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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
-23.7%
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
$23.9M
AUM Growth
-$11.1M
Cap. Flow
-$9.55M
Cap. Flow %
-39.95%
Top 10 Hldgs %
89.15%
Holding
27
New
10
Increased
3
Reduced
4
Closed
3
Avg Time Held Equity + Options
2.9 quarters
Top 10 Avg Time Held Equity + Options
4.7 quarters
Top 20 Avg Time Held Equity + Options
3.1 quarters
Avg Time Held Equity only
4.9 quarters
Top 10 Avg Time Held Equity only
4.8 quarters
Top 20 Avg Time Held Equity only
4.8 quarters

Top Buys

Rank Stock Value
1
NEX
NexTier Oilfield Solutions Inc.
NEX
+$4.66M
2
GLPI icon
Gaming and Leisure Properties
GLPI
+$1.6M
3
MCRI icon
Monarch Casino & Resort
MCRI
+$658K

Top Sells

Rank Stock Value
1
BRSL
Brightstar Lottery PLC
BRSL
+$2.11M
2
CNR
Cornerstone Building Brands, Inc.
CNR
+$1.82M
3
NBR icon
Nabors Industries
NBR
+$541K
4
PR
Permian Resources
PR
+$336K
5
PXD
Pioneer Natural Resource Co.
PXD
+$327K

Sector Composition

Rank Sector Weight
1 Miscellaneous 60.2%
2 Energy 20.18%
3 Real Estate 16.81%
4 Consumer Discretionary 1.76%
5 Industrials 1.05%
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
$4.02M 16.81%
145,000
+39,000
+37% +$1.6M
2013 Q4
25 quarters
NEX
2
DELISTED
NexTier Oilfield Solutions Inc.
NEX
$2.16M 9.04%
1,846,200
+1,061,200
+135% +$4.66M
2018 Q2
7 quarters
PXD
3
DELISTED
Pioneer Natural Resource Co.
PXD
$1.91M 8%
27,250
-2,750
-9% -$327K
2017 Q3
10 quarters
USO icon
4
PUT
United States Oil Fund
USO
$1.68B
$614K 2.57%
+200,438
New +$15.4M
2020 Q1
0 quarters
UVXY icon
5
PUT
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$249M
$594K 2.48%
+237
New +$17.3M
2020 Q1
0 quarters
MCRI icon
6
Monarch Casino & Resort
MCRI
$2.05B
$421K 1.76%
+15,000
New +$658K
2020 Q1
0 quarters
SPY icon
7
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$833B
$391K 1.64%
+55,000
New +$16.8M
2020 Q1
0 quarters
PUMP icon
8
ProPetro Holding
PUMP
$1.12B
$325K 1.36%
130,000
– –
2019 Q4
1 quarter
SPN
9
DELISTED
Superior Energy Services, Inc.
SPN
$320K 1.34%
217,500
-57,500
-21% -$226K
2019 Q4
1 quarter
HYG icon
10
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.3B
$288K 1.2%
160,000
+52,300
+49% +$4.42M
2019 Q4
1 quarter
CNR
11
DELISTED
Cornerstone Building Brands, Inc.
CNR
$251K 1.05%
55,000
-245,000
-82% -$1.82M
2019 Q2
3 quarters
XLI icon
12
PUT
State Street Industrial Select Sector SPDR ETF
XLI
$30.3B
$135K 0.56%
+100,000
New +$7.53M
2020 Q1
0 quarters
EEM icon
13
PUT
iShares MSCI Emerging Markets ETF
EEM
$31B
$116K 0.49%
+90,000
New +$3.69M
2020 Q1
0 quarters
NE
14
DELISTED
Noble Corporation
NE
$81K 0.34%
309,889
– –
2019 Q2
3 quarters
QQQ icon
15
PUT
Invesco QQQ Trust
QQQ
$507B
$72K 0.3%
+25,000
New +$5.29M
2020 Q1
0 quarters
AAL icon
16
PUT
American Airlines Group
AAL
$8.45B
$66K 0.28%
+170,000
New +$3.87M
2020 Q1
0 quarters
PXD
17
PUT
DELISTED
Pioneer Natural Resource Co.
PXD
$63K 0.26%
+20,000
New +$2.38M
2020 Q1
0 quarters
IWM icon
18
PUT
iShares Russell 2000 ETF
IWM
$77.4B
$39K 0.16%
+325,200
New +$48.5M
2020 Q1
0 quarters
PR
19
Permian Resources
PR
$19.3B
$26K 0.11%
100,000
-132,100
-57% -$336K
2018 Q3
6 quarters
BRSL
20
Brightstar Lottery PLC
BRSL
$1.8B
– –
-141,000
Closed -$2.11M –
NBR icon
21
Nabors Industries
NBR
$1.23B
– –
-3,754
Closed -$541K –
NEXT icon
22
NextDecade
NEXT
$1.76B
– –
-18,003
Closed -$111K –

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Covalent Partners's Q1 2020 Portfolio in Review

As of Q1 2020, Covalent Partners held 27 positions worth $23.9M, down 32% from $35M the previous quarter. Its ten largest holdings account for 89% of the portfolio.

Covalent Partners withdrew a net $9.55M in Q1 2020, closing 3 positions and reducing 4 holdings. Its most notable exit was Brightstar Lottery PLC, an estimated $2.11M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 60% of assets, up from 31% a quarter earlier, followed by Energy and Real Estate.

Against the trend, Covalent Partners opened a new position in Monarch Casino & Resort worth $421K.

  • Covalent Partners's largest Q1 2020 buy was Monarch Casino & Resort: 15,000 shares worth $421K.
  • Covalent Partners added most to NexTier Oilfield Solutions Inc. in Q1 2020, an estimated $4.66M increase.
  • Covalent Partners's biggest Q1 2020 reduction was Cornerstone Building Brands, Inc., cutting an estimated $1.82M.
  • Covalent Partners fully exited Brightstar Lottery PLC in Q1 2020, selling an estimated $2.11M.
  • Covalent Partners's ten largest holdings make up 89% of its $23.9M portfolio in Q1 2020.
  • Covalent Partners opened 10 new positions and closed 3 in Q1 2020.
  • Covalent Partners's portfolio value fell 32% quarter-over-quarter to $23.9M.

Based on Covalent Partners's 13F filing for Q1 2020, filed 15 May 2020.