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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
-7.05%
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
$80.3M
AUM Growth
-$37.9M
Cap. Flow
-$41M
Cap. Flow %
-51.01%
Top 10 Hldgs %
83.03%
Holding
64
New
5
Increased
1
Reduced
8
Closed
15

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$553K
2
NINE
Nine Energy Service
NINE
+$225K

Top Sells

Rank Stock Value
1
HTZ icon
Hertz
HTZ
+$3.99M
2
HP icon
Helmerich & Payne
HP
+$3M
3
UFPI icon
UFP Industries
UFPI
+$2.83M
4
CCL icon
Carnival Corporation Ltd
CCL
+$2.02M
5
AGAC
African Gold Acquisition Corp
AGAC
+$1.96M

Sector Composition

Rank Sector Weight
1 Financials 10.86%
2 Consumer Discretionary 4.79%
3 Industrials 3.43%
4 Energy 2.45%
5 Materials 0.64%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$819B
$34.7M 43.22%
+92,000
New +$37.7M
IWM icon
2
CALL
iShares Russell 2000 ETF
IWM
$81.4B
$5.76M 7.17%
+34,000
New +$6.27M
GLD icon
3
CALL
SPDR Gold Trust
GLD
$155B
$5.64M 7.03%
33,500
– –
QQQ icon
4
CALL
Invesco QQQ Trust
QQQ
$483B
$3.08M 3.84%
+11,000
New +$3.41M
DAL icon
5
Delta Air Lines
DAL
$54.2B
$2.75M 3.43%
95,000
-16,000
-14% -$610K
DHI icon
6
D.R. Horton
DHI
$41.7B
$2.32M 2.89%
35,000
-11,700
-25% -$822K
ACII
7
DELISTED
Atlas Crest Investment Corp. II
ACII
$1.96M 2.44%
200,000
– –
CCVI
8
DELISTED
Churchill Capital Corp VI
CCVI
$1.96M 2.44%
200,000
– –
REV
9
PUT
DELISTED
Revlon, Inc.
REV
$1.72M 2.14%
+316,600
New +$1.74M
SKYA
10
DELISTED
Skydeck Acquisition Corp. Class A Ordinary Shares
SKYA
$1.34M 1.67%
137,700
– –
BYD icon
11
Boyd Gaming
BYD
$5.89B
$1.08M 1.35%
21,719
-28,281
-57% -$1.64M
TZPS
12
DELISTED
TZP Strategies Acquisition Corp. Class A Ordinary Share
TZPS
$1.03M 1.29%
105,000
– –
TMAC
13
DELISTED
The Music Acquisition Corporation
TMAC
$980K 1.22%
100,000
-75,000
-43% -$735K
CRC icon
14
California Resources
CRC
$4.65B
$730K 0.91%
18,974
– –
PR
15
Permian Resources
PR
$19.8B
$598K 0.74%
100,000
– –
NINE
16
DELISTED
Nine Energy Service
NINE
$530K 0.66%
200,000
+74,799
+60% +$225K
UFPI icon
17
UFP Industries
UFPI
$4.92B
$511K 0.64%
7,500
-37,500
-83% -$2.83M
IWM icon
18
iShares Russell 2000 ETF
IWM
$81.4B
$508K 0.63%
+3,000
New +$553K
DAOO
19
DELISTED
Crypto 1 Acquisition Corp Class A Ordinary Shares
DAOO
$496K 0.62%
50,000
– –
EVOJ
20
DELISTED
Evo Acquisition Corp. Class A Common Stock
EVOJ
$489K 0.61%
50,000
-50,000
-50% -$490K
GTIM icon
21
Good Times Restaurants
GTIM
$15.9M
$449K 0.56%
149,140
-5,360
-3% -$16.4K
AEAE
22
DELISTED
AltEnergy Acquisition Corp
AEAE
$447K 0.56%
45,000
– –
PDEX icon
23
Pro-Dex
PDEX
$213M
$319K 0.4%
19,999
-1
-0% -$15
NE icon
24
Noble Corp
NE
$7.34B
$113K 0.14%
4,475
– –
EVTL.WS
25
DELISTED
Vertical Aerospace Ltd. Warrants, each whole warrant exercisable for 1/10th of an ordinary share at an exercise price of $115.00 per share
EVTL.WS
$64K 0.08%
164,100
– –
1
2 3

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HFA
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Covalent Partners's Q2 2022 Portfolio in Review

As of Q2 2022, Covalent Partners held 64 positions worth $80.3M, down 32% from $118M the previous quarter. Its ten largest holdings account for 83% of the portfolio.

Covalent Partners withdrew a net $41M in Q2 2022, closing 15 positions and reducing 8 holdings. Its most notable exit was Hertz, an estimated $3.99M position sold in full.

By sector, the portfolio is most concentrated in Financials at 11% of assets, down from 12% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Covalent Partners opened a new position in iShares Russell 2000 ETF worth $508K.

  • Covalent Partners's largest Q2 2022 buy was iShares Russell 2000 ETF: 3,000 shares worth $508K.
  • Covalent Partners added most to Nine Energy Service in Q2 2022, an estimated $225K increase.
  • Covalent Partners's biggest Q2 2022 reduction was UFP Industries, cutting an estimated $2.83M.
  • Covalent Partners fully exited Hertz in Q2 2022, selling an estimated $3.99M.
  • Covalent Partners's ten largest holdings make up 83% of its $80.3M portfolio in Q2 2022.
  • Covalent Partners opened 5 new positions and closed 15 in Q2 2022.
  • Covalent Partners's portfolio value fell 32% quarter-over-quarter to $80.3M.

Based on Covalent Partners's 13F filing for Q2 2022, filed 15 Aug 2022.