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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
(-38%)
Cap. Flow
-$12.2M
Cap. Flow
% of AUM
-44.31%
Top 10 Holdings %
Top 10 Hldgs %
93.2%
Holding
31
New
4
Increased
1
Reduced
2
Closed
6
Avg Time Held Equity + Options
5.6
quarters
Top 10 Avg Time Held Equity + Options
2.4
quarters
Top 20 Avg Time Held Equity + Options
2.4
quarters
Avg Time Held Equity only
5.6
quarters
Top 10 Avg Time Held Equity only
3.3
quarters
Top 20 Avg Time Held Equity only
2.6
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bally's
BALY
|
+$726K |
| 2 |
Southwest Airlines
LUV
|
+$314K |
| 3 |
Noble Corporation PLC Tranche 1 Warrants
NE.WS
|
+$161K |
| 4 |
Noble Corporation PLC Tranche 2 Warrants
NE.WS.A
|
+$148K |
| 5 |
TH International
THCH
|
+$94.2K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CCVI
Churchill Capital Corp VI
CCVI
|
+$2.02M |
| 2 |
Carrols Restaurant Group, Inc.
TAST
|
+$906K |
| 3 |
Delta Air Lines
DAL
|
+$516K |
| 4 |
Bausch Health
BHC
|
+$324K |
| 5 |
TH International Limited Warrant
THCHW
|
+$53.9K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 61.51% |
| 2 | Industrials | 20.28% |
| 3 | Energy | 9.47% |
| 4 | Consumer Discretionary | 6.44% |
| 5 | Healthcare | 2.3% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
CCVI
26
DELISTED
Churchill Capital Corp VI
CCVI
| – | – |
-200,000
| Closed | -$2.02M | – |
|
|
27
DELISTED
TH International Limited Warrant
THCHW
| – | – |
-110,000
| Closed | -$53.9K | – |
|
|
EVOJW
28
DELISTED
Evo Acquisition Corp. Warrant
EVOJW
| – | – |
-50,000
| Closed | -$8K | – |
|
29
DELISTED
Skydeck Acquisition Corp. Warrants
SKYAW
| – | – |
-45,900
| Closed | -$1.48K | – |
|
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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 $12.2M 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 Miscellaneous at 62% of assets, down from 75% a quarter earlier, followed by Industrials and Energy.
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.