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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
+0.08%
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
$70.2M
AUM Growth
-$10.1M
Cap. Flow
-$18.3M
Cap. Flow %
-26.07%
Top 10 Hldgs %
84.77%
Holding
53
New
4
Increased
4
Reduced
4
Closed
5

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$730K
2
BHC icon
Bausch Health
BHC
+$625K
3
NINE
Nine Energy Service
NINE
+$253K
4
PRTY
Party City Holdco Inc.
PRTY
+$252K
5
LUV icon
Southwest Airlines
LUV
+$187K

Top Sells

Rank Stock Value
1
DHI icon
D.R. Horton
DHI
+$2.32M
2
BYD icon
Boyd Gaming
BYD
+$628K
3
UFPI icon
UFP Industries
UFPI
+$511K
4
DAL icon
Delta Air Lines
DAL
+$318K
5
SLCRW
Silver Crest Acquisition Corporation Warrant
SLCRW
+$24K

Sector Composition

Rank Sector Weight
1 Financials 12.52%
2 Industrials 3.61%
3 Energy 3.28%
4 Consumer Discretionary 1.54%
5 Healthcare 1.51%
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
$32.9M 46.78%
92,000
– –
GLD icon
2
CALL
SPDR Gold Trust
GLD
$155B
$5.18M 7.38%
33,500
– –
IWM icon
3
CALL
iShares Russell 2000 ETF
IWM
$81.4B
$3.3M 4.7%
20,000
-14,000
-41% -$2.55M
DAL icon
4
Delta Air Lines
DAL
$54.2B
$2.38M 3.4%
85,000
-10,000
-11% -$318K
ACII
5
DELISTED
Atlas Crest Investment Corp. II
ACII
$1.97M 2.8%
200,000
– –
CCVI
6
DELISTED
Churchill Capital Corp VI
CCVI
$1.97M 2.8%
200,000
– –
SKYA
7
DELISTED
Skydeck Acquisition Corp. Class A Ordinary Shares
SKYA
$1.35M 1.93%
137,700
– –
IWM icon
8
iShares Russell 2000 ETF
IWM
$81.4B
$1.15M 1.64%
7,000
+4,000
+133% +$730K
REV
9
PUT
DELISTED
Revlon, Inc.
REV
$1.12M 1.6%
216,600
-100,000
-32% -$649K
TZPS
10
DELISTED
TZP Strategies Acquisition Corp. Class A Ordinary Share
TZPS
$1.04M 1.49%
105,000
– –
TMAC
11
DELISTED
The Music Acquisition Corporation
TMAC
$984K 1.4%
100,000
– –
NINE
12
DELISTED
Nine Energy Service
NINE
$766K 1.09%
290,000
+90,000
+45% +$253K
CRC icon
13
California Resources
CRC
$4.65B
$729K 1.04%
18,974
– –
PR
14
Permian Resources
PR
$19.8B
$680K 0.97%
100,000
– –
BHC icon
15
Bausch Health
BHC
$2.5B
$620K 0.88%
+90,000
New +$625K
DAOO
16
DELISTED
Crypto 1 Acquisition Corp Class A Ordinary Shares
DAOO
$502K 0.71%
50,000
– –
EVOJ
17
DELISTED
Evo Acquisition Corp. Class A Common Stock
EVOJ
$493K 0.7%
50,000
– –
BYD icon
18
Boyd Gaming
BYD
$5.89B
$477K 0.68%
10,000
-11,719
-54% -$628K
AEAE
19
DELISTED
AltEnergy Acquisition Corp
AEAE
$451K 0.64%
45,000
– –
PDEX icon
20
Pro-Dex
PDEX
$213M
$443K 0.63%
25,000
+5,001
+25% +$85.8K
GTIM icon
21
Good Times Restaurants
GTIM
$15.9M
$367K 0.52%
169,160
+20,020
+13% +$58.6K
PRTY
22
DELISTED
Party City Holdco Inc.
PRTY
$237K 0.34%
+150,000
New +$252K
LUV icon
23
Southwest Airlines
LUV
$19.9B
$154K 0.22%
+5,000
New +$187K
NE icon
24
Noble Corp
NE
$7.34B
$132K 0.19%
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
$121K 0.17%
164,100
– –
1
2

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Covalent Partners's Q3 2022 Portfolio in Review

As of Q3 2022, Covalent Partners held 53 positions worth $70.2M, down 13% from $80.3M the previous quarter. Its ten largest holdings account for 85% of the portfolio.

Covalent Partners withdrew a net $18.3M in Q3 2022, closing 5 positions and reducing 4 holdings. Its most notable exit was D.R. Horton, an estimated $2.32M position sold in full.

By sector, the portfolio is most concentrated in Financials at 13% of assets, up from 11% a quarter earlier, followed by Industrials and Energy.

Against the trend, Covalent Partners opened a new position in Bausch Health worth $620K.

  • Covalent Partners's largest Q3 2022 buy was Bausch Health: 90,000 shares worth $620K.
  • Covalent Partners added most to iShares Russell 2000 ETF in Q3 2022, an estimated $730K increase.
  • Covalent Partners's biggest Q3 2022 reduction was Boyd Gaming, cutting an estimated $628K.
  • Covalent Partners fully exited D.R. Horton in Q3 2022, selling an estimated $2.32M.
  • Covalent Partners's ten largest holdings make up 85% of its $70.2M portfolio in Q3 2022.
  • Covalent Partners opened 4 new positions and closed 5 in Q3 2022.
  • Covalent Partners's portfolio value fell 13% quarter-over-quarter to $70.2M.

Based on Covalent Partners's 13F filing for Q3 2022, filed 14 Nov 2022.