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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
(-1.3%)
Cap. Flow
-$4.16M
Cap. Flow
% of AUM
-8.03%
Top 10 Holdings %
Top 10 Hldgs %
78.85%
Holding
28
New
5
Increased
3
Reduced
9
Closed
5
Avg Time Held Equity + Options
4.2
quarters
Top 10 Avg Time Held Equity + Options
3.9
quarters
Top 20 Avg Time Held Equity + Options
3.3
quarters
Avg Time Held Equity only
4.8
quarters
Top 10 Avg Time Held Equity only
3.9
quarters
Top 20 Avg Time Held Equity only
4
quarters
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 |
Gaming and Leisure Properties
GLPI
|
+$5.35M |
| 2 |
UFP Industries
UFPI
|
+$2.99M |
| 3 |
Halliburton
HAL
|
+$2.57M |
| 4 |
Lennar Class A
LEN
|
+$1.64M |
| 5 |
Patterson-UTI
PTEN
|
+$1.62M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 51.68% |
| 2 | Miscellaneous | 21.16% |
| 3 | Industrials | 10.53% |
| 4 | Real Estate | 9.33% |
| 5 | Consumer Discretionary | 7.3% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
PXD
1
DELISTED
Pioneer Natural Resource Co.
PXD
| $6.25M | 12.06% |
40,600
-2,655
| -6% | -$407K |
2017 Q3
7 quarters
|
|
|
CNR
2
DELISTED
Cornerstone Building Brands, Inc.
CNR
| $5.46M | 10.53% |
+935,880
| New | +$5.2M |
2019 Q2
0 quarters
|
|
|
NEX
3
DELISTED
NexTier Oilfield Solutions Inc.
NEX
| $5.22M | 10.07% |
776,759
+238,715
| +44% | +$2.23M |
2018 Q2
4 quarters
|
|
|
4
Gaming and Leisure Properties
GLPI
$11.1B
| $4.84M | 9.33% |
124,097
-134,932
| -52% | -$5.35M |
2013 Q4
22 quarters
|
|
|
BRSL
5
Brightstar Lottery PLC
BRSL
$1.8B
| $3.78M | 7.3% |
291,652
+69,138
| +31% | +$940K |
2018 Q4
2 quarters
|
|
|
6
Halliburton
HAL
$27.1B
| $3.05M | 5.88% |
134,000
-99,000
| -42% | -$2.57M |
2018 Q3
3 quarters
|
|
7
ProPetro Holding
PUMP
$1.12B
| $2.53M | 4.88% |
122,272
-38,853
| -24% | -$825K |
2017 Q3
7 quarters
|
|
|
8
Patterson-UTI
PTEN
$4.31B
| $2.46M | 4.75% |
214,057
-126,000
| -37% | -$1.62M |
2018 Q1
5 quarters
|
|
|
NINE
9
DELISTED
Nine Energy Service
NINE
| $2.4M | 4.63% |
+138,339
| New | +$2.75M |
2019 Q2
0 quarters
|
|
10
Nabors Industries
NBR
$1.23B
| $1.61M | 3.11% |
11,130
| – | – |
2017 Q3
7 quarters
|
|
|
PR
11
Permian Resources
PR
$19.3B
| $1.38M | 2.67% |
182,100
| – | – |
2018 Q3
3 quarters
|
|
12
PUT
VanEck Oil Services ETF
OIH
$1.87B
| $700K | 1.35% |
108,250
-18,060
| -14% | -$5.63M |
2019 Q1
1 quarter
|
|
13
NextDecade
NEXT
$1.76B
| $600K | 1.16% |
95,000
-20,890
| -18% | -$116K |
2015 Q3
15 quarters
|
|
14
Helmerich & Payne
HP
$3.99B
| $506K | 0.98% |
+10,000
| New | +$550K |
2019 Q2
0 quarters
|
|
|
NE
15
DELISTED
Noble Corporation
NE
| $505K | 0.97% |
+269,889
| New | +$635K |
2019 Q2
0 quarters
|
|
16
PUT
United States Oil Fund
USO
$1.68B
| $472K | 0.91% |
215,000
+100,000
| +87% | +$9.97M |
2017 Q3
7 quarters
|
|
17
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$833B
| $346K | 0.67% |
+189,000
| New | +$54.4M |
2019 Q2
0 quarters
|
|
|
SPN
18
DELISTED
Superior Energy Services, Inc.
SPN
| $266K | 0.51% |
20,468
-16,186
| -44% | -$476K |
2016 Q3
11 quarters
|
|
|
CRC
19
PUT
DELISTED
California Resources Corporation
CRC
| $80K | 0.15% |
70,000
| – | – |
2019 Q1
1 quarter
|
|
20
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.3B
| $6K | 0.01% |
140,000
-300,000
| -68% | -$25.9M |
2018 Q4
2 quarters
|
|
|
21
Lennar Class A
LEN
$18.2B
| – | – |
-34,502
| Closed | -$1.64M | – |
|
|
22
CALL
Nabors Industries
NBR
$1.23B
| – | – |
-200
| Closed | -$1K | – |
|
|
23
UFP Industries
UFPI
$4.09B
| – | – |
-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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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 withdrew a net $4.16M in Q2 2019, closing 5 positions and reducing 9 holdings. Its most notable exit was UFP Industries, an estimated $2.99M position sold in full.
By sector, the portfolio is most concentrated in Energy at 52% of assets, down from 65% a quarter earlier, followed by Miscellaneous and Industrials.
Against the trend, Covalent Partners opened a new position in Cornerstone Building Brands, Inc. worth $5.46M.
- 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.