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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
(+13%)
Cap. Flow
-$8.45M
Cap. Flow
% of AUM
-27.03%
Top 10 Holdings %
Top 10 Hldgs %
94.55%
Holding
28
New
3
Increased
1
Reduced
2
Closed
3
Avg Time Held Equity + Options
5.9
quarters
Top 10 Avg Time Held Equity + Options
2.4
quarters
Top 20 Avg Time Held Equity + Options
2.7
quarters
Avg Time Held Equity only
6.1
quarters
Top 10 Avg Time Held Equity only
3.2
quarters
Top 20 Avg Time Held Equity only
2.9
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cinemark Holdings
CNK
|
+$1.67M |
| 2 |
Surf Air Mobility
SRFM
|
+$255K |
| 3 |
iShares 7-10 Year Treasury Bond ETF
IEF
|
+$239K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Southwest Airlines
LUV
|
+$2.53M |
| 2 |
Delta Air Lines
DAL
|
+$1.5M |
| 3 |
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 | Miscellaneous | 74.51% |
| 2 | Energy | 10.46% |
| 3 | Communication Services | 5.87% |
| 4 | Industrials | 4.33% |
| 5 | Consumer Discretionary | 3.13% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$77.4B
| $12.1M | 38.74% |
+68,500
| New | +$12.9M |
2023 Q3
0 quarters
|
|
|
2
iShares 7-10 Year Treasury Bond ETF
IEF
$41.5B
| $4.23M | 13.53% |
46,175
+2,536
| +6% | +$239K |
2023 Q1
2 quarters
|
|
|
3
Cinemark Holdings
CNK
$4.22B
| $1.83M | 5.87% |
+100,000
| New | +$1.67M |
2023 Q3
0 quarters
|
|
|
PR
4
Permian Resources
PR
$19.3B
| $1.4M | 4.47% |
100,000
| – | – |
2018 Q3
20 quarters
|
|
|
5
Delta Air Lines
DAL
$54B
| $1.11M | 3.55% |
30,000
-34,500
| -53% | -$1.5M |
2020 Q2
13 quarters
|
|
6
California Resources
CRC
$4.7B
| $1.06M | 3.4% |
18,974
| – | – |
2020 Q4
11 quarters
|
|
7
Noble Corp
NE
$6.76B
| $810K | 2.59% |
16,000
| – | – |
2021 Q2
9 quarters
|
|
|
TAST
8
DELISTED
Carrols Restaurant Group, Inc.
TAST
| $494K | 1.58% |
75,000
-25,000
| -25% | -$154K |
2023 Q1
2 quarters
|
|
9
Good Times Restaurants
GTIM
$15.4M
| $438K | 1.4% |
146,924
| – | – |
2021 Q4
7 quarters
|
|
10
Pro-Dex
PDEX
$202M
| $321K | 1.03% |
20,421
| – | – |
2021 Q3
8 quarters
|
|
|
11
Surf Air Mobility
SRFM
$126M
| $245K | 0.78% |
+21,429
| New | +$255K |
2023 Q3
0 quarters
|
|
12
Bausch + Lomb
BLCO
$6.18B
| $207K | 0.66% |
12,200
| – | – |
2022 Q4
3 quarters
|
|
|
13
Noble Corporation PLC Tranche 1 Warrants
NE.WS
$3.66B
| $201K | 0.64% |
6,228
| – | – |
2023 Q2
1 quarter
|
|
|
14
Noble Corporation PLC Tranche 2 Warrants
NE.WS.A
$3.04B
| $174K | 0.56% |
6,228
| – | – |
2023 Q2
1 quarter
|
|
15
TH International
THCH
$32M
| $47.4K | 0.15% |
5,242
| – | – |
2023 Q2
1 quarter
|
|
|
CIFRW
16
DELISTED
Cipher Mining Warrant
CIFRW
| $42.8K | 0.14% |
100,000
| – | – |
2021 Q2
9 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
| $15.9K | 0.05% |
164,100
| – | – |
2021 Q4
7 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
| $6.4K | 0.02% |
40,000
| – | – |
2021 Q2
9 quarters
|
|
|
ECXWW
19
ECARX Holdings Warrants
ECXWW
| $3K | 0.01% |
75,000
| – | – |
2022 Q4
3 quarters
|
|
|
AEAEW
20
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
| $1.66K | 0.01% |
22,500
| – | – |
2021 Q4
7 quarters
|
|
|
FAZEW
21
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
| $1.01K | ﹤0.01% |
65,000
| – | – |
2021 Q2
9 quarters
|
|
|
LMDXW
22
DELISTED
LumiraDx Limited Warrant
LMDXW
| $993 | ﹤0.01% |
27,500
| – | – |
2021 Q3
8 quarters
|
|
|
EACPW
23
DELISTED
Edify Acquisition Corp. Warrant
EACPW
| $350 | ﹤0.01% |
15,000
| – | – |
2021 Q1
10 quarters
|
|
|
24
Bally's
BALY
$704M
| – | – |
-45,000
| Closed | -$700K | – |
|
|
25
Southwest Airlines
LUV
$20.4B
| – | – |
-70,000
| Closed | -$2.53M | – |
|
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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 withdrew a net $8.45M in Q3 2023, closing 3 positions and reducing 2 holdings. Its most notable exit was Southwest Airlines, an estimated $2.53M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 75% of assets, up from 62% a quarter earlier, followed by Energy and Communication Services.
Against the trend, Covalent Partners opened a new position in Cinemark Holdings worth $1.83M.
- 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.