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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
-$12.2M
Cap. Flow %
-44.31%
Top 10 Hldgs %
93.2%
Holding
31
New
4
Increased
1
Reduced
2
Closed
6
Avg Time Held Equity + Options
5.6 quarters
Top 10 Avg Time Held Equity + Options
2.4 quarters
Top 20 Avg Time Held Equity + Options
2.4 quarters
Avg Time Held Equity only
5.6 quarters
Top 10 Avg Time Held Equity only
3.3 quarters
Top 20 Avg Time Held Equity only
2.6 quarters

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 Miscellaneous 61.51%
2 Industrials 20.28%
3 Energy 9.47%
4 Consumer Discretionary 6.44%
5 Healthcare 2.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
IEF icon
1
iShares 7-10 Year Treasury Bond ETF
IEF
$41.5B
$4.22M 15.26%
43,639
– –
2023 Q1
1 quarter
DAL icon
2
Delta Air Lines
DAL
$54B
$3.07M 11.1%
64,500
-14,000
-18% -$516K
2020 Q2
12 quarters
LUV icon
3
Southwest Airlines
LUV
$20.4B
$2.53M 9.18%
70,000
+10,000
+17% +$314K
2022 Q3
3 quarters
PR
4
Permian Resources
PR
$19.3B
$1.1M 3.97%
100,000
– –
2018 Q3
19 quarters
CRC icon
5
California Resources
CRC
$4.7B
$859K 3.11%
18,974
– –
2020 Q4
10 quarters
BALY icon
6
Bally's
BALY
$704M
$700K 2.54%
+45,000
New +$726K
2023 Q2
0 quarters
NE icon
7
Noble Corp
NE
$6.76B
$661K 2.39%
16,000
– –
2021 Q2
8 quarters
TAST
8
DELISTED
Carrols Restaurant Group, Inc.
TAST
$504K 1.82%
100,000
-200,000
-67% -$906K
2023 Q1
1 quarter
GTIM icon
9
Good Times Restaurants
GTIM
$15.4M
$500K 1.81%
146,924
– –
2021 Q4
6 quarters
PDEX icon
10
Pro-Dex
PDEX
$202M
$390K 1.41%
20,421
– –
2021 Q3
7 quarters
ROIVW
11
DELISTED
Roivant Sciences Ltd. Warrant
ROIVW
$248K 0.9%
100,000
– –
2021 Q4
6 quarters
BLCO icon
12
Bausch + Lomb
BLCO
$6.18B
$245K 0.89%
12,200
– –
2022 Q4
2 quarters
NE.WS icon
13
Noble Corporation PLC Tranche 1 Warrants
NE.WS
$3.66B
$170K 0.61%
+6,228
New +$161K
2023 Q2
0 quarters
NE.WS.A icon
14
Noble Corporation PLC Tranche 2 Warrants
NE.WS.A
$3.04B
$155K 0.56%
+6,228
New +$148K
2023 Q2
0 quarters
THCH icon
15
TH International
THCH
$32M
$75.2K 0.27%
+5,242
New +$94.2K
2023 Q2
0 quarters
CIFRW
16
DELISTED
Cipher Mining Warrant
CIFRW
$50K 0.18%
100,000
– –
2021 Q2
8 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
$29.5K 0.11%
164,100
– –
2021 Q4
6 quarters
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
– –
2021 Q2
8 quarters
ECXWW
19
ECARX Holdings Warrants
ECXWW
$5.57K 0.02%
75,000
– –
2022 Q4
2 quarters
FAZEW
20
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
$1.5K 0.01%
65,000
– –
2021 Q2
8 quarters
LMDXW
21
DELISTED
LumiraDx Limited Warrant
LMDXW
$822 ﹤0.01%
27,500
– –
2021 Q3
7 quarters
AEAEW
22
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
$788 ﹤0.01%
22,500
– –
2021 Q4
6 quarters
EACPW
23
DELISTED
Edify Acquisition Corp. Warrant
EACPW
$488 ﹤0.01%
15,000
– –
2021 Q1
9 quarters
BHC icon
24
Bausch Health
BHC
$2.26B
– –
-40,000
Closed -$324K –
SPY icon
25
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$833B
– –
-47,000
Closed -$19.2M –
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 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 $12.2M 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 Miscellaneous at 62% of assets, down from 75% a quarter earlier, followed by Industrials and Energy.

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.