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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
+$6.79M
Cap. Flow %
10.98%
Top 10 Hldgs %
75.29%
Holding
29
New
4
Increased
11
Reduced
8
Closed
4
Avg Time Held Equity + Options
5.1 quarters
Top 10 Avg Time Held Equity + Options
3.5 quarters
Top 20 Avg Time Held Equity + Options
5.1 quarters
Avg Time Held Equity only
5.7 quarters
Top 10 Avg Time Held Equity only
3.5 quarters
Top 20 Avg Time Held Equity only
5.1 quarters

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 Held Since
GLPI icon
1
Gaming and Leisure Properties
GLPI
$11.1B
$8.06M 13.03%
249,387
-10,637
-4% -$360K
2013 Q4
20 quarters
HAL icon
2
Halliburton
HAL
$27.1B
$6.54M 10.57%
246,104
+161,304
+190% +$5.44M
2018 Q3
1 quarter
PTEN icon
3
Patterson-UTI
PTEN
$4.31B
$5.39M 8.71%
520,800
+233,965
+82% +$3.45M
2018 Q1
3 quarters
NEX
4
DELISTED
NexTier Oilfield Solutions Inc.
NEX
$4.96M 8.02%
606,610
+193,609
+47% +$2.16M
2018 Q2
2 quarters
PXD
5
DELISTED
Pioneer Natural Resource Co.
PXD
$4.56M 7.37%
34,655
+5,000
+17% +$764K
2017 Q3
5 quarters
LEN icon
6
Lennar Class A
LEN
$18.2B
$4.22M 6.83%
111,461
+1,385
+1% +$56.5K
2014 Q4
16 quarters
PUMP icon
7
ProPetro Holding
PUMP
$1.12B
$3.97M 6.42%
322,500
+59,364
+23% +$977K
2017 Q3
5 quarters
AGCO icon
8
AGCO
AGCO
$7.23B
$3.32M 5.37%
59,700
-50,516
-46% -$2.85M
2017 Q4
4 quarters
UFPI icon
9
UFP Industries
UFPI
$4.09B
$2.9M 4.69%
111,715
-29,800
-21% -$856K
2017 Q2
6 quarters
LGIH icon
10
LGI Homes
LGIH
$1.02B
$2.65M 4.28%
58,500
+23,809
+69% +$1.01M
2018 Q3
1 quarter
SEI
11
Solaris Energy Infrastructure
SEI
$5.03B
$2.6M 4.2%
214,800
+40,491
+23% +$575K
2018 Q2
2 quarters
DHI icon
12
D.R. Horton
DHI
$37.7B
$2.13M 3.45%
61,500
-77,088
-56% -$2.81M
2014 Q4
16 quarters
PR
13
Permian Resources
PR
$19.3B
$2.12M 3.42%
192,100
+97,292
+103% +$1.67M
2018 Q3
1 quarter
CJ
14
DELISTED
C&J Energy Services, Inc.
CJ
$1.86M 3.01%
137,919
-17,400
-11% -$310K
2017 Q3
5 quarters
BRSL
15
Brightstar Lottery PLC
BRSL
$1.8B
$1.79M 2.9%
+122,514
New +$2.03M
2018 Q4
0 quarters
SPN
16
DELISTED
Superior Energy Services, Inc.
SPN
$1.53M 2.47%
45,560
+24,215
+113% +$1.68M
2016 Q3
9 quarters
NBR icon
17
Nabors Industries
NBR
$1.23B
$1.11M 1.8%
11,130
– –
2017 Q3
5 quarters
NEXT icon
18
NextDecade
NEXT
$1.76B
$755K 1.22%
139,800
-32,431
-19% -$164K
2015 Q3
13 quarters
USO icon
19
PUT
United States Oil Fund
USO
$1.68B
$572K 0.92%
60,938
-123,937
-67% -$12.5M
2017 Q3
5 quarters
WFT
20
DELISTED
Weatherford International plc
WFT
$299K 0.48%
535,000
+190,611
+55% +$249K
2018 Q2
2 quarters
HYG icon
21
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.3B
$244K 0.39%
+246,000
New +$20.6M
2018 Q4
0 quarters
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
2018 Q4
0 quarters
EVRI
23
DELISTED
Everi Holdings
EVRI
$102K 0.16%
19,814
-44,054
-69% -$300K
2018 Q1
3 quarters
TLT icon
24
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.7B
$14K 0.02%
+275,000
New +$31.8M
2018 Q4
0 quarters
NBR icon
25
CALL
Nabors Industries
NBR
$1.23B
$2K ﹤0.01%
4,216
– –
2018 Q1
3 quarters
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 $6.79M 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.