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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
+$20.5M
Cap. Flow %
17.36%
Top 10 Hldgs %
66.82%
Holding
28
New
2
Increased
8
Reduced
11
Closed
5

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
GLPI icon
1
Gaming and Leisure Properties
GLPI
$12.8B
$13.7M 11.62%
370,366
+138,179
+60% +$5.03M
SPN
2
DELISTED
Superior Energy Services, Inc.
SPN
$9.37M 7.95%
97,315
-4,153
-4% -$385K
ALLY icon
3
Ally Financial
ALLY
$12.9B
$9.1M 7.71%
311,955
– –
PGEM
4
DELISTED
Ply Gem Holdings, Inc.
PGEM
$7.61M 6.45%
411,333
+186,639
+83% +$3.24M
UFPI icon
5
UFP Industries
UFPI
$4.92B
$7.22M 6.12%
191,843
-344,320
-64% -$12.7M
AGCO icon
6
AGCO
AGCO
$7.71B
$7.18M 6.08%
+100,468
New +$7.17M
MPT
7
Medical Properties Trust
MPT
$2.46B
$7.06M 5.98%
512,226
-140,476
-22% -$1.9M
CJ
8
DELISTED
C&J Energy Services, Inc.
CJ
$6.06M 5.13%
180,929
-19,071
-10% -$574K
MHO icon
9
M/I Homes
MHO
$3.84B
$5.8M 4.91%
168,480
-175,836
-51% -$5.74M
PUMP icon
10
ProPetro Holding
PUMP
$1.33B
$5.72M 4.85%
283,893
+91,821
+48% +$1.56M
NBR icon
11
Nabors Industries
NBR
$1.31B
$5.42M 4.6%
15,877
+6,986
+79% +$2.23M
EGC
12
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
$5.39M 4.57%
939,171
+143,604
+18% +$1.01M
RPT
13
Rithm Property Trust
RPT
$102M
$5.08M 4.31%
63,385
-22,908
-27% -$1.89M
PXD
14
DELISTED
Pioneer Natural Resource Co.
PXD
$4.04M 3.43%
23,388
+9,038
+63% +$1.39M
LEN icon
15
Lennar Class A
LEN
$21.2B
$3.98M 3.37%
65,014
-66,591
-51% -$3.78M
DHI icon
16
D.R. Horton
DHI
$41.7B
$3.81M 3.23%
74,710
-161,263
-68% -$7.51M
BMCH
17
DELISTED
BMC Stock Holdings, Inc
BMCH
$3.81M 3.23%
150,743
-437,261
-74% -$9.8M
C icon
18
Citigroup
C
$221B
$2.25M 1.91%
30,311
– –
BXC icon
19
BlueLinx
BXC
$653M
$2.24M 1.9%
+229,640
New +$2.15M
NEXT icon
20
NextDecade
NEXT
$1.96B
$1.41M 1.2%
182,231
-92,418
-34% -$872K
WFT
21
DELISTED
Weatherford International plc
WFT
$1M 0.85%
240,741
-705,563
-75% -$2.6M
NEXTW
22
DELISTED
NextDecade Corporation Warrant
NEXTW
$499K 0.42%
831,017
+18,600
+2% +$14.8K
USO icon
23
PUT
United States Oil Fund
USO
$2.07B
$187K 0.16%
1,005,338
+568,463
+130% +$50.5M
CYH icon
24
Community Health Systems
CYH
$424M
– –
-164,795
Closed -$1.27M
IWM icon
25
PUT
iShares Russell 2000 ETF
IWM
$81.4B
– –
-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 deployed $20.5M of net new capital in Q4 2017, opening 2 new positions and adding to 8 existing holdings. Its largest new stake was AGCO: 100,468 shares worth $7.18M.

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.

On the sell side, the largest reduction was UFP Industries, an estimated $12.7M trimmed.

  • 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.