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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
+0.57%
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
$147M
AUM Growth
-$63.9M
Cap. Flow
+$20.4M
Cap. Flow %
13.86%
Top 10 Hldgs %
67.56%
Holding
33
New
9
Increased
2
Reduced
15
Closed
6

Top Buys

Rank Stock Value
1
CJ
C&J Energy Services, Inc.
CJ
+$5.93M
2
PGEM
Ply Gem Holdings, Inc.
PGEM
+$3.7M
3
NBR icon
Nabors Industries
NBR
+$3.25M
4
PUMP icon
ProPetro Holding
PUMP
+$2.41M
5
PXD
Pioneer Natural Resource Co.
PXD
+$2.06M

Top Sells

Rank Stock Value
1
LGIH icon
LGI Homes
LGIH
+$11.9M
2
DHI icon
D.R. Horton
DHI
+$9.08M
3
UFPI icon
UFP Industries
UFPI
+$7.85M
4
RPT
Rithm Property Trust
RPT
+$6.52M
5
ALLY icon
Ally Financial
ALLY
+$5.53M

Sector Composition

Rank Sector Weight
1 Energy 28.74%
2 Consumer Discretionary 27.4%
3 Real Estate 16.41%
4 Materials 11.91%
5 Financials 6.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UFPI icon
1
UFP Industries
UFPI
$4.92B
$17.5M 11.91%
536,163
-271,935
-34% -$7.85M
BMCH
2
DELISTED
BMC Stock Holdings, Inc
BMCH
$12.6M 8.52%
588,004
-153,947
-21% -$3.22M
SPN
3
DELISTED
Superior Energy Services, Inc.
SPN
$10.8M 7.36%
101,468
-25,702
-20% -$2.54M
DHI icon
4
D.R. Horton
DHI
$41.7B
$9.42M 6.4%
235,973
-249,240
-51% -$9.08M
MHO icon
5
M/I Homes
MHO
$3.84B
$9.2M 6.25%
344,316
-59,222
-15% -$1.53M
MPT
6
Medical Properties Trust
MPT
$2.46B
$8.57M 5.82%
652,702
+155,702
+31% +$2.01M
GLPI icon
7
Gaming and Leisure Properties
GLPI
$12.8B
$8.56M 5.81%
232,187
-35,525
-13% -$1.34M
EGC
8
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
$8.23M 5.58%
795,567
-312,173
-28% -$4.6M
ALLY icon
9
Ally Financial
ALLY
$12.9B
$7.57M 5.14%
311,955
-247,717
-44% -$5.53M
RPT
10
Rithm Property Trust
RPT
$102M
$7.05M 4.78%
86,293
-79,614
-48% -$6.52M
LEN icon
11
Lennar Class A
LEN
$21.2B
$6.61M 4.49%
131,605
-38,469
-23% -$1.92M
CJ
12
DELISTED
C&J Energy Services, Inc.
CJ
$5.99M 4.07%
+200,000
New +$5.93M
WFT
13
DELISTED
Weatherford International plc
WFT
$4.33M 2.94%
946,304
-1,073,224
-53% -$4.44M
PGEM
14
DELISTED
Ply Gem Holdings, Inc.
PGEM
$3.83M 2.6%
+224,694
New +$3.7M
NBR icon
15
Nabors Industries
NBR
$1.31B
$3.59M 2.44%
+8,891
New +$3.25M
PUMP icon
16
ProPetro Holding
PUMP
$1.33B
$2.76M 1.87%
+192,072
New +$2.41M
NEXT icon
17
NextDecade
NEXT
$1.96B
$2.59M 1.76%
274,649
+92,417
+51% +$905K
PHM icon
18
Pultegroup
PHM
$24.7B
$2.58M 1.75%
94,269
-62,919
-40% -$1.59M
C icon
19
Citigroup
C
$221B
$2.21M 1.5%
30,311
-25,700
-46% -$1.75M
PXD
20
DELISTED
Pioneer Natural Resource Co.
PXD
$2.12M 1.44%
+14,350
New +$2.06M
CRC
21
DELISTED
California Resources Corporation
CRC
$1.91M 1.3%
182,564
-155,682
-46% -$1.24M
CYH icon
22
Community Health Systems
CYH
$424M
$1.27M 0.86%
164,795
-614,205
-79% -$4.79M
USO icon
23
PUT
United States Oil Fund
USO
$2.07B
$813K 0.55%
+436,875
New +$34.4M
NEXTW
24
DELISTED
NextDecade Corporation Warrant
NEXTW
$756K 0.51%
+812,417
New +$694K
IWM icon
25
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$221K 0.15%
+230,000
New +$32.4M
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
Mizuho Securities Tokyo, Japan $7.68M AUM 15.91% 1-Year Est. Return
RA
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AIIC
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HFA
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Covalent Partners's Q3 2017 Portfolio in Review

As of Q3 2017, Covalent Partners held 33 positions worth $147M, down 30% from $211M the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Covalent Partners deployed $20.4M of net new capital in Q3 2017, opening 9 new positions and adding to 2 existing holdings. Its largest new stake was C&J Energy Services, Inc.: 200,000 shares worth $5.99M.

By sector, the portfolio is most concentrated in Energy at 29% of assets, up from 23% a quarter earlier, followed by Consumer Discretionary and Real Estate.

On the sell side, the largest reduction was D.R. Horton, an estimated $9.08M trimmed.

  • Covalent Partners's largest Q3 2017 buy was C&J Energy Services, Inc.: 200,000 shares worth $5.99M.
  • Covalent Partners added most to Medical Properties Trust in Q3 2017, an estimated $2.01M increase.
  • Covalent Partners's biggest Q3 2017 reduction was D.R. Horton, cutting an estimated $9.08M.
  • Covalent Partners fully exited LGI Homes in Q3 2017, selling an estimated $11.9M.
  • Covalent Partners's ten largest holdings make up 68% of its $147M portfolio in Q3 2017.
  • Covalent Partners opened 9 new positions and closed 6 in Q3 2017.
  • Covalent Partners's portfolio value fell 30% quarter-over-quarter to $147M.

Based on Covalent Partners's 13F filing for Q3 2017, filed 14 Nov 2017.