Covalent Partners LLC Hedge Fund

CIK: 0001531611 · Show all filings

Period: Q4 2016 (← Previous) (Next →)

Filing Date: Feb 14, 2017

Total Value ($000): $269,144 (96.0% shares, 4.0% debt)

Holdings (37)

— CALATLANTIC GROUP INC 10.2%

Value ($000) $27,541 Shares 809,791 Est. Cost $37.92 Unrealized —

GLPI GAMING & LEISURE PPTYS INC 6.8%

Value ($000) $18,253 Shares 596,113 Est. Cost $35.86 Unrealized —

— BMC STK HLDGS INC 6.5%

Value ($000) $17,601 Shares 902,600 Est. Cost $19.50 Unrealized —

PHM PULTE GROUP INC 6.4%

Value ($000) $17,317 Shares 942,183 Est. Cost $16.97 Unrealized +0.6%

DHI D R HORTON INC 6.3%

Value ($000) $16,911 Shares 618,753 Est. Cost $24.10 Unrealized +7.1%

LEN LENNAR CORP 5.9%

Value ($000) $15,777 Shares 367,507 Est. Cost $38.99 Unrealized -5.3%

— GREAT AJAX CORP 5.4%

Value ($000) $14,634 Shares 1,102,762 Est. Cost $13.49 Unrealized —

LGIH LGI HOMES INC 5.3%

Value ($000) $14,162 Shares 492,937 Est. Cost $23.19 Unrealized +35.8%

TOL TOLL BROTHERS INC 4.8%

Value ($000) $12,979 Shares 418,672 Est. Cost $28.10 Unrealized +5.5%

— LYON WILLIAM HOMES 4.8%

Value ($000) $12,796 Shares 672,403 Est. Cost $20.71 Unrealized —

C CITIGROUP INC 4.5%

Value ($000) $12,024 Shares 202,326 Est. Cost $36.41 Unrealized +11.6%

ALLY ALLY FINL INC 4.3%

Value ($000) $11,596 Shares 609,672 Est. Cost $13.23 Unrealized +12.0%

MHO M/I HOMES INC 3.8%

Value ($000) $10,161 Shares 403,538 Est. Cost $20.91 Unrealized +12.7%

PENN PENN NATL GAMING INC 3.3%

Value ($000) $8,770 Shares 635,962 Est. Cost $13.40 Unrealized +1.8%

— BASIC ENERGY SVCS INC NEW 3.2%

Value ($000) $8,537 Shares 241,490 Est. Cost $35.35 Unrealized —

— NEW HOME CO INC 2.1%

Value ($000) $5,571 Shares 475,743 Est. Cost $14.40 Unrealized —

CSTE CAESARSTONE LTD 2.0%

Value ($000) $5,500 Shares 191,977 Est. Cost $34.01 Unrealized -13.8%

— CALIFORNIA RES CORP 1.8%

Value ($000) $4,897 Shares 230,007 Est. Cost $17.32 Unrealized —

MCRI MONARCH CASINO & RESORT INC 1.8%

Value ($000) $4,896 Shares 189,919 Est. Cost $17.51 Unrealized +41.5%

— WEATHERFORD INTL PLC 1.7%

Value ($000) $4,620 Shares 925,829 Est. Cost $4.99 Unrealized —

— MEDIA GEN INC NEW 1.7%

Value ($000) $4,519 Shares 240,000 Est. Cost $16.31 Unrealized —

GM GENERAL MTRS CO 1.6%

Value ($000) $4,304 Shares 123,544 Est. Cost $25.54 Unrealized +10.3%

— M/I HOMES INC 1.1%

Value ($000) $3,078 Shares 2,715,000 Est. Cost $1.18 Unrealized —

— SUPERIOR ENERGY SVCS INC 1.1%

Value ($000) $3,043 Shares 180,246 Est. Cost $17.19 Unrealized —

— TOLL BROS FIN CORP 1.1%

Value ($000) $2,951 Shares 3,000,000 Est. Cost $1.06 Unrealized —

— EVERI HLDGS INC 0.7%

Value ($000) $1,839 Shares 847,393 Est. Cost $1.15 Unrealized —

— STANDARD PAC CORP NEW 0.4%

Value ($000) $985 Shares 957,000 Est. Cost $1.05 Unrealized —

— HARMONY MERGER CORP 0.3%

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

— BRISTOW GROUP INC 0.3%

Value ($000) $870 Shares 42,500 Est. Cost $14.02 Unrealized —

IWM ISHARES TR 0.2%

Value ($000) $655 Shares 550,000 Est. Cost — Unrealized —

— MERITAGE HOMES CORP 0.2%

Value ($000) $596 Shares 600,000 Est. Cost $1.07 Unrealized —

— HARMONY MERGER CORP 0.1%

Value ($000) $252 Shares 720,000 Est. Cost $0.22 Unrealized —

XHB SPDR SERIES TRUST 0.1%

Value ($000) $211 Shares 4,841,700 Est. Cost — Unrealized —

WYNN WYNN RESORTS LTD 0.1%

Value ($000) $205 Shares 26,100 Est. Cost — Unrealized —

TLT ISHARES TR 0.1%

Value ($000) $190 Shares 187,500 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 $4.99 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CALATLANTIC GROUP INC	809,791	$27,541	10.2%	$37.92	—	COM	128195104
GLPI	GAMING & LEISURE PPTYS INC	596,113	$18,253	6.8%	$35.86	—	COM	36467J108
—	BMC STK HLDGS INC	902,600	$17,601	6.5%	$19.50	—	COM	05591B109
PHM	PULTE GROUP INC	942,183	$17,317	6.4%	$16.97	+0.6%	COM	745867101
DHI	D R HORTON INC	618,753	$16,911	6.3%	$24.10	+7.1%	COM	23331A109
LEN	LENNAR CORP	367,507	$15,777	5.9%	$38.99	-5.3%	CL A	526057104
—	GREAT AJAX CORP	1,102,762	$14,634	5.4%	$13.49	—	COM	38983D300
LGIH	LGI HOMES INC	492,937	$14,162	5.3%	$23.19	+35.8%	COM	50187T106
TOL	TOLL BROTHERS INC	418,672	$12,979	4.8%	$28.10	+5.5%	COM	889478103
—	LYON WILLIAM HOMES	672,403	$12,796	4.8%	$20.71	—	CL A NEW	552074700
C	CITIGROUP INC	202,326	$12,024	4.5%	$36.41	+11.6%	COM NEW	172967424
ALLY	ALLY FINL INC	609,672	$11,596	4.3%	$13.23	+12.0%	COM	02005N100
MHO	M/I HOMES INC	403,538	$10,161	3.8%	$20.91	+12.7%	COM	55305B101
PENN	PENN NATL GAMING INC	635,962	$8,770	3.3%	$13.40	+1.8%	COM	707569109
—	BASIC ENERGY SVCS INC NEW	241,490	$8,537	3.2%	$35.35	—	COM NEW	06985P209
—	NEW HOME CO INC	475,743	$5,571	2.1%	$14.40	—	COM	645370107
CSTE	CAESARSTONE LTD	191,977	$5,500	2.0%	$34.01	-13.8%	ORD SHS	M20598104
—	CALIFORNIA RES CORP	230,007	$4,897	1.8%	$17.32	—	COM NEW	13057Q206
MCRI	MONARCH CASINO & RESORT INC	189,919	$4,896	1.8%	$17.51	+41.5%	COM	609027107
—	WEATHERFORD INTL PLC	925,829	$4,620	1.7%	$4.99	—	ORD SHS	G48833100
—	MEDIA GEN INC NEW	240,000	$4,519	1.7%	$16.31	—	COM	58441K100
GM	GENERAL MTRS CO	123,544	$4,304	1.6%	$25.54	+10.3%	COM	37045V100
—	M/I HOMES INC	2,715,000	$3,078	1.1%	$1.18	—	NOTE 3.250% 9/1	55292PAA3
—	SUPERIOR ENERGY SVCS INC	180,246	$3,043	1.1%	$17.19	—	COM	868157108
—	TOLL BROS FIN CORP	3,000,000	$2,951	1.1%	$1.06	—	NOTE 0.500% 9/1	88947EAM2
—	EVERI HLDGS INC	847,393	$1,839	0.7%	$1.15	—	COM	30034T103
—	STANDARD PAC CORP NEW	957,000	$985	0.4%	$1.05	—	NOTE 1.250% 8/0	85375CBC4
—	HARMONY MERGER CORP	90,000	$900	0.3%	$8.18	—	UNIT 99/99/9999	413247206
—	BRISTOW GROUP INC	42,500	$870	0.3%	$14.02	—	COM	110394103
IWM	ISHARES TR	550,000	$655	0.2%	—	—	Put	464287655
—	MERITAGE HOMES CORP	600,000	$596	0.2%	$1.07	—	NOTE 1.875% 9/1	59001AAR3
—	HARMONY MERGER CORP	720,000	$252	0.1%	$0.22	—	*W EXP 01/01/202	413247123
XHB	SPDR SERIES TRUST	4,841,700	$211	0.1%	—	—	Put	78464A888
WYNN	WYNN RESORTS LTD	26,100	$205	0.1%	—	—	Call	983134107
TLT	ISHARES TR	187,500	$190	0.1%	—	—	Put	464287432
—	HARMONY MERGER CORP	180,000	$2	0.0%	$0.01	—	COM	413247107
—	WEATHERFORD INTL PLC	34,400	$1	0.0%	$4.99	—	Call	G48833100