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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
-26.85%
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
$61.9M
AUM Growth
-$17.1M
Cap. Flow
+$46.7M
Cap. Flow %
75.5%
Top 10 Hldgs %
75.29%
Holding
29
New
4
Increased
11
Reduced
8
Closed
4

Top Buys

Rank Stock Value
1
HAL icon
Halliburton
HAL
+$5.44M
2
PTEN icon
Patterson-UTI
PTEN
+$3.45M
3
NEX
NexTier Oilfield Solutions Inc.
NEX
+$2.16M
4
BRSL
Brightstar Lottery PLC
BRSL
+$2.03M
5
SPN
Superior Energy Services, Inc.
SPN
+$1.68M

Top Sells

Rank Stock Value
1
TOL icon
Toll Brothers
TOL
+$3.85M
2
AGCO icon
AGCO
AGCO
+$2.85M
3
DHI icon
D.R. Horton
DHI
+$2.81M
4
TWI icon
Titan International
TWI
+$2.19M
5
UFPI icon
UFP Industries
UFPI
+$856K

Sector Composition

Rank Sector Weight
1 Energy 57.7%
2 Consumer Discretionary 17.61%
3 Real Estate 13.03%
4 Industrials 5.37%
5 Materials 4.69%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLPI icon
1
Gaming and Leisure Properties
GLPI
$12.8B
$8.06M 13.03%
249,387
-10,637
-4% -$360K
HAL icon
2
Halliburton
HAL
$28.9B
$6.54M 10.57%
246,104
+161,304
+190% +$5.44M
PTEN icon
3
Patterson-UTI
PTEN
$4.52B
$5.39M 8.71%
520,800
+233,965
+82% +$3.45M
NEX
4
DELISTED
NexTier Oilfield Solutions Inc.
NEX
$4.96M 8.02%
606,610
+193,609
+47% +$2.16M
PXD
5
DELISTED
Pioneer Natural Resource Co.
PXD
$4.56M 7.37%
34,655
+5,000
+17% +$764K
LEN icon
6
Lennar Class A
LEN
$21.2B
$4.22M 6.83%
111,461
+1,385
+1% +$56.5K
PUMP icon
7
ProPetro Holding
PUMP
$1.33B
$3.97M 6.42%
322,500
+59,364
+23% +$977K
AGCO icon
8
AGCO
AGCO
$7.71B
$3.32M 5.37%
59,700
-50,516
-46% -$2.85M
UFPI icon
9
UFP Industries
UFPI
$4.92B
$2.9M 4.69%
111,715
-29,800
-21% -$856K
LGIH icon
10
LGI Homes
LGIH
$1.35B
$2.65M 4.28%
58,500
+23,809
+69% +$1.01M
SEI
11
Solaris Energy Infrastructure
SEI
$3.52B
$2.6M 4.2%
214,800
+40,491
+23% +$575K
DHI icon
12
D.R. Horton
DHI
$41.7B
$2.13M 3.45%
61,500
-77,088
-56% -$2.81M
PR
13
Permian Resources
PR
$19.8B
$2.12M 3.42%
192,100
+97,292
+103% +$1.67M
CJ
14
DELISTED
C&J Energy Services, Inc.
CJ
$1.86M 3.01%
137,919
-17,400
-11% -$310K
BRSL
15
Brightstar Lottery PLC
BRSL
$2.16B
$1.79M 2.9%
+122,514
New +$2.03M
SPN
16
DELISTED
Superior Energy Services, Inc.
SPN
$1.53M 2.47%
45,560
+24,215
+113% +$1.68M
NBR icon
17
Nabors Industries
NBR
$1.31B
$1.11M 1.8%
11,130
– –
NEXT icon
18
NextDecade
NEXT
$1.96B
$755K 1.22%
139,800
-32,431
-19% -$164K
USO icon
19
PUT
United States Oil Fund
USO
$2.07B
$572K 0.92%
60,938
-123,937
-67% -$12.5M
WFT
20
DELISTED
Weatherford International plc
WFT
$299K 0.48%
535,000
+190,611
+55% +$249K
HYG icon
21
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.6B
$244K 0.39%
+246,000
New +$20.6M
UWT
22
DELISTED
VelocityShares3x Long Crude Oil ETNs linked to the S&P GSCI Crude Oil Index ER
UWT
$156K 0.25%
+17,500
New +$431K
EVRI
23
DELISTED
Everi Holdings
EVRI
$102K 0.16%
19,814
-44,054
-69% -$300K
TLT icon
24
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.6B
$14K 0.02%
+275,000
New +$31.8M
NBR icon
25
CALL
Nabors Industries
NBR
$1.31B
$2K ﹤0.01%
4,216
– –
1
2

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Covalent Partners's Q4 2018 Portfolio in Review

As of Q4 2018, Covalent Partners held 29 positions worth $61.9M, down 22% from $79M the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Covalent Partners deployed $46.7M of net new capital in Q4 2018, opening 4 new positions and adding to 11 existing holdings. Its largest new stake was Brightstar Lottery PLC: 122,514 shares worth $1.79M.

By sector, the portfolio is most concentrated in Energy at 58% of assets, up from 49% a quarter earlier, followed by Consumer Discretionary and Real Estate.

On the sell side, the largest reduction was AGCO, an estimated $2.85M trimmed.

  • Covalent Partners's largest Q4 2018 buy was Brightstar Lottery PLC: 122,514 shares worth $1.79M.
  • Covalent Partners added most to Halliburton in Q4 2018, an estimated $5.44M increase.
  • Covalent Partners's biggest Q4 2018 reduction was AGCO, cutting an estimated $2.85M.
  • Covalent Partners fully exited Toll Brothers in Q4 2018, selling an estimated $3.85M.
  • Covalent Partners's ten largest holdings make up 75% of its $61.9M portfolio in Q4 2018.
  • Covalent Partners opened 4 new positions and closed 4 in Q4 2018.
  • Covalent Partners's portfolio value fell 22% quarter-over-quarter to $61.9M.

Based on Covalent Partners's 13F filing for Q4 2018, filed 14 Feb 2019.