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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
-7.05%
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
$80.3M
AUM Growth
-$37.9M
Cap. Flow
-$41M
Cap. Flow %
-51.01%
Top 10 Hldgs %
83.03%
Holding
64
New
5
Increased
1
Reduced
8
Closed
15

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$553K
2
NINE
Nine Energy Service
NINE
+$225K

Top Sells

Rank Stock Value
1
HTZ icon
Hertz
HTZ
+$3.99M
2
HP icon
Helmerich & Payne
HP
+$3M
3
UFPI icon
UFP Industries
UFPI
+$2.83M
4
CCL icon
Carnival Corporation Ltd
CCL
+$2.02M
5
AGAC
African Gold Acquisition Corp
AGAC
+$1.96M

Sector Composition

Rank Sector Weight
1 Financials 10.86%
2 Consumer Discretionary 4.79%
3 Industrials 3.43%
4 Energy 2.45%
5 Materials 0.64%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HP icon
51
Helmerich & Payne
HP
$4.25B
– –
-70,000
Closed -$3M
HTZ icon
52
Hertz
HTZ
$781M
– –
-180,000
Closed -$3.99M
IWM icon
53
PUT
iShares Russell 2000 ETF
IWM
$81.4B
– –
-150,000
Closed -$30.8M
LUV icon
54
Southwest Airlines
LUV
$19.9B
– –
-13,000
Closed -$595K
USO icon
55
PUT
United States Oil Fund
USO
$2.07B
– –
-111,900
Closed -$8.29M
NEX
56
DELISTED
NexTier Oilfield Solutions Inc.
NEX
– –
-98,500
Closed -$910K
AGAC
57
DELISTED
African Gold Acquisition Corp
AGAC
– –
-200,000
Closed -$1.96M
SPKB
58
DELISTED
Silver Spike Acquisition Corp II Class A Ordinary Shares
SPKB
– –
-99,900
Closed -$978K
MON
59
DELISTED
Monument Circle Acquisition Corp. Class A Common Stock
MON
– –
-75,000
Closed -$734K
COVA
60
DELISTED
COVA Acquisition Corp. Class A Ordinary Share
COVA
– –
-150,000
Closed -$1.47M
FSNB.WS
61
DELISTED
Fusion Acquisition Corp. II Redeemable Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share
FSNB.WS
– –
-4,000
Closed -$1K
1 2
3

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Covalent Partners's Q2 2022 Portfolio in Review

As of Q2 2022, Covalent Partners held 64 positions worth $80.3M, down 32% from $118M the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Covalent Partners withdrew a net $41M in Q2 2022, closing 15 positions and reducing 8 holdings. Its most notable exit was Hertz, an estimated $3.99M position sold in full.

By sector, the portfolio is most concentrated in Financials at 11% of assets, down from 12% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Covalent Partners opened a new position in iShares Russell 2000 ETF worth $508K.

  • Covalent Partners's largest Q2 2022 buy was iShares Russell 2000 ETF: 3,000 shares worth $508K.
  • Covalent Partners added most to Nine Energy Service in Q2 2022, an estimated $225K increase.
  • Covalent Partners's biggest Q2 2022 reduction was UFP Industries, cutting an estimated $2.83M.
  • Covalent Partners fully exited Hertz in Q2 2022, selling an estimated $3.99M.
  • Covalent Partners's ten largest holdings make up 83% of its $80.3M portfolio in Q2 2022.
  • Covalent Partners opened 5 new positions and closed 15 in Q2 2022.
  • Covalent Partners's portfolio value fell 32% quarter-over-quarter to $80.3M.

Based on Covalent Partners's 13F filing for Q2 2022, filed 15 Aug 2022.