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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
+8.19%
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
$13.1M
AUM Growth
-$9.84M
(-43%)
Cap. Flow
-$10.9M
Cap. Flow
% of AUM
-83.76%
Top 10 Holdings %
Top 10 Hldgs %
96.85%
Holding
27
New
2
Increased
2
Reduced
1
Closed
10
Avg Time Held Equity + Options
6
quarters
Top 10 Avg Time Held Equity + Options
2
quarters
Top 20 Avg Time Held Equity + Options
3.1
quarters
Avg Time Held Equity only
6
quarters
Top 10 Avg Time Held Equity only
2.3
quarters
Top 20 Avg Time Held Equity only
3.3
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
DMC Global
BOOM
|
+$1.26M |
| 2 |
Cinemark Holdings
CNK
|
+$1.02M |
| 3 |
Vivid Seats
SEAT
|
+$587K |
| 4 |
Surf Air Mobility
SRFM
|
+$111K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$4.18M |
| 2 |
iShares Russell 2000 ETF
IWM
|
+$2.28M |
| 3 |
Delta Air Lines
DAL
|
+$1.65M |
| 4 |
Good Times Restaurants
GTIM
|
+$233K |
| 5 |
Bausch + Lomb
BLCO
|
+$208K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 40.37% |
| 2 | Energy | 23.36% |
| 3 | Communication Services | 21.79% |
| 4 | Industrials | 12.36% |
| 5 | Healthcare | 1.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Cinemark Holdings
CNK
$4.22B
| $2.25M | 17.2% |
125,000
+65,000
| +108% | +$1.02M |
2023 Q3
2 quarters
|
|
|
PR
2
Permian Resources
PR
$19.3B
| $1.77M | 13.52% |
100,000
| – | – |
2018 Q3
22 quarters
|
|
|
3
DMC Global
BOOM
$116M
| $1.4M | 10.74% |
+72,000
| New | +$1.26M |
2024 Q1
0 quarters
|
|
4
California Resources
CRC
$4.7B
| $1.05M | 8.01% |
18,974
| – | – |
2020 Q4
13 quarters
|
|
|
5
Vivid Seats
SEAT
$36.1M
| $599K | 4.59% |
+5,000
| New | +$587K |
2024 Q1
0 quarters
|
|
6
Pro-Dex
PDEX
$202M
| $247K | 1.89% |
14,053
-1,600
| -10% | -$30.2K |
2021 Q3
10 quarters
|
|
7
Noble Corp
NE
$6.76B
| $217K | 1.66% |
4,475
| – | – |
2021 Q2
11 quarters
|
|
|
8
Surf Air Mobility
SRFM
$126M
| $211K | 1.61% |
35,714
+14,285
| +67% | +$111K |
2023 Q3
2 quarters
|
|
|
9
Noble Corporation PLC Tranche 1 Warrants
NE.WS
$3.66B
| $185K | 1.41% |
6,228
| – | – |
2023 Q2
3 quarters
|
|
|
10
Noble Corporation PLC Tranche 2 Warrants
NE.WS.A
$3.04B
| $158K | 1.21% |
6,228
| – | – |
2023 Q2
3 quarters
|
|
11
TH International
THCH
$32M
| $30.1K | 0.23% |
5,242
| – | – |
2023 Q2
3 quarters
|
|
|
NINE
12
DELISTED
Nine Energy Service
NINE
| $22.4K | 0.17% |
10,000
| – | – |
2023 Q4
1 quarter
|
|
|
EVTL.WS
13
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
| $13.1K | 0.1% |
164,100
| – | – |
2021 Q4
9 quarters
|
|
|
ECXWW
14
ECARX Holdings Warrants
ECXWW
| $2.25K | 0.02% |
75,000
| – | – |
2022 Q4
5 quarters
|
|
|
AEAEW
15
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
| $1.13K | 0.01% |
22,500
| – | – |
2021 Q4
9 quarters
|
|
|
16
Bausch + Lomb
BLCO
$6.18B
| – | – |
-12,200
| Closed | -$208K | – |
|
17
Cipher Digital
CIFR
$5.61B
| – | – |
-50,000
| Closed | -$207K | – |
|
|
18
Delta Air Lines
DAL
$54B
| – | – |
-41,000
| Closed | -$1.65M | – |
|
|
19
Good Times Restaurants
GTIM
$15.4M
| – | – |
-91,894
| Closed | -$233K | – |
|
|
20
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.3B
| – | – |
-54,000
| Closed | -$4.18M | – |
|
|
21
iShares Russell 2000 ETF
IWM
$77.4B
| – | – |
-11,375
| Closed | -$2.28M | – |
|
|
22
PUT
iShares Russell 2000 ETF
IWM
$77.4B
| – | – |
-23,000
| Closed | -$4.62M | – |
|
|
EACPW
23
DELISTED
Edify Acquisition Corp. Warrant
EACPW
| – | – |
-15,000
| Closed | -$216 | – |
|
|
FAZEW
24
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
| – | – |
-65,000
| Closed | -$280 | – |
|
|
LMDXW
25
DELISTED
LumiraDx Limited Warrant
LMDXW
| – | – |
-27,500
| Closed | -$237 | – |
|
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Covalent Partners's Q1 2024 Portfolio in Review
As of Q1 2024, Covalent Partners held 27 positions worth $13.1M, down 43% from $22.9M the previous quarter. Its ten largest holdings account for 97% of the portfolio.
Covalent Partners withdrew a net $10.9M in Q1 2024, closing 10 positions and reducing 1 holding. Its most notable exit was iShares iBoxx $ High Yield Corporate Bond ETF, an estimated $4.18M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 40% of assets, down from 72% a quarter earlier, followed by Energy and Communication Services.
Against the trend, Covalent Partners opened a new position in DMC Global worth $1.4M.
- Covalent Partners's largest Q1 2024 buy was DMC Global: 72,000 shares worth $1.4M.
- Covalent Partners added most to Cinemark Holdings in Q1 2024, an estimated $1.02M increase.
- Covalent Partners's biggest Q1 2024 reduction was Pro-Dex, cutting an estimated $30.2K.
- Covalent Partners fully exited iShares iBoxx $ High Yield Corporate Bond ETF in Q1 2024, selling an estimated $4.18M.
- Covalent Partners's ten largest holdings make up 97% of its $13.1M portfolio in Q1 2024.
- Covalent Partners opened 2 new positions and closed 10 in Q1 2024.
- Covalent Partners's portfolio value fell 43% quarter-over-quarter to $13.1M.
Based on Covalent Partners's 13F filing for Q1 2024, filed 15 May 2024.