Covalent Partners LLC Hedge Fund

CIK: 0001531611 · Show all filings

Period: Q2 2015 (← Previous) (Next →)

Filing Date: Aug 14, 2015

Total Value ($000): $554,486 (93.9% shares, 6.1% debt)

Holdings (37)

— RYLAND GROUP INC 8.6%

Value ($000) $47,604 Shares 1,026,610 Est. Cost $40.66 Unrealized —

PHM PULTE GROUP INC 6.7%

Value ($000) $37,215 Shares 1,846,880 Est. Cost $16.84 Unrealized +5.4%

C CITIGROUP INC 6.1%

Value ($000) $34,055 Shares 616,497 Est. Cost $36.41 Unrealized +11.4%

GLPI GAMING & LEISURE PPTYS INC 4.9%

Value ($000) $27,431 Shares 748,258 Est. Cost $40.14 Unrealized —

DHI D R HORTON INC 4.7%

Value ($000) $25,888 Shares 946,200 Est. Cost $22.45 Unrealized +6.5%

GM GENERAL MTRS CO 4.5%

Value ($000) $24,782 Shares 743,542 Est. Cost $25.62 Unrealized +8.7%

— LYON WILLIAM HOMES 4.0%

Value ($000) $22,297 Shares 868,613 Est. Cost $23.90 Unrealized —

MGM MGM RESORTS INTERNATIONAL 4.0%

Value ($000) $22,263 Shares 1,219,902 Est. Cost $19.55 Unrealized -1.9%

DAN DANA HLDG CORP 3.9%

Value ($000) $21,446 Shares 1,042,087 Est. Cost $16.35 Unrealized +6.7%

LEN LENNAR CORP 3.8%

Value ($000) $21,345 Shares 418,202 Est. Cost $39.02 Unrealized +7.0%

MTH MERITAGE HOMES CORP 3.7%

Value ($000) $20,776 Shares 441,200 Est. Cost $19.60 Unrealized +15.2%

PENN PENN NATL GAMING INC 3.6%

Value ($000) $19,930 Shares 1,086,117 Est. Cost $12.95 Unrealized +28.5%

BLD TOPBUILD CORP 3.6%

Value ($000) $19,721 Shares 680,033 Est. Cost $24.64 Unrealized 0.0%

— UTI WORLDWIDE INC 3.6%

Value ($000) $19,700 Shares 19,290,000 Est. Cost $1.12 Unrealized —

— NEW HOME CO INC 3.4%

Value ($000) $18,769 Shares 1,089,330 Est. Cost $14.89 Unrealized —

AAL AMERICAN AIRLS GROUP INC. 2.9%

Value ($000) $16,000 Shares 400,660 Est. Cost $39.08 Unrealized +10.9%

— APACHE CORP 2.8%

Value ($000) $15,727 Shares 272,900 Est. Cost $57.63 Unrealized —

— WCI CMNTYS INC 2.6%

Value ($000) $14,344 Shares 588,116 Est. Cost $22.69 Unrealized —

— SUPERIOR ENERGY SVCS INC 2.4%

Value ($000) $13,396 Shares 636,700 Est. Cost $21.95 Unrealized —

MCRI MONARCH CASINO & RESORT INC 2.1%

Value ($000) $11,744 Shares 571,199 Est. Cost $17.25 Unrealized +14.2%

— NCI BUILDING SYS INC 2.1%

Value ($000) $11,632 Shares 771,845 Est. Cost $15.85 Unrealized —

— INTERNATIONAL SPEEDWAY CORP 2.0%

Value ($000) $10,896 Shares 297,138 Est. Cost $33.03 Unrealized —

MHO M/I HOMES INC 1.8%

Value ($000) $10,057 Shares 407,662 Est. Cost $23.10 Unrealized +3.1%

— GREAT AJAX CORP 1.7%

Value ($000) $9,578 Shares 675,463 Est. Cost $14.18 Unrealized —

LGIH LGI HOMES INC 1.6%

Value ($000) $8,965 Shares 453,221 Est. Cost $17.97 Unrealized 0.0%

— HARMONY MERGER CORP 1.5%

Value ($000) $8,217 Shares 990,000 Est. Cost $8.18 Unrealized —

TLT ISHARES TR 1.4%

Value ($000) $7,929 Shares 67,500 Est. Cost $117.47 Unrealized —

— M/I HOMES INC 1.2%

Value ($000) $6,577 Shares 5,430,000 Est. Cost $1.18 Unrealized —

— TOLL BROS FIN CORP 1.1%

Value ($000) $6,225 Shares 6,000,000 Est. Cost $1.06 Unrealized —

TEX TEREX CORP NEW 1.1%

Value ($000) $6,026 Shares 259,200 Est. Cost $26.38 Unrealized 0.0%

— SINCLAIR BROADCAST GROUP INC 0.8%

Value ($000) $4,463 Shares 159,893 Est. Cost $29.44 Unrealized —

LNWO SCIENTIFIC GAMES CORP 0.7%

Value ($000) $3,866 Shares 248,800 Est. Cost $10.35 Unrealized +37.0%

TLT ISHARES TR 0.3%

Value ($000) $1,938 Shares 1,047,900 Est. Cost $117.47 Unrealized —

— SPDR S&P 500 ETF TR 0.3%

Value ($000) $1,868 Shares 735,000 Est. Cost — Unrealized —

— MERITAGE HOMES CORP 0.2%

Value ($000) $1,271 Shares 1,200,000 Est. Cost $1.07 Unrealized —

MBI MBIA INC 0.1%

Value ($000) $496 Shares 286,400 Est. Cost — Unrealized —

ITB ISHARES 0.0%

Value ($000) $49 Shares 904,800 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	RYLAND GROUP INC	1,026,610	$47,604	8.6%	$40.66	—	COM	783764103
PHM	PULTE GROUP INC	1,846,880	$37,215	6.7%	$16.84	+5.4%	COM	745867101
C	CITIGROUP INC	616,497	$34,055	6.1%	$36.41	+11.4%	COM	172967424
GLPI	GAMING & LEISURE PPTYS INC	748,258	$27,431	4.9%	$40.14	—	COM	36467J108
DHI	D R HORTON INC	946,200	$25,888	4.7%	$22.45	+6.5%	COM	23331A109
GM	GENERAL MTRS CO	743,542	$24,782	4.5%	$25.62	+8.7%	COM	37045V100
—	LYON WILLIAM HOMES	868,613	$22,297	4.0%	$23.90	—	CL A NEW	552074700
MGM	MGM RESORTS INTERNATIONAL	1,219,902	$22,263	4.0%	$19.55	-1.9%	COM	552953101
DAN	DANA HLDG CORP	1,042,087	$21,446	3.9%	$16.35	+6.7%	COM	235825205
LEN	LENNAR CORP	418,202	$21,345	3.8%	$39.02	+7.0%	CL A	526057104
MTH	MERITAGE HOMES CORP	441,200	$20,776	3.7%	$19.60	+15.2%	COM	59001A102
PENN	PENN NATL GAMING INC	1,086,117	$19,930	3.6%	$12.95	+28.5%	COM	707569109
BLD	TOPBUILD CORP	680,033	$19,721	3.6%	$24.64	0.0%	COM	89055F103
—	UTI WORLDWIDE INC	19,290,000	$19,700	3.6%	$1.12	—	NOTE 4.500% 3/0	90349LAB0
—	NEW HOME CO INC	1,089,330	$18,769	3.4%	$14.89	—	COM	645370107
AAL	AMERICAN AIRLS GROUP INC.	400,660	$16,000	2.9%	$39.08	+10.9%	COM	02376R102
—	APACHE CORP	272,900	$15,727	2.8%	$57.63	—	COM	037411105
—	WCI CMNTYS INC	588,116	$14,344	2.6%	$22.69	—	COM PAR $0.01	92923C807
—	SUPERIOR ENERGY SVCS INC	636,700	$13,396	2.4%	$21.95	—	COM	868157108
MCRI	MONARCH CASINO & RESORT INC	571,199	$11,744	2.1%	$17.25	+14.2%	COM	609027107
—	NCI BUILDING SYS INC	771,845	$11,632	2.1%	$15.85	—	COM NEW	628852204
—	INTERNATIONAL SPEEDWAY CORP	297,138	$10,896	2.0%	$33.03	—	CL A	460335201
MHO	M/I HOMES INC	407,662	$10,057	1.8%	$23.10	+3.1%	COM	55305B101
—	GREAT AJAX CORP	675,463	$9,578	1.7%	$14.18	—	COM	38983D300
LGIH	LGI HOMES INC	453,221	$8,965	1.6%	$17.97	0.0%	COM	50187T106
—	HARMONY MERGER CORP	990,000	$8,217	1.5%	$8.18	—	UNIT 99/99/9999	413247206
TLT	ISHARES TR	67,500	$7,929	1.4%	$117.47	—	20+ YR TR BD ETF	464287432
—	M/I HOMES INC	5,430,000	$6,577	1.2%	$1.18	—	NOTE 3.250% 9/1	55292PAA3
—	TOLL BROS FIN CORP	6,000,000	$6,225	1.1%	$1.06	—	NOTE 0.500% 9/1	88947EAM2
TEX	TEREX CORP NEW	259,200	$6,026	1.1%	$26.38	0.0%	COM	880779103
—	SINCLAIR BROADCAST GROUP INC	159,893	$4,463	0.8%	$29.44	—	CL A	829226109
LNWO	SCIENTIFIC GAMES CORP	248,800	$3,866	0.7%	$10.35	+37.0%	CL A	80874P109
TLT	ISHARES TR	1,047,900	$1,938	0.3%	$117.47	—	Put	464287432
—	SPDR S&P 500 ETF TR	735,000	$1,868	0.3%	—	—	Call	78462F903
—	MERITAGE HOMES CORP	1,200,000	$1,271	0.2%	$1.07	—	NOTE 1.875% 9/1	59001AAR3
MBI	MBIA INC	286,400	$496	0.1%	—	—	Put	55262C100
ITB	ISHARES	904,800	$49	0.0%	—	—	Put	464288752