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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
-5.68%
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
$36.4M
AUM Growth
-$15.5M
Cap. Flow
-$22.2M
Cap. Flow %
-61.03%
Top 10 Hldgs %
95.58%
Holding
24
New
–
Increased
3
Reduced
8
Closed
9
Avg Time Held Equity + Options
5.5 quarters
Top 10 Avg Time Held Equity + Options
3.7 quarters
Top 20 Avg Time Held Equity + Options
4.3 quarters
Avg Time Held Equity only
5.5 quarters
Top 10 Avg Time Held Equity only
3.7 quarters
Top 20 Avg Time Held Equity only
4.6 quarters

Top Buys

Rank Stock Value
1
NEX
NexTier Oilfield Solutions Inc.
NEX
+$2.67M
2
PR
Permian Resources
PR
+$268K
3
NE
Noble Corporation
NE
+$68.3K

Top Sells

Rank Stock Value
1
HAL icon
Halliburton
HAL
+$3.05M
2
PUMP icon
ProPetro Holding
PUMP
+$2.53M
3
PTEN icon
Patterson-UTI
PTEN
+$2.46M
4
NINE
Nine Energy Service
NINE
+$2.4M
5
CNR
Cornerstone Building Brands, Inc.
CNR
+$2.38M

Sector Composition

Rank Sector Weight
1 Energy 40.34%
2 Miscellaneous 30.3%
3 Real Estate 12.57%
4 Consumer Discretionary 8.47%
5 Industrials 8.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
NEX
1
DELISTED
NexTier Oilfield Solutions Inc.
NEX
$7.47M 20.54%
1,232,340
+455,581
+59% +$2.67M
2018 Q2
5 quarters
PXD
2
DELISTED
Pioneer Natural Resource Co.
PXD
$5.03M 13.84%
40,000
-600
-1% -$79.4K
2017 Q3
8 quarters
GLPI icon
3
Gaming and Leisure Properties
GLPI
$11.1B
$4.57M 12.57%
119,569
-4,528
-4% -$174K
2013 Q4
23 quarters
BRSL
4
Brightstar Lottery PLC
BRSL
$1.8B
$3.08M 8.47%
216,652
-75,000
-26% -$995K
2018 Q4
3 quarters
CNR
5
DELISTED
Cornerstone Building Brands, Inc.
CNR
$3.02M 8.32%
500,000
-435,880
-47% -$2.38M
2019 Q2
1 quarter
PR
6
Permian Resources
PR
$19.3B
$1.05M 2.88%
232,100
+50,000
+27% +$268K
2018 Q3
4 quarters
NE
7
DELISTED
Noble Corporation
NE
$394K 1.08%
309,889
+40,000
+15% +$68.3K
2019 Q2
1 quarter
NEXT icon
8
NextDecade
NEXT
$1.76B
$374K 1.03%
65,000
-30,000
-32% -$161K
2015 Q3
16 quarters
NBR icon
9
Nabors Industries
NBR
$1.23B
$351K 0.97%
3,754
-7,376
-66% -$830K
2017 Q3
8 quarters
USO icon
10
PUT
United States Oil Fund
USO
$1.68B
$325K 0.89%
102,500
-112,500
-52% -$10.6M
2017 Q3
8 quarters
OIH icon
11
PUT
VanEck Oil Services ETF
OIH
$1.87B
$162K 0.45%
42,750
-65,500
-61% -$17M
2019 Q1
2 quarters
HAL icon
12
Halliburton
HAL
$27.1B
– –
-134,000
Closed -$3.05M –
HP icon
13
Helmerich & Payne
HP
$3.99B
– –
-10,000
Closed -$506K –
HYG icon
14
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.3B
– –
-140,000
Closed -$6K –
NINE
15
DELISTED
Nine Energy Service
NINE
– –
-138,339
Closed -$2.4M –
PTEN icon
16
Patterson-UTI
PTEN
$4.31B
– –
-214,057
Closed -$2.46M –
PUMP icon
17
ProPetro Holding
PUMP
$1.12B
– –
-122,272
Closed -$2.53M –
SPY icon
18
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$833B
– –
-189,000
Closed -$346K –
CRC
19
PUT
DELISTED
California Resources Corporation
CRC
– –
-70,000
Closed -$80K –
SPN
20
DELISTED
Superior Energy Services, Inc.
SPN
– –
-20,468
Closed -$266K –

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Covalent Partners's Q3 2019 Portfolio in Review

As of Q3 2019, Covalent Partners held 24 positions worth $36.4M, down 30% from $51.8M the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Covalent Partners withdrew a net $22.2M in Q3 2019, closing 9 positions and reducing 8 holdings. Its most notable exit was Halliburton, an estimated $3.05M position sold in full.

By sector, the portfolio is most concentrated in Energy at 40% of assets, down from 52% a quarter earlier, followed by Miscellaneous and Real Estate.

Against the trend, Covalent Partners added an estimated $2.67M to NexTier Oilfield Solutions Inc..

  • Covalent Partners added most to NexTier Oilfield Solutions Inc. in Q3 2019, an estimated $2.67M increase.
  • Covalent Partners's biggest Q3 2019 reduction was Cornerstone Building Brands, Inc., cutting an estimated $2.38M.
  • Covalent Partners fully exited Halliburton in Q3 2019, selling an estimated $3.05M.
  • Covalent Partners's ten largest holdings make up 96% of its $36.4M portfolio in Q3 2019.
  • Covalent Partners opened 0 new positions and closed 9 in Q3 2019.
  • Covalent Partners's portfolio value fell 30% quarter-over-quarter to $36.4M.

Based on Covalent Partners's 13F filing for Q3 2019, filed 14 Nov 2019.