Covalent Partners LLC Hedge Fund

CIK: 0001531611 · Show all filings

Period: Q1 2015 (← Previous) (Next →)

Filing Date: May 15, 2015

Total Value ($000): $491,544 (90.9% shares, 9.1% debt)

Holdings (36)

C CITIGROUP INC 7.4%

Value ($000) $36,450 Shares 707,497 Est. Cost $36.41 Unrealized +4.2%

— RYLAND GROUP INC 7.0%

Value ($000) $34,234 Shares 702,387 Est. Cost $38.02 Unrealized —

PHM PULTE GROUP INC 6.9%

Value ($000) $33,685 Shares 1,515,301 Est. Cost $16.65 Unrealized +14.0%

GM GENERAL MTRS CO 6.2%

Value ($000) $30,583 Shares 815,542 Est. Cost $25.62 Unrealized +9.9%

GLPI GAMING & LEISURE PPTYS INC 6.1%

Value ($000) $29,764 Shares 807,259 Est. Cost $40.14 Unrealized —

— NORCRAFT COS INC 6.0%

Value ($000) $29,654 Shares 1,159,724 Est. Cost $17.89 Unrealized —

MGM MGM RESORTS INTERNATIONAL 5.4%

Value ($000) $26,517 Shares 1,260,902 Est. Cost $19.55 Unrealized +1.1%

DAN DANA HLDG CORP 4.9%

Value ($000) $23,955 Shares 1,132,087 Est. Cost $16.35 Unrealized +6.2%

— UTI WORLDWIDE INC 4.8%

Value ($000) $23,591 Shares 21,040,000 Est. Cost $1.12 Unrealized —

LEN LENNAR CORP 3.7%

Value ($000) $18,196 Shares 351,202 Est. Cost $38.51 Unrealized +7.3%

PENN PENN NATL GAMING INC 3.6%

Value ($000) $17,877 Shares 1,141,564 Est. Cost $12.95 Unrealized +21.4%

— INTERNATIONAL SPEEDWAY CORP 3.4%

Value ($000) $16,559 Shares 507,780 Est. Cost $33.03 Unrealized —

MTH MERITAGE HOMES CORP 3.2%

Value ($000) $15,832 Shares 325,500 Est. Cost $18.54 Unrealized +9.0%

DHI D R HORTON INC 3.1%

Value ($000) $15,336 Shares 538,500 Est. Cost $21.35 Unrealized +8.3%

— NEW HOME CO INC 2.9%

Value ($000) $14,493 Shares 908,643 Est. Cost $14.43 Unrealized —

— LYON WILLIAM HOMES 2.6%

Value ($000) $12,995 Shares 503,301 Est. Cost $22.62 Unrealized —

— SUPERIOR ENERGY SVCS INC 2.0%

Value ($000) $9,906 Shares 443,400 Est. Cost $22.34 Unrealized —

MCRI MONARCH CASINO & RESORT INC 1.8%

Value ($000) $8,783 Shares 458,872 Est. Cost $16.65 Unrealized +7.4%

AAL AMERICAN AIRLS GROUP INC. 1.7%

Value ($000) $8,427 Shares 159,660 Est. Cost $32.64 Unrealized +47.6%

— WCI CMNTYS INC 1.7%

Value ($000) $8,346 Shares 348,459 Est. Cost $21.52 Unrealized —

— HARMONY MERGER CORP 1.6%

Value ($000) $8,102 Shares 990,000 Est. Cost $8.18 Unrealized —

F FORD MTR CO DEL 1.6%

Value ($000) $7,825 Shares 484,812 Est. Cost $7.68 Unrealized +14.9%

— NCI BUILDING SYS INC 1.5%

Value ($000) $7,417 Shares 429,208 Est. Cost $16.48 Unrealized —

— ICONIX BRAND GROUP INC 1.5%

Value ($000) $7,140 Shares 6,000,000 Est. Cost $1.27 Unrealized —

GS GOLDMAN SACHS GROUP INC 1.4%

Value ($000) $6,918 Shares 36,802 Est. Cost $122.22 Unrealized +22.6%

MHO M/I HOMES INC 1.4%

Value ($000) $6,889 Shares 288,962 Est. Cost $22.80 Unrealized -4.1%

— M/I HOMES INC 1.3%

Value ($000) $6,428 Shares 5,430,000 Est. Cost $1.18 Unrealized —

— TOLL BROS FIN CORP 1.3%

Value ($000) $6,345 Shares 6,000,000 Est. Cost $1.06 Unrealized —

PTEN PATTERSON UTI ENERGY INC 1.1%

Value ($000) $5,351 Shares 285,000 Est. Cost $17.15 Unrealized 0.0%

— SINCLAIR BROADCAST GROUP INC 1.0%

Value ($000) $5,022 Shares 159,893 Est. Cost $29.44 Unrealized —

LNWO SCIENTIFIC GAMES CORP 0.7%

Value ($000) $3,600 Shares 343,800 Est. Cost $10.35 Unrealized +21.8%

IWM ISHARES TR 0.6%

Value ($000) $2,786 Shares 1,690,000 Est. Cost — Unrealized —

TLT ISHARES TR 0.2%

Value ($000) $1,119 Shares 1,724,100 Est. Cost — Unrealized —

— MERITAGE HOMES CORP 0.2%

Value ($000) $1,069 Shares 1,000,000 Est. Cost $1.07 Unrealized —

— HALCON RES CORP 0.1%

Value ($000) $319 Shares 207,166 Est. Cost $1.54 Unrealized —

ITB ISHARES 0.0%

Value ($000) $31 Shares 625,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
C	CITIGROUP INC	707,497	$36,450	7.4%	$36.41	+4.2%	COM	172967424
—	RYLAND GROUP INC	702,387	$34,234	7.0%	$38.02	—	COM	783764103
PHM	PULTE GROUP INC	1,515,301	$33,685	6.9%	$16.65	+14.0%	COM	745867101
GM	GENERAL MTRS CO	815,542	$30,583	6.2%	$25.62	+9.9%	COM	37045V100
GLPI	GAMING & LEISURE PPTYS INC	807,259	$29,764	6.1%	$40.14	—	COM	36467J108
—	NORCRAFT COS INC	1,159,724	$29,654	6.0%	$17.89	—	COM	65557Y105
MGM	MGM RESORTS INTERNATIONAL	1,260,902	$26,517	5.4%	$19.55	+1.1%	COM	552953101
DAN	DANA HLDG CORP	1,132,087	$23,955	4.9%	$16.35	+6.2%	COM	235825205
—	UTI WORLDWIDE INC	21,040,000	$23,591	4.8%	$1.12	—	NOTE 4.500% 3/0	90349LAB0
LEN	LENNAR CORP	351,202	$18,196	3.7%	$38.51	+7.3%	CL A	526057104
PENN	PENN NATL GAMING INC	1,141,564	$17,877	3.6%	$12.95	+21.4%	COM	707569109
—	INTERNATIONAL SPEEDWAY CORP	507,780	$16,559	3.4%	$33.03	—	CL A	460335201
MTH	MERITAGE HOMES CORP	325,500	$15,832	3.2%	$18.54	+9.0%	COM	59001A102
DHI	D R HORTON INC	538,500	$15,336	3.1%	$21.35	+8.3%	COM	23331A109
—	NEW HOME CO INC	908,643	$14,493	2.9%	$14.43	—	COM	645370107
—	LYON WILLIAM HOMES	503,301	$12,995	2.6%	$22.62	—	CL A NEW	552074700
—	SUPERIOR ENERGY SVCS INC	443,400	$9,906	2.0%	$22.34	—	COM	868157108
MCRI	MONARCH CASINO & RESORT INC	458,872	$8,783	1.8%	$16.65	+7.4%	COM	609027107
AAL	AMERICAN AIRLS GROUP INC.	159,660	$8,427	1.7%	$32.64	+47.6%	COM	02376R102
—	WCI CMNTYS INC	348,459	$8,346	1.7%	$21.52	—	COM PAR $0.01	92923C807
—	HARMONY MERGER CORP	990,000	$8,102	1.6%	$8.18	—	UNIT 99/99/9999	413247206
F	FORD MTR CO DEL	484,812	$7,825	1.6%	$7.68	+14.9%	COM PAR $0.01	345370860
—	NCI BUILDING SYS INC	429,208	$7,417	1.5%	$16.48	—	COM NEW	628852204
—	ICONIX BRAND GROUP INC	6,000,000	$7,140	1.5%	$1.27	—	NOTE 1.500% 3/1	451055AF4
GS	GOLDMAN SACHS GROUP INC	36,802	$6,918	1.4%	$122.22	+22.6%	COM	38141G104
MHO	M/I HOMES INC	288,962	$6,889	1.4%	$22.80	-4.1%	COM	55305B101
—	M/I HOMES INC	5,430,000	$6,428	1.3%	$1.18	—	NOTE 3.250% 9/1	55292PAA3
—	TOLL BROS FIN CORP	6,000,000	$6,345	1.3%	$1.06	—	NOTE 0.500% 9/1	88947EAM2
PTEN	PATTERSON UTI ENERGY INC	285,000	$5,351	1.1%	$17.15	0.0%	COM	703481101
—	SINCLAIR BROADCAST GROUP INC	159,893	$5,022	1.0%	$29.44	—	CL A	829226109
LNWO	SCIENTIFIC GAMES CORP	343,800	$3,600	0.7%	$10.35	+21.8%	CL A	80874P109
IWM	ISHARES TR	1,690,000	$2,786	0.6%	—	—	Put	464287655
TLT	ISHARES TR	1,724,100	$1,119	0.2%	—	—	Put	464287432
—	MERITAGE HOMES CORP	1,000,000	$1,069	0.2%	$1.07	—	NOTE 1.875% 9/1	59001AAR3
—	HALCON RES CORP	207,166	$319	0.1%	$1.54	—	COM NEW	40537Q209
ITB	ISHARES	625,000	$31	0.0%	—	—	Put	464288752