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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
-$35.2M
Cap. Flow %
-16.67%
Top 10 Hldgs %
70.52%
Holding
33
New
4
Increased
5
Reduced
9
Closed
7

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
UFPI icon
1
UFP Industries
UFPI
$4.92B
$23.5M 11.13%
+808,098
New +$24.6M
EGC
2
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
$20.6M 9.74%
1,107,740
+101,125
+10% +$2.6M
DHI icon
3
D.R. Horton
DHI
$41.7B
$16.8M 7.94%
485,213
-166,848
-26% -$5.57M
BMCH
4
DELISTED
BMC Stock Holdings, Inc
BMCH
$16.2M 7.68%
741,951
-33,658
-4% -$733K
RPT
5
Rithm Property Trust
RPT
$102M
$13.4M 6.37%
165,907
-27,278
-14% -$2.17M
SPN
6
DELISTED
Superior Energy Services, Inc.
SPN
$13.3M 6.28%
127,170
+43,522
+52% +$5.06M
LGIH icon
7
LGI Homes
LGIH
$1.35B
$11.9M 5.61%
295,109
-191,454
-39% -$6.42M
ALLY icon
8
Ally Financial
ALLY
$12.9B
$11.7M 5.54%
559,672
-50,000
-8% -$982K
MHO icon
9
M/I Homes
MHO
$3.84B
$11.5M 5.45%
403,538
– –
GLPI icon
10
Gaming and Leisure Properties
GLPI
$12.8B
$10.1M 4.77%
267,712
-357,472
-57% -$12.8M
LEN icon
11
Lennar Class A
LEN
$21.2B
$8.63M 4.09%
170,074
-213,548
-56% -$10.5M
WFT
12
DELISTED
Weatherford International plc
WFT
$7.82M 3.7%
2,019,528
+198,235
+11% +$1.01M
CYH icon
13
Community Health Systems
CYH
$424M
$7.76M 3.67%
+779,000
New +$7.12M
MPT
14
Medical Properties Trust
MPT
$2.46B
$6.4M 3.03%
+497,000
New +$6.62M
TOL icon
15
Toll Brothers
TOL
$13.8B
$5.39M 2.55%
136,361
-197,218
-59% -$7.36M
BAS
16
DELISTED
Basis Energy Services, Inc.
BAS
$4.94M 2.34%
198,216
+153,682
+345% +$4.27M
PHM icon
17
Pultegroup
PHM
$24.7B
$3.86M 1.83%
157,188
-508,703
-76% -$11.9M
C icon
18
Citigroup
C
$221B
$3.75M 1.77%
56,011
– –
CRC
19
DELISTED
California Resources Corporation
CRC
$2.89M 1.37%
338,246
+66,038
+24% +$777K
HRMNW
20
DELISTED
Harmony Merger Corp. Warrant
HRMNW
$576K 0.27%
720,000
– –
HRMNU
21
DELISTED
Harmony Merger Corp. Unit
HRMNU
$315K 0.15%
90,000
– –
JCP
22
CALL
DELISTED
J.C. Penney Company, Inc.
JCP
$83K 0.04%
+757,600
New +$3.87M
NEXT icon
23
NextDecade
NEXT
$1.96B
$1K ﹤0.01%
182,232
– –
EVRI
24
DELISTED
Everi Holdings
EVRI
– –
-847,393
Closed -$4.06M
GM icon
25
General Motors
GM
$76.3B
– –
-123,544
Closed -$4.37M
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 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 $35.2M 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.