– –
LGIH icon
5
LGI Homes
LGIH
$1.35B
$16.7M 5.76%
523,803
+77,000
+17% +$2.13M
RPT
6
Rithm Property Trust
RPT
$102M
$15.4M 5.3%
191,526
+12,334
+7% +$955K
PHM icon
7
Pultegroup
PHM
$24.7B
$14.9M 5.14%
766,594
-567,000
-43% -$10.5M
DHI icon
8
D.R. Horton
DHI
$41.7B
$14.1M 4.86%
448,803
-162,039
-27% -$4.95M
TOL icon
9
Toll Brothers
TOL
$13.8B
$13.7M 4.72%
509,000
+199,000
+64% +$5.59M
LEN icon
10
Lennar Class A
LEN
$21.2B
$13.5M 4.66%
308,750
– –
NWHM
11
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$13.3M 4.58%
1,393,122
-5,880
-0.4% -$62.1K
C icon
12
Citigroup
C
$221B
$12.9M 4.43%
303,731
-2,291
-0.7% -$101K
CSTE icon
13
Caesarstone
CSTE
$118M
$12M 4.11%
343,844
+42,729
+14% +$1.58M
OSB
14
DELISTED
Norbord Inc.
OSB
$11.6M 4%
594,264
– –
PENN icon
15
PENN Entertainment
PENN
$2.45B
$10.1M 3.47%
722,287
-98,962
-12% -$1.55M
ALLY icon
16
Ally Financial
ALLY
$12.9B
$9.99M 3.44%
585,446
+183,587
+46% +$3.17M
MCRI icon
17
Monarch Casino & Resort
MCRI
$2.23B
$9.13M 3.14%
415,539
– –
GM icon
18
General Motors
GM
$76.3B
$4.37M 1.51%
154,542
+15,000
+11% +$455K
MEG
19
DELISTED
Media General, Inc
MEG
$4.13M 1.42%
240,000
– –
MHO icon
20
M/I Homes
MHO
$3.84B
$4M 1.38%
+212,690
New +$4.01M
EVRI
21
DELISTED
Everi Holdings
EVRI
$1.26M 0.44%
+1,100,000
New +$1.83M
IWM icon
22
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$955K 0.33%
+300,000
New +$33.8M
ITB icon
23
PUT
iShares US Home Construction ETF
ITB
$2.28B
$500K 0.17%
+1,000,000
New +$27.1M
WYNN icon
24
CALL
Wynn Resorts
WYNN
$10.2B
$383K 0.13%
26,100
-16,500
-39% -$1.57M
TLT icon
25
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.6B
$14K ﹤0.01%
1,375,000
– –
1
2

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HAM
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BCA
Boundary Creek Advisors New York $15.3M AUM 0.41% 1-Year Est. Return
BCM
BCK Capital Management Stamford, Connecticut $23M AUM 33.03% 1-Year Est. Return
MS
Mizuho Securities Tokyo, Japan $7.68M AUM 15.91% 1-Year Est. Return
RA
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AIIC
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HFA
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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 deployed $23M of net new capital in Q2 2016, opening 4 new positions and adding to 6 existing holdings. Its largest new stake was M/I Homes: 212,690 shares worth $4M.

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.

On the sell side, the largest reduction was Pultegroup, an estimated $10.5M trimmed.

  • 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.