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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
+4.96%
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
+$168K
(+0.14%)
Cap. Flow
-$19M
Cap. Flow
% of AUM
-16.1%
Top 10 Holdings %
Top 10 Hldgs %
70.71%
Holding
68
New
5
Increased
4
Reduced
7
Closed
9
Avg Time Held Equity + Options
3.1
quarters
Top 10 Avg Time Held Equity + Options
1.8
quarters
Top 20 Avg Time Held Equity + Options
2.2
quarters
Avg Time Held Equity only
3.2
quarters
Top 10 Avg Time Held Equity only
2.2
quarters
Top 20 Avg Time Held Equity only
2.6
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hertz
HTZ
|
+$3.78M |
| 2 |
Carnival Corporation Ltd
CCL
|
+$1.01M |
| 3 |
D.R. Horton
DHI
|
+$494K |
| 4 |
DAOO
Crypto 1 Acquisition Corp Class A Ordinary Shares
DAOO
|
+$492K |
| 5 |
Good Times Restaurants
GTIM
|
+$462K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CNR
Cornerstone Building Brands, Inc.
CNR
|
+$3.23M |
| 2 |
MVB Financial
MVBF
|
+$2.28M |
| 3 |
NEX
NexTier Oilfield Solutions Inc.
NEX
|
+$1.98M |
| 4 |
UFP Industries
UFPI
|
+$1.25M |
| 5 |
FAZE
FaZe Holdings Inc. Common Stock
FAZE
|
+$1.01M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 60.56% |
| 2 | Financials | 12.2% |
| 3 | Industrials | 8.87% |
| 4 | Consumer Discretionary | 7.9% |
| 5 | Energy | 5.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$77.4B
| $30.8M | 26.06% |
150,000
+55,000
| +58% | +$11.2M |
2021 Q4
1 quarter
|
|
2
PUT
iShares MSCI Germany ETF
EWG
$1.46B
| $13.5M | 11.41% |
+475,000
| New | +$14.5M |
2022 Q1
0 quarters
|
|
3
PUT
United States Oil Fund
USO
$1.68B
| $8.29M | 7.02% |
111,900
-118,100
| -51% | -$7.94M |
2021 Q4
1 quarter
|
|
4
CALL
SPDR Gold Trust
GLD
$142B
| $6.05M | 5.12% |
33,500
| – | – |
2021 Q2
3 quarters
|
|
5
Delta Air Lines
DAL
$54B
| $4.39M | 3.72% |
111,000
-12,000
| -10% | -$467K |
2020 Q2
7 quarters
|
|
|
6
Hertz
HTZ
$684M
| $3.99M | 3.37% |
+180,000
| New | +$3.78M |
2022 Q1
0 quarters
|
|
|
7
D.R. Horton
DHI
$37.7B
| $3.48M | 2.94% |
46,700
+5,700
| +14% | +$494K |
2021 Q1
4 quarters
|
|
|
8
UFP Industries
UFPI
$4.09B
| $3.47M | 2.94% |
45,000
-15,000
| -25% | -$1.25M |
2020 Q4
5 quarters
|
|
9
Boyd Gaming
BYD
$5.01B
| $3.29M | 2.78% |
50,000
| – | – |
2021 Q2
3 quarters
|
|
10
Helmerich & Payne
HP
$3.99B
| $3M | 2.53% |
70,000
-23,000
| -25% | -$792K |
2021 Q3
2 quarters
|
|
|
11
Carnival Corporation Ltd
CCL
$35.4B
| $2.02M | 1.71% |
100,000
+50,000
| +100% | +$1.01M |
2020 Q4
5 quarters
|
|
|
CCVI
12
DELISTED
Churchill Capital Corp VI
CCVI
| $1.96M | 1.66% |
200,000
| – | – |
2021 Q2
3 quarters
|
|
|
ACII
13
DELISTED
Atlas Crest Investment Corp. II
ACII
| $1.96M | 1.66% |
200,000
| – | – |
2021 Q2
3 quarters
|
|
|
AGAC
14
DELISTED
African Gold Acquisition Corp
AGAC
| $1.96M | 1.66% |
200,000
| – | – |
2021 Q1
4 quarters
|
|
|
TMAC
15
DELISTED
The Music Acquisition Corporation
TMAC
| $1.71M | 1.44% |
175,000
| – | – |
2021 Q1
4 quarters
|
|
16
Howard Hughes
HHH
$4.4B
| $1.66M | 1.4% |
16,784
| – | – |
2021 Q1
4 quarters
|
|
17
Concrete Pumping Holdings
BBCP
$472M
| $1.51M | 1.28% |
225,000
| – | – |
2021 Q1
4 quarters
|
|
|
COVA
18
DELISTED
COVA Acquisition Corp. Class A Ordinary Share
COVA
| $1.47M | 1.24% |
150,000
| – | – |
2021 Q2
3 quarters
|
|
|
SKYA
19
DELISTED
Skydeck Acquisition Corp. Class A Ordinary Shares
SKYA
| $1.34M | 1.13% |
137,700
| – | – |
2021 Q3
2 quarters
|
|
|
TZPS
20
DELISTED
TZP Strategies Acquisition Corp. Class A Ordinary Share
TZPS
| $1.03M | 0.87% |
105,000
| – | – |
2021 Q1
4 quarters
|
|
|
EVOJ
21
DELISTED
Evo Acquisition Corp. Class A Common Stock
EVOJ
| $983K | 0.83% |
100,000
| – | – |
2021 Q2
3 quarters
|
|
|
SPKB
22
DELISTED
Silver Spike Acquisition Corp II Class A Ordinary Shares
SPKB
| $978K | 0.83% |
99,900
-10,100
| -9% | -$98.7K |
2021 Q2
3 quarters
|
|
|
NEX
23
DELISTED
NexTier Oilfield Solutions Inc.
NEX
| $910K | 0.77% |
98,500
-276,500
| -74% | -$1.98M |
2018 Q2
15 quarters
|
|
24
California Resources
CRC
$4.7B
| $849K | 0.72% |
18,974
| – | – |
2020 Q4
5 quarters
|
|
|
PR
25
Permian Resources
PR
$19.3B
| $807K | 0.68% |
100,000
| – | – |
2018 Q3
14 quarters
|
|
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Covalent Partners's Q1 2022 Portfolio in Review
As of Q1 2022, Covalent Partners held 68 positions worth $118M, up 0.14% from $118M the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Covalent Partners withdrew a net $19M in Q1 2022, closing 9 positions and reducing 7 holdings. Its most notable exit was Cornerstone Building Brands, Inc., an estimated $3.23M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 61% of assets, up from 56% a quarter earlier, followed by Financials and Industrials.
Against the trend, Covalent Partners opened a new position in Hertz worth $3.99M.
- Covalent Partners's largest Q1 2022 buy was Hertz: 180,000 shares worth $3.99M.
- Covalent Partners added most to Carnival Corporation Ltd in Q1 2022, an estimated $1.01M increase.
- Covalent Partners's biggest Q1 2022 reduction was NexTier Oilfield Solutions Inc., cutting an estimated $1.98M.
- Covalent Partners fully exited Cornerstone Building Brands, Inc. in Q1 2022, selling an estimated $3.23M.
- Covalent Partners's ten largest holdings make up 71% of its $118M portfolio in Q1 2022.
- Covalent Partners opened 5 new positions and closed 9 in Q1 2022.
- Covalent Partners's portfolio value rose 0.14% quarter-over-quarter to $118M.
Based on Covalent Partners's 13F filing for Q1 2022, filed 16 May 2022.