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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
+12.03%
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
$88.5M
AUM Growth
+$18.2M
Cap. Flow
+$3.19M
Cap. Flow %
3.61%
Top 10 Hldgs %
94.02%
Holding
52
New
4
Increased
2
Reduced
3
Closed
19

Top Buys

Rank Stock Value
1
RIG icon
Transocean
RIG
+$964K
2
LUV icon
Southwest Airlines
LUV
+$541K
3
BLCO icon
Bausch + Lomb
BLCO
+$183K
4
ECXWW
ECARX Holdings Warrants
ECXWW
+$5.83K

Top Sells

Rank Stock Value
1
ACII
Atlas Crest Investment Corp. II
ACII
+$1.97M
2
SKYA
Skydeck Acquisition Corp. Class A Ordinary Shares
SKYA
+$1.35M
3
TZPS
TZP Strategies Acquisition Corp. Class A Ordinary Share
TZPS
+$1.04M
4
TMAC
The Music Acquisition Corporation
TMAC
+$984K
5
NINE
Nine Energy Service
NINE
+$766K

Sector Composition

Rank Sector Weight
1 Energy 3.47%
2 Industrials 3.08%
3 Financials 2.26%
4 Healthcare 1.09%
5 Consumer Discretionary 0.43%
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
$35.2M 39.77%
92,000
– –
IWM icon
2
CALL
iShares Russell 2000 ETF
IWM
$81.4B
$20.9M 23.65%
120,000
+100,000
+500% +$17.8M
GLD icon
3
CALL
SPDR Gold Trust
GLD
$155B
$5.68M 6.42%
33,500
– –
QQQ icon
4
CALL
Invesco QQQ Trust
QQQ
$483B
$4.66M 5.27%
+17,500
New +$4.84M
DAL icon
5
Delta Air Lines
DAL
$54.2B
$2.05M 2.32%
62,500
-22,500
-26% -$746K
CCVI
6
DELISTED
Churchill Capital Corp VI
CCVI
$2M 2.26%
200,000
– –
RIG icon
7
Transocean
RIG
$6.44B
$1.14M 1.29%
+250,000
New +$964K
IWM icon
8
iShares Russell 2000 ETF
IWM
$81.4B
$1.05M 1.18%
6,000
-1,000
-14% -$178K
PR
9
Permian Resources
PR
$19.8B
$940K 1.06%
100,000
– –
CRC icon
10
California Resources
CRC
$4.65B
$826K 0.93%
18,974
– –
LUV icon
11
Southwest Airlines
LUV
$19.9B
$673K 0.76%
20,000
+15,000
+300% +$541K
PDEX icon
12
Pro-Dex
PDEX
$213M
$398K 0.45%
25,000
– –
GTIM icon
13
Good Times Restaurants
GTIM
$15.9M
$379K 0.43%
169,160
– –
BHC icon
14
Bausch Health
BHC
$2.5B
$377K 0.43%
60,000
-30,000
-33% -$210K
ROIVW
15
DELISTED
Roivant Sciences Ltd. Warrant
ROIVW
$194K 0.22%
100,000
– –
BLCO icon
16
Bausch + Lomb
BLCO
$6.19B
$189K 0.21%
+12,200
New +$183K
NE icon
17
Noble Corp
NE
$7.34B
$169K 0.19%
4,475
– –
EVTL.WS
18
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
$51.6K 0.06%
164,100
– –
THCHW
19
DELISTED
TH International Limited Warrant
THCHW
$13.2K 0.01%
110,000
– –
FAZEW
20
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
$8.2K 0.01%
65,000
– –
ECXWW
21
ECARX Holdings Warrants
ECXWW
$1.19M
$7.36K 0.01%
+75,000
New +$5.83K
CIFRW
22
DELISTED
Cipher Mining Warrant
CIFRW
$6.01K 0.01%
100,000
– –
EVOJW
23
DELISTED
Evo Acquisition Corp. Warrant
EVOJW
$2.79K ﹤0.01%
50,000
– –
CCVI.WS
24
DELISTED
Churchill Capital Corp VI Warrants, each exercisable for one share of Class A common stock at an exercise price of $11.50 per share
CCVI.WS
$2.4K ﹤0.01%
40,000
– –
AEAEW
25
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
$2.32K ﹤0.01%
22,500
– –
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 Q4 2022 Portfolio in Review

As of Q4 2022, Covalent Partners held 52 positions worth $88.5M, up 26% from $70.2M the previous quarter. Its ten largest holdings account for 94% of the portfolio.

Covalent Partners deployed $3.19M of net new capital in Q4 2022, opening 4 new positions and adding to 2 existing holdings. Its largest new stake was Transocean: 250,000 shares worth $1.14M.

By sector, the portfolio is most concentrated in Energy at 3.5% of assets, up from 3.3% a quarter earlier, followed by Industrials and Financials.

On the sell side, the largest reduction was Delta Air Lines, an estimated $746K trimmed.

  • Covalent Partners's largest Q4 2022 buy was Transocean: 250,000 shares worth $1.14M.
  • Covalent Partners added most to Southwest Airlines in Q4 2022, an estimated $541K increase.
  • Covalent Partners's biggest Q4 2022 reduction was Delta Air Lines, cutting an estimated $746K.
  • Covalent Partners fully exited Atlas Crest Investment Corp. II in Q4 2022, selling an estimated $1.97M.
  • Covalent Partners's ten largest holdings make up 94% of its $88.5M portfolio in Q4 2022.
  • Covalent Partners opened 4 new positions and closed 19 in Q4 2022.
  • Covalent Partners's portfolio value rose 26% quarter-over-quarter to $88.5M.

Based on Covalent Partners's 13F filing for Q4 2022, filed 14 Feb 2023.