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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
+2.48%
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
$31.3M
AUM Growth
+$3.63M
Cap. Flow
+$4.41M
Cap. Flow %
14.12%
Top 10 Hldgs %
94.55%
Holding
28
New
3
Increased
1
Reduced
2
Closed
3

Top Buys

Rank Stock Value
1
CNK icon
Cinemark Holdings
CNK
+$1.67M
2
SRFM icon
Surf Air Mobility
SRFM
+$255K
3
IEF icon
iShares 7-10 Year Treasury Bond ETF
IEF
+$239K

Top Sells

Rank Stock Value
1
LUV icon
Southwest Airlines
LUV
+$2.53M
2
DAL icon
Delta Air Lines
DAL
+$1.5M
3
BALY icon
Bally's
BALY
+$700K
4
ROIVW
Roivant Sciences Ltd. Warrant
ROIVW
+$248K
5
TAST
Carrols Restaurant Group, Inc.
TAST
+$154K

Sector Composition

Rank Sector Weight
1 Energy 10.46%
2 Communication Services 5.87%
3 Industrials 4.33%
4 Consumer Discretionary 3.13%
5 Healthcare 1.69%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$12.1M 38.74%
+68,500
New +$12.9M
IEF icon
2
iShares 7-10 Year Treasury Bond ETF
IEF
$42.9B
$4.23M 13.53%
46,175
+2,536
+6% +$239K
CNK icon
3
Cinemark Holdings
CNK
$4.45B
$1.83M 5.87%
+100,000
New +$1.67M
PR
4
Permian Resources
PR
$19.8B
$1.4M 4.47%
100,000
– –
DAL icon
5
Delta Air Lines
DAL
$54.2B
$1.11M 3.55%
30,000
-34,500
-53% -$1.5M
CRC icon
6
California Resources
CRC
$4.65B
$1.06M 3.4%
18,974
– –
NE icon
7
Noble Corp
NE
$7.34B
$810K 2.59%
16,000
– –
TAST
8
DELISTED
Carrols Restaurant Group, Inc.
TAST
$494K 1.58%
75,000
-25,000
-25% -$154K
GTIM icon
9
Good Times Restaurants
GTIM
$15.9M
$438K 1.4%
146,924
– –
PDEX icon
10
Pro-Dex
PDEX
$213M
$321K 1.03%
20,421
– –
SRFM icon
11
Surf Air Mobility
SRFM
$81.4M
$245K 0.78%
+21,429
New +$255K
BLCO icon
12
Bausch + Lomb
BLCO
$6.19B
$207K 0.66%
12,200
– –
NE.WS icon
13
Noble Corporation PLC Tranche 1 Warrants
NE.WS
$4.15B
$201K 0.64%
6,228
– –
NE.WS.A icon
14
Noble Corporation PLC Tranche 2 Warrants
NE.WS.A
$3.63B
$174K 0.56%
6,228
– –
THCH icon
15
TH International
THCH
$36.8M
$47.4K 0.15%
5,242
– –
CIFRW
16
DELISTED
Cipher Mining Warrant
CIFRW
$42.8K 0.14%
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
$15.9K 0.05%
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
$6.4K 0.02%
40,000
– –
ECXWW
19
ECARX Holdings Warrants
ECXWW
$1.19M
$3K 0.01%
75,000
– –
AEAEW
20
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
$1.66K 0.01%
22,500
– –
FAZEW
21
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
$1.01K ﹤0.01%
65,000
– –
LMDXW
22
DELISTED
LumiraDx Limited Warrant
LMDXW
$993 ﹤0.01%
27,500
– –
EACPW
23
DELISTED
Edify Acquisition Corp. Warrant
EACPW
$350 ﹤0.01%
15,000
– –
BALY icon
24
Bally's
BALY
$467M
– –
-45,000
Closed -$700K
LUV icon
25
Southwest Airlines
LUV
$19.9B
– –
-70,000
Closed -$2.53M
1
2

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Covalent Partners's Q3 2023 Portfolio in Review

As of Q3 2023, Covalent Partners held 28 positions worth $31.3M, up 13% from $27.6M the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Covalent Partners deployed $4.41M of net new capital in Q3 2023, opening 3 new positions and adding to 1 existing holding. Its largest new stake was Cinemark Holdings: 100,000 shares worth $1.83M.

By sector, the portfolio is most concentrated in Energy at 10% of assets, up from 9.5% a quarter earlier, followed by Communication Services and Industrials.

On the sell side, the largest reduction was Delta Air Lines, an estimated $1.5M trimmed.

  • Covalent Partners's largest Q3 2023 buy was Cinemark Holdings: 100,000 shares worth $1.83M.
  • Covalent Partners added most to iShares 7-10 Year Treasury Bond ETF in Q3 2023, an estimated $239K increase.
  • Covalent Partners's biggest Q3 2023 reduction was Delta Air Lines, cutting an estimated $1.5M.
  • Covalent Partners fully exited Southwest Airlines in Q3 2023, selling an estimated $2.53M.
  • Covalent Partners's ten largest holdings make up 95% of its $31.3M portfolio in Q3 2023.
  • Covalent Partners opened 3 new positions and closed 3 in Q3 2023.
  • Covalent Partners's portfolio value rose 13% quarter-over-quarter to $31.3M.

Based on Covalent Partners's 13F filing for Q3 2023, filed 14 Nov 2023.