Covalent Partners LLC Hedge Fund

CIK: 0001531611 · Show all filings

Period: Q3 2016 (← Previous) (Next →)

Filing Date: Nov 14, 2016

Total Value ($000): $256,450 (94.7% shares, 5.3% debt)

Holdings (36)

— CALATLANTIC GROUP INC 11.4%

Value ($000) $29,321 Shares 876,834 Est. Cost $37.92 Unrealized —

GLPI GAMING & LEISURE PPTYS INC 6.9%

Value ($000) $17,816 Shares 532,626 Est. Cost $36.49 Unrealized —

TOL TOLL BROTHERS INC 6.6%

Value ($000) $16,865 Shares 564,817 Est. Cost $28.10 Unrealized +2.8%

— LYON WILLIAM HOMES 6.3%

Value ($000) $16,058 Shares 865,637 Est. Cost $20.71 Unrealized —

— GREAT AJAX CORP 5.9%

Value ($000) $15,155 Shares 1,110,281 Est. Cost $13.49 Unrealized —

C CITIGROUP INC 5.5%

Value ($000) $14,024 Shares 296,939 Est. Cost $36.41 Unrealized -6.2%

LGIH LGI HOMES INC 5.3%

Value ($000) $13,706 Shares 372,045 Est. Cost $20.50 Unrealized +72.0%

LEN LENNAR CORP 4.8%

Value ($000) $12,347 Shares 291,621 Est. Cost $39.52 Unrealized +2.2%

— WCI CMNTYS INC 4.7%

Value ($000) $11,931 Shares 502,984 Est. Cost $22.62 Unrealized —

ALLY ALLY FINL INC 4.5%

Value ($000) $11,488 Shares 590,057 Est. Cost $13.18 Unrealized +8.1%

CSTE CAESARSTONE LTD 4.1%

Value ($000) $10,436 Shares 276,749 Est. Cost $34.01 Unrealized +2.7%

DHI D R HORTON INC 3.7%

Value ($000) $9,474 Shares 313,722 Est. Cost $22.45 Unrealized +28.8%

MCRI MONARCH CASINO & RESORT INC 3.5%

Value ($000) $9,092 Shares 361,215 Est. Cost $17.51 Unrealized +34.1%

— NORBORD INC 3.5%

Value ($000) $8,988 Shares 349,977 Est. Cost $19.90 Unrealized —

PENN PENN NATL GAMING INC 3.2%

Value ($000) $8,197 Shares 604,054 Est. Cost $13.38 Unrealized +5.1%

— NEW HOME CO INC 2.9%

Value ($000) $7,458 Shares 698,956 Est. Cost $14.40 Unrealized —

PHM PULTE GROUP INC 2.7%

Value ($000) $6,953 Shares 346,958 Est. Cost $16.80 Unrealized +10.4%

MHO M/I HOMES INC 2.4%

Value ($000) $6,112 Shares 259,311 Est. Cost $19.44 Unrealized +13.8%

GM GENERAL MTRS CO 1.9%

Value ($000) $4,910 Shares 154,542 Est. Cost $25.54 Unrealized +1.2%

— WEATHERFORD INTL LTD 1.8%

Value ($000) $4,488 Shares 4,000,000 Est. Cost $1.12 Unrealized —

— MEDIA GEN INC NEW 1.7%

Value ($000) $4,423 Shares 240,000 Est. Cost $16.31 Unrealized —

— TOLL BROS FIN CORP 1.1%

Value ($000) $2,942 Shares 3,000,000 Est. Cost $1.06 Unrealized —

— M/I HOMES INC 1.1%

Value ($000) $2,917 Shares 2,715,000 Est. Cost $1.18 Unrealized —

— EVERI HLDGS INC 1.1%

Value ($000) $2,717 Shares 1,100,000 Est. Cost $1.15 Unrealized —

TLT ISHARES TR 0.6%

Value ($000) $1,427 Shares 1,240,000 Est. Cost — Unrealized —

— CALIFORNIA RES CORP 0.5%

Value ($000) $1,300 Shares 104,000 Est. Cost $12.50 Unrealized —

— BRISTOW GROUP INC 0.5%

Value ($000) $1,262 Shares 90,000 Est. Cost $14.02 Unrealized —

— MERITAGE HOMES CORP 0.5%

Value ($000) $1,195 Shares 1,200,000 Est. Cost $1.07 Unrealized —

— STANDARD PAC CORP NEW 0.4%

Value ($000) $997 Shares 957,000 Est. Cost $1.05 Unrealized —

— SUPERIOR ENERGY SVCS INC 0.4%

Value ($000) $969 Shares 54,129 Est. Cost $17.90 Unrealized —

— HARMONY MERGER CORP 0.4%

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

WYNN WYNN RESORTS LTD 0.2%

Value ($000) $410 Shares 26,100 Est. Cost — Unrealized —

— HARMONY MERGER CORP 0.0%

Value ($000) $115 Shares 720,000 Est. Cost $0.22 Unrealized —

IWM ISHARES TR 0.0%

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

— HARMONY MERGER CORP 0.0%

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

— WEATHERFORD INTL PLC 0.0%

Value ($000) $1 Shares 34,400 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CALATLANTIC GROUP INC	876,834	$29,321	11.4%	$37.92	—	COM	128195104
GLPI	GAMING & LEISURE PPTYS INC	532,626	$17,816	6.9%	$36.49	—	COM	36467J108
TOL	TOLL BROTHERS INC	564,817	$16,865	6.6%	$28.10	+2.8%	COM	889478103
—	LYON WILLIAM HOMES	865,637	$16,058	6.3%	$20.71	—	CL A NEW	552074700
—	GREAT AJAX CORP	1,110,281	$15,155	5.9%	$13.49	—	COM	38983D300
C	CITIGROUP INC	296,939	$14,024	5.5%	$36.41	-6.2%	COM	172967424
LGIH	LGI HOMES INC	372,045	$13,706	5.3%	$20.50	+72.0%	COM	50187T106
LEN	LENNAR CORP	291,621	$12,347	4.8%	$39.52	+2.2%	CL A	526057104
—	WCI CMNTYS INC	502,984	$11,931	4.7%	$22.62	—	COM PAR $0.01	92923C807
ALLY	ALLY FINL INC	590,057	$11,488	4.5%	$13.18	+8.1%	COM	02005N100
CSTE	CAESARSTONE LTD	276,749	$10,436	4.1%	$34.01	+2.7%	ORD SHS	M20598104
DHI	D R HORTON INC	313,722	$9,474	3.7%	$22.45	+28.8%	COM	23331A109
MCRI	MONARCH CASINO & RESORT INC	361,215	$9,092	3.5%	$17.51	+34.1%	COM	609027107
—	NORBORD INC	349,977	$8,988	3.5%	$19.90	—	COM NEW	65548P403
PENN	PENN NATL GAMING INC	604,054	$8,197	3.2%	$13.38	+5.1%	COM	707569109
—	NEW HOME CO INC	698,956	$7,458	2.9%	$14.40	—	COM	645370107
PHM	PULTE GROUP INC	346,958	$6,953	2.7%	$16.80	+10.4%	COM	745867101
MHO	M/I HOMES INC	259,311	$6,112	2.4%	$19.44	+13.8%	COM	55305B101
GM	GENERAL MTRS CO	154,542	$4,910	1.9%	$25.54	+1.2%	COM	37045V100
—	WEATHERFORD INTL LTD	4,000,000	$4,488	1.8%	$1.12	—	NOTE 5.875% 7/0	947075AH0
—	MEDIA GEN INC NEW	240,000	$4,423	1.7%	$16.31	—	COM	58441K100
—	TOLL BROS FIN CORP	3,000,000	$2,942	1.1%	$1.06	—	NOTE 0.500% 9/1	88947EAM2
—	M/I HOMES INC	2,715,000	$2,917	1.1%	$1.18	—	NOTE 3.250% 9/1	55292PAA3
—	EVERI HLDGS INC	1,100,000	$2,717	1.1%	$1.15	—	COM	30034T103
TLT	ISHARES TR	1,240,000	$1,427	0.6%	—	—	Put	464287432
—	CALIFORNIA RES CORP	104,000	$1,300	0.5%	$12.50	—	COM NEW	13057Q206
—	BRISTOW GROUP INC	90,000	$1,262	0.5%	$14.02	—	COM	110394103
—	MERITAGE HOMES CORP	1,200,000	$1,195	0.5%	$1.07	—	NOTE 1.875% 9/1	59001AAR3
—	STANDARD PAC CORP NEW	957,000	$997	0.4%	$1.05	—	NOTE 1.250% 8/0	85375CBC4
—	SUPERIOR ENERGY SVCS INC	54,129	$969	0.4%	$17.90	—	COM	868157108
—	HARMONY MERGER CORP	90,000	$900	0.4%	$8.18	—	UNIT 99/99/9999	413247206
WYNN	WYNN RESORTS LTD	26,100	$410	0.2%	—	—	Call	983134107
—	HARMONY MERGER CORP	720,000	$115	0.0%	$0.22	—	*W EXP 01/01/202	413247123
IWM	ISHARES TR	400,000	$54	0.0%	—	—	Put	464287655
—	HARMONY MERGER CORP	180,000	$2	0.0%	$0.01	—	COM	413247107
—	WEATHERFORD INTL PLC	34,400	$1	0.0%	—	—	Call	G48833100