Covalent Partners LLC Hedge Fund

CIK: 0001531611 · Show all filings

Period: Q3 2015 (← Previous) (Next →)

Filing Date: Nov 13, 2015

Total Value ($000): $474,336 (97.2% shares, 2.8% debt)

Holdings (37)

— RYLAND GROUP INC 8.1%

Value ($000) $38,444 Shares 941,566 Est. Cost $40.66 Unrealized —

PHM PULTE GROUP INC 6.9%

Value ($000) $32,710 Shares 1,733,425 Est. Cost $16.84 Unrealized +6.1%

GLPI GAMING & LEISURE PPTYS INC 5.5%

Value ($000) $25,951 Shares 873,758 Est. Cost $38.64 Unrealized —

DHI D R HORTON INC 5.1%

Value ($000) $24,273 Shares 826,742 Est. Cost $22.45 Unrealized +17.0%

DAN DANA HLDG CORP 5.1%

Value ($000) $24,152 Shares 1,520,887 Est. Cost $15.80 Unrealized -7.5%

C CITIGROUP INC 5.1%

Value ($000) $23,961 Shares 482,997 Est. Cost $36.41 Unrealized +11.9%

— LYON WILLIAM HOMES 4.9%

Value ($000) $23,302 Shares 1,131,188 Est. Cost $23.13 Unrealized —

LEN LENNAR CORP 4.7%

Value ($000) $22,101 Shares 459,202 Est. Cost $39.52 Unrealized +12.9%

— WCI CMNTYS INC 4.5%

Value ($000) $21,549 Shares 952,248 Est. Cost $22.67 Unrealized —

PENN PENN NATL GAMING INC 4.2%

Value ($000) $19,860 Shares 1,183,549 Est. Cost $13.38 Unrealized +36.6%

GM GENERAL MTRS CO 4.2%

Value ($000) $19,859 Shares 661,542 Est. Cost $25.62 Unrealized -5.7%

— SUPERIOR ENERGY SVCS INC 4.0%

Value ($000) $18,924 Shares 1,498,300 Est. Cost $16.59 Unrealized —

— NEW HOME CO INC 3.6%

Value ($000) $17,234 Shares 1,330,807 Est. Cost $14.54 Unrealized —

BLD TOPBUILD CORP 3.3%

Value ($000) $15,638 Shares 504,941 Est. Cost $24.64 Unrealized +25.6%

LGIH LGI HOMES INC 3.2%

Value ($000) $15,079 Shares 554,593 Est. Cost $18.99 Unrealized +24.2%

MCRI MONARCH CASINO & RESORT INC 2.6%

Value ($000) $12,314 Shares 685,245 Est. Cost $17.51 Unrealized +7.5%

— GREAT AJAX CORP 2.5%

Value ($000) $11,916 Shares 963,310 Est. Cost $13.64 Unrealized —

AAL AMERICAN AIRLS GROUP INC. 2.5%

Value ($000) $11,815 Shares 304,273 Est. Cost $39.08 Unrealized +0.1%

— UNIVERSAL FST PRODS INC 2.5%

Value ($000) $11,670 Shares 202,331 Est. Cost $57.68 Unrealized —

— APACHE CORP 2.5%

Value ($000) $11,666 Shares 297,900 Est. Cost $56.08 Unrealized —

MGM MGM RESORTS INTERNATIONAL 2.4%

Value ($000) $11,308 Shares 612,902 Est. Cost $19.55 Unrealized -3.4%

— HARMONY MERGER CORP 1.7%

Value ($000) $8,244 Shares 810,000 Est. Cost $8.18 Unrealized —

— NCI BUILDING SYS INC 1.3%

Value ($000) $6,206 Shares 587,145 Est. Cost $15.85 Unrealized —

IWM ISHARES TR 1.3%

Value ($000) $6,187 Shares 3,050,000 Est. Cost — Unrealized —

— TOLL BROS FIN CORP 1.3%

Value ($000) $6,165 Shares 6,000,000 Est. Cost $1.06 Unrealized —

— M/I HOMES INC 1.3%

Value ($000) $6,037 Shares 5,430,000 Est. Cost $1.18 Unrealized —

TMHC TAYLOR MORRISON HOME CORP 1.1%

Value ($000) $5,352 Shares 286,817 Est. Cost $19.76 Unrealized 0.0%

MTH MERITAGE HOMES CORP 1.0%

Value ($000) $4,951 Shares 135,562 Est. Cost $19.60 Unrealized +9.7%

MHO M/I HOMES INC 0.9%

Value ($000) $4,380 Shares 185,736 Est. Cost $23.10 Unrealized +7.5%

— SINCLAIR BROADCAST GROUP INC 0.8%

Value ($000) $3,956 Shares 156,252 Est. Cost $29.44 Unrealized —

— INTERNATIONAL SPEEDWAY CORP 0.7%

Value ($000) $3,435 Shares 108,292 Est. Cost $33.03 Unrealized —

— SPIRIT AIRLS INC 0.6%

Value ($000) $3,075 Shares 65,000 Est. Cost $47.31 Unrealized —

— UNITED STATES OIL FUND LP 0.3%

Value ($000) $1,321 Shares 90,000 Est. Cost $14.68 Unrealized —

— MERITAGE HOMES CORP 0.3%

Value ($000) $1,198 Shares 1,200,000 Est. Cost $1.07 Unrealized —

MBI MBIA INC 0.0%

Value ($000) $54 Shares 207,400 Est. Cost — Unrealized —

TLT ISHARES TR 0.0%

Value ($000) $47 Shares 2,640,300 Est. Cost $117.47 Unrealized —

— HARMONY MERGER CORP 0.0%

Value ($000) $2 Shares 180,000 Est. Cost $0.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	RYLAND GROUP INC	941,566	$38,444	8.1%	$40.66	—	COM	783764103
PHM	PULTE GROUP INC	1,733,425	$32,710	6.9%	$16.84	+6.1%	COM	745867101
GLPI	GAMING & LEISURE PPTYS INC	873,758	$25,951	5.5%	$38.64	—	COM	36467J108
DHI	D R HORTON INC	826,742	$24,273	5.1%	$22.45	+17.0%	COM	23331A109
DAN	DANA HLDG CORP	1,520,887	$24,152	5.1%	$15.80	-7.5%	COM	235825205
C	CITIGROUP INC	482,997	$23,961	5.1%	$36.41	+11.9%	COM	172967424
—	LYON WILLIAM HOMES	1,131,188	$23,302	4.9%	$23.13	—	CL A NEW	552074700
LEN	LENNAR CORP	459,202	$22,101	4.7%	$39.52	+12.9%	CL A	526057104
—	WCI CMNTYS INC	952,248	$21,549	4.5%	$22.67	—	COM PAR $0.01	92923C807
PENN	PENN NATL GAMING INC	1,183,549	$19,860	4.2%	$13.38	+36.6%	COM	707569109
GM	GENERAL MTRS CO	661,542	$19,859	4.2%	$25.62	-5.7%	COM	37045V100
—	SUPERIOR ENERGY SVCS INC	1,498,300	$18,924	4.0%	$16.59	—	COM	868157108
—	NEW HOME CO INC	1,330,807	$17,234	3.6%	$14.54	—	COM	645370107
BLD	TOPBUILD CORP	504,941	$15,638	3.3%	$24.64	+25.6%	COM	89055F103
LGIH	LGI HOMES INC	554,593	$15,079	3.2%	$18.99	+24.2%	COM	50187T106
MCRI	MONARCH CASINO & RESORT INC	685,245	$12,314	2.6%	$17.51	+7.5%	COM	609027107
—	GREAT AJAX CORP	963,310	$11,916	2.5%	$13.64	—	COM	38983D300
AAL	AMERICAN AIRLS GROUP INC.	304,273	$11,815	2.5%	$39.08	+0.1%	COM	02376R102
—	UNIVERSAL FST PRODS INC	202,331	$11,670	2.5%	$57.68	—	COM	913543104
—	APACHE CORP	297,900	$11,666	2.5%	$56.08	—	COM	037411105
MGM	MGM RESORTS INTERNATIONAL	612,902	$11,308	2.4%	$19.55	-3.4%	COM	552953101
—	HARMONY MERGER CORP	810,000	$8,244	1.7%	$8.18	—	UNIT 99/99/9999	413247206
—	NCI BUILDING SYS INC	587,145	$6,206	1.3%	$15.85	—	COM NEW	628852204
IWM	ISHARES TR	3,050,000	$6,187	1.3%	—	—	Put	464287655
—	TOLL BROS FIN CORP	6,000,000	$6,165	1.3%	$1.06	—	NOTE 0.500% 9/1	88947EAM2
—	M/I HOMES INC	5,430,000	$6,037	1.3%	$1.18	—	NOTE 3.250% 9/1	55292PAA3
TMHC	TAYLOR MORRISON HOME CORP	286,817	$5,352	1.1%	$19.76	0.0%	CL A	87724P106
MTH	MERITAGE HOMES CORP	135,562	$4,951	1.0%	$19.60	+9.7%	COM	59001A102
MHO	M/I HOMES INC	185,736	$4,380	0.9%	$23.10	+7.5%	COM	55305B101
—	SINCLAIR BROADCAST GROUP INC	156,252	$3,956	0.8%	$29.44	—	CL A	829226109
—	INTERNATIONAL SPEEDWAY CORP	108,292	$3,435	0.7%	$33.03	—	CL A	460335201
—	SPIRIT AIRLS INC	65,000	$3,075	0.6%	$47.31	—	COM	848577102
—	UNITED STATES OIL FUND LP	90,000	$1,321	0.3%	$14.68	—	UNITS	91232N108
—	MERITAGE HOMES CORP	1,200,000	$1,198	0.3%	$1.07	—	NOTE 1.875% 9/1	59001AAR3
MBI	MBIA INC	207,400	$54	0.0%	—	—	Put	55262C100
TLT	ISHARES TR	2,640,300	$47	0.0%	$117.47	—	Put	464287432
—	HARMONY MERGER CORP	180,000	$2	0.0%	$0.01	—	COM	413247107