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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
+3.87%
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
$118M
AUM Growth
+$57.8M
Cap. Flow
+$44.6M
Cap. Flow %
37.79%
Top 10 Hldgs %
63.67%
Holding
67
New
10
Increased
4
Reduced
4
Closed
3

Top Buys

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$1.72M
2
LUV icon
Southwest Airlines
LUV
+$1.17M
3
HP icon
Helmerich & Payne
HP
+$869K
4
DAOOU
Crypto 1 Acquisition Corp Unit
DAOOU
+$507K
5
AEAE
AltEnergy Acquisition Corp
AEAE
+$446K

Top Sells

Rank Stock Value
1
UFPI icon
UFP Industries
UFPI
+$1.77M
2
CCL icon
Carnival Corporation Ltd
CCL
+$1.44M
3
FAZE
FaZe Holdings Inc. Common Stock
FAZE
+$510K
4
BSN.WS
Broadstone Acquisition Corp. Warrants, each whole warrant exercisable for one Class A ordinary share
BSN.WS
+$177K
5
MAACW
Montes Archimedes Acquisition Corp. Warrant
MAACW
+$149K

Sector Composition

Rank Sector Weight
1 Financials 14.36%
2 Industrials 9.28%
3 Consumer Discretionary 7.98%
4 Materials 5.3%
5 Energy 4.28%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$21.1M 17.91%
+95,000
New +$21.5M
USO icon
2
PUT
United States Oil Fund
USO
$2.07B
$12.5M 10.6%
+230,000
New +$12.5M
AMC icon
3
PUT
AMC Entertainment Holdings
AMC
$2.38B
$8.16M 6.91%
+30,000
New +$10.6M
GLD icon
4
CALL
SPDR Gold Trust
GLD
$155B
$5.73M 4.85%
33,500
– –
UFPI icon
5
UFP Industries
UFPI
$4.92B
$5.52M 4.68%
60,000
-21,000
-26% -$1.77M
DAL icon
6
Delta Air Lines
DAL
$54.2B
$4.81M 4.07%
123,000
+43,000
+54% +$1.72M
DHI icon
7
D.R. Horton
DHI
$41.7B
$4.45M 3.77%
41,000
– –
HAL icon
8
CALL
Halliburton
HAL
$28.9B
$3.33M 2.82%
145,500
– –
BYD icon
9
Boyd Gaming
BYD
$5.89B
$3.28M 2.78%
50,000
+7,000
+16% +$444K
CNR
10
DELISTED
Cornerstone Building Brands, Inc.
CNR
$3.23M 2.73%
185,000
– –
MVBF icon
11
MVB Financial
MVBF
$392M
$2.28M 1.94%
55,000
– –
HP icon
12
Helmerich & Payne
HP
$4.25B
$2.2M 1.87%
93,000
+30,500
+49% +$869K
CCVI
13
DELISTED
Churchill Capital Corp VI
CCVI
$1.96M 1.66%
200,000
– –
ACII
14
DELISTED
Atlas Crest Investment Corp. II
ACII
$1.95M 1.65%
200,000
– –
AGAC
15
DELISTED
African Gold Acquisition Corp
AGAC
$1.94M 1.64%
200,000
– –
BBCP icon
16
Concrete Pumping Holdings
BBCP
$474M
$1.84M 1.56%
225,000
– –
TMAC
17
DELISTED
The Music Acquisition Corporation
TMAC
$1.71M 1.45%
175,000
– –
HHH icon
18
Howard Hughes
HHH
$3.99B
$1.63M 1.38%
16,784
– –
COVA
19
DELISTED
COVA Acquisition Corp. Class A Ordinary Share
COVA
$1.46M 1.24%
150,000
– –
SKYA
20
DELISTED
Skydeck Acquisition Corp. Class A Ordinary Shares
SKYA
$1.35M 1.14%
137,700
– –
NEX
21
DELISTED
NexTier Oilfield Solutions Inc.
NEX
$1.33M 1.13%
375,000
+26,900
+8% +$113K
LUV icon
22
Southwest Airlines
LUV
$19.9B
$1.07M 0.91%
+25,000
New +$1.17M
SPKB
23
DELISTED
Silver Spike Acquisition Corp II Class A Ordinary Shares
SPKB
$1.07M 0.91%
110,000
– –
TZPS
24
DELISTED
TZP Strategies Acquisition Corp. Class A Ordinary Share
TZPS
$1.03M 0.87%
105,000
– –
FAZE
25
DELISTED
FaZe Holdings Inc. Common Stock
FAZE
$1.01M 0.86%
100,000
-50,000
-33% -$510K
1
2 3

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HAM
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BCA
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BCM
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AIIC
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HFA
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Covalent Partners's Q4 2021 Portfolio in Review

As of Q4 2021, Covalent Partners held 67 positions worth $118M, up 96% from $60.2M the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Covalent Partners deployed $44.6M of net new capital in Q4 2021, opening 10 new positions and adding to 4 existing holdings. Its largest new stake was Southwest Airlines: 25,000 shares worth $1.07M.

By sector, the portfolio is most concentrated in Financials at 14% of assets, down from 27% a quarter earlier, followed by Industrials and Consumer Discretionary.

On the sell side, the largest reduction was UFP Industries, an estimated $1.77M trimmed.

  • Covalent Partners's largest Q4 2021 buy was Southwest Airlines: 25,000 shares worth $1.07M.
  • Covalent Partners added most to Delta Air Lines in Q4 2021, an estimated $1.72M increase.
  • Covalent Partners's biggest Q4 2021 reduction was UFP Industries, cutting an estimated $1.77M.
  • Covalent Partners fully exited Broadstone Acquisition Corp. Warrants, each whole warrant exercisable for one Class A ordinary share in Q4 2021, selling an estimated $177K.
  • Covalent Partners's ten largest holdings make up 64% of its $118M portfolio in Q4 2021.
  • Covalent Partners opened 10 new positions and closed 3 in Q4 2021.
  • Covalent Partners's portfolio value rose 96% quarter-over-quarter to $118M.

Based on Covalent Partners's 13F filing for Q4 2021, filed 14 Feb 2022.