Covalent Partners LLC Hedge Fund

CIK: 0001531611 · Show all filings

Period: Q4 2015 (← Previous) (Next →)

Filing Date: Feb 12, 2016

Total Value ($000): $392,519 (96.7% shares, 3.3% debt)

Holdings (32)

— CALATLANTIC GROUP INC 10.4%

Value ($000) $40,961 Shares 1,080,204 Est. Cost $37.92 Unrealized —

PHM PULTE GROUP INC 8.8%

Value ($000) $34,467 Shares 1,934,194 Est. Cost $16.80 Unrealized -2.1%

GLPI GAMING & LEISURE PPTYS INC 7.7%

Value ($000) $30,305 Shares 1,090,118 Est. Cost $36.49 Unrealized —

— LYON WILLIAM HOMES 6.4%

Value ($000) $25,114 Shares 1,522,039 Est. Cost $21.43 Unrealized —

— WCI CMNTYS INC 6.2%

Value ($000) $24,327 Shares 1,091,874 Est. Cost $22.62 Unrealized —

DHI D R HORTON INC 5.3%

Value ($000) $20,971 Shares 654,742 Est. Cost $22.45 Unrealized +24.1%

C CITIGROUP INC 5.2%

Value ($000) $20,389 Shares 393,997 Est. Cost $36.41 Unrealized +8.8%

— NEW HOME CO INC 4.8%

Value ($000) $18,901 Shares 1,458,441 Est. Cost $14.40 Unrealized —

LEN LENNAR CORP 4.8%

Value ($000) $18,816 Shares 384,702 Est. Cost $39.52 Unrealized +9.7%

PENN PENN NATL GAMING INC 4.6%

Value ($000) $17,994 Shares 1,123,249 Est. Cost $13.38 Unrealized +25.7%

BLD TOPBUILD CORP 4.0%

Value ($000) $15,565 Shares 505,841 Est. Cost $24.64 Unrealized +21.7%

GM GENERAL MTRS CO 3.9%

Value ($000) $15,289 Shares 449,542 Est. Cost $25.62 Unrealized +8.1%

MCRI MONARCH CASINO & RESORT INC 3.5%

Value ($000) $13,696 Shares 602,821 Est. Cost $17.51 Unrealized +21.3%

— GREAT AJAX CORP 3.0%

Value ($000) $11,675 Shares 963,320 Est. Cost $13.64 Unrealized —

LGIH LGI HOMES INC 2.5%

Value ($000) $9,995 Shares 410,811 Est. Cost $18.99 Unrealized +53.6%

AAL AMERICAN AIRLS GROUP INC. 2.5%

Value ($000) $9,837 Shares 232,273 Est. Cost $39.08 Unrealized +5.9%

— SUPERIOR ENERGY SVCS INC 2.5%

Value ($000) $9,751 Shares 723,900 Est. Cost $16.59 Unrealized —

— HARMONY MERGER CORP 2.1%

Value ($000) $8,143 Shares 810,000 Est. Cost $8.18 Unrealized —

MGM MGM RESORTS INTERNATIONAL 1.7%

Value ($000) $6,518 Shares 286,902 Est. Cost $19.55 Unrealized +6.6%

MHO M/I HOMES INC 1.6%

Value ($000) $6,336 Shares 289,066 Est. Cost $23.05 Unrealized -0.4%

— TOLL BROS FIN CORP 1.5%

Value ($000) $5,989 Shares 6,000,000 Est. Cost $1.06 Unrealized —

CSTE CAESARSTONE SDOT-YAM LTD 1.5%

Value ($000) $5,930 Shares 136,815 Est. Cost $35.20 Unrealized 0.0%

— M/I HOMES INC 1.4%

Value ($000) $5,661 Shares 5,430,000 Est. Cost $1.18 Unrealized —

— MARKET VECTORS ETF TR 0.9%

Value ($000) $3,703 Shares 140,000 Est. Cost $26.45 Unrealized —

DAN DANA HLDG CORP 0.9%

Value ($000) $3,392 Shares 245,781 Est. Cost $15.80 Unrealized -19.0%

— UNIVERSAL FST PRODS INC 0.8%

Value ($000) $3,205 Shares 46,876 Est. Cost $57.68 Unrealized —

— APACHE CORP 0.8%

Value ($000) $3,113 Shares 70,000 Est. Cost $56.08 Unrealized —

— MERITAGE HOMES CORP 0.3%

Value ($000) $1,176 Shares 1,200,000 Est. Cost $1.07 Unrealized —

TLT ISHARES TR 0.2%

Value ($000) $654 Shares 1,350,000 Est. Cost — Unrealized —

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $496 Shares 420,000 Est. Cost — Unrealized —

HYG ISHARES TR 0.0%

Value ($000) $148 Shares 250,000 Est. Cost — 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
—	CALATLANTIC GROUP INC	1,080,204	$40,961	10.4%	$37.92	—	COM	128195104
PHM	PULTE GROUP INC	1,934,194	$34,467	8.8%	$16.80	-2.1%	COM	745867101
GLPI	GAMING & LEISURE PPTYS INC	1,090,118	$30,305	7.7%	$36.49	—	COM	36467J108
—	LYON WILLIAM HOMES	1,522,039	$25,114	6.4%	$21.43	—	CL A NEW	552074700
—	WCI CMNTYS INC	1,091,874	$24,327	6.2%	$22.62	—	COM PAR $0.01	92923C807
DHI	D R HORTON INC	654,742	$20,971	5.3%	$22.45	+24.1%	COM	23331A109
C	CITIGROUP INC	393,997	$20,389	5.2%	$36.41	+8.8%	COM (NEW)	172967424
—	NEW HOME CO INC	1,458,441	$18,901	4.8%	$14.40	—	COM	645370107
LEN	LENNAR CORP	384,702	$18,816	4.8%	$39.52	+9.7%	CL A	526057104
PENN	PENN NATL GAMING INC	1,123,249	$17,994	4.6%	$13.38	+25.7%	COM	707569109
BLD	TOPBUILD CORP	505,841	$15,565	4.0%	$24.64	+21.7%	COM	89055F103
GM	GENERAL MTRS CO	449,542	$15,289	3.9%	$25.62	+8.1%	COM	37045V100
MCRI	MONARCH CASINO & RESORT INC	602,821	$13,696	3.5%	$17.51	+21.3%	COM	609027107
—	GREAT AJAX CORP	963,320	$11,675	3.0%	$13.64	—	COM	38983D300
LGIH	LGI HOMES INC	410,811	$9,995	2.5%	$18.99	+53.6%	COM	50187T106
AAL	AMERICAN AIRLS GROUP INC.	232,273	$9,837	2.5%	$39.08	+5.9%	COM	02376R102
—	SUPERIOR ENERGY SVCS INC	723,900	$9,751	2.5%	$16.59	—	COM	868157108
—	HARMONY MERGER CORP	810,000	$8,143	2.1%	$8.18	—	UNIT 99/99/9999	413247206
MGM	MGM RESORTS INTERNATIONAL	286,902	$6,518	1.7%	$19.55	+6.6%	COM	552953101
MHO	M/I HOMES INC	289,066	$6,336	1.6%	$23.05	-0.4%	COM	55305B101
—	TOLL BROS FIN CORP	6,000,000	$5,989	1.5%	$1.06	—	NOTE 0.500% 9/1	88947EAM2
CSTE	CAESARSTONE SDOT-YAM LTD	136,815	$5,930	1.5%	$35.20	0.0%	ORD SHS	M20598104
—	M/I HOMES INC	5,430,000	$5,661	1.4%	$1.18	—	NOTE 3.250% 9/1	55292PAA3
—	MARKET VECTORS ETF TR	140,000	$3,703	0.9%	$26.45	—	OIL SVCS ETF	57060U191
DAN	DANA HLDG CORP	245,781	$3,392	0.9%	$15.80	-19.0%	COM	235825205
—	UNIVERSAL FST PRODS INC	46,876	$3,205	0.8%	$57.68	—	COM	913543104
—	APACHE CORP	70,000	$3,113	0.8%	$56.08	—	COM	037411105
—	MERITAGE HOMES CORP	1,200,000	$1,176	0.3%	$1.07	—	NOTE 1.875% 9/1	59001AAR3
TLT	ISHARES TR	1,350,000	$654	0.2%	—	—	Put	464287432
SPY	SPDR S&P 500 ETF TR	420,000	$496	0.1%	—	—	Put	78462F103
HYG	ISHARES TR	250,000	$148	0.0%	—	—	Call	464288513
—	HARMONY MERGER CORP	180,000	$2	0.0%	$0.01	—	COM	413247107