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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
+$115M
Cap. Flow %
42.9%
Top 10 Hldgs %
62.41%
Holding
41
New
6
Increased
10
Reduced
12
Closed
4

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 Industrials 2.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CAA
1
DELISTED
CalAtlantic Group, Inc.
CAA
$27.5M 10.23%
809,791
-67,043
-8% -$2.22M
GLPI icon
2
Gaming and Leisure Properties
GLPI
$12.8B
$18.3M 6.78%
596,113
+63,487
+12% +$1.99M
BMCH
3
DELISTED
BMC Stock Holdings, Inc
BMCH
$17.6M 6.54%
+902,600
New +$16.4M
PHM icon
4
Pultegroup
PHM
$24.7B
$17.3M 6.43%
942,183
+595,225
+172% +$11.3M
DHI icon
5
D.R. Horton
DHI
$41.7B
$16.9M 6.28%
618,753
+305,031
+97% +$8.72M
LEN icon
6
Lennar Class A
LEN
$21.2B
$15.8M 5.86%
386,089
+79,723
+26% +$3.23M
RPT
7
Rithm Property Trust
RPT
$102M
$14.6M 5.44%
190,228
-1,298
-0.7% -$102K
LGIH icon
8
LGI Homes
LGIH
$1.35B
$14.2M 5.26%
492,937
+120,892
+32% +$3.81M
TOL icon
9
Toll Brothers
TOL
$13.8B
$13M 4.82%
418,672
-146,145
-26% -$4.33M
WLH
10
DELISTED
WILLIAM LYON HOMES
WLH
$12.8M 4.75%
672,403
-193,234
-22% -$3.66M
C icon
11
Citigroup
C
$221B
$12M 4.47%
202,326
-94,613
-32% -$5.1M
ALLY icon
12
Ally Financial
ALLY
$12.9B
$11.6M 4.31%
609,672
+19,615
+3% +$377K
MHO icon
13
M/I Homes
MHO
$3.84B
$10.2M 3.78%
403,538
+144,227
+56% +$3.4M
PENN icon
14
PENN Entertainment
PENN
$2.45B
$8.77M 3.26%
635,962
+31,908
+5% +$435K
BAS
15
DELISTED
Basis Energy Services, Inc.
BAS
$8.54M 3.17%
+241,490
New +$65.6M
NWHM
16
DELISTED
THE NEW HOME COMPANY INC.
NWHM
$5.57M 2.07%
475,743
-223,213
-32% -$2.47M
CSTE icon
17
Caesarstone
CSTE
$118M
$5.5M 2.04%
191,977
-84,772
-31% -$2.69M
CRC
18
DELISTED
California Resources Corporation
CRC
$4.9M 1.82%
230,007
+126,007
+121% +$1.85M
MCRI icon
19
Monarch Casino & Resort
MCRI
$2.23B
$4.9M 1.82%
189,919
-171,296
-47% -$4.25M
WFT
20
DELISTED
Weatherford International plc
WFT
$4.62M 1.72%
+925,829
New +$4.84M
MEG
21
DELISTED
Media General, Inc
MEG
$4.52M 1.68%
240,000
– –
GM icon
22
General Motors
GM
$76.3B
$4.3M 1.6%
123,544
-30,998
-20% -$1.04M
SPN
23
DELISTED
Superior Energy Services, Inc.
SPN
– –
0
– –
EVRI
24
DELISTED
Everi Holdings
EVRI
$1.84M 0.68%
847,393
-252,607
-23% -$586K
HRMNU
25
DELISTED
Harmony Merger Corp. Unit
HRMNU
$900K 0.33%
+90,000
New +$936K
1
2

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BCPE
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HAM
Honeycomb Asset Management New York $19.4M AUM 25.86% 1-Year Est. Return
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
Ritter Alpha New York $4.78M AUM
AIIC
AJU IB Investment Company Seoul, South Korea $30.5M AUM 128.96% 1-Year Est. Return
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 $115M 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.