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CP

Covalent Partners Portfolio holdings

AUM $17.6M Turnover 18.75%
1-Year Est. Return 2.91%
This Fund
S&P 500
This Quarter Est. Return
+5.07%
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
$44.8M
AUM Growth
-$43.7M
Cap. Flow
-$4.33M
Cap. Flow %
-9.68%
Top 10 Hldgs %
95.09%
Holding
34
New
2
Increased
3
Reduced
4
Closed
7
Avg Time Held Equity + Options
1.4 years
Top 10 Avg Time Held Equity + Options
0.5 years
Top 20 Avg Time Held Equity + Options
0.6 years
Avg Time Held Equity only
1.4 years
Top 10 Avg Time Held Equity only
0.7 years
Top 20 Avg Time Held Equity only
0.6 years

Top Buys

Rank Stock Value
1
IEF icon
iShares 7-10 Year Treasury Bond ETF
IEF
+$4.27M
2
LUV icon
Southwest Airlines
LUV
+$1.36M
3
TAST icon
Carrols Restaurant Group, Inc.
TAST
+$609K
4
DAL icon
Delta Air Lines
DAL
+$594K
5
NE icon
Noble Corp
NE
+$461K

Top Sells

Rank Stock Value
1
RIG icon
Transocean
RIG
+$1.14M
2
IWM icon
iShares Russell 2000 ETF
IWM
+$1.05M
3
BHC icon
Bausch Health
BHC
+$161K
4
PDEX icon
Pro-Dex
PDEX
+$76.3K
5
GTIM icon
Good Times Restaurants
GTIM
+$60.9K

Sector Composition

Rank Sector Weight
1 Miscellaneous 75.28%
2 Industrials 10.48%
3 Energy 5.39%
4 Financials 4.52%
5 Consumer Discretionary 2.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
GLD icon
26
CALL
SPDR Gold Trust
GLD
$142B
– –
-33,500
Closed -$5.68M –
IWM icon
27
CALL
iShares Russell 2000 ETF
IWM
$77.5B
– –
-120,000
Closed -$20.9M –
IWM icon
28
iShares Russell 2000 ETF
IWM
$77.5B
– –
-6,000
Closed -$1.05M –
QQQ icon
29
CALL
Invesco QQQ Trust
QQQ
$487B
– –
-17,500
Closed -$4.66M –
RIG icon
30
Transocean
RIG
$6.15B
– –
-250,000
Closed -$1.14M –
SPKBW
31
DELISTED
Silver Spike Acquisition Corp II Warrant
SPKBW
– –
-27,500
Closed -$825 –
TZPSW
32
DELISTED
TZP Strategies Acquisition Corp. Warrant
TZPSW
– –
-35,000
Closed -$858 –
1
2

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Covalent Partners's Q1 2023 Portfolio in Review

As of Q1 2023, Covalent Partners held 34 positions worth $44.8M, down 49% from $88.5M the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Covalent Partners withdrew a net $4.33M in Q1 2023, closing 7 positions and reducing 4 holdings. Its most notable exit was Transocean, an estimated $1.14M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 75% of assets, down from 90% a quarter earlier, followed by Industrials and Energy.

Against the trend, Covalent Partners opened a new position in iShares 7-10 Year Treasury Bond ETF worth $4.33M.

  • Covalent Partners's largest Q1 2023 buy was iShares 7-10 Year Treasury Bond ETF: 43,639 shares worth $4.33M.
  • Covalent Partners added most to Southwest Airlines in Q1 2023, an estimated $1.36M increase.
  • Covalent Partners's biggest Q1 2023 reduction was Bausch Health, cutting an estimated $161K.
  • Covalent Partners fully exited Transocean in Q1 2023, selling an estimated $1.14M.
  • Covalent Partners's ten largest holdings make up 95% of its $44.8M portfolio in Q1 2023.
  • Covalent Partners opened 2 new positions and closed 7 in Q1 2023.
  • Covalent Partners's portfolio value fell 49% quarter-over-quarter to $44.8M.

Based on Covalent Partners's 13F filing for Q1 2023, filed 15 May 2023.