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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
-4.89%
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
$211M
AUM Growth
-$49.3M
Cap. Flow
-$38.6M
Cap. Flow %
-18.28%
Top 10 Hldgs %
70.52%
Holding
33
New
4
Increased
5
Reduced
9
Closed
7
Avg Time Held Equity + Options
5.2 quarters
Top 10 Avg Time Held Equity + Options
2.8 quarters
Top 20 Avg Time Held Equity + Options
4.8 quarters
Avg Time Held Equity only
5.4 quarters
Top 10 Avg Time Held Equity only
2.8 quarters
Top 20 Avg Time Held Equity only
4.8 quarters

Top Buys

Rank Stock Value
1
UFPI icon
UFP Industries
UFPI
+$24.6M
2
CYH icon
Community Health Systems
CYH
+$7.12M
3
MPT
Medical Properties Trust
MPT
+$6.62M
4
SPN
Superior Energy Services, Inc.
SPN
+$5.06M
5
BAS
Basis Energy Services, Inc.
BAS
+$4.27M

Top Sells

Rank Stock Value
1
GLPI icon
Gaming and Leisure Properties
GLPI
+$12.8M
2
PHM icon
Pultegroup
PHM
+$11.9M
3
LEN icon
Lennar Class A
LEN
+$10.5M
4
CAA
CalAtlantic Group, Inc.
CAA
+$8.21M
5
WLH
WILLIAM LYON HOMES
WLH
+$7.39M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 35.15%
2 Energy 23.43%
3 Real Estate 14.17%
4 Materials 11.13%
5 Financials 7.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
UFPI icon
1
UFP Industries
UFPI
$4.09B
$23.5M 11.13%
+808,098
New +$24.6M
2017 Q2
0 quarters
EGC
2
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
$20.6M 9.74%
1,107,740
+101,125
+10% +$2.6M
2017 Q1
1 quarter
DHI icon
3
D.R. Horton
DHI
$37.7B
$16.8M 7.94%
485,213
-166,848
-26% -$5.57M
2014 Q4
10 quarters
BMCH
4
DELISTED
BMC Stock Holdings, Inc
BMCH
$16.2M 7.68%
741,951
-33,658
-4% -$733K
2016 Q4
2 quarters
RPT
5
Rithm Property Trust
RPT
$83.8M
$13.4M 6.37%
165,907
-27,278
-14% -$2.17M
2015 Q2
8 quarters
SPN
6
DELISTED
Superior Energy Services, Inc.
SPN
$13.3M 6.28%
127,170
+43,522
+52% +$5.06M
2016 Q3
3 quarters
LGIH icon
7
LGI Homes
LGIH
$1.02B
$11.9M 5.61%
295,109
-191,454
-39% -$6.42M
2015 Q2
8 quarters
ALLY icon
8
Ally Financial
ALLY
$11.4B
$11.7M 5.54%
559,672
-50,000
-8% -$982K
2016 Q1
5 quarters
MHO icon
9
M/I Homes
MHO
$3.23B
$11.5M 5.45%
403,538
– –
2016 Q2
4 quarters
GLPI icon
10
Gaming and Leisure Properties
GLPI
$11.1B
$10.1M 4.77%
267,712
-357,472
-57% -$12.8M
2013 Q4
14 quarters
LEN icon
11
Lennar Class A
LEN
$18.2B
$8.63M 4.09%
170,074
-213,548
-56% -$10.5M
2014 Q4
10 quarters
WFT
12
DELISTED
Weatherford International plc
WFT
$7.82M 3.7%
2,019,528
+198,235
+11% +$1.01M
2016 Q4
2 quarters
CYH icon
13
Community Health Systems
CYH
$389M
$7.76M 3.67%
+779,000
New +$7.12M
2017 Q2
0 quarters
MPT
14
Medical Properties Trust
MPT
$1.88B
$6.4M 3.03%
+497,000
New +$6.62M
2017 Q2
0 quarters
TOL icon
15
Toll Brothers
TOL
$12.3B
$5.39M 2.55%
136,361
-197,218
-59% -$7.36M
2016 Q1
5 quarters
BAS
16
DELISTED
Basis Energy Services, Inc.
BAS
$4.94M 2.34%
198,216
+153,682
+345% +$4.27M
2016 Q4
2 quarters
PHM icon
17
Pultegroup
PHM
$21.4B
$3.86M 1.83%
157,188
-508,703
-76% -$11.9M
2014 Q1
13 quarters
C icon
18
Citigroup
C
$217B
$3.75M 1.77%
56,011
– –
2013 Q2
16 quarters
CRC
19
DELISTED
California Resources Corporation
CRC
$2.89M 1.37%
338,246
+66,038
+24% +$777K
2016 Q3
3 quarters
HRMNW
20
DELISTED
Harmony Merger Corp. Warrant
HRMNW
$576K 0.27%
720,000
– –
2016 Q4
2 quarters
HRMNU
21
DELISTED
Harmony Merger Corp. Unit
HRMNU
$315K 0.15%
90,000
– –
2016 Q4
2 quarters
JCP
22
CALL
DELISTED
J.C. Penney Company, Inc.
JCP
$83K 0.04%
+757,600
New +$3.87M
2017 Q2
0 quarters
NEXT icon
23
NextDecade
NEXT
$1.76B
$1K ﹤0.01%
182,232
– –
2015 Q3
7 quarters
EVRI
24
DELISTED
Everi Holdings
EVRI
– –
-847,393
Closed -$4.06M –
GM icon
25
General Motors
GM
$72.6B
– –
-123,544
Closed -$4.37M –
1
2

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Covalent Partners's Q2 2017 Portfolio in Review

As of Q2 2017, Covalent Partners held 33 positions worth $211M, down 19% from $260M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Covalent Partners withdrew a net $38.6M in Q2 2017, closing 7 positions and reducing 9 holdings. Its most notable exit was CalAtlantic Group, Inc., an estimated $8.21M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 35% of assets, down from 53% a quarter earlier, followed by Energy and Real Estate.

Against the trend, Covalent Partners opened a new position in UFP Industries worth $23.5M.

  • Covalent Partners's largest Q2 2017 buy was UFP Industries: 808,098 shares worth $23.5M.
  • Covalent Partners added most to Superior Energy Services, Inc. in Q2 2017, an estimated $5.06M increase.
  • Covalent Partners's biggest Q2 2017 reduction was Gaming and Leisure Properties, cutting an estimated $12.8M.
  • Covalent Partners fully exited CalAtlantic Group, Inc. in Q2 2017, selling an estimated $8.21M.
  • Covalent Partners's ten largest holdings make up 71% of its $211M portfolio in Q2 2017.
  • Covalent Partners opened 4 new positions and closed 7 in Q2 2017.
  • Covalent Partners's portfolio value fell 19% quarter-over-quarter to $211M.

Based on Covalent Partners's 13F filing for Q2 2017, filed 14 Aug 2017.