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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
-$53.6M
Cap. Flow %
-119.59%
Top 10 Hldgs %
95.09%
Holding
34
New
2
Increased
3
Reduced
4
Closed
7

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 Industrials 10.48%
2 Energy 5.39%
3 Financials 4.52%
4 Consumer Discretionary 2.39%
5 Healthcare 1.95%
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
$19.2M 42.97%
47,000
-45,000
-49% -$18M
IEF icon
2
iShares 7-10 Year Treasury Bond ETF
IEF
$42.9B
$4.33M 9.66%
+43,639
New +$4.27M
DAL icon
3
Delta Air Lines
DAL
$54.2B
$2.74M 6.12%
78,500
+16,000
+26% +$594K
CCVI
4
DELISTED
Churchill Capital Corp VI
CCVI
$2.02M 4.52%
200,000
– –
LUV icon
5
Southwest Airlines
LUV
$19.9B
$1.95M 4.36%
60,000
+40,000
+200% +$1.36M
PR
6
Permian Resources
PR
$19.8B
$1.05M 2.34%
100,000
– –
CRC icon
7
California Resources
CRC
$4.65B
$730K 1.63%
18,974
– –
TAST
8
DELISTED
Carrols Restaurant Group, Inc.
TAST
$669K 1.49%
+300,000
New +$609K
NE icon
9
Noble Corp
NE
$7.34B
$632K 1.41%
16,000
+11,525
+258% +$461K
GTIM icon
10
Good Times Restaurants
GTIM
$15.9M
$401K 0.9%
146,924
-22,236
-13% -$60.9K
PDEX icon
11
Pro-Dex
PDEX
$213M
$335K 0.75%
20,421
-4,579
-18% -$76.3K
BHC icon
12
Bausch Health
BHC
$2.5B
$324K 0.72%
40,000
-20,000
-33% -$161K
BLCO icon
13
Bausch + Lomb
BLCO
$6.19B
$212K 0.47%
12,200
– –
ROIVW
14
DELISTED
Roivant Sciences Ltd. Warrant
ROIVW
$146K 0.33%
100,000
– –
THCHW
15
DELISTED
TH International Limited Warrant
THCHW
$53.9K 0.12%
110,000
– –
CIFRW
16
DELISTED
Cipher Mining Warrant
CIFRW
$34K 0.08%
100,000
– –
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
– –
ECXWW
18
ECARX Holdings Warrants
ECXWW
$1.19M
$11.3K 0.03%
75,000
– –
EVOJW
19
DELISTED
Evo Acquisition Corp. Warrant
EVOJW
$8K 0.02%
50,000
– –
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
– –
FAZEW
21
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
$3.46K 0.01%
65,000
– –
LMDXW
22
DELISTED
LumiraDx Limited Warrant
LMDXW
$3.23K 0.01%
27,500
– –
AEAEW
23
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
$1.8K ﹤0.01%
22,500
– –
SKYAW
24
DELISTED
Skydeck Acquisition Corp. Warrants
SKYAW
$1.48K ﹤0.01%
45,900
– –
EACPW
25
DELISTED
Edify Acquisition Corp. Warrant
EACPW
$452 ﹤0.01%
15,000
– –
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 $53.6M 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 Industrials at 10% of assets, up from 3.1% a quarter earlier, followed by Energy and Financials.

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.