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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
+12.03%
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
$88.5M
AUM Growth
+$18.2M
Cap. Flow
+$3.19M
Cap. Flow %
3.61%
Top 10 Hldgs %
94.02%
Holding
52
New
4
Increased
2
Reduced
3
Closed
19

Top Buys

Rank Stock Value
1
RIG icon
Transocean
RIG
+$964K
2
LUV icon
Southwest Airlines
LUV
+$541K
3
BLCO icon
Bausch + Lomb
BLCO
+$183K
4
ECXWW
ECARX Holdings Warrants
ECXWW
+$5.83K

Top Sells

Rank Stock Value
1
ACII
Atlas Crest Investment Corp. II
ACII
+$1.97M
2
SKYA
Skydeck Acquisition Corp. Class A Ordinary Shares
SKYA
+$1.35M
3
TZPS
TZP Strategies Acquisition Corp. Class A Ordinary Share
TZPS
+$1.04M
4
TMAC
The Music Acquisition Corporation
TMAC
+$984K
5
NINE
Nine Energy Service
NINE
+$766K

Sector Composition

Rank Sector Weight
1 Energy 3.47%
2 Industrials 3.08%
3 Financials 2.26%
4 Healthcare 1.09%
5 Consumer Discretionary 0.43%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LMDXW
26
DELISTED
LumiraDx Limited Warrant
LMDXW
$1.62K ﹤0.01%
27,500
– –
SKYAW
27
DELISTED
Skydeck Acquisition Corp. Warrants
SKYAW
$1.38K ﹤0.01%
45,900
– –
TZPSW
28
DELISTED
TZP Strategies Acquisition Corp. Warrant
TZPSW
$858 ﹤0.01%
35,000
– –
SPKBW
29
DELISTED
Silver Spike Acquisition Corp II Warrant
SPKBW
$825 ﹤0.01%
27,500
– –
EACPW
30
DELISTED
Edify Acquisition Corp. Warrant
EACPW
$452 ﹤0.01%
15,000
– –
BYD icon
31
Boyd Gaming
BYD
$5.89B
– –
-10,000
Closed -$477K
COIN icon
32
Coinbase
COIN
$47.4B
– –
-400
Closed -$26K
NINE
33
DELISTED
Nine Energy Service
NINE
– –
-290,000
Closed -$766K
AEAE
34
DELISTED
AltEnergy Acquisition Corp
AEAE
– –
-45,000
Closed -$451K
EVOJ
35
DELISTED
Evo Acquisition Corp. Class A Common Stock
EVOJ
– –
-50,000
Closed -$493K
SKYA
36
DELISTED
Skydeck Acquisition Corp. Class A Ordinary Shares
SKYA
– –
-137,700
Closed -$1.35M
TZPS
37
DELISTED
TZP Strategies Acquisition Corp. Class A Ordinary Share
TZPS
– –
-105,000
Closed -$1.04M
PRTY
38
DELISTED
Party City Holdco Inc.
PRTY
– –
-150,000
Closed -$237K
AGAC.WS
39
DELISTED
African Gold Acquisition Corp Warrants
AGAC.WS
– –
-187,500
Closed -$8K
MONCW
40
DELISTED
Monument Circle Acquisition Corp. Warrant
MONCW
– –
-37,500
Closed -$2K
DAOOW
41
DELISTED
Crypto 1 Acquisition Corp Warrants
DAOOW
– –
-37,500
Closed -$4K
DAOO
42
DELISTED
Crypto 1 Acquisition Corp Class A Ordinary Shares
DAOO
– –
-50,000
Closed -$502K
COVAW
43
DELISTED
COVA Acquisition Corp. Warrants to purchase Class A ordinary shares
COVAW
– –
-75,000
Closed -$2K
ACII
44
DELISTED
Atlas Crest Investment Corp. II
ACII
– –
-200,000
Closed -$1.97M
TMAC
45
DELISTED
The Music Acquisition Corporation
TMAC
– –
-100,000
Closed -$984K
ACII.WS
46
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
– –
-68,294
Closed -$3K
MONDW
47
DELISTED
Mondee Holdings, Inc. Warrant
MONDW
– –
-25,000
Closed -$16K
TMAC.WS
48
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
– –
-87,500
Closed -$4K
REV
49
PUT
DELISTED
Revlon, Inc.
REV
– –
-216,600
Closed -$1.12M
1
2

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Covalent Partners's Q4 2022 Portfolio in Review

As of Q4 2022, Covalent Partners held 52 positions worth $88.5M, up 26% from $70.2M the previous quarter. Its ten largest holdings account for 94% of the portfolio.

Covalent Partners deployed $3.19M of net new capital in Q4 2022, opening 4 new positions and adding to 2 existing holdings. Its largest new stake was Transocean: 250,000 shares worth $1.14M.

By sector, the portfolio is most concentrated in Energy at 3.5% of assets, up from 3.3% a quarter earlier, followed by Industrials and Financials.

On the sell side, the largest reduction was Delta Air Lines, an estimated $746K trimmed.

  • Covalent Partners's largest Q4 2022 buy was Transocean: 250,000 shares worth $1.14M.
  • Covalent Partners added most to Southwest Airlines in Q4 2022, an estimated $541K increase.
  • Covalent Partners's biggest Q4 2022 reduction was Delta Air Lines, cutting an estimated $746K.
  • Covalent Partners fully exited Atlas Crest Investment Corp. II in Q4 2022, selling an estimated $1.97M.
  • Covalent Partners's ten largest holdings make up 94% of its $88.5M portfolio in Q4 2022.
  • Covalent Partners opened 4 new positions and closed 19 in Q4 2022.
  • Covalent Partners's portfolio value rose 26% quarter-over-quarter to $88.5M.

Based on Covalent Partners's 13F filing for Q4 2022, filed 14 Feb 2023.