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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
-9.64%
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
$51.8M
AUM Growth
-$673K
Cap. Flow
+$28.7M
Cap. Flow %
55.4%
Top 10 Hldgs %
78.85%
Holding
28
New
5
Increased
3
Reduced
9
Closed
5

Top Buys

Rank Stock Value
1
CNR
Cornerstone Building Brands, Inc.
CNR
+$5.2M
2
NINE
Nine Energy Service
NINE
+$2.75M
3
NEX
NexTier Oilfield Solutions Inc.
NEX
+$2.23M
4
BRSL
Brightstar Lottery PLC
BRSL
+$940K
5
NE
Noble Corporation
NE
+$635K

Top Sells

Rank Stock Value
1
GLPI icon
Gaming and Leisure Properties
GLPI
+$5.35M
2
UFPI icon
UFP Industries
UFPI
+$2.99M
3
HAL icon
Halliburton
HAL
+$2.57M
4
LEN icon
Lennar Class A
LEN
+$1.64M
5
PTEN icon
Patterson-UTI
PTEN
+$1.62M

Sector Composition

Rank Sector Weight
1 Energy 51.68%
2 Industrials 10.53%
3 Real Estate 9.33%
4 Consumer Discretionary 7.3%
5 Materials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PXD
1
DELISTED
Pioneer Natural Resource Co.
PXD
$6.25M 12.06%
40,600
-2,655
-6% -$407K
CNR
2
DELISTED
Cornerstone Building Brands, Inc.
CNR
$5.46M 10.53%
+935,880
New +$5.2M
NEX
3
DELISTED
NexTier Oilfield Solutions Inc.
NEX
$5.22M 10.07%
776,759
+238,715
+44% +$2.23M
GLPI icon
4
Gaming and Leisure Properties
GLPI
$12.8B
$4.84M 9.33%
124,097
-134,932
-52% -$5.35M
BRSL
5
Brightstar Lottery PLC
BRSL
$2.16B
$3.78M 7.3%
291,652
+69,138
+31% +$940K
HAL icon
6
Halliburton
HAL
$28.9B
$3.05M 5.88%
134,000
-99,000
-42% -$2.57M
PUMP icon
7
ProPetro Holding
PUMP
$1.33B
$2.53M 4.88%
122,272
-38,853
-24% -$825K
PTEN icon
8
Patterson-UTI
PTEN
$4.52B
$2.46M 4.75%
214,057
-126,000
-37% -$1.62M
NINE
9
DELISTED
Nine Energy Service
NINE
$2.4M 4.63%
+138,339
New +$2.75M
NBR icon
10
Nabors Industries
NBR
$1.31B
$1.61M 3.11%
11,130
– –
PR
11
Permian Resources
PR
$19.8B
$1.38M 2.67%
182,100
– –
OIH icon
12
PUT
VanEck Oil Services ETF
OIH
$1.94B
$700K 1.35%
108,250
-18,060
-14% -$5.63M
NEXT icon
13
NextDecade
NEXT
$1.96B
$600K 1.16%
95,000
-20,890
-18% -$116K
HP icon
14
Helmerich & Payne
HP
$4.25B
$506K 0.98%
+10,000
New +$550K
NE
15
DELISTED
Noble Corporation
NE
$505K 0.97%
+269,889
New +$635K
USO icon
16
PUT
United States Oil Fund
USO
$2.07B
$472K 0.91%
215,000
+100,000
+87% +$9.97M
SPY icon
17
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$819B
$346K 0.67%
+189,000
New +$54.4M
SPN
18
DELISTED
Superior Energy Services, Inc.
SPN
$266K 0.51%
20,468
-16,186
-44% -$476K
CRC
19
PUT
DELISTED
California Resources Corporation
CRC
$80K 0.15%
70,000
– –
HYG icon
20
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.6B
$6K 0.01%
140,000
-300,000
-68% -$25.9M
LEN icon
21
Lennar Class A
LEN
$21.2B
– –
-34,502
Closed -$1.64M
NBR icon
22
CALL
Nabors Industries
NBR
$1.31B
– –
-200
Closed -$1K
UFPI icon
23
UFP Industries
UFPI
$4.92B
– –
-100,135
Closed -$2.99M
EPE
24
DELISTED
EP Energy Corporation
EPE
– –
-395,521
Closed -$103K
WFT
25
DELISTED
Weatherford International plc
WFT
– –
-535,000
Closed -$373K

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HAM
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BCA
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BCM
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MS
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AIIC
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HFA
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Covalent Partners's Q2 2019 Portfolio in Review

As of Q2 2019, Covalent Partners held 28 positions worth $51.8M, down 1.3% from $52.5M the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Covalent Partners deployed $28.7M of net new capital in Q2 2019, opening 5 new positions and adding to 3 existing holdings. Its largest new stake was Cornerstone Building Brands, Inc.: 935,880 shares worth $5.46M.

By sector, the portfolio is most concentrated in Energy at 52% of assets, down from 65% a quarter earlier, followed by Industrials and Real Estate.

On the sell side, the largest reduction was Gaming and Leisure Properties, an estimated $5.35M trimmed.

  • Covalent Partners's largest Q2 2019 buy was Cornerstone Building Brands, Inc.: 935,880 shares worth $5.46M.
  • Covalent Partners added most to NexTier Oilfield Solutions Inc. in Q2 2019, an estimated $2.23M increase.
  • Covalent Partners's biggest Q2 2019 reduction was Gaming and Leisure Properties, cutting an estimated $5.35M.
  • Covalent Partners fully exited UFP Industries in Q2 2019, selling an estimated $2.99M.
  • Covalent Partners's ten largest holdings make up 79% of its $51.8M portfolio in Q2 2019.
  • Covalent Partners opened 5 new positions and closed 5 in Q2 2019.
  • Covalent Partners's portfolio value fell 1.3% quarter-over-quarter to $51.8M.

Based on Covalent Partners's 13F filing for Q2 2019, filed 14 Aug 2019.