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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
+5.87%
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
$118M
AUM Growth
-$29.4M
Cap. Flow
-$29.7M
Cap. Flow %
-25.16%
Top 10 Hldgs %
66.82%
Holding
28
New
2
Increased
8
Reduced
11
Closed
5
Avg Time Held Equity + Options
5.1 quarters
Top 10 Avg Time Held Equity + Options
2.6 quarters
Top 20 Avg Time Held Equity + Options
4.9 quarters
Avg Time Held Equity only
5.3 quarters
Top 10 Avg Time Held Equity only
2.6 quarters
Top 20 Avg Time Held Equity only
4.9 quarters

Top Buys

Rank Stock Value
1
AGCO icon
AGCO
AGCO
+$7.17M
2
GLPI icon
Gaming and Leisure Properties
GLPI
+$5.03M
3
PGEM
Ply Gem Holdings, Inc.
PGEM
+$3.24M
4
NBR icon
Nabors Industries
NBR
+$2.23M
5
BXC icon
BlueLinx
BXC
+$2.15M

Top Sells

Rank Stock Value
1
UFPI icon
UFP Industries
UFPI
+$12.7M
2
BMCH
BMC Stock Holdings, Inc
BMCH
+$9.8M
3
DHI icon
D.R. Horton
DHI
+$7.51M
4
MHO icon
M/I Homes
MHO
+$5.74M
5
LEN icon
Lennar Class A
LEN
+$3.78M

Sector Composition

Rank Sector Weight
1 Energy 32.57%
2 Real Estate 21.91%
3 Consumer Discretionary 14.76%
4 Industrials 14.44%
5 Financials 9.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
GLPI icon
1
Gaming and Leisure Properties
GLPI
$11.1B
$13.7M 11.62%
370,366
+138,179
+60% +$5.03M
2013 Q4
16 quarters
SPN
2
DELISTED
Superior Energy Services, Inc.
SPN
$9.37M 7.95%
97,315
-4,153
-4% -$385K
2016 Q3
5 quarters
ALLY icon
3
Ally Financial
ALLY
$11.4B
$9.1M 7.71%
311,955
– –
2016 Q1
7 quarters
PGEM
4
DELISTED
Ply Gem Holdings, Inc.
PGEM
$7.61M 6.45%
411,333
+186,639
+83% +$3.24M
2017 Q3
1 quarter
UFPI icon
5
UFP Industries
UFPI
$4.09B
$7.22M 6.12%
191,843
-344,320
-64% -$12.7M
2017 Q2
2 quarters
AGCO icon
6
AGCO
AGCO
$7.23B
$7.18M 6.08%
+100,468
New +$7.17M
2017 Q4
0 quarters
MPT
7
Medical Properties Trust
MPT
$1.88B
$7.06M 5.98%
512,226
-140,476
-22% -$1.9M
2017 Q2
2 quarters
CJ
8
DELISTED
C&J Energy Services, Inc.
CJ
$6.06M 5.13%
180,929
-19,071
-10% -$574K
2017 Q3
1 quarter
MHO icon
9
M/I Homes
MHO
$3.23B
$5.8M 4.91%
168,480
-175,836
-51% -$5.74M
2016 Q2
6 quarters
PUMP icon
10
ProPetro Holding
PUMP
$1.12B
$5.72M 4.85%
283,893
+91,821
+48% +$1.56M
2017 Q3
1 quarter
NBR icon
11
Nabors Industries
NBR
$1.23B
$5.42M 4.6%
15,877
+6,986
+79% +$2.23M
2017 Q3
1 quarter
EGC
12
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
$5.39M 4.57%
939,171
+143,604
+18% +$1.01M
2017 Q1
3 quarters
RPT
13
Rithm Property Trust
RPT
$83.8M
$5.08M 4.31%
63,385
-22,908
-27% -$1.89M
2015 Q2
10 quarters
PXD
14
DELISTED
Pioneer Natural Resource Co.
PXD
$4.04M 3.43%
23,388
+9,038
+63% +$1.39M
2017 Q3
1 quarter
LEN icon
15
Lennar Class A
LEN
$18.2B
$3.98M 3.37%
65,014
-66,591
-51% -$3.78M
2014 Q4
12 quarters
DHI icon
16
D.R. Horton
DHI
$37.7B
$3.81M 3.23%
74,710
-161,263
-68% -$7.51M
2014 Q4
12 quarters
BMCH
17
DELISTED
BMC Stock Holdings, Inc
BMCH
$3.81M 3.23%
150,743
-437,261
-74% -$9.8M
2016 Q4
4 quarters
C icon
18
Citigroup
C
$217B
$2.25M 1.91%
30,311
– –
2013 Q2
18 quarters
BXC icon
19
BlueLinx
BXC
$556M
$2.24M 1.9%
+229,640
New +$2.15M
2017 Q4
0 quarters
NEXT icon
20
NextDecade
NEXT
$1.76B
$1.41M 1.2%
182,231
-92,418
-34% -$872K
2015 Q3
9 quarters
WFT
21
DELISTED
Weatherford International plc
WFT
$1M 0.85%
240,741
-705,563
-75% -$2.6M
2016 Q4
4 quarters
NEXTW
22
DELISTED
NextDecade Corporation Warrant
NEXTW
$499K 0.42%
831,017
+18,600
+2% +$14.8K
2017 Q3
1 quarter
USO icon
23
PUT
United States Oil Fund
USO
$1.68B
$187K 0.16%
1,005,338
+568,463
+130% +$50.5M
2017 Q3
1 quarter
CYH icon
24
Community Health Systems
CYH
$389M
– –
-164,795
Closed -$1.27M –
IWM icon
25
PUT
iShares Russell 2000 ETF
IWM
$77.4B
– –
-230,000
Closed -$221K –
1
2

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Covalent Partners's Q4 2017 Portfolio in Review

As of Q4 2017, Covalent Partners held 28 positions worth $118M, down 20% from $147M the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Covalent Partners withdrew a net $29.7M in Q4 2017, closing 5 positions and reducing 11 holdings. Its most notable exit was Pultegroup, an estimated $2.58M position sold in full.

By sector, the portfolio is most concentrated in Energy at 33% of assets, up from 29% a quarter earlier, followed by Real Estate and Consumer Discretionary.

Against the trend, Covalent Partners opened a new position in AGCO worth $7.18M.

  • Covalent Partners's largest Q4 2017 buy was AGCO: 100,468 shares worth $7.18M.
  • Covalent Partners added most to Gaming and Leisure Properties in Q4 2017, an estimated $5.03M increase.
  • Covalent Partners's biggest Q4 2017 reduction was UFP Industries, cutting an estimated $12.7M.
  • Covalent Partners fully exited Pultegroup in Q4 2017, selling an estimated $2.58M.
  • Covalent Partners's ten largest holdings make up 67% of its $118M portfolio in Q4 2017.
  • Covalent Partners opened 2 new positions and closed 5 in Q4 2017.
  • Covalent Partners's portfolio value fell 20% quarter-over-quarter to $118M.

Based on Covalent Partners's 13F filing for Q4 2017, filed 14 Feb 2018.