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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
-2.3%
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
$269M
AUM Growth
+$12.7M
Cap. Flow
+$65.9M
Cap. Flow %
24.49%
Top 10 Hldgs %
62.41%
Holding
41
New
6
Increased
10
Reduced
12
Closed
4
Avg Time Held Equity + Options
5 quarters
Top 10 Avg Time Held Equity + Options
3.5 quarters
Top 20 Avg Time Held Equity + Options
5.6 quarters
Avg Time Held Equity only
5.3 quarters
Top 10 Avg Time Held Equity only
3.5 quarters
Top 20 Avg Time Held Equity only
5.6 quarters

Top Buys

Rank Stock Value
1
BAS
Basis Energy Services, Inc.
BAS
+$65.6M
2
BMCH
BMC Stock Holdings, Inc
BMCH
+$16.4M
3
PHM icon
Pultegroup
PHM
+$11.3M
4
DHI icon
D.R. Horton
DHI
+$8.72M
5
WFT
Weatherford International plc
WFT
+$4.84M

Top Sells

Rank Stock Value
1
WCIC
WCI Communities, Inc.
WCIC
+$11.9M
2
OSB
Norbord Inc.
OSB
+$8.99M
3
C icon
Citigroup
C
+$5.1M
4
TOL icon
Toll Brothers
TOL
+$4.33M
5
MCRI icon
Monarch Casino & Resort
MCRI
+$4.25M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 63.4%
2 Real Estate 12.22%
3 Financials 8.78%
4 Energy 7.84%
5 Miscellaneous 3.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
CAA
1
DELISTED
CalAtlantic Group, Inc.
CAA
$27.5M 10.23%
809,791
-67,043
-8% -$2.22M
2015 Q4
4 quarters
GLPI icon
2
Gaming and Leisure Properties
GLPI
$11.1B
$18.3M 6.78%
596,113
+63,487
+12% +$1.99M
2013 Q4
12 quarters
BMCH
3
DELISTED
BMC Stock Holdings, Inc
BMCH
$17.6M 6.54%
+902,600
New +$16.4M
2016 Q4
0 quarters
PHM icon
4
Pultegroup
PHM
$21.4B
$17.3M 6.43%
942,183
+595,225
+172% +$11.3M
2014 Q1
11 quarters
DHI icon
5
D.R. Horton
DHI
$37.7B
$16.9M 6.28%
618,753
+305,031
+97% +$8.72M
2014 Q4
8 quarters
LEN icon
6
Lennar Class A
LEN
$18.2B
$15.8M 5.86%
386,089
+79,723
+26% +$3.23M
2014 Q4
8 quarters
RPT
7
Rithm Property Trust
RPT
$83.8M
$14.6M 5.44%
190,228
-1,298
-0.7% -$102K
2015 Q2
6 quarters
LGIH icon
8
LGI Homes
LGIH
$1.02B
$14.2M 5.26%
492,937
+120,892
+32% +$3.81M
2015 Q2
6 quarters
TOL icon
9
Toll Brothers
TOL
$12.3B
$13M 4.82%
418,672
-146,145
-26% -$4.33M
2016 Q1
3 quarters
WLH
10
DELISTED
WILLIAM LYON HOMES
WLH
$12.8M 4.75%
672,403
-193,234
-22% -$3.66M
2014 Q4
8 quarters
C icon
11
Citigroup
C
$217B
$12M 4.47%
202,326
-94,613
-32% -$5.1M
2013 Q2
14 quarters
ALLY icon
12
Ally Financial
ALLY
$11.4B
$11.6M 4.31%
609,672
+19,615
+3% +$377K
2016 Q1
3 quarters
MHO icon
13
M/I Homes
MHO
$3.23B
$10.2M 3.78%
403,538
+144,227
+56% +$3.4M
2016 Q2
2 quarters
PENN icon
14
PENN Entertainment
PENN
$2.08B
$8.77M 3.26%
635,962
+31,908
+5% +$435K
2014 Q4
8 quarters
BAS
15
DELISTED
Basis Energy Services, Inc.
BAS
$8.54M 3.17%
+241,490
New +$65.6M
2016 Q4
0 quarters
NWHM
16
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$5.57M 2.07%
475,743
-223,213
-32% -$2.47M
2014 Q1
11 quarters
CSTE icon
17
Caesarstone
CSTE
$98.5M
$5.5M 2.04%
191,977
-84,772
-31% -$2.69M
2015 Q4
4 quarters
CRC
18
DELISTED
California Resources Corporation
CRC
$4.9M 1.82%
230,007
+126,007
+121% +$1.85M
2016 Q3
1 quarter
MCRI icon
19
Monarch Casino & Resort
MCRI
$2.05B
$4.9M 1.82%
189,919
-171,296
-47% -$4.25M
2013 Q4
12 quarters
WFT
20
DELISTED
Weatherford International plc
WFT
$4.62M 1.72%
+925,829
New +$4.84M
2016 Q4
0 quarters
MEG
21
DELISTED
Media General, Inc
MEG
$4.52M 1.68%
240,000
– –
2016 Q1
3 quarters
GM icon
22
General Motors
GM
$72.6B
$4.3M 1.6%
123,544
-30,998
-20% -$1.04M
2013 Q2
14 quarters
SPN
23
DELISTED
Superior Energy Services, Inc.
SPN
– –
0
– –
2016 Q3
1 quarter
EVRI
24
DELISTED
Everi Holdings
EVRI
$1.84M 0.68%
847,393
-252,607
-23% -$586K
2016 Q2
2 quarters
HRMNU
25
DELISTED
Harmony Merger Corp. Unit
HRMNU
$900K 0.33%
+90,000
New +$936K
2016 Q4
0 quarters
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
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RA
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AIIC
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HFA
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Covalent Partners's Q4 2016 Portfolio in Review

As of Q4 2016, Covalent Partners held 41 positions worth $269M, up 4.9% from $256M the previous quarter. Its ten largest holdings account for 62% of the portfolio.

Covalent Partners deployed $65.9M of net new capital in Q4 2016, opening 6 new positions and adding to 10 existing holdings. Its largest new stake was Basis Energy Services, Inc.: 241,490 shares worth $8.54M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 63% of assets, up from 60% a quarter earlier, followed by Real Estate and Financials.

On the sell side, the largest reduction was Citigroup, an estimated $5.1M trimmed.

  • Covalent Partners's largest Q4 2016 buy was Basis Energy Services, Inc.: 241,490 shares worth $8.54M.
  • Covalent Partners added most to Pultegroup in Q4 2016, an estimated $11.3M increase.
  • Covalent Partners's biggest Q4 2016 reduction was Citigroup, cutting an estimated $5.1M.
  • Covalent Partners fully exited WCI Communities, Inc. in Q4 2016, selling an estimated $11.9M.
  • Covalent Partners's ten largest holdings make up 62% of its $269M portfolio in Q4 2016.
  • Covalent Partners opened 6 new positions and closed 4 in Q4 2016.
  • Covalent Partners's portfolio value rose 4.9% quarter-over-quarter to $269M.

Based on Covalent Partners's 13F filing for Q4 2016, filed 14 Feb 2017.