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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
+17.88%
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
$36.4M
AUM Growth
+$13.7M
Cap. Flow
+$3.51M
Cap. Flow %
9.64%
Top 10 Hldgs %
82.02%
Holding
26
New
11
Increased
2
Reduced
2
Closed
4
Avg Time Held Equity + Options
2.7 quarters
Top 10 Avg Time Held Equity + Options
1.8 quarters
Top 20 Avg Time Held Equity + Options
2.4 quarters
Avg Time Held Equity only
2.7 quarters
Top 10 Avg Time Held Equity only
1.8 quarters
Top 20 Avg Time Held Equity only
2.6 quarters

Top Buys

Rank Stock Value
1
BSN
Broadstone Acquisition Corp.
BSN
+$3.22M
2
CYXT
Cyxtera Technologies, Inc. Class A Common Stock
CYXT
+$3.08M
3
UFPI icon
UFP Industries
UFPI
+$2.96M
4
CCL icon
Carnival Corporation Ltd
CCL
+$2.31M
5
MAACU
Montes Archimedes Acquisition Corp. Unit
MAACU
+$2.02M

Top Sells

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
DAL icon
Delta Air Lines
DAL
+$200K
4
NEX
NexTier Oilfield Solutions Inc.
NEX
+$159K

Sector Composition

Rank Sector Weight
1 Miscellaneous 30.92%
2 Financials 16.18%
3 Consumer Discretionary 13.24%
4 Energy 10.76%
5 Industrials 9.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
BSN
1
DELISTED
Broadstone Acquisition Corp.
BSN
$3.3M 9.06%
+328,200
New +$3.22M
2020 Q4
0 quarters
CYXT
2
DELISTED
Cyxtera Technologies, Inc. Class A Common Stock
CYXT
$3.17M 8.71%
+305,820
New +$3.08M
2020 Q4
0 quarters
UFPI icon
3
UFP Industries
UFPI
$4.09B
$3M 8.24%
+54,000
New +$2.96M
2020 Q4
0 quarters
CCL icon
4
Carnival Corporation Ltd
CCL
$35.4B
$2.82M 7.74%
+130,000
New +$2.31M
2020 Q4
0 quarters
NEX
5
DELISTED
NexTier Oilfield Solutions Inc.
NEX
$2.8M 7.71%
815,000
-59,765
-7% -$159K
2018 Q2
10 quarters
DAL icon
6
Delta Air Lines
DAL
$54B
$2.19M 6.02%
54,500
-5,500
-9% -$200K
2020 Q2
2 quarters
MAACU
7
DELISTED
Montes Archimedes Acquisition Corp. Unit
MAACU
$2.1M 5.77%
+200,000
New +$2.02M
2020 Q4
0 quarters
LCID icon
8
Lucid Motors
LCID
$1.49B
$2M 5.5%
20,000
– –
2020 Q3
1 quarter
FST
9
DELISTED
FAST Acquisition Corp.
FST
$1.79M 4.92%
+175,000
New +$1.72M
2020 Q4
0 quarters
CNR
10
DELISTED
Cornerstone Building Brands, Inc.
CNR
$1.11M 3.06%
120,000
+15,000
+14% +$133K
2019 Q2
6 quarters
LVOX
11
DELISTED
LiveVox Holding, Inc. Class A Common Stock
LVOX
$1.04M 2.87%
100,000
– –
2020 Q3
1 quarter
MVBF icon
12
MVB Financial
MVBF
$375M
$797K 2.19%
+35,137
New +$666K
2020 Q4
0 quarters
PXD
13
DELISTED
Pioneer Natural Resource Co.
PXD
$513K 1.41%
4,500
– –
2017 Q3
13 quarters
CRC icon
14
California Resources
CRC
$4.7B
$448K 1.23%
+18,974
New +$348K
2020 Q4
0 quarters
IWM icon
15
PUT
iShares Russell 2000 ETF
IWM
$77.4B
$361K 0.99%
111,000
+86,000
+344% +$15M
2020 Q1
3 quarters
BSN.WS
16
DELISTED
Broadstone Acquisition Corp. Warrants, each whole warrant exercisable for one Class A ordinary share
BSN.WS
$184K 0.51%
+164,100
New +$146K
2020 Q4
0 quarters
FST.WS
17
DELISTED
FAST Acquisition Corp. Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50
FST.WS
$152K 0.42%
+87,500
New +$90.6K
2020 Q4
0 quarters
PR
18
Permian Resources
PR
$19.3B
$150K 0.41%
100,000
– –
2018 Q3
9 quarters
CYXTW
19
DELISTED
Cyxtera Technologies, Inc. Warrant
CYXTW
$100K 0.27%
+50,970
New +$85.2K
2020 Q4
0 quarters
AAL icon
20
PUT
American Airlines Group
AAL
$8.45B
$10K 0.03%
980,000
– –
2020 Q1
3 quarters
EEM icon
21
PUT
iShares MSCI Emerging Markets ETF
EEM
$31B
– –
-180,000
Closed -$22K –
QQQ icon
22
PUT
Invesco QQQ Trust
QQQ
$507B
– –
-17,500
Closed -$102K –
BSN.U
23
DELISTED
Broadstone Acquisition Corp. Units, each consisting of one Class A ordinary share and one-half of on
BSN.U
– –
-328,149
Closed -$3.27M –
SVACU
24
DELISTED
Starboard Value Acquisition Corp. Unit
SVACU
– –
-300,600
Closed -$3.04M –

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Covalent Partners's Q4 2020 Portfolio in Review

As of Q4 2020, Covalent Partners held 26 positions worth $36.4M, up 61% from $22.7M the previous quarter. Its ten largest holdings account for 82% of the portfolio.

Covalent Partners deployed $3.51M of net new capital in Q4 2020, opening 11 new positions and adding to 2 existing holdings. Its largest new stake was Broadstone Acquisition Corp.: 328,200 shares worth $3.3M.

By sector, the portfolio is most concentrated in Miscellaneous at 31% of assets, down from 66% a quarter earlier, followed by Financials and Consumer Discretionary.

On the sell side, the largest reduction was Delta Air Lines, an estimated $200K trimmed.

  • Covalent Partners's largest Q4 2020 buy was Broadstone Acquisition Corp.: 328,200 shares worth $3.3M.
  • Covalent Partners added most to Cornerstone Building Brands, Inc. in Q4 2020, an estimated $133K increase.
  • Covalent Partners's biggest Q4 2020 reduction was Delta Air Lines, cutting an estimated $200K.
  • Covalent Partners fully exited Broadstone Acquisition Corp. Units, each consisting of one Class A ordinary share and one-half of on in Q4 2020, selling an estimated $3.27M.
  • Covalent Partners's ten largest holdings make up 82% of its $36.4M portfolio in Q4 2020.
  • Covalent Partners opened 11 new positions and closed 4 in Q4 2020.
  • Covalent Partners's portfolio value rose 61% quarter-over-quarter to $36.4M.

Based on Covalent Partners's 13F filing for Q4 2020, filed 16 Feb 2021.