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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
-3.21%
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
$79M
AUM Growth
-$14.4M
Cap. Flow
-$37M
Cap. Flow %
-46.79%
Top 10 Hldgs %
69.7%
Holding
30
New
3
Increased
7
Reduced
11
Closed
5

Top Buys

Rank Stock Value
1
HAL icon
Halliburton
HAL
+$3.51M
2
LGIH icon
LGI Homes
LGIH
+$1.91M
3
PR
Permian Resources
PR
+$1.78M
4
NEX
NexTier Oilfield Solutions Inc.
NEX
+$1.43M
5
SEI
Solaris Energy Infrastructure
SEI
+$779K

Top Sells

Rank Stock Value
1
ALLY icon
Ally Financial
ALLY
+$4.55M
2
SPN
Superior Energy Services, Inc.
SPN
+$2.4M
3
MPT
Medical Properties Trust
MPT
+$2.07M
4
EVRI
Everi Holdings
EVRI
+$1.97M
5
DHI icon
D.R. Horton
DHI
+$1.95M

Sector Composition

Rank Sector Weight
1 Energy 49.33%
2 Consumer Discretionary 21.39%
3 Real Estate 11.6%
4 Industrials 11.26%
5 Materials 6.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLPI icon
1
Gaming and Leisure Properties
GLPI
$12.8B
$9.17M 11.6%
260,024
– –
AGCO icon
2
AGCO
AGCO
$7.71B
$6.7M 8.48%
110,216
-9,202
-8% -$557K
DHI icon
3
D.R. Horton
DHI
$41.7B
$5.85M 7.4%
138,588
-45,142
-25% -$1.95M
PXD
4
DELISTED
Pioneer Natural Resource Co.
PXD
$5.17M 6.54%
29,655
-4,271
-13% -$764K
NEX
5
DELISTED
NexTier Oilfield Solutions Inc.
NEX
$5.11M 6.47%
413,001
+110,972
+37% +$1.43M
UFPI icon
6
UFP Industries
UFPI
$4.92B
$5M 6.33%
141,515
-22,537
-14% -$831K
LEN icon
7
Lennar Class A
LEN
$21.2B
$4.97M 6.3%
110,076
-19,015
-15% -$958K
PTEN icon
8
Patterson-UTI
PTEN
$4.52B
$4.91M 6.21%
286,835
-18,043
-6% -$310K
PUMP icon
9
ProPetro Holding
PUMP
$1.33B
$4.34M 5.49%
263,136
+25,898
+11% +$417K
TOL icon
10
Toll Brothers
TOL
$13.8B
$3.85M 4.87%
116,430
+4,198
+4% +$152K
HAL icon
11
Halliburton
HAL
$28.9B
$3.44M 4.35%
+84,800
New +$3.51M
NBR icon
12
Nabors Industries
NBR
$1.31B
$3.43M 4.34%
11,130
– –
SEI
13
Solaris Energy Infrastructure
SEI
$3.52B
$3.29M 4.17%
174,309
+48,546
+39% +$779K
CJ
14
DELISTED
C&J Energy Services, Inc.
CJ
$3.23M 4.09%
155,319
+2,314
+2% +$51.9K
TWI icon
15
Titan International
TWI
$454M
$2.19M 2.78%
295,843
-100,271
-25% -$851K
SPN
16
DELISTED
Superior Energy Services, Inc.
SPN
$2.08M 2.63%
21,345
-25,595
-55% -$2.4M
PR
17
Permian Resources
PR
$19.8B
$2.07M 2.62%
+94,808
New +$1.78M
LGIH icon
18
LGI Homes
LGIH
$1.35B
$1.65M 2.08%
+34,691
New +$1.91M
NEXT icon
19
NextDecade
NEXT
$1.96B
$973K 1.23%
172,231
-10,000
-5% -$59.7K
WFT
20
DELISTED
Weatherford International plc
WFT
$933K 1.18%
344,389
+40,713
+13% +$119K
EVRI
21
DELISTED
Everi Holdings
EVRI
$586K 0.74%
63,868
-239,676
-79% -$1.97M
IWM icon
22
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$33K 0.04%
184,500
-163,500
-47% -$27.6M
USO icon
23
PUT
United States Oil Fund
USO
$2.07B
$15K 0.02%
184,875
– –
NBR icon
24
CALL
Nabors Industries
NBR
$1.31B
$9K 0.01%
4,216
– –
QQQ icon
25
PUT
Invesco QQQ Trust
QQQ
$483B
$6K 0.01%
86,600
+4,100
+5% +$742K
1
2

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BCA
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BCM
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HFA
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Covalent Partners's Q3 2018 Portfolio in Review

As of Q3 2018, Covalent Partners held 30 positions worth $79M, down 15% from $93.3M the previous quarter. Its ten largest holdings account for 70% of the portfolio.

Covalent Partners withdrew a net $37M in Q3 2018, closing 5 positions and reducing 11 holdings. Its most notable exit was Ally Financial, an estimated $4.55M position sold in full.

By sector, the portfolio is most concentrated in Energy at 49% of assets, up from 39% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Covalent Partners opened a new position in Halliburton worth $3.44M.

  • Covalent Partners's largest Q3 2018 buy was Halliburton: 84,800 shares worth $3.44M.
  • Covalent Partners added most to NexTier Oilfield Solutions Inc. in Q3 2018, an estimated $1.43M increase.
  • Covalent Partners's biggest Q3 2018 reduction was Superior Energy Services, Inc., cutting an estimated $2.4M.
  • Covalent Partners fully exited Ally Financial in Q3 2018, selling an estimated $4.55M.
  • Covalent Partners's ten largest holdings make up 70% of its $79M portfolio in Q3 2018.
  • Covalent Partners opened 3 new positions and closed 5 in Q3 2018.
  • Covalent Partners's portfolio value fell 15% quarter-over-quarter to $79M.

Based on Covalent Partners's 13F filing for Q3 2018, filed 14 Nov 2018.