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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
-$18.3M
Cap. Flow %
-20.7%
Top 10 Hldgs %
94.02%
Holding
52
New
4
Increased
2
Reduced
3
Closed
19
Avg Time Held Equity + Options
4.5 quarters
Top 10 Avg Time Held Equity + Options
2.6 quarters
Top 20 Avg Time Held Equity + Options
2.2 quarters
Avg Time Held Equity only
4.8 quarters
Top 10 Avg Time Held Equity only
2.5 quarters
Top 20 Avg Time Held Equity only
1.9 quarters

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 icon
ECARX Holdings Warrants
ECXWW
+$5.83K

Top Sells

Rank Stock Value
1
ACII icon
Atlas Crest Investment Corp. II
ACII
+$1.97M
2
SKYA icon
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 icon
Nine Energy Service
NINE
+$766K

Sector Composition

Rank Sector Weight
1 Miscellaneous 89.67%
2 Energy 3.47%
3 Industrials 3.08%
4 Financials 2.26%
5 Healthcare 1.09%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
LMDXW
26
DELISTED
LumiraDx Limited Warrant
LMDXW
$1.62K ﹤0.01%
27,500
– –
2021 Q3
5 quarters
SKYAW icon
27
DELISTED
Skydeck Acquisition Corp. Warrants
SKYAW
$1.38K ﹤0.01%
45,900
– –
2021 Q3
5 quarters
TZPSW
28
DELISTED
TZP Strategies Acquisition Corp. Warrant
TZPSW
$858 ﹤0.01%
35,000
– –
2021 Q1
7 quarters
SPKBW
29
DELISTED
Silver Spike Acquisition Corp II Warrant
SPKBW
$825 ﹤0.01%
27,500
– –
2021 Q2
6 quarters
EACPW
30
DELISTED
Edify Acquisition Corp. Warrant
EACPW
$452 ﹤0.01%
15,000
– –
2021 Q1
7 quarters
BYD icon
31
Boyd Gaming
BYD
$5.01B
– –
-10,000
Closed -$477K –
COIN icon
32
Coinbase
COIN
$47.3B
– –
-400
Closed -$26K –
NINE icon
33
DELISTED
Nine Energy Service
NINE
– –
-290,000
Closed -$766K –
AEAE icon
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 icon
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 icon
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 icon
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 icon
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 withdrew a net $18.3M in Q4 2022, closing 19 positions and reducing 3 holdings. Its most notable exit was Atlas Crest Investment Corp. II, an estimated $1.97M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 90% of assets, up from 78% a quarter earlier, followed by Energy and Industrials.

Against the trend, Covalent Partners opened a new position in Transocean worth $1.14M.

  • 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.