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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
+8.85%
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
$27.6M
AUM Growth
-$17.2M
Cap. Flow
-$31.5M
Cap. Flow %
-113.98%
Top 10 Hldgs %
93.2%
Holding
31
New
4
Increased
1
Reduced
2
Closed
6

Top Buys

Rank Stock Value
1
BALY icon
Bally's
BALY
+$726K
2
LUV icon
Southwest Airlines
LUV
+$314K
3
NE.WS icon
Noble Corporation PLC Tranche 1 Warrants
NE.WS
+$161K
4
NE.WS.A icon
Noble Corporation PLC Tranche 2 Warrants
NE.WS.A
+$148K
5
THCH icon
TH International
THCH
+$94.2K

Top Sells

Rank Stock Value
1
CCVI
Churchill Capital Corp VI
CCVI
+$2.02M
2
TAST
Carrols Restaurant Group, Inc.
TAST
+$906K
3
DAL icon
Delta Air Lines
DAL
+$516K
4
BHC icon
Bausch Health
BHC
+$324K
5
THCHW
TH International Limited Warrant
THCHW
+$53.9K

Sector Composition

Rank Sector Weight
1 Industrials 20.28%
2 Energy 9.47%
3 Consumer Discretionary 6.44%
4 Healthcare 2.3%
5 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IEF icon
1
iShares 7-10 Year Treasury Bond ETF
IEF
$42.9B
$4.22M 15.26%
43,639
– –
DAL icon
2
Delta Air Lines
DAL
$54.2B
$3.07M 11.1%
64,500
-14,000
-18% -$516K
LUV icon
3
Southwest Airlines
LUV
$19.9B
$2.53M 9.18%
70,000
+10,000
+17% +$314K
PR
4
Permian Resources
PR
$19.8B
$1.1M 3.97%
100,000
– –
CRC icon
5
California Resources
CRC
$4.65B
$859K 3.11%
18,974
– –
BALY icon
6
Bally's
BALY
$467M
$700K 2.54%
+45,000
New +$726K
NE icon
7
Noble Corp
NE
$7.34B
$661K 2.39%
16,000
– –
TAST
8
DELISTED
Carrols Restaurant Group, Inc.
TAST
$504K 1.82%
100,000
-200,000
-67% -$906K
GTIM icon
9
Good Times Restaurants
GTIM
$15.9M
$500K 1.81%
146,924
– –
PDEX icon
10
Pro-Dex
PDEX
$213M
$390K 1.41%
20,421
– –
ROIVW
11
DELISTED
Roivant Sciences Ltd. Warrant
ROIVW
$248K 0.9%
100,000
– –
BLCO icon
12
Bausch + Lomb
BLCO
$6.19B
$245K 0.89%
12,200
– –
NE.WS icon
13
Noble Corporation PLC Tranche 1 Warrants
NE.WS
$4.15B
$170K 0.61%
+6,228
New +$161K
NE.WS.A icon
14
Noble Corporation PLC Tranche 2 Warrants
NE.WS.A
$3.63B
$155K 0.56%
+6,228
New +$148K
THCH icon
15
TH International
THCH
$36.8M
$75.2K 0.27%
+5,242
New +$94.2K
CIFRW
16
DELISTED
Cipher Mining Warrant
CIFRW
$50K 0.18%
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
$29.5K 0.11%
164,100
– –
CCVI.WS
18
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
$7.2K 0.03%
40,000
– –
ECXWW
19
ECARX Holdings Warrants
ECXWW
$1.19M
$5.57K 0.02%
75,000
– –
FAZEW
20
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
$1.5K 0.01%
65,000
– –
LMDXW
21
DELISTED
LumiraDx Limited Warrant
LMDXW
$822 ﹤0.01%
27,500
– –
AEAEW
22
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
$788 ﹤0.01%
22,500
– –
EACPW
23
DELISTED
Edify Acquisition Corp. Warrant
EACPW
$488 ﹤0.01%
15,000
– –
BHC icon
24
Bausch Health
BHC
$2.5B
– –
-40,000
Closed -$324K
SPY icon
25
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$819B
– –
-47,000
Closed -$19.2M
1
2

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HAM
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BCA
Boundary Creek Advisors New York $15.3M AUM 0.41% 1-Year Est. Return
BCM
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MS
Mizuho Securities Tokyo, Japan $7.68M AUM 15.91% 1-Year Est. Return
RA
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AIIC
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HFA
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Covalent Partners's Q2 2023 Portfolio in Review

As of Q2 2023, Covalent Partners held 31 positions worth $27.6M, down 38% from $44.8M the previous quarter. Its ten largest holdings account for 93% of the portfolio.

Covalent Partners withdrew a net $31.5M in Q2 2023, closing 6 positions and reducing 2 holdings. Its most notable exit was Churchill Capital Corp VI, an estimated $2.02M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 20% of assets, up from 10% a quarter earlier, followed by Energy and Consumer Discretionary.

Against the trend, Covalent Partners opened a new position in Bally's worth $700K.

  • Covalent Partners's largest Q2 2023 buy was Bally's: 45,000 shares worth $700K.
  • Covalent Partners added most to Southwest Airlines in Q2 2023, an estimated $314K increase.
  • Covalent Partners's biggest Q2 2023 reduction was Carrols Restaurant Group, Inc., cutting an estimated $906K.
  • Covalent Partners fully exited Churchill Capital Corp VI in Q2 2023, selling an estimated $2.02M.
  • Covalent Partners's ten largest holdings make up 93% of its $27.6M portfolio in Q2 2023.
  • Covalent Partners opened 4 new positions and closed 6 in Q2 2023.
  • Covalent Partners's portfolio value fell 38% quarter-over-quarter to $27.6M.

Based on Covalent Partners's 13F filing for Q2 2023, filed 14 Aug 2023.