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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
+2.72%
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
$22.9M
AUM Growth
-$8.35M
Cap. Flow
-$12.3M
Cap. Flow %
-53.77%
Top 10 Hldgs %
94.36%
Holding
28
New
4
Increased
1
Reduced
5
Closed
4

Top Buys

Rank Stock Value
1
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$4.03M
2
IWM icon
iShares Russell 2000 ETF
IWM
+$2.04M
3
DAL icon
Delta Air Lines
DAL
+$399K
4
CIFR icon
Cipher Digital
CIFR
+$152K
5
NINE
Nine Energy Service
NINE
+$28.9K

Top Sells

Rank Stock Value
1
IEF icon
iShares 7-10 Year Treasury Bond ETF
IEF
+$4.23M
2
CNK icon
Cinemark Holdings
CNK
+$622K
3
NE icon
Noble Corp
NE
+$539K
4
TAST
Carrols Restaurant Group, Inc.
TAST
+$494K
5
GTIM icon
Good Times Restaurants
GTIM
+$144K

Sector Composition

Rank Sector Weight
1 Energy 11.53%
2 Industrials 8.22%
3 Communication Services 3.69%
4 Healthcare 2.11%
5 Consumer Discretionary 1.22%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$81.4B
$4.62M 20.16%
23,000
-45,500
-66% -$8.15M
HYG icon
2
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.6B
$4.18M 18.25%
+54,000
New +$4.03M
IWM icon
3
iShares Russell 2000 ETF
IWM
$81.4B
$2.28M 9.97%
+11,375
New +$2.04M
DAL icon
4
Delta Air Lines
DAL
$54.2B
$1.65M 7.2%
41,000
+11,000
+37% +$399K
PR
5
Permian Resources
PR
$19.8B
$1.36M 5.94%
100,000
– –
CRC icon
6
California Resources
CRC
$4.65B
$1.04M 4.53%
18,974
– –
CNK icon
7
Cinemark Holdings
CNK
$4.45B
$845K 3.69%
60,000
-40,000
-40% -$622K
PDEX icon
8
Pro-Dex
PDEX
$213M
$274K 1.2%
15,653
-4,768
-23% -$79.7K
GTIM icon
9
Good Times Restaurants
GTIM
$15.9M
$233K 1.02%
91,894
-55,030
-37% -$144K
SRFM icon
10
Surf Air Mobility
SRFM
$81.4M
$233K 1.02%
21,429
– –
NE icon
11
Noble Corp
NE
$7.34B
$216K 0.94%
4,475
-11,525
-72% -$539K
BLCO icon
12
Bausch + Lomb
BLCO
$6.19B
$208K 0.91%
12,200
– –
CIFR icon
13
Cipher Digital
CIFR
$6.37B
$207K 0.9%
+50,000
New +$152K
NE.WS icon
14
Noble Corporation PLC Tranche 1 Warrants
NE.WS
$4.15B
$183K 0.8%
6,228
– –
NE.WS.A icon
15
Noble Corporation PLC Tranche 2 Warrants
NE.WS.A
$3.63B
$161K 0.7%
6,228
– –
THCH icon
16
TH International
THCH
$36.8M
$45.9K 0.2%
5,242
– –
NINE
17
DELISTED
Nine Energy Service
NINE
$26.8K 0.12%
+10,000
New +$28.9K
EVTL.WS
18
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
$9.3K 0.04%
164,100
– –
ECXWW
19
ECARX Holdings Warrants
ECXWW
$1.19M
$2.25K 0.01%
75,000
– –
AEAEW
20
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
$833 ﹤0.01%
22,500
– –
FAZEW
21
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
$280 ﹤0.01%
65,000
– –
LMDXW
22
DELISTED
LumiraDx Limited Warrant
LMDXW
$237 ﹤0.01%
27,500
– –
EACPW
23
DELISTED
Edify Acquisition Corp. Warrant
EACPW
$216 ﹤0.01%
15,000
– –
CIFRW
24
DELISTED
Cipher Mining Warrant
CIFRW
– –
-100,000
Closed -$42.8K
IEF icon
25
iShares 7-10 Year Treasury Bond ETF
IEF
$42.9B
– –
-46,175
Closed -$4.23M
1
2

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Covalent Partners's Q4 2023 Portfolio in Review

As of Q4 2023, Covalent Partners held 28 positions worth $22.9M, down 27% from $31.3M the previous quarter. Its ten largest holdings account for 94% of the portfolio.

Covalent Partners withdrew a net $12.3M in Q4 2023, closing 4 positions and reducing 5 holdings. Its most notable exit was iShares 7-10 Year Treasury Bond ETF, an estimated $4.23M position sold in full.

By sector, the portfolio is most concentrated in Energy at 12% of assets, up from 10% a quarter earlier, followed by Industrials and Communication Services.

Against the trend, Covalent Partners opened a new position in iShares iBoxx $ High Yield Corporate Bond ETF worth $4.18M.

  • Covalent Partners's largest Q4 2023 buy was iShares iBoxx $ High Yield Corporate Bond ETF: 54,000 shares worth $4.18M.
  • Covalent Partners added most to Delta Air Lines in Q4 2023, an estimated $399K increase.
  • Covalent Partners's biggest Q4 2023 reduction was Cinemark Holdings, cutting an estimated $622K.
  • Covalent Partners fully exited iShares 7-10 Year Treasury Bond ETF in Q4 2023, selling an estimated $4.23M.
  • Covalent Partners's ten largest holdings make up 94% of its $22.9M portfolio in Q4 2023.
  • Covalent Partners opened 4 new positions and closed 4 in Q4 2023.
  • Covalent Partners's portfolio value fell 27% quarter-over-quarter to $22.9M.

Based on Covalent Partners's 13F filing for Q4 2023, filed 14 Feb 2024.