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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
-0.12%
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
$22.7M
AUM Growth
+$8.01M
Cap. Flow
-$3.71M
Cap. Flow %
-16.35%
Top 10 Hldgs %
95.85%
Holding
22
New
6
Increased
1
Reduced
2
Closed
6

Top Buys

Rank Stock Value
1
BSN.U
Broadstone Acquisition Corp. Units, each consisting of one Class A ordinary share and one-half of on
BSN.U
+$3.27M
2
SVACU
Starboard Value Acquisition Corp. Unit
SVACU
+$3.04M
3
LCID icon
Lucid Motors
LCID
+$1.97M
4
LVOX
LiveVox Holding, Inc. Class A Common Stock
LVOX
+$1.01M
5
CNR
Cornerstone Building Brands, Inc.
CNR
+$354K

Top Sells

Rank Stock Value
1
GLPI icon
Gaming and Leisure Properties
GLPI
+$748K
2
SPN
Superior Energy Services, Inc.
SPN
+$118K
3
NE
Noble Corporation
NE
+$100K
4
NINE
Nine Energy Service
NINE
+$33K

Sector Composition

Rank Sector Weight
1 Industrials 11.79%
2 Energy 9.11%
3 Consumer Discretionary 8.63%
4 Technology 4.43%
5 Real Estate 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BSN.U
1
DELISTED
Broadstone Acquisition Corp. Units, each consisting of one Class A ordinary share and one-half of on
BSN.U
$3.27M 14.43%
+328,149
New +$3.27M
SVACU
2
DELISTED
Starboard Value Acquisition Corp. Unit
SVACU
$3.04M 13.39%
+300,600
New +$3.04M
LCID icon
3
Lucid Motors
LCID
$2.01B
$1.96M 8.63%
+20,000
New +$1.97M
DAL icon
4
Delta Air Lines
DAL
$54.2B
$1.83M 8.09%
60,000
– –
NEX
5
DELISTED
NexTier Oilfield Solutions Inc.
NEX
$1.62M 7.14%
874,765
– –
LVOX
6
DELISTED
LiveVox Holding, Inc. Class A Common Stock
LVOX
$1M 4.43%
+100,000
New +$1.01M
CNR
7
DELISTED
Cornerstone Building Brands, Inc.
CNR
$838K 3.7%
105,000
+50,000
+91% +$354K
PXD
8
DELISTED
Pioneer Natural Resource Co.
PXD
$387K 1.71%
4,500
– –
AAL icon
9
PUT
American Airlines Group
AAL
$9.02B
$314K 1.39%
980,000
-171,000
-15% -$2.14M
QQQ icon
10
PUT
Invesco QQQ Trust
QQQ
$483B
$102K 0.45%
+17,500
New +$4.75M
PR
11
Permian Resources
PR
$19.8B
$60K 0.26%
100,000
– –
IWM icon
12
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$55K 0.24%
25,000
-100,000
-80% -$15M
EEM icon
13
PUT
iShares MSCI Emerging Markets ETF
EEM
$30.7B
$22K 0.1%
+180,000
New +$7.9M
GLPI icon
14
Gaming and Leisure Properties
GLPI
$12.8B
– –
-21,614
Closed -$748K
HAL icon
15
PUT
Halliburton
HAL
$28.9B
– –
-445,000
Closed -$138K
NINE
16
DELISTED
Nine Energy Service
NINE
– –
-16,870
Closed -$33K
OIH icon
17
PUT
VanEck Oil Services ETF
OIH
$1.94B
– –
-55,600
Closed -$107K
NE
18
DELISTED
Noble Corporation
NE
– –
-309,889
Closed -$100K
SPN
19
DELISTED
Superior Energy Services, Inc.
SPN
– –
-103,688
Closed -$118K

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HAM
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BCA
Boundary Creek Advisors New York $15.3M AUM 0.41% 1-Year Est. Return
BCM
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MS
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AIIC
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HFA
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Covalent Partners's Q3 2020 Portfolio in Review

As of Q3 2020, Covalent Partners held 22 positions worth $22.7M, up 55% from $14.7M the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Covalent Partners withdrew a net $3.71M in Q3 2020, closing 6 positions and reducing 2 holdings. Its most notable exit was Gaming and Leisure Properties, an estimated $748K position sold in full.

By sector, the portfolio is most concentrated in Industrials at 12% of assets, down from 14% a quarter earlier, followed by Energy and Consumer Discretionary.

Against the trend, Covalent Partners opened a new position in Broadstone Acquisition Corp. Units, each consisting of one Class A ordinary share and one-half of on worth $3.27M.

  • Covalent Partners's largest Q3 2020 buy was Broadstone Acquisition Corp. Units, each consisting of one Class A ordinary share and one-half of on: 328,149 shares worth $3.27M.
  • Covalent Partners added most to Cornerstone Building Brands, Inc. in Q3 2020, an estimated $354K increase.
  • Covalent Partners fully exited Gaming and Leisure Properties in Q3 2020, selling an estimated $748K.
  • Covalent Partners's ten largest holdings make up 96% of its $22.7M portfolio in Q3 2020.
  • Covalent Partners opened 6 new positions and closed 6 in Q3 2020.
  • Covalent Partners's portfolio value rose 55% quarter-over-quarter to $22.7M.

Based on Covalent Partners's 13F filing for Q3 2020, filed 16 Nov 2020.