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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
+22.94%
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
$14.7M
AUM Growth
-$9.25M
Cap. Flow
-$18.9M
Cap. Flow %
-129.22%
Top 10 Hldgs %
96.01%
Holding
26
New
4
Increased
1
Reduced
5
Closed
10

Top Buys

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$1.53M
2
NINE
Nine Energy Service
NINE
+$28.4K

Top Sells

Rank Stock Value
1
GLPI icon
Gaming and Leisure Properties
GLPI
+$3.84M
2
NEX
NexTier Oilfield Solutions Inc.
NEX
+$2.37M
3
PXD
Pioneer Natural Resource Co.
PXD
+$2.01M
4
MCRI icon
Monarch Casino & Resort
MCRI
+$421K
5
PUMP icon
ProPetro Holding
PUMP
+$325K

Sector Composition

Rank Sector Weight
1 Energy 19.94%
2 Industrials 13.75%
3 Real Estate 5.1%
4 Consumer Discretionary 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NEX
1
DELISTED
NexTier Oilfield Solutions Inc.
NEX
$2.14M 14.62%
874,765
-971,435
-53% -$2.37M
DAL icon
2
Delta Air Lines
DAL
$54.2B
$1.68M 11.48%
+60,000
New +$1.53M
AAL icon
3
PUT
American Airlines Group
AAL
$9.02B
$892K 6.09%
1,151,000
+981,000
+577% +$11.9M
GLPI icon
4
Gaming and Leisure Properties
GLPI
$12.8B
$748K 5.1%
21,614
-123,386
-85% -$3.84M
PXD
5
DELISTED
Pioneer Natural Resource Co.
PXD
$440K 3%
4,500
-22,750
-83% -$2.01M
CNR
6
DELISTED
Cornerstone Building Brands, Inc.
CNR
$333K 2.27%
55,000
– –
IWM icon
7
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$271K 1.85%
125,000
-200,200
-62% -$26.3M
HAL icon
8
PUT
Halliburton
HAL
$28.9B
$138K 0.94%
+445,000
New +$4.8M
SPN
9
DELISTED
Superior Energy Services, Inc.
SPN
$118K 0.81%
103,688
-113,812
-52% -$156K
OIH icon
10
PUT
VanEck Oil Services ETF
OIH
$1.94B
$107K 0.73%
+55,600
New +$6.22M
NE
11
DELISTED
Noble Corporation
NE
$100K 0.68%
309,889
– –
PR
12
Permian Resources
PR
$19.8B
$89K 0.61%
100,000
– –
NINE
13
DELISTED
Nine Energy Service
NINE
$33K 0.23%
+16,870
New +$28.4K
EEM icon
14
PUT
iShares MSCI Emerging Markets ETF
EEM
$30.7B
– –
-90,000
Closed -$116K
HYG icon
15
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.6B
– –
-160,000
Closed -$288K
MCRI icon
16
Monarch Casino & Resort
MCRI
$2.23B
– –
-15,000
Closed -$421K
PUMP icon
17
ProPetro Holding
PUMP
$1.33B
– –
-130,000
Closed -$325K
QQQ icon
18
PUT
Invesco QQQ Trust
QQQ
$483B
– –
-25,000
Closed -$72K
SPY icon
19
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$819B
– –
-55,000
Closed -$391K
USO icon
20
PUT
United States Oil Fund
USO
$2.07B
– –
-200,438
Closed -$614K
UVXY icon
21
PUT
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$292M
– –
-237
Closed -$594K
XLI icon
22
PUT
State Street Industrial Select Sector SPDR ETF
XLI
$33.2B
– –
-100,000
Closed -$135K
PXD
23
PUT
DELISTED
Pioneer Natural Resource Co.
PXD
– –
-20,000
Closed -$63K

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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 2020 Portfolio in Review

As of Q2 2020, Covalent Partners held 26 positions worth $14.7M, down 39% from $23.9M the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Covalent Partners withdrew a net $18.9M in Q2 2020, closing 10 positions and reducing 5 holdings. Its most notable exit was Monarch Casino & Resort, an estimated $421K position sold in full.

By sector, the portfolio is most concentrated in Energy at 20% of assets, down from 20% a quarter earlier, followed by Industrials and Real Estate.

Against the trend, Covalent Partners opened a new position in Delta Air Lines worth $1.68M.

  • Covalent Partners's largest Q2 2020 buy was Delta Air Lines: 60,000 shares worth $1.68M.
  • Covalent Partners's biggest Q2 2020 reduction was Gaming and Leisure Properties, cutting an estimated $3.84M.
  • Covalent Partners fully exited Monarch Casino & Resort in Q2 2020, selling an estimated $421K.
  • Covalent Partners's ten largest holdings make up 96% of its $14.7M portfolio in Q2 2020.
  • Covalent Partners opened 4 new positions and closed 10 in Q2 2020.
  • Covalent Partners's portfolio value fell 39% quarter-over-quarter to $14.7M.

Based on Covalent Partners's 13F filing for Q2 2020, filed 14 Aug 2020.