WhaleCreep

Cove Street Capital 13F holdings, Q1 2020

Long-only investorSEC filingsCompare with another fundHoldings as of 2020-03-31, filed 2020-05-14

Cove Street Capital disclosed 98 US equity positions worth $488.1m in its Q1 2020 13F filing. Its largest position is CMP at 6.3% of the reported book, followed by VSAT and TIGO. Versus Q4 2019 it opened 13 new positions, added to 24, reduced 42 and exited 15.

$488m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
98
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
6.3%
Largest position
The largest single position as a share of the reported equity book.
44.9%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
33
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
56
Quarters on file since Q3 2011
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q4 2019: 13 new, 24 added, 42 reduced, 15 exited

50 of 98
CMP COMPASS MINERALS INTL INCBasic Materials6.3%$30.5m794,085−2.8%reduced
VSAT VIASAT INCTechnology6.1%$29.8m828,378+78%added
TIGO MILLICOM INTL CELLULAR S ACommunication Services4.9%$24.0m845,478−1.9%reduced
MIC2EUR MACQUARIE INFRASTRUCTURE COR–4.7%$22.9m906,703+65%added
COLFAX CORP no ticker–4.5%$22.0m1.11m+3.1%added
8HH AVANOS MED INC–4.5%$21.9m811,436+218%added
SSP SCRIPPS E W CO OHIOCommunication Services3.8%$18.6m2.46m−0.3%held
AXALTA COATING SYS LTD no ticker–3.7%$18.1m1.05m+217%added
GPX GP STRATEGIES CORP–3.3%$16.1m2.47m+2.7%added
INTLUSD INTL FCSTONE INC–3.1%$15.4m423,669−10%reduced
CVLT COMMVAULT SYSTEMS INCTechnology3.0%$14.6m361,200−3.2%reduced
PAHC PHIBRO ANIMAL HEALTH CORPHealthcare3.0%$14.5m598,590+0.6%added
AYI ACUITY INCIndustrials2.9%$14.3m167,334+173%added
UFPT UFP TECHNOLOGIES INCHealthcare2.7%$13.1m342,899−7.1%reduced
AVID TECHNOLOGY INC no ticker–2.6%$12.5m1.85m−12%reduced
SPB SPECTRUM BRANDS HLDGS INC NEConsumer Defensive2.5%$12.0m331,086+63%added
SENSATA TECHNOLOGIES HLDG PL no ticker–2.0%$9.9m340,530+1354%added
HCCIUSD HERITAGE CRYSTAL CLEAN INC–2.0%$9.6m590,431−4.7%reduced
SXI STANDEX INTL CORPIndustrials1.9%$9.4m190,814+23%added
SIXEUR SIX FLAGS ENTMT CORP NEW–1.7%$8.5m675,900–new
GCPEUR GCP APPLIED TECHNOLOGIES INC–1.7%$8.1m457,300+6.9%added
YELP YELP INCCommunication Services1.6%$8.0m443,664−4.0%reduced
PDCOEUR PATTERSON COS INC–1.6%$8.0m522,439−35%reduced
AVD AMERICAN VANGUARD CORPBasic Materials1.5%$7.1m493,819−26%reduced
EPAC ENERPAC TOOL GROUP CORPIndustrials1.4%$6.7m406,895–new
MWA Mueller Water Products Inc.Industrials1.4%$6.7m832,948+14%added
CTLEUR CENTURYLINK INC–1.3%$6.4m680,308−11%reduced
YUSD ALLEGHANY CORP DEL–1.2%$5.9m10,768−2.2%reduced
LIBERTY MEDIA CORP DEL no ticker–1.2%$5.9m184,732−24%reduced
CNK CINEMARK HLDGS INCCommunication Services1.2%$5.8m571,758–new
HSIC HENRY SCHEIN INCHealthcare1.0%$5.0m99,858−9.4%reduced
DCI DONALDSON INCIndustrials1.0%$5.0m128,527–new
TGNA TEGNA INC–1.0%$4.9m446,732−53%reduced
FMC FMC CORPBasic Materials1.0%$4.8m59,372−3.8%reduced
CSW CSW INDUSTRIALS INCIndustrials1.0%$4.7m71,900−7.3%reduced
LTRPAUSD LIBERTY TRIPADVISOR HLDGS IN–0.9%$4.3m2.40m+8.9%added
SKAA SKECHERS U S A INC–0.8%$3.9m165,800–new
BRK/B BERKSHIRE HATHAWAY INC DEL–0.8%$3.9m21,400–new
GEC GREAT ELM CAP GROUP INC–0.7%$3.2m1.71m−1.5%reduced
CLH CLEAN HARBORS INCIndustrials0.5%$2.4m46,944+253%added
BNY BANK OF NY MELLON CORPFinancial Services0.5%$2.4m70,565−17%reduced
HALLUSD HALLMARK FINL SVCS INC–0.5%$2.3m580,851−45%reduced
GE GENERAL ELECTRIC COIndustrials0.4%$2.2m274,500−7.7%reduced
CSUUSD CAPITAL SR LIVING CORP–0.4%$2.2m3.73m+2.2%added
JPM JPMORGAN CHASE & COFinancial Services0.4%$2.1m23,105−47%reduced
EM7 EMERALD HOLDING INC–0.4%$2.0m765,827–new
DLHC DLH HLDGS CORPIndustrials0.3%$1.5m366,868+72%added
WFC WELLS FARGO & COFinancial Services0.2%$1.1m39,900–new
GLOBAL INDTY LTD CAYMAN no ticker–0.2%$1.1m43,681+25%added
TRNS TRANSCAT INCIndustrials0.2%$1.1m42,000+20%added

Exited since Q4 2019

15 rows
QVCG QVC GROUP INC2.3%$17.2m
HP5A EQUITY COMWLTH2.0%$14.8m
LOGMEUR LOGMEIN INC1.9%$14.2m
ATUEUR ACTUANT CORP1.6%$11.9m
TASTUSD CARROLS RESTAURANT GROUP INC0.7%$5.5m
0VVB PARAMOUNT GLOBAL0.7%$5.2m
MAT MATTEL INC0.5%$3.5m
WAIREUR WESCO AIRCRAFT HLDGS INC0.4%$3.2m
TEL TE CONNECTIVITY LTD0.4%$3.0m
EMERALD EXPOSITIONS EVENTS I no ticker0.4%$2.7m
LIBERTY GLOBAL PLC no ticker0.3%$2.2m
WSM WILLIAMS SONOMA INC0.1%$1.0m
SWCHF SIERRA WIRELESS INC0.08%$627k
VRSUSD VERSO CORP0.06%$451k
LIBERTY MEDIA CORP DELAWARE no ticker0.0%$31.0k

Sector mix

  • Unclassified46.9%
  • Industrials11.6%
  • Communication Services11.6%
  • Technology9.3%
  • Basic Materials8.8%
  • Healthcare7.1%
  • Consumer Defensive2.6%
  • Financial Services1.2%
  • Consumer Cyclical0.4%
  • Energy0.3%
  • Real Estate0.1%
  • Utilities0.06%

Book over time

Every quarter on file (56)
QuarterPositionsEquity book
Q3 202596$76.6m
Q2 202597$68.2m
Q1 202598$63.7m
Q4 202494$85.7m
Q3 202499$128m
Q2 202478$139m
Q1 202471$316m
Q4 202370$327m
Q3 202381$296m
Q2 202380$322m
Q1 202383$335m
Q4 202281$367m
Q3 202279$358m
Q2 202282$397m
Q1 202286$565m
Q4 202189$571m
Q3 202189$674m
Q2 202187$691m
Q1 202186$698m
Q4 202080$565m
Q3 202074$528m
Q2 202074$505m
Q1 202098$488m
Q4 2019100$756m
Q3 201995$715m
Q2 201997$775m
Q1 201997$817m
Q4 2018100$773m
Q3 201898$948m
Q2 2018102$919m
Q1 2018106$907m
Q4 2017107$927m
Q3 2017108$896m
Q2 201790$825m
Q1 201786$947m
Q4 201692$957m
Q3 201695$928m
Q2 2016103$905m
Q1 2016103$766m
Q4 2015110$759m
Q3 2015112$755m
Q2 2015108$830m
Q1 2015114$763m
Q4 2014110$671m
Q3 201492$642m
Q2 201471$618m
Q1 201466$532m
Q4 201371$539m
Q3 201368$492m
Q2 201369$455m
Q1 201353$240m
Q4 201252$215m
Q3 201252$210m
Q2 201256$214m
Q4 201156$224m
Q3 201162$195m

Where Cove Street Capital was early

69 rows
STT State Street CorpQ4 20118 of 1391.4%1.9%25Exited by Q1 2019+56%
CLGX CoreLogic IncQ2 20121 of 943.1%3.3%7Exited by Q1 2014+191%
GEF/B Greif Inc CL BQ2 20121 of 260.6%1.1%10Exited by Q4 2014+10%
AIG American International Group IncQ2 20127 of 1552.0%3.9%18Exited by Q1 2018+86%
COF Capital One Financial CorpQ2 20128 of 2273.8%4.0%27Exited by Q1 2019+38%
WU Western Union CompanyQ2 201211 of 1331.0%4.4%10Exited by Q2 2022+11%
LYV Live Nation Entertainment IncQ4 20125 of 2162.7%4.4%7Exited by Q4 2020+479%
FOR Forestar Group IncQ1 20131 of 821.6%5.5%17Exited by Q2 2017−38%
GPX GP Strategies CorporationQ2 20131 of 271.3%4.7%34Exited by Q4 2021−13%
OXY OCCIDENTAL PETE CORPQ2 20134 of 1920.3%2.0%12Exited by Q3 2025−51%
GM General Motors CompanyQ2 201311 of 1691.2%1.2%9Exited by Q3 2015+0.1%
AZZ AZZ IncQ3 20131 of 801.6%3.1%15Exited by Q3 2022−2.5%
GHC Graham HoldingsQ4 20132 of 1124.3%4.5%6Exited by Q2 2015+58%
AVD AMERICAN VANGUARD CORPQ2 20141 of 590.3%10.5%32Held at last filing, Q3 2025−57%
VSAT VIASAT INCQ2 20142 of 1261.3%11.0%46Held at last filing, Q3 2025−49%
HNRG HALLADOR ENERGY COMPANYQ3 20142 of 910.1%2.1%36Exited by Q4 2024−20%
UFPT UFP Technologies IncQ3 20142 of 590.05%3.3%34Exited by Q1 2023+436%
ANIK ANIKA THERAPEUTICS INCQ4 20141 of 580.07%1.8%10Held at last filing, Q3 2025−77%
PRKS SeaWorld Entertainment IncQ4 20145 of 1521.6%1.7%7Exited by Q3 2016−20%
SSP SCRIPPS E W CO OHIOQ4 20145 of 730.6%6.7%40Held at last filing, Q3 2025−88%
RAVN Raven Industries IncQ1 20151 of 560.2%2.3%8Exited by Q1 2017+85%
TIGO MILLICOM INTL CELLULAR S AQ1 20152 of 800.2%6.5%37Exited by Q2 2024−44%
IBM International Business MachineQ1 20159 of 1681.5%1.5%9Exited by Q2 2017+8.5%
HP5A Equity CommonwealthQ2 201512 of 1111.8%2.1%19Exited by Q1 2020+28%
FELE Franklin Electric Co IncQ3 20152 of 731.3%1.9%7Exited by Q2 2017+58%
GDEN GOLDEN ENTMT INCQ3 20152 of 890.9%1.1%10Held at last filing, Q3 2025+74%
TUP Tupperware Brands CorpQ3 20152 of 701.4%3.1%16Exited by Q3 2019−62%
FMC FMC CORPQ3 20159 of 1573.8%5.4%40Exited by Q3 2025+42%
CSW CSW Industrials IncQ4 20153 of 770.1%2.4%19Exited by Q3 2020+83%
ZBRA ZEBRA TECHNOLOGIES CORPORATIQ1 20168 of 1541.6%2.6%13Held at last filing, Q3 2025+331%
NOVT Novanta IncQ2 20161 of 992.1%2.4%7Exited by Q1 2018+230%
EVC Entravision Communications CorQ2 20163 of 650.02%1.1%3Exited by Q1 2017+4.2%
JCI Johnson Controls InternationalQ3 201612 of 1730.6%1.1%9Exited by Q4 2018−25%
TGNA TEGNA IncQ4 20163 of 1473.8%5.5%23Exited by Q3 2022−35%
CMP COMPASS MINERALS INTL INCQ4 20164 of 1032.4%6.8%36Held at last filing, Q3 2025−75%
TRNS Transcat IncQ1 20172 of 540.1%1.9%17Exited by Q2 2021+286%
SBH Sally Beauty Holdings IncQ1 20178 of 1122.4%2.6%5Exited by Q2 2018−20%
NEU NEWMARKET CORPQ3 20171 of 860.05%3.2%20Held at last filing, Q3 2025+95%
DLHC DLH HLDGS CORPQ3 20172 of 240.1%3.8%29Exited by Q4 2024+44%
GE General Electric CompanyQ3 201723 of 2421.0%1.0%12Exited by Q3 2020−71%
LILAB Liberty Latin America CL AQ4 20173 of 1011.2%1.2%6Exited by Q2 2019−3.2%
QVCG Qurate Retail IncQ1 20181 of 1161.0%2.3%8Exited by Q1 2020−67%
AYI Acuity Brands IncQ1 20185 of 1370.7%2.9%14Exited by Q3 2021+34%
DNOW NOW IncQ1 20186 of 1332.0%2.5%9Exited by Q2 2020−50%
SPB Spectrum Brands Holdings IncQ1 201810 of 1470.05%3.2%18Exited by Q3 2022−19%
HSIC Henry Schein IncQ1 201811 of 1420.6%1.4%20Exited by Q1 2023+52%
JEF Jefferies Financial Group IncQ2 20183 of 1281.1%1.1%5Exited by Q3 2019−15%
TPR TAPESTRY INCQ4 201812 of 1730.1%2.7%22Exited by Q2 2024+41%
SXI STANDEX INTL CORPQ2 20191 of 591.1%2.6%20Exited by Q2 2024+149%
VMD VIEMED HEALTHCARE INCQ3 20192 of 480.09%2.8%25Held at last filing, Q3 2025−1.9%

Concentration and tenure

6.2%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
43.0%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
4
Median completed holding, quarters