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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
+8.85%
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
$27.6M
AUM Growth
-$17.2M
Cap. Flow
-$31.5M
Cap. Flow %
-113.98%
Top 10 Hldgs %
93.2%
Holding
31
New
4
Increased
1
Reduced
2
Closed
6

Top Buys

Rank Stock Value
1
BALY icon
Bally's
BALY
+$726K
2
LUV icon
Southwest Airlines
LUV
+$314K
3
NE.WS icon
Noble Corporation PLC Tranche 1 Warrants
NE.WS
+$161K
4
NE.WS.A icon
Noble Corporation PLC Tranche 2 Warrants
NE.WS.A
+$148K
5
THCH icon
TH International
THCH
+$94.2K

Top Sells

Rank Stock Value
1
CCVI
Churchill Capital Corp VI
CCVI
+$2.02M
2
TAST
Carrols Restaurant Group, Inc.
TAST
+$906K
3
DAL icon
Delta Air Lines
DAL
+$516K
4
BHC icon
Bausch Health
BHC
+$324K
5
THCHW
TH International Limited Warrant
THCHW
+$53.9K

Sector Composition

Rank Sector Weight
1 Industrials 20.28%
2 Energy 9.47%
3 Consumer Discretionary 6.44%
4 Healthcare 2.3%
5 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CCVI
26
DELISTED
Churchill Capital Corp VI
CCVI
– –
-200,000
Closed -$2.02M
THCHW
27
DELISTED
TH International Limited Warrant
THCHW
– –
-110,000
Closed -$53.9K
EVOJW
28
DELISTED
Evo Acquisition Corp. Warrant
EVOJW
– –
-50,000
Closed -$8K
SKYAW
29
DELISTED
Skydeck Acquisition Corp. Warrants
SKYAW
– –
-45,900
Closed -$1.48K
1
2

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Covalent Partners's Q2 2023 Portfolio in Review

As of Q2 2023, Covalent Partners held 31 positions worth $27.6M, down 38% from $44.8M the previous quarter. Its ten largest holdings account for 93% of the portfolio.

Covalent Partners withdrew a net $31.5M in Q2 2023, closing 6 positions and reducing 2 holdings. Its most notable exit was Churchill Capital Corp VI, an estimated $2.02M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 20% of assets, up from 10% a quarter earlier, followed by Energy and Consumer Discretionary.

Against the trend, Covalent Partners opened a new position in Bally's worth $700K.

  • Covalent Partners's largest Q2 2023 buy was Bally's: 45,000 shares worth $700K.
  • Covalent Partners added most to Southwest Airlines in Q2 2023, an estimated $314K increase.
  • Covalent Partners's biggest Q2 2023 reduction was Carrols Restaurant Group, Inc., cutting an estimated $906K.
  • Covalent Partners fully exited Churchill Capital Corp VI in Q2 2023, selling an estimated $2.02M.
  • Covalent Partners's ten largest holdings make up 93% of its $27.6M portfolio in Q2 2023.
  • Covalent Partners opened 4 new positions and closed 6 in Q2 2023.
  • Covalent Partners's portfolio value fell 38% quarter-over-quarter to $27.6M.

Based on Covalent Partners's 13F filing for Q2 2023, filed 14 Aug 2023.