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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
+8.37%
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
$256M
AUM Growth
-$34M
Cap. Flow
-$74M
Cap. Flow %
-28.85%
Top 10 Hldgs %
61.89%
Holding
37
New
2
Increased
5
Reduced
14
Closed
1

Top Buys

Rank Stock Value
1
TOL icon
Toll Brothers
TOL
+$1.61M
2
CRC
California Resources Corporation
CRC
+$1.19M
3
BRS
Bristow Group, Inc.
BRS
+$1.08M
4
MHO icon
M/I Homes
MHO
+$1.03M
5
ALLY icon
Ally Financial
ALLY
+$85.7K

Top Sells

Rank Stock Value
1
WCIC
WCI Communities, Inc.
WCIC
+$10.9M
2
WLH
WILLIAM LYON HOMES
WLH
+$10.8M
3
PHM icon
Pultegroup
PHM
+$8.7M
4
NWHM
THE NEW HOME COMPANY INC.
NWHM
+$6.93M
5
OSB
Norbord Inc.
OSB
+$5.8M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 60.5%
2 Real Estate 12.86%
3 Financials 9.95%
4 Industrials 4.56%
5 Materials 3.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CAA
1
DELISTED
CalAtlantic Group, Inc.
CAA
$29.3M 11.43%
876,834
+1,059
+0.1% +$38.8K
GLPI icon
2
Gaming and Leisure Properties
GLPI
$12.8B
$17.8M 6.95%
532,626
-26,117
-5% -$904K
TOL icon
3
Toll Brothers
TOL
$13.8B
$16.9M 6.58%
564,817
+55,817
+11% +$1.61M
WLH
4
DELISTED
WILLIAM LYON HOMES
WLH
$16.1M 6.26%
865,637
-637,725
-42% -$10.8M
RPT
5
Rithm Property Trust
RPT
$102M
$15.2M 5.91%
191,526
– –
C icon
6
Citigroup
C
$221B
$14M 5.47%
296,939
-6,792
-2% -$309K
LGIH icon
7
LGI Homes
LGIH
$1.35B
$13.7M 5.34%
372,045
-151,758
-29% -$5.35M
LEN icon
8
Lennar Class A
LEN
$21.2B
$12.3M 4.81%
306,366
-2,384
-0.8% -$106K
WCIC
9
DELISTED
WCI Communities, Inc.
WCIC
$11.9M 4.65%
502,984
-592,681
-54% -$10.9M
ALLY icon
10
Ally Financial
ALLY
$12.9B
$11.5M 4.48%
590,057
+4,611
+0.8% +$85.7K
CSTE icon
11
Caesarstone
CSTE
$118M
$10.4M 4.07%
276,749
-67,095
-20% -$2.54M
DHI icon
12
D.R. Horton
DHI
$41.7B
$9.47M 3.69%
313,722
-135,081
-30% -$4.34M
MCRI icon
13
Monarch Casino & Resort
MCRI
$2.23B
$9.09M 3.55%
361,215
-54,324
-13% -$1.28M
OSB
14
DELISTED
Norbord Inc.
OSB
$8.99M 3.5%
349,977
-244,287
-41% -$5.8M
PENN icon
15
PENN Entertainment
PENN
$2.45B
$8.2M 3.2%
604,054
-118,233
-16% -$1.66M
NWHM
16
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$7.46M 2.91%
698,956
-694,166
-50% -$6.93M
PHM icon
17
Pultegroup
PHM
$24.7B
$6.95M 2.71%
346,958
-419,636
-55% -$8.7M
MHO icon
18
M/I Homes
MHO
$3.84B
$6.11M 2.38%
259,311
+46,621
+22% +$1.03M
GM icon
19
General Motors
GM
$76.3B
$4.91M 1.91%
154,542
– –
MEG
20
DELISTED
Media General, Inc
MEG
$4.42M 1.72%
240,000
– –
EVRI
21
DELISTED
Everi Holdings
EVRI
$2.72M 1.06%
1,100,000
– –
TLT icon
22
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.6B
$1.43M 0.56%
1,240,000
-135,000
-10% -$18.7M
CRC
23
DELISTED
California Resources Corporation
CRC
$1.3M 0.51%
+104,000
New +$1.19M
BRS
24
DELISTED
Bristow Group, Inc.
BRS
$1.26M 0.49%
+90,000
New +$1.08M
SPN
25
DELISTED
Superior Energy Services, Inc.
SPN
– –
0
– –
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 Q3 2016 Portfolio in Review

As of Q3 2016, Covalent Partners held 37 positions worth $256M, down 12% from $290M the previous quarter. Its ten largest holdings account for 62% of the portfolio.

Covalent Partners withdrew a net $74M in Q3 2016, closing 1 position and reducing 14 holdings. Its largest reduction was WCI Communities, Inc., cutting an estimated $10.9M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 60% of assets, down from 65% a quarter earlier, followed by Real Estate and Financials.

Against the trend, Covalent Partners opened a new position in California Resources Corporation worth $1.3M.

  • Covalent Partners's largest Q3 2016 buy was California Resources Corporation: 104,000 shares worth $1.3M.
  • Covalent Partners added most to Toll Brothers in Q3 2016, an estimated $1.61M increase.
  • Covalent Partners's biggest Q3 2016 reduction was WCI Communities, Inc., cutting an estimated $10.9M.
  • Covalent Partners's ten largest holdings make up 62% of its $256M portfolio in Q3 2016.
  • Covalent Partners opened 2 new positions and closed 1 in Q3 2016.
  • Covalent Partners's portfolio value fell 12% quarter-over-quarter to $256M.

Based on Covalent Partners's 13F filing for Q3 2016, filed 14 Nov 2016.