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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
-$18.3M
Cap. Flow %
-20.7%
Top 10 Hldgs %
94.02%
Holding
52
New
4
Increased
2
Reduced
3
Closed
19
Avg Time Held Equity + Options
4.5 quarters
Top 10 Avg Time Held Equity + Options
2.6 quarters
Top 20 Avg Time Held Equity + Options
2.2 quarters
Avg Time Held Equity only
4.8 quarters
Top 10 Avg Time Held Equity only
2.5 quarters
Top 20 Avg Time Held Equity only
1.9 quarters

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 Miscellaneous 89.67%
2 Energy 3.47%
3 Industrials 3.08%
4 Financials 2.26%
5 Healthcare 1.09%
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
$35.2M 39.77%
92,000
– –
2022 Q2
2 quarters
IWM icon
2
CALL
iShares Russell 2000 ETF
IWM
$77.4B
$20.9M 23.65%
120,000
+100,000
+500% +$17.8M
2022 Q2
2 quarters
GLD icon
3
CALL
SPDR Gold Trust
GLD
$142B
$5.68M 6.42%
33,500
– –
2021 Q2
6 quarters
QQQ icon
4
CALL
Invesco QQQ Trust
QQQ
$507B
$4.66M 5.27%
+17,500
New +$4.84M
2022 Q4
0 quarters
DAL icon
5
Delta Air Lines
DAL
$54B
$2.05M 2.32%
62,500
-22,500
-26% -$746K
2020 Q2
10 quarters
CCVI
6
DELISTED
Churchill Capital Corp VI
CCVI
$2M 2.26%
200,000
– –
2021 Q2
6 quarters
RIG icon
7
Transocean
RIG
$6.15B
$1.14M 1.29%
+250,000
New +$964K
2022 Q4
0 quarters
IWM icon
8
iShares Russell 2000 ETF
IWM
$77.4B
$1.05M 1.18%
6,000
-1,000
-14% -$178K
2022 Q2
2 quarters
PR
9
Permian Resources
PR
$19.3B
$940K 1.06%
100,000
– –
2018 Q3
17 quarters
CRC icon
10
California Resources
CRC
$4.7B
$826K 0.93%
18,974
– –
2020 Q4
8 quarters
LUV icon
11
Southwest Airlines
LUV
$20.4B
$673K 0.76%
20,000
+15,000
+300% +$541K
2022 Q3
1 quarter
PDEX icon
12
Pro-Dex
PDEX
$202M
$398K 0.45%
25,000
– –
2021 Q3
5 quarters
GTIM icon
13
Good Times Restaurants
GTIM
$15.4M
$379K 0.43%
169,160
– –
2021 Q4
4 quarters
BHC icon
14
Bausch Health
BHC
$2.26B
$377K 0.43%
60,000
-30,000
-33% -$210K
2022 Q3
1 quarter
ROIVW
15
DELISTED
Roivant Sciences Ltd. Warrant
ROIVW
$194K 0.22%
100,000
– –
2021 Q4
4 quarters
BLCO icon
16
Bausch + Lomb
BLCO
$6.18B
$189K 0.21%
+12,200
New +$183K
2022 Q4
0 quarters
NE icon
17
Noble Corp
NE
$6.76B
$169K 0.19%
4,475
– –
2021 Q2
6 quarters
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
– –
2021 Q4
4 quarters
THCHW
19
DELISTED
TH International Limited Warrant
THCHW
$13.2K 0.01%
110,000
– –
2022 Q3
1 quarter
FAZEW
20
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
$8.2K 0.01%
65,000
– –
2021 Q2
6 quarters
ECXWW
21
ECARX Holdings Warrants
ECXWW
$7.36K 0.01%
+75,000
New +$5.83K
2022 Q4
0 quarters
CIFRW
22
DELISTED
Cipher Mining Warrant
CIFRW
$6.01K 0.01%
100,000
– –
2021 Q2
6 quarters
EVOJW
23
DELISTED
Evo Acquisition Corp. Warrant
EVOJW
$2.79K ﹤0.01%
50,000
– –
2021 Q2
6 quarters
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
– –
2021 Q2
6 quarters
AEAEW
25
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
$2.32K ﹤0.01%
22,500
– –
2021 Q4
4 quarters
1
2

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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 withdrew a net $18.3M in Q4 2022, closing 19 positions and reducing 3 holdings. Its most notable exit was Atlas Crest Investment Corp. II, an estimated $1.97M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 90% of assets, up from 78% a quarter earlier, followed by Energy and Industrials.

Against the trend, Covalent Partners opened a new position in Transocean worth $1.14M.

  • 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.