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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
+5.07%
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
$44.8M
AUM Growth
-$43.7M
Cap. Flow
-$4.33M
Cap. Flow %
-9.68%
Top 10 Hldgs %
95.09%
Holding
34
New
2
Increased
3
Reduced
4
Closed
7
Avg Time Held Equity + Options
5.4 quarters
Top 10 Avg Time Held Equity + Options
2.1 quarters
Top 20 Avg Time Held Equity + Options
2.3 quarters
Avg Time Held Equity only
5.5 quarters
Top 10 Avg Time Held Equity only
2.7 quarters
Top 20 Avg Time Held Equity only
2.4 quarters

Top Buys

Rank Stock Value
1
IEF icon
iShares 7-10 Year Treasury Bond ETF
IEF
+$4.27M
2
LUV icon
Southwest Airlines
LUV
+$1.36M
3
TAST
Carrols Restaurant Group, Inc.
TAST
+$609K
4
DAL icon
Delta Air Lines
DAL
+$594K
5
NE icon
Noble Corp
NE
+$461K

Top Sells

Rank Stock Value
1
RIG icon
Transocean
RIG
+$1.14M
2
IWM icon
iShares Russell 2000 ETF
IWM
+$1.05M
3
BHC icon
Bausch Health
BHC
+$161K
4
PDEX icon
Pro-Dex
PDEX
+$76.3K
5
GTIM icon
Good Times Restaurants
GTIM
+$60.9K

Sector Composition

Rank Sector Weight
1 Miscellaneous 75.28%
2 Industrials 10.48%
3 Energy 5.39%
4 Financials 4.52%
5 Consumer Discretionary 2.39%
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
$19.2M 42.97%
47,000
-45,000
-49% -$18M
2022 Q2
3 quarters
IEF icon
2
iShares 7-10 Year Treasury Bond ETF
IEF
$41.5B
$4.33M 9.66%
+43,639
New +$4.27M
2023 Q1
0 quarters
DAL icon
3
Delta Air Lines
DAL
$54B
$2.74M 6.12%
78,500
+16,000
+26% +$594K
2020 Q2
11 quarters
CCVI
4
DELISTED
Churchill Capital Corp VI
CCVI
$2.02M 4.52%
200,000
– –
2021 Q2
7 quarters
LUV icon
5
Southwest Airlines
LUV
$20.4B
$1.95M 4.36%
60,000
+40,000
+200% +$1.36M
2022 Q3
2 quarters
PR
6
Permian Resources
PR
$19.3B
$1.05M 2.34%
100,000
– –
2018 Q3
18 quarters
CRC icon
7
California Resources
CRC
$4.7B
$730K 1.63%
18,974
– –
2020 Q4
9 quarters
TAST
8
DELISTED
Carrols Restaurant Group, Inc.
TAST
$669K 1.49%
+300,000
New +$609K
2023 Q1
0 quarters
NE icon
9
Noble Corp
NE
$6.76B
$632K 1.41%
16,000
+11,525
+258% +$461K
2021 Q2
7 quarters
GTIM icon
10
Good Times Restaurants
GTIM
$15.4M
$401K 0.9%
146,924
-22,236
-13% -$60.9K
2021 Q4
5 quarters
PDEX icon
11
Pro-Dex
PDEX
$202M
$335K 0.75%
20,421
-4,579
-18% -$76.3K
2021 Q3
6 quarters
BHC icon
12
Bausch Health
BHC
$2.26B
$324K 0.72%
40,000
-20,000
-33% -$161K
2022 Q3
2 quarters
BLCO icon
13
Bausch + Lomb
BLCO
$6.18B
$212K 0.47%
12,200
– –
2022 Q4
1 quarter
ROIVW
14
DELISTED
Roivant Sciences Ltd. Warrant
ROIVW
$146K 0.33%
100,000
– –
2021 Q4
5 quarters
THCHW
15
DELISTED
TH International Limited Warrant
THCHW
$53.9K 0.12%
110,000
– –
2022 Q3
2 quarters
CIFRW
16
DELISTED
Cipher Mining Warrant
CIFRW
$34K 0.08%
100,000
– –
2021 Q2
7 quarters
EVTL.WS
17
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
$28.7K 0.06%
164,100
– –
2021 Q4
5 quarters
ECXWW
18
ECARX Holdings Warrants
ECXWW
$11.3K 0.03%
75,000
– –
2022 Q4
1 quarter
EVOJW
19
DELISTED
Evo Acquisition Corp. Warrant
EVOJW
$8K 0.02%
50,000
– –
2021 Q2
7 quarters
CCVI.WS
20
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
$4.4K 0.01%
40,000
– –
2021 Q2
7 quarters
FAZEW
21
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
$3.46K 0.01%
65,000
– –
2021 Q2
7 quarters
LMDXW
22
DELISTED
LumiraDx Limited Warrant
LMDXW
$3.23K 0.01%
27,500
– –
2021 Q3
6 quarters
AEAEW
23
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
$1.8K ﹤0.01%
22,500
– –
2021 Q4
5 quarters
SKYAW
24
DELISTED
Skydeck Acquisition Corp. Warrants
SKYAW
$1.48K ﹤0.01%
45,900
– –
2021 Q3
6 quarters
EACPW
25
DELISTED
Edify Acquisition Corp. Warrant
EACPW
$452 ﹤0.01%
15,000
– –
2021 Q1
8 quarters
1
2

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Covalent Partners's Q1 2023 Portfolio in Review

As of Q1 2023, Covalent Partners held 34 positions worth $44.8M, down 49% from $88.5M the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Covalent Partners withdrew a net $4.33M in Q1 2023, closing 7 positions and reducing 4 holdings. Its most notable exit was Transocean, an estimated $1.14M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 75% of assets, down from 90% a quarter earlier, followed by Industrials and Energy.

Against the trend, Covalent Partners opened a new position in iShares 7-10 Year Treasury Bond ETF worth $4.33M.

  • Covalent Partners's largest Q1 2023 buy was iShares 7-10 Year Treasury Bond ETF: 43,639 shares worth $4.33M.
  • Covalent Partners added most to Southwest Airlines in Q1 2023, an estimated $1.36M increase.
  • Covalent Partners's biggest Q1 2023 reduction was Bausch Health, cutting an estimated $161K.
  • Covalent Partners fully exited Transocean in Q1 2023, selling an estimated $1.14M.
  • Covalent Partners's ten largest holdings make up 95% of its $44.8M portfolio in Q1 2023.
  • Covalent Partners opened 2 new positions and closed 7 in Q1 2023.
  • Covalent Partners's portfolio value fell 49% quarter-over-quarter to $44.8M.

Based on Covalent Partners's 13F filing for Q1 2023, filed 15 May 2023.