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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
+0.08%
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
$70.2M
AUM Growth
-$10.1M
Cap. Flow
-$12M
Cap. Flow %
-17.12%
Top 10 Hldgs %
84.77%
Holding
53
New
4
Increased
4
Reduced
4
Closed
5
Avg Time Held Equity + Options
4.2 quarters
Top 10 Avg Time Held Equity + Options
1.9 quarters
Top 20 Avg Time Held Equity + Options
2.2 quarters
Avg Time Held Equity only
4.4 quarters
Top 10 Avg Time Held Equity only
2.2 quarters
Top 20 Avg Time Held Equity only
2.7 quarters

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$730K
2
BHC icon
Bausch Health
BHC
+$625K
3
NINE icon
Nine Energy Service
NINE
+$253K
4
PRTY
Party City Holdco Inc.
PRTY
+$252K
5
LUV icon
Southwest Airlines
LUV
+$187K

Top Sells

Rank Stock Value
1
DHI icon
D.R. Horton
DHI
+$2.32M
2
BYD icon
Boyd Gaming
BYD
+$628K
3
UFPI icon
UFP Industries
UFPI
+$511K
4
DAL icon
Delta Air Lines
DAL
+$318K
5
SLCRW
Silver Crest Acquisition Corporation Warrant
SLCRW
+$24K

Sector Composition

Rank Sector Weight
1 Miscellaneous 77.53%
2 Financials 12.52%
3 Industrials 3.61%
4 Energy 3.28%
5 Consumer Discretionary 1.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
ROIVW icon
26
DELISTED
Roivant Sciences Ltd. Warrant
ROIVW
$39K 0.06%
100,000
– –
2021 Q4
3 quarters
THCHW icon
27
DELISTED
TH International Limited Warrant
THCHW
$38K 0.05%
+110,000
New +$40.9K
2022 Q3
0 quarters
FAZEW
28
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
$36K 0.05%
65,000
– –
2021 Q2
5 quarters
COIN icon
29
Coinbase
COIN
$47.3B
$26K 0.04%
400
– –
2021 Q2
5 quarters
CIFRW icon
30
DELISTED
Cipher Mining Warrant
CIFRW
$17K 0.02%
100,000
– –
2021 Q2
5 quarters
MONDW icon
31
DELISTED
Mondee Holdings, Inc. Warrant
MONDW
$16K 0.02%
25,000
– –
2021 Q1
6 quarters
AGAC.WS
32
DELISTED
African Gold Acquisition Corp Warrants
AGAC.WS
$8K 0.01%
187,500
– –
2021 Q1
6 quarters
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
$6K 0.01%
40,000
– –
2021 Q2
5 quarters
SKYAW icon
34
DELISTED
Skydeck Acquisition Corp. Warrants
SKYAW
$5K 0.01%
45,900
– –
2021 Q3
4 quarters
AEAEW icon
35
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
$4K 0.01%
22,500
– –
2021 Q4
3 quarters
DAOOW
36
DELISTED
Crypto 1 Acquisition Corp Warrants
DAOOW
$4K 0.01%
37,500
– –
2022 Q1
2 quarters
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
$4K 0.01%
87,500
– –
2021 Q1
6 quarters
LMDXW
38
DELISTED
LumiraDx Limited Warrant
LMDXW
$3K ﹤0.01%
27,500
– –
2021 Q3
4 quarters
TZPSW
39
DELISTED
TZP Strategies Acquisition Corp. Warrant
TZPSW
$3K ﹤0.01%
35,000
– –
2021 Q1
6 quarters
ACII.WS icon
40
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
$3K ﹤0.01%
68,294
– –
2021 Q2
5 quarters
EVOJW
41
DELISTED
Evo Acquisition Corp. Warrant
EVOJW
$2K ﹤0.01%
50,000
– –
2021 Q2
5 quarters
MONCW
42
DELISTED
Monument Circle Acquisition Corp. Warrant
MONCW
$2K ﹤0.01%
37,500
– –
2021 Q1
6 quarters
COVAW
43
DELISTED
COVA Acquisition Corp. Warrants to purchase Class A ordinary shares
COVAW
$2K ﹤0.01%
75,000
– –
2021 Q2
5 quarters
EACPW
44
DELISTED
Edify Acquisition Corp. Warrant
EACPW
$1K ﹤0.01%
15,000
– –
2021 Q1
6 quarters
SPKBW
45
DELISTED
Silver Spike Acquisition Corp II Warrant
SPKBW
$1K ﹤0.01%
27,500
– –
2021 Q2
5 quarters
DHI icon
46
D.R. Horton
DHI
$37.7B
– –
-35,000
Closed -$2.32M –
QQQ icon
47
CALL
Invesco QQQ Trust
QQQ
$502B
– –
-11,000
Closed -$3.08M –
UFPI icon
48
UFP Industries
UFPI
$4.09B
– –
-7,500
Closed -$511K –
FTAAW
49
DELISTED
FTAC Athena Acquisition Corp. Warrant
FTAAW
– –
-6,700
Closed -$2K –
SLCRW
50
DELISTED
Silver Crest Acquisition Corporation Warrant
SLCRW
– –
-110,000
Closed -$24K –
1
2

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Covalent Partners's Q3 2022 Portfolio in Review

As of Q3 2022, Covalent Partners held 53 positions worth $70.2M, down 13% from $80.3M the previous quarter. Its ten largest holdings account for 85% of the portfolio.

Covalent Partners withdrew a net $12M in Q3 2022, closing 5 positions and reducing 4 holdings. Its most notable exit was D.R. Horton, an estimated $2.32M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 78% of assets, up from 77% a quarter earlier, followed by Financials and Industrials.

Against the trend, Covalent Partners opened a new position in Bausch Health worth $620K.

  • Covalent Partners's largest Q3 2022 buy was Bausch Health: 90,000 shares worth $620K.
  • Covalent Partners added most to iShares Russell 2000 ETF in Q3 2022, an estimated $730K increase.
  • Covalent Partners's biggest Q3 2022 reduction was Boyd Gaming, cutting an estimated $628K.
  • Covalent Partners fully exited D.R. Horton in Q3 2022, selling an estimated $2.32M.
  • Covalent Partners's ten largest holdings make up 85% of its $70.2M portfolio in Q3 2022.
  • Covalent Partners opened 4 new positions and closed 5 in Q3 2022.
  • Covalent Partners's portfolio value fell 13% quarter-over-quarter to $70.2M.

Based on Covalent Partners's 13F filing for Q3 2022, filed 14 Nov 2022.