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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
-$12M
Cap. Flow %
-17.12%
Top 10 Hldgs %
84.77%
Holding
53
New
4
Increased
4
Reduced
4
Closed
5
Avg Time Held Equity + Options
4.2 quarters
Top 10 Avg Time Held Equity + Options
1.9 quarters
Top 20 Avg Time Held Equity + Options
2.2 quarters
Avg Time Held Equity only
4.4 quarters
Top 10 Avg Time Held Equity only
2.2 quarters
Top 20 Avg Time Held Equity only
2.7 quarters

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 Miscellaneous 77.53%
2 Financials 12.52%
3 Industrials 3.61%
4 Energy 3.28%
5 Consumer Discretionary 1.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
SPY icon
1
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$833B
$32.9M 46.78%
92,000
– –
2022 Q2
1 quarter
GLD icon
2
CALL
SPDR Gold Trust
GLD
$142B
$5.18M 7.38%
33,500
– –
2021 Q2
5 quarters
IWM icon
3
CALL
iShares Russell 2000 ETF
IWM
$77.4B
$3.3M 4.7%
20,000
-14,000
-41% -$2.55M
2022 Q2
1 quarter
DAL icon
4
Delta Air Lines
DAL
$54B
$2.38M 3.4%
85,000
-10,000
-11% -$318K
2020 Q2
9 quarters
ACII
5
DELISTED
Atlas Crest Investment Corp. II
ACII
$1.97M 2.8%
200,000
– –
2021 Q2
5 quarters
CCVI
6
DELISTED
Churchill Capital Corp VI
CCVI
$1.97M 2.8%
200,000
– –
2021 Q2
5 quarters
SKYA
7
DELISTED
Skydeck Acquisition Corp. Class A Ordinary Shares
SKYA
$1.35M 1.93%
137,700
– –
2021 Q3
4 quarters
IWM icon
8
iShares Russell 2000 ETF
IWM
$77.4B
$1.15M 1.64%
7,000
+4,000
+133% +$730K
2022 Q2
1 quarter
REV
9
PUT
DELISTED
Revlon, Inc.
REV
$1.12M 1.6%
216,600
-100,000
-32% -$649K
2022 Q2
1 quarter
TZPS
10
DELISTED
TZP Strategies Acquisition Corp. Class A Ordinary Share
TZPS
$1.04M 1.49%
105,000
– –
2021 Q1
6 quarters
TMAC
11
DELISTED
The Music Acquisition Corporation
TMAC
$984K 1.4%
100,000
– –
2021 Q1
6 quarters
NINE
12
DELISTED
Nine Energy Service
NINE
$766K 1.09%
290,000
+90,000
+45% +$253K
2022 Q1
2 quarters
CRC icon
13
California Resources
CRC
$4.7B
$729K 1.04%
18,974
– –
2020 Q4
7 quarters
PR
14
Permian Resources
PR
$19.3B
$680K 0.97%
100,000
– –
2018 Q3
16 quarters
BHC icon
15
Bausch Health
BHC
$2.26B
$620K 0.88%
+90,000
New +$625K
2022 Q3
0 quarters
DAOO
16
DELISTED
Crypto 1 Acquisition Corp Class A Ordinary Shares
DAOO
$502K 0.71%
50,000
– –
2022 Q1
2 quarters
EVOJ
17
DELISTED
Evo Acquisition Corp. Class A Common Stock
EVOJ
$493K 0.7%
50,000
– –
2021 Q2
5 quarters
BYD icon
18
Boyd Gaming
BYD
$5.01B
$477K 0.68%
10,000
-11,719
-54% -$628K
2021 Q2
5 quarters
AEAE
19
DELISTED
AltEnergy Acquisition Corp
AEAE
$451K 0.64%
45,000
– –
2021 Q4
3 quarters
PDEX icon
20
Pro-Dex
PDEX
$202M
$443K 0.63%
25,000
+5,001
+25% +$85.8K
2021 Q3
4 quarters
GTIM icon
21
Good Times Restaurants
GTIM
$15.4M
$367K 0.52%
169,160
+20,020
+13% +$58.6K
2021 Q4
3 quarters
PRTY
22
DELISTED
Party City Holdco Inc.
PRTY
$237K 0.34%
+150,000
New +$252K
2022 Q3
0 quarters
LUV icon
23
Southwest Airlines
LUV
$20.4B
$154K 0.22%
+5,000
New +$187K
2022 Q3
0 quarters
NE icon
24
Noble Corp
NE
$6.76B
$132K 0.19%
4,475
– –
2021 Q2
5 quarters
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
– –
2021 Q4
3 quarters
1
2

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HAM
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BCA
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BCM
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MS
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AIIC
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HFA
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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 $12M 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 Miscellaneous at 78% of assets, up from 77% a quarter earlier, followed by Financials and Industrials.

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.