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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
+$18.4M
Cap. Flow %
50.65%
Top 10 Hldgs %
82.02%
Holding
26
New
11
Increased
2
Reduced
2
Closed
4

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 Financials 16.18%
2 Consumer Discretionary 13.24%
3 Energy 10.76%
4 Industrials 9.08%
5 Communication Services 8.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BSN
1
DELISTED
Broadstone Acquisition Corp.
BSN
$3.3M 9.06%
+328,200
New +$3.22M
CYXT
2
DELISTED
Cyxtera Technologies, Inc. Class A Common Stock
CYXT
$3.17M 8.71%
+305,820
New +$3.08M
UFPI icon
3
UFP Industries
UFPI
$4.92B
$3M 8.24%
+54,000
New +$2.96M
CCL icon
4
Carnival Corporation Ltd
CCL
$35.2B
$2.82M 7.74%
+130,000
New +$2.31M
NEX
5
DELISTED
NexTier Oilfield Solutions Inc.
NEX
$2.8M 7.71%
815,000
-59,765
-7% -$159K
DAL icon
6
Delta Air Lines
DAL
$54.2B
$2.19M 6.02%
54,500
-5,500
-9% -$200K
MAACU
7
DELISTED
Montes Archimedes Acquisition Corp. Unit
MAACU
$2.1M 5.77%
+200,000
New +$2.02M
LCID icon
8
Lucid Motors
LCID
$2.01B
$2M 5.5%
20,000
– –
FST
9
DELISTED
FAST Acquisition Corp.
FST
$1.79M 4.92%
+175,000
New +$1.72M
CNR
10
DELISTED
Cornerstone Building Brands, Inc.
CNR
$1.11M 3.06%
120,000
+15,000
+14% +$133K
LVOX
11
DELISTED
LiveVox Holding, Inc. Class A Common Stock
LVOX
$1.04M 2.87%
100,000
– –
MVBF icon
12
MVB Financial
MVBF
$392M
$797K 2.19%
+35,137
New +$666K
PXD
13
DELISTED
Pioneer Natural Resource Co.
PXD
$513K 1.41%
4,500
– –
CRC icon
14
California Resources
CRC
$4.65B
$448K 1.23%
+18,974
New +$348K
IWM icon
15
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$361K 0.99%
111,000
+86,000
+344% +$15M
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
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
PR
18
Permian Resources
PR
$19.8B
$150K 0.41%
100,000
– –
CYXTW
19
DELISTED
Cyxtera Technologies, Inc. Warrant
CYXTW
$100K 0.27%
+50,970
New +$85.2K
AAL icon
20
PUT
American Airlines Group
AAL
$9.02B
$10K 0.03%
980,000
– –
EEM icon
21
PUT
iShares MSCI Emerging Markets ETF
EEM
$30.7B
– –
-180,000
Closed -$22K
QQQ icon
22
PUT
Invesco QQQ Trust
QQQ
$483B
– –
-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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HAM
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BCA
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BCM
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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 $18.4M 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 Financials at 16% of assets, followed by Consumer Discretionary and Energy.

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.