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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
+24.52%
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
$52.5M
AUM Growth
-$9.36M
(-15%)
Cap. Flow
+$44.7M
Cap. Flow
% of AUM
85.21%
Top 10 Holdings %
Top 10 Hldgs %
89.86%
Holding
28
New
3
Increased
5
Reduced
10
Closed
8
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
BRSL
Brightstar Lottery PLC
BRSL
|
+$1.54M |
| 2 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$1.21M |
| 3 |
Gaming and Leisure Properties
GLPI
|
+$351K |
| 4 |
EPE
EP Energy Corporation
EPE
|
+$262K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lennar Class A
LEN
|
+$3.48M |
| 2 |
AGCO
AGCO
|
+$3.32M |
| 3 |
ProPetro Holding
PUMP
|
+$2.89M |
| 4 |
LGI Homes
LGIH
|
+$2.65M |
| 5 |
SEI
Solaris Energy Infrastructure
SEI
|
+$2.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 64.8% |
| 2 | Real Estate | 19.03% |
| 3 | Consumer Discretionary | 8.63% |
| 4 | Materials | 5.7% |
| 5 | Industrials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Gaming and Leisure Properties
GLPI
$12.8B
| $9.99M | 19.03% |
259,029
+9,642
| +4% | +$351K |
|
2
Halliburton
HAL
$28.9B
| $6.83M | 13.01% |
233,000
-13,104
| -5% | -$396K |
|
|
PXD
3
DELISTED
Pioneer Natural Resource Co.
PXD
| $6.59M | 12.55% |
43,255
+8,600
| +25% | +$1.21M |
|
|
NEX
4
DELISTED
NexTier Oilfield Solutions Inc.
NEX
| $5.86M | 11.16% |
538,044
-68,566
| -11% | -$690K |
|
5
Patterson-UTI
PTEN
$4.52B
| $4.77M | 9.08% |
340,057
-180,743
| -35% | -$2.37M |
|
|
6
ProPetro Holding
PUMP
$1.33B
| $3.63M | 6.92% |
161,125
-161,375
| -50% | -$2.89M |
|
7
UFP Industries
UFPI
$4.92B
| $2.99M | 5.7% |
100,135
-11,580
| -10% | -$348K |
|
|
BRSL
8
Brightstar Lottery PLC
BRSL
$2.16B
| $2.89M | 5.51% |
222,514
+100,000
| +82% | +$1.54M |
|
9
Nabors Industries
NBR
$1.31B
| $1.91M | 3.65% |
11,130
| – | – |
|
|
SPN
10
DELISTED
Superior Energy Services, Inc.
SPN
| $1.71M | 3.26% |
36,654
-8,906
| -20% | -$383K |
|
|
11
Lennar Class A
LEN
$21.2B
| $1.64M | 3.12% |
34,502
-76,959
| -69% | -$3.48M |
|
|
PR
12
Permian Resources
PR
$19.8B
| $1.6M | 3.05% |
182,100
-10,000
| -5% | -$114K |
|
13
NextDecade
NEXT
$1.96B
| $640K | 1.22% |
115,890
-23,910
| -17% | -$99.7K |
|
14
PUT
VanEck Oil Services ETF
OIH
$1.94B
| $531K | 1.01% |
+126,310
| New | +$42.6M |
|
|
WFT
15
DELISTED
Weatherford International plc
WFT
| $373K | 0.71% |
535,000
| – | – |
|
16
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.6B
| $222K | 0.42% |
440,000
+194,000
| +79% | +$16.5M |
|
17
PUT
United States Oil Fund
USO
$2.07B
| $128K | 0.24% |
115,000
+54,062
| +89% | +$4.98M |
|
|
EPE
18
DELISTED
EP Energy Corporation
EPE
| $103K | 0.2% |
+395,521
| New | +$262K |
|
|
CRC
19
PUT
DELISTED
California Resources Corporation
CRC
| $82K | 0.16% |
+70,000
| New | +$1.52M |
|
|
20
CALL
Nabors Industries
NBR
$1.31B
| $1K | ﹤0.01% |
200
-4,016
| -95% | -$625K |
|
|
21
AGCO
AGCO
$7.71B
| – | – |
-59,700
| Closed | -$3.32M |
|
22
D.R. Horton
DHI
$41.7B
| – | – |
-61,500
| Closed | -$2.13M |
|
|
EVRI
23
DELISTED
Everi Holdings
EVRI
| – | – |
-19,814
| Closed | -$102K |
|
|
24
LGI Homes
LGIH
$1.35B
| – | – |
-58,500
| Closed | -$2.65M |
|
25
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.6B
| – | – |
-275,000
| Closed | -$14K |
|
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Covalent Partners's Q1 2019 Portfolio in Review
As of Q1 2019, Covalent Partners held 28 positions worth $52.5M, down 15% from $61.9M the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Covalent Partners deployed $44.7M of net new capital in Q1 2019, opening 3 new positions and adding to 5 existing holdings. Its largest new stake was EP Energy Corporation: 395,521 shares worth $103K.
By sector, the portfolio is most concentrated in Energy at 65% of assets, up from 58% a quarter earlier, followed by Real Estate and Consumer Discretionary.
On the sell side, the largest reduction was Lennar Class A, an estimated $3.48M trimmed.
- Covalent Partners's largest Q1 2019 buy was EP Energy Corporation: 395,521 shares worth $103K.
- Covalent Partners added most to Brightstar Lottery PLC in Q1 2019, an estimated $1.54M increase.
- Covalent Partners's biggest Q1 2019 reduction was Lennar Class A, cutting an estimated $3.48M.
- Covalent Partners fully exited AGCO in Q1 2019, selling an estimated $3.32M.
- Covalent Partners's ten largest holdings make up 90% of its $52.5M portfolio in Q1 2019.
- Covalent Partners opened 3 new positions and closed 8 in Q1 2019.
- Covalent Partners's portfolio value fell 15% quarter-over-quarter to $52.5M.
Based on Covalent Partners's 13F filing for Q1 2019, filed 15 May 2019.