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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
+1.25%
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
$93.3M
AUM Growth
-$11.5M
(-11%)
Cap. Flow
-$14.7M
Cap. Flow
% of AUM
-15.72%
Top 10 Holdings %
Top 10 Hldgs %
66.36%
Holding
30
New
5
Increased
8
Reduced
10
Closed
3
Avg Time Held Equity + Options
4.5
quarters
Top 10 Avg Time Held Equity + Options
2.5
quarters
Top 20 Avg Time Held Equity + Options
4.8
quarters
Avg Time Held Equity only
5.2
quarters
Top 10 Avg Time Held Equity only
2.5
quarters
Top 20 Avg Time Held Equity only
4.8
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Toll Brothers
TOL
|
+$4.6M |
| 2 |
NEX
NexTier Oilfield Solutions Inc.
NEX
|
+$4.52M |
| 3 |
D.R. Horton
DHI
|
+$4.42M |
| 4 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$3.33M |
| 5 |
Titan International
TWI
|
+$2.28M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PGEM
Ply Gem Holdings, Inc.
PGEM
|
+$6.48M |
| 2 |
M/I Homes
MHO
|
+$5.97M |
| 3 |
Gaming and Leisure Properties
GLPI
|
+$4.85M |
| 4 |
EGC
Energy XXI Gulf Coast, Inc. Common Stock
EGC
|
+$4.85M |
| 5 |
MPT
Medical Properties Trust
MPT
|
+$4.83M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 39.11% |
| 2 | Consumer Discretionary | 21.89% |
| 3 | Real Estate | 14.2% |
| 4 | Industrials | 12.32% |
| 5 | Materials | 6.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Gaming and Leisure Properties
GLPI
$11.1B
| $9.31M | 9.97% |
260,024
-140,000
| -35% | -$4.85M |
2013 Q4
18 quarters
|
|
|
2
D.R. Horton
DHI
$37.7B
| $7.53M | 8.07% |
183,730
+102,559
| +126% | +$4.42M |
2014 Q4
14 quarters
|
|
3
AGCO
AGCO
$7.23B
| $7.25M | 7.77% |
119,418
+8,616
| +8% | +$550K |
2017 Q4
2 quarters
|
|
4
Lennar Class A
LEN
$18.2B
| $6.56M | 7.03% |
129,091
+21,145
| +20% | +$1.11M |
2014 Q4
14 quarters
|
|
|
PXD
5
DELISTED
Pioneer Natural Resource Co.
PXD
| $6.42M | 6.88% |
33,926
+17,379
| +105% | +$3.33M |
2017 Q3
3 quarters
|
|
6
UFP Industries
UFPI
$4.09B
| $6.01M | 6.44% |
164,052
+25,708
| +19% | +$901K |
2017 Q2
4 quarters
|
|
7
Patterson-UTI
PTEN
$4.31B
| $5.49M | 5.88% |
304,878
+21,558
| +8% | +$432K |
2018 Q1
1 quarter
|
|
|
SPN
8
DELISTED
Superior Energy Services, Inc.
SPN
| $4.57M | 4.9% |
46,940
-32,079
| -41% | -$3.29M |
2016 Q3
7 quarters
|
|
9
Ally Financial
ALLY
$11.4B
| $4.55M | 4.88% |
173,237
| – | – |
2016 Q1
9 quarters
|
|
|
10
Titan International
TWI
$449M
| $4.25M | 4.55% |
396,114
+196,984
| +99% | +$2.28M |
2018 Q1
1 quarter
|
|
|
11
Toll Brothers
TOL
$12.3B
| $4.15M | 4.45% |
+112,232
| New | +$4.6M |
2018 Q2
0 quarters
|
|
|
NEX
12
DELISTED
NexTier Oilfield Solutions Inc.
NEX
| $4.13M | 4.42% |
+302,029
| New | +$4.52M |
2018 Q2
0 quarters
|
|
13
ProPetro Holding
PUMP
$1.12B
| $3.72M | 3.99% |
237,238
-129,347
| -35% | -$2.23M |
2017 Q3
3 quarters
|
|
|
CJ
14
DELISTED
C&J Energy Services, Inc.
CJ
| $3.61M | 3.87% |
153,005
-60,533
| -28% | -$1.66M |
2017 Q3
3 quarters
|
|
15
Nabors Industries
NBR
$1.23B
| $3.57M | 3.82% |
11,130
-3,539
| -24% | -$1.3M |
2017 Q3
3 quarters
|
|
|
EVRI
16
DELISTED
Everi Holdings
EVRI
| $2.19M | 2.34% |
303,544
| – | – |
2018 Q1
1 quarter
|
|
|
MPT
17
Medical Properties Trust
MPT
$1.88B
| $2.07M | 2.22% |
147,584
-364,642
| -71% | -$4.83M |
2017 Q2
4 quarters
|
|
|
RPT
18
Rithm Property Trust
RPT
$83.8M
| $1.87M | 2.01% |
24,707
-32,554
| -57% | -$2.5M |
2015 Q2
12 quarters
|
|
|
SEI
19
Solaris Energy Infrastructure
SEI
$5.03B
| $1.8M | 1.93% |
+125,763
| New | +$2.09M |
2018 Q2
0 quarters
|
|
20
NextDecade
NEXT
$1.76B
| $1.23M | 1.32% |
182,231
| – | – |
2015 Q3
11 quarters
|
|
|
WFT
21
DELISTED
Weatherford International plc
WFT
| $999K | 1.07% |
+303,676
| New | +$946K |
2018 Q2
0 quarters
|
|
|
EGC
22
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
| $969K | 1.04% |
109,657
-710,665
| -87% | -$4.85M |
2017 Q1
5 quarters
|
|
23
PUT
iShares Russell 2000 ETF
IWM
$77.4B
| $628K | 0.67% |
348,000
+180,000
| +107% | +$28.8M |
2018 Q1
1 quarter
|
|
24
PUT
United States Oil Fund
USO
$1.68B
| $210K | 0.23% |
184,875
-192,313
| -51% | -$21.1M |
2017 Q3
3 quarters
|
|
25
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$833B
| $129K | 0.14% |
72,000
-49,600
| -41% | -$13.4M |
2018 Q1
1 quarter
|
|
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Covalent Partners's Q2 2018 Portfolio in Review
As of Q2 2018, Covalent Partners held 30 positions worth $93.3M, down 11% from $105M the previous quarter. Its ten largest holdings account for 66% of the portfolio.
Covalent Partners withdrew a net $14.7M in Q2 2018, closing 3 positions and reducing 10 holdings. Its most notable exit was Ply Gem Holdings, Inc., an estimated $6.48M position sold in full.
By sector, the portfolio is most concentrated in Energy at 39% of assets, up from 33% a quarter earlier, followed by Consumer Discretionary and Real Estate.
Against the trend, Covalent Partners opened a new position in Toll Brothers worth $4.15M.
- Covalent Partners's largest Q2 2018 buy was Toll Brothers: 112,232 shares worth $4.15M.
- Covalent Partners added most to D.R. Horton in Q2 2018, an estimated $4.42M increase.
- Covalent Partners's biggest Q2 2018 reduction was Gaming and Leisure Properties, cutting an estimated $4.85M.
- Covalent Partners fully exited Ply Gem Holdings, Inc. in Q2 2018, selling an estimated $6.48M.
- Covalent Partners's ten largest holdings make up 66% of its $93.3M portfolio in Q2 2018.
- Covalent Partners opened 5 new positions and closed 3 in Q2 2018.
- Covalent Partners's portfolio value fell 11% quarter-over-quarter to $93.3M.
Based on Covalent Partners's 13F filing for Q2 2018, filed 14 Aug 2018.