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CP

Covalent Partners Portfolio holdings

AUM $17.6M
1-Year Est. Return 2.91%
This Fund
S&P 500
This Quarter Est. Return
-7.05%
1 Year Est. Return
+2.91%
3 Year Est. Return
+36.56%
5 Year Est. Return
+67.28%
10 Year Est. Return
+115.1%
AUM
$80.3M
AUM Growth
-$37.9M
Cap. Flow
-$41M
Cap. Flow %
-51.01%
Top 10 Hldgs %
83.03%
Holding
64
New
5
Increased
1
Reduced
8
Closed
15

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$553K
2
NINE
Nine Energy Service
NINE
+$225K

Top Sells

Rank Stock Value
1
HTZ icon
Hertz
HTZ
+$3.99M
2
HP icon
Helmerich & Payne
HP
+$3M
3
UFPI icon
UFP Industries
UFPI
+$2.83M
4
CCL icon
Carnival Corporation Ltd
CCL
+$2.02M
5
AGAC
African Gold Acquisition Corp
AGAC
+$1.96M

Sector Composition

Rank Sector Weight
1 Financials 10.86%
2 Consumer Discretionary 4.79%
3 Industrials 3.43%
4 Energy 2.45%
5 Materials 0.64%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ROIVW
26
DELISTED
Roivant Sciences Ltd. Warrant
ROIVW
$60K 0.07%
100,000
– –
LMDXW
27
DELISTED
LumiraDx Limited Warrant
LMDXW
$26K 0.03%
27,500
– –
FAZEW
28
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
$24K 0.03%
65,000
– –
SLCRW
29
DELISTED
Silver Crest Acquisition Corporation Warrant
SLCRW
$24K 0.03%
110,000
– –
CIFRW
30
DELISTED
Cipher Mining Warrant
CIFRW
$19K 0.02%
100,000
– –
COIN icon
31
Coinbase
COIN
$47.4B
$19K 0.02%
400
– –
AGAC.WS
32
DELISTED
African Gold Acquisition Corp Warrants
AGAC.WS
$15K 0.02%
187,500
– –
CCVI.WS
33
DELISTED
Churchill Capital Corp VI Warrants, each exercisable for one share of Class A common stock at an exercise price of $11.50 per share
CCVI.WS
$14K 0.02%
40,000
– –
ACII.WS
34
DELISTED
Atlas Crest Investment Corp. II Redeemable Warrants, each whole warrant exercisable for one Class A common stock at an exercise price of $11.50
ACII.WS
$10K 0.01%
68,294
– –
SKYAW
35
DELISTED
Skydeck Acquisition Corp. Warrants
SKYAW
$8K 0.01%
45,900
– –
COVAW
36
DELISTED
COVA Acquisition Corp. Warrants to purchase Class A ordinary shares
COVAW
$8K 0.01%
75,000
– –
TMAC.WS
37
DELISTED
The Music Acquisition Corporation Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
TMAC.WS
$8K 0.01%
87,500
– –
MONDW
38
DELISTED
Mondee Holdings, Inc. Warrant
MONDW
$7K 0.01%
25,000
– –
DAOOW
39
DELISTED
Crypto 1 Acquisition Corp Warrants
DAOOW
$5K 0.01%
37,500
– –
AEAEW
40
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
$4K 0.01%
22,500
– –
EVOJW
41
DELISTED
Evo Acquisition Corp. Warrant
EVOJW
$4K 0.01%
50,000
– –
MONCW
42
DELISTED
Monument Circle Acquisition Corp. Warrant
MONCW
$4K 0.01%
37,500
– –
TZPSW
43
DELISTED
TZP Strategies Acquisition Corp. Warrant
TZPSW
$3K ﹤0.01%
35,000
– –
EACPW
44
DELISTED
Edify Acquisition Corp. Warrant
EACPW
$2K ﹤0.01%
15,000
– –
SPKBW
45
DELISTED
Silver Spike Acquisition Corp II Warrant
SPKBW
$2K ﹤0.01%
27,500
– –
FTAAW
46
DELISTED
FTAC Athena Acquisition Corp. Warrant
FTAAW
$2K ﹤0.01%
6,700
– –
BBCP icon
47
Concrete Pumping Holdings
BBCP
$474M
– –
-225,000
Closed -$1.51M
CCL icon
48
Carnival Corporation Ltd
CCL
$35.2B
– –
-100,000
Closed -$2.02M
EWG icon
49
PUT
iShares MSCI Germany ETF
EWG
$1.72B
– –
-475,000
Closed -$13.5M
HHH icon
50
Howard Hughes
HHH
$3.99B
– –
-16,784
Closed -$1.66M
1
2
3

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HFA
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Covalent Partners's Q2 2022 Portfolio in Review

As of Q2 2022, Covalent Partners held 64 positions worth $80.3M, down 32% from $118M the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Covalent Partners withdrew a net $41M in Q2 2022, closing 15 positions and reducing 8 holdings. Its most notable exit was Hertz, an estimated $3.99M position sold in full.

By sector, the portfolio is most concentrated in Financials at 11% of assets, down from 12% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Covalent Partners opened a new position in iShares Russell 2000 ETF worth $508K.

  • Covalent Partners's largest Q2 2022 buy was iShares Russell 2000 ETF: 3,000 shares worth $508K.
  • Covalent Partners added most to Nine Energy Service in Q2 2022, an estimated $225K increase.
  • Covalent Partners's biggest Q2 2022 reduction was UFP Industries, cutting an estimated $2.83M.
  • Covalent Partners fully exited Hertz in Q2 2022, selling an estimated $3.99M.
  • Covalent Partners's ten largest holdings make up 83% of its $80.3M portfolio in Q2 2022.
  • Covalent Partners opened 5 new positions and closed 15 in Q2 2022.
  • Covalent Partners's portfolio value fell 32% quarter-over-quarter to $80.3M.

Based on Covalent Partners's 13F filing for Q2 2022, filed 15 Aug 2022.