Covalent Partners LLC Hedge Fund

CIK: 0001531611 · Show all filings

Period: Q1 2016 (← Previous) (Next →)

Filing Date: May 13, 2016

Total Value ($000): $309,276 (96.1% shares, 3.9% debt)

Holdings (30)

— CALATLANTIC GROUP INC 10.5%

Value ($000) $32,616 Shares 975,938 Est. Cost $37.92 Unrealized —

PHM PULTE GROUP INC 8.1%

Value ($000) $24,952 Shares 1,333,594 Est. Cost $16.80 Unrealized -10.0%

— LYON WILLIAM HOMES 8.0%

Value ($000) $24,599 Shares 1,697,639 Est. Cost $20.71 Unrealized —

GLPI GAMING & LEISURE PPTYS INC 7.6%

Value ($000) $23,646 Shares 764,743 Est. Cost $36.49 Unrealized —

— WCI CMNTYS INC 6.6%

Value ($000) $20,357 Shares 1,095,665 Est. Cost $22.62 Unrealized —

DHI D R HORTON INC 6.0%

Value ($000) $18,466 Shares 610,842 Est. Cost $22.45 Unrealized +9.7%

— NEW HOME CO INC 5.5%

Value ($000) $17,152 Shares 1,399,002 Est. Cost $14.40 Unrealized —

LEN LENNAR CORP 4.6%

Value ($000) $14,213 Shares 293,891 Est. Cost $39.52 Unrealized -5.5%

PENN PENN NATL GAMING INC 4.4%

Value ($000) $13,707 Shares 821,249 Est. Cost $13.38 Unrealized +7.1%

BLD TOPBUILD CORP 4.4%

Value ($000) $13,476 Shares 453,141 Est. Cost $24.64 Unrealized +9.7%

C CITIGROUP INC 4.1%

Value ($000) $12,776 Shares 306,022 Est. Cost $36.41 Unrealized -14.2%

— NORBORD INC 3.8%

Value ($000) $11,824 Shares 594,264 Est. Cost $19.90 Unrealized —

— GREAT AJAX CORP 3.8%

Value ($000) $11,624 Shares 1,038,781 Est. Cost $13.46 Unrealized —

LGIH LGI HOMES INC 3.5%

Value ($000) $10,817 Shares 446,803 Est. Cost $19.26 Unrealized +15.6%

CSTE CAESARSTONE SDOT-YAM LTD 3.3%

Value ($000) $10,343 Shares 301,115 Est. Cost $33.99 Unrealized -3.0%

TOL TOLL BROTHERS INC 3.0%

Value ($000) $9,148 Shares 310,000 Est. Cost $27.95 Unrealized 0.0%

MCRI MONARCH CASINO & RESORT INC 2.6%

Value ($000) $8,086 Shares 415,539 Est. Cost $17.51 Unrealized +14.3%

ALLY ALLY FINL INC 2.4%

Value ($000) $7,523 Shares 401,859 Est. Cost $13.16 Unrealized 0.0%

— M/I HOMES INC 1.8%

Value ($000) $5,464 Shares 5,430,000 Est. Cost $1.18 Unrealized —

GM GENERAL MTRS CO 1.4%

Value ($000) $4,386 Shares 139,542 Est. Cost $25.62 Unrealized -5.2%

— MEDIA GEN INC NEW 1.3%

Value ($000) $3,914 Shares 240,000 Est. Cost $16.31 Unrealized —

— TOLL BROS FIN CORP 0.9%

Value ($000) $2,910 Shares 3,000,000 Est. Cost $1.06 Unrealized —

— STANDARD PAC CORP NEW 0.9%

Value ($000) $2,633 Shares 2,500,000 Est. Cost $1.05 Unrealized —

TLT ISHARES TR 0.5%

Value ($000) $1,593 Shares 1,375,000 Est. Cost — Unrealized —

— MERITAGE HOMES CORP 0.4%

Value ($000) $1,190 Shares 1,200,000 Est. Cost $1.07 Unrealized —

— HARMONY MERGER CORP 0.3%

Value ($000) $900 Shares 90,000 Est. Cost $8.18 Unrealized —

WYNN WYNN RESORTS LTD 0.2%

Value ($000) $767 Shares 42,600 Est. Cost — Unrealized —

— HARMONY MERGER CORP 0.1%

Value ($000) $158 Shares 720,000 Est. Cost $0.22 Unrealized —

— WEATHERFORD INTL PLC 0.0%

Value ($000) $34 Shares 34,400 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	975,938	$32,616	10.5%	$37.92	—	COM	128195104
PHM	PULTE GROUP INC	1,333,594	$24,952	8.1%	$16.80	-10.0%	COM	745867101
—	LYON WILLIAM HOMES	1,697,639	$24,599	8.0%	$20.71	—	CL A NEW	552074700
GLPI	GAMING & LEISURE PPTYS INC	764,743	$23,646	7.6%	$36.49	—	COM	36467J108
—	WCI CMNTYS INC	1,095,665	$20,357	6.6%	$22.62	—	COM PAR $0.01	92923C807
DHI	D R HORTON INC	610,842	$18,466	6.0%	$22.45	+9.7%	COM	23331A109
—	NEW HOME CO INC	1,399,002	$17,152	5.5%	$14.40	—	COM	645370107
LEN	LENNAR CORP	293,891	$14,213	4.6%	$39.52	-5.5%	CL A	526057104
PENN	PENN NATL GAMING INC	821,249	$13,707	4.4%	$13.38	+7.1%	COM	707569109
BLD	TOPBUILD CORP	453,141	$13,476	4.4%	$24.64	+9.7%	COM	89055F103
C	CITIGROUP INC	306,022	$12,776	4.1%	$36.41	-14.2%	COM	172967424
—	NORBORD INC	594,264	$11,824	3.8%	$19.90	—	COM NEW	65548P403
—	GREAT AJAX CORP	1,038,781	$11,624	3.8%	$13.46	—	COM	38983D300
LGIH	LGI HOMES INC	446,803	$10,817	3.5%	$19.26	+15.6%	COM	50187T106
CSTE	CAESARSTONE SDOT-YAM LTD	301,115	$10,343	3.3%	$33.99	-3.0%	ORD SHS	M20598104
TOL	TOLL BROTHERS INC	310,000	$9,148	3.0%	$27.95	0.0%	COM	889478103
MCRI	MONARCH CASINO & RESORT INC	415,539	$8,086	2.6%	$17.51	+14.3%	COM	609027107
ALLY	ALLY FINL INC	401,859	$7,523	2.4%	$13.16	0.0%	COM	02005N100
—	M/I HOMES INC	5,430,000	$5,464	1.8%	$1.18	—	NOTE 3.250% 9/1	55292PAA3
GM	GENERAL MTRS CO	139,542	$4,386	1.4%	$25.62	-5.2%	COM	37045V100
—	MEDIA GEN INC NEW	240,000	$3,914	1.3%	$16.31	—	COM	58441K100
—	TOLL BROS FIN CORP	3,000,000	$2,910	0.9%	$1.06	—	NOTE 0.500% 9/1	88947EAM2
—	STANDARD PAC CORP NEW	2,500,000	$2,633	0.9%	$1.05	—	NOTE 1.250% 8/0	85375CBC4
TLT	ISHARES TR	1,375,000	$1,593	0.5%	—	—	Put	464287432
—	MERITAGE HOMES CORP	1,200,000	$1,190	0.4%	$1.07	—	NOTE 1.875% 9/1	59001AAR3
—	HARMONY MERGER CORP	90,000	$900	0.3%	$8.18	—	UNIT 99/99/9999	413247206
WYNN	WYNN RESORTS LTD	42,600	$767	0.2%	—	—	Call	983134107
—	HARMONY MERGER CORP	720,000	$158	0.1%	$0.22	—	*W EXP 01/01/202	413247123
—	WEATHERFORD INTL PLC	34,400	$34	0.0%	—	—	Call	G48833100
—	HARMONY MERGER CORP	180,000	$2	0.0%	$0.01	—	COM	413247107