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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
+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
-$53.6M
Cap. Flow %
-119.59%
Top 10 Hldgs %
95.09%
Holding
34
New
2
Increased
3
Reduced
4
Closed
7

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
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 Industrials 10.48%
2 Energy 5.39%
3 Financials 4.52%
4 Consumer Discretionary 2.39%
5 Healthcare 1.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLD icon
26
CALL
SPDR Gold Trust
GLD
$155B
– –
-33,500
Closed -$5.68M
IWM icon
27
CALL
iShares Russell 2000 ETF
IWM
$81.4B
– –
-120,000
Closed -$20.9M
IWM icon
28
iShares Russell 2000 ETF
IWM
$81.4B
– –
-6,000
Closed -$1.05M
QQQ icon
29
CALL
Invesco QQQ Trust
QQQ
$483B
– –
-17,500
Closed -$4.66M
RIG icon
30
Transocean
RIG
$6.44B
– –
-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 $53.6M 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 Industrials at 10% of assets, up from 3.1% a quarter earlier, followed by Energy and Financials.

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.