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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
-$18.3M
Cap. Flow %
-26.07%
Top 10 Hldgs %
84.77%
Holding
53
New
4
Increased
4
Reduced
4
Closed
5

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$730K
2
BHC icon
Bausch Health
BHC
+$625K
3
NINE
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 Financials 12.52%
2 Industrials 3.61%
3 Energy 3.28%
4 Consumer Discretionary 1.54%
5 Healthcare 1.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ROIVW
26
DELISTED
Roivant Sciences Ltd. Warrant
ROIVW
$39K 0.06%
100,000
– –
THCHW
27
DELISTED
TH International Limited Warrant
THCHW
$38K 0.05%
+110,000
New +$40.9K
FAZEW
28
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
$36K 0.05%
65,000
– –
COIN icon
29
Coinbase
COIN
$47.4B
$26K 0.04%
400
– –
CIFRW
30
DELISTED
Cipher Mining Warrant
CIFRW
$17K 0.02%
100,000
– –
MONDW
31
DELISTED
Mondee Holdings, Inc. Warrant
MONDW
$16K 0.02%
25,000
– –
AGAC.WS
32
DELISTED
African Gold Acquisition Corp Warrants
AGAC.WS
$8K 0.01%
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
$6K 0.01%
40,000
– –
SKYAW
34
DELISTED
Skydeck Acquisition Corp. Warrants
SKYAW
$5K 0.01%
45,900
– –
AEAEW
35
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
$4K 0.01%
22,500
– –
DAOOW
36
DELISTED
Crypto 1 Acquisition Corp Warrants
DAOOW
$4K 0.01%
37,500
– –
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
– –
LMDXW
38
DELISTED
LumiraDx Limited Warrant
LMDXW
$3K ﹤0.01%
27,500
– –
TZPSW
39
DELISTED
TZP Strategies Acquisition Corp. Warrant
TZPSW
$3K ﹤0.01%
35,000
– –
ACII.WS
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
– –
EVOJW
41
DELISTED
Evo Acquisition Corp. Warrant
EVOJW
$2K ﹤0.01%
50,000
– –
MONCW
42
DELISTED
Monument Circle Acquisition Corp. Warrant
MONCW
$2K ﹤0.01%
37,500
– –
COVAW
43
DELISTED
COVA Acquisition Corp. Warrants to purchase Class A ordinary shares
COVAW
$2K ﹤0.01%
75,000
– –
EACPW
44
DELISTED
Edify Acquisition Corp. Warrant
EACPW
$1K ﹤0.01%
15,000
– –
SPKBW
45
DELISTED
Silver Spike Acquisition Corp II Warrant
SPKBW
$1K ﹤0.01%
27,500
– –
DHI icon
46
D.R. Horton
DHI
$41.7B
– –
-35,000
Closed -$2.32M
QQQ icon
47
CALL
Invesco QQQ Trust
QQQ
$483B
– –
-11,000
Closed -$3.08M
UFPI icon
48
UFP Industries
UFPI
$4.92B
– –
-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 $18.3M 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 Financials at 13% of assets, up from 11% a quarter earlier, followed by Industrials and Energy.

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.