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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
+5.44%
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
$27.3M
AUM Growth
+$15.5M
Cap. Flow
-$916K
Cap. Flow %
-3.35%
Top 10 Hldgs %
90.58%
Holding
19
New
7
Increased
–
Reduced
3
Closed
2
Avg Time Held Equity + Options
3.2 quarters
Top 10 Avg Time Held Equity + Options
1.8 quarters
Top 20 Avg Time Held Equity + Options
2.3 quarters
Avg Time Held Equity only
3.7 quarters
Top 10 Avg Time Held Equity only
1.9 quarters
Top 20 Avg Time Held Equity only
2.7 quarters

Top Buys

Rank Stock Value
1
EPR.PRC icon
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
+$2.05M
2
MCS icon
Marcus Corp
MCS
+$1.59M
3
EPR.PRE icon
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
+$591K
4
EPR icon
EPR Properties
EPR
+$573K
5
AMC icon
AMC Entertainment Holdings
AMC
+$263K

Top Sells

Rank Stock Value
1
LGIH icon
LGI Homes
LGIH
+$1.49M
2
CNK icon
Cinemark Holdings
CNK
+$464K
3
SEAT icon
Vivid Seats
SEAT
+$280K
4
EVTL.WS
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
+$3.02K
5
AEAEW
AltEnergy Acquisition Corp Warrant
AEAEW
+$252

Sector Composition

Rank Sector Weight
1 Miscellaneous 69.48%
2 Communication Services 20.19%
3 Energy 5.55%
4 Consumer Discretionary 2.75%
5 Real Estate 2.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
IWM icon
1
CALL
iShares Russell 2000 ETF
IWM
$77.4B
$12.2M 44.49%
+55,000
New +$12.5M
2024 Q4
0 quarters
CNK icon
2
Cinemark Holdings
CNK
$4.22B
$2.17M 7.94%
70,000
-15,000
-18% -$464K
2023 Q3
5 quarters
EPR.PRC icon
3
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$131M
$1.99M 7.28%
+95,562
New +$2.05M
2024 Q4
0 quarters
MCS icon
4
Marcus Corp
MCS
$835M
$1.72M 6.3%
+80,000
New +$1.59M
2024 Q4
0 quarters
SEAT icon
5
Vivid Seats
SEAT
$36.1M
$1.39M 5.08%
15,000
-3,750
-20% -$280K
2024 Q1
3 quarters
CRC icon
6
California Resources
CRC
$4.7B
$985K 3.6%
18,974
– –
2020 Q4
16 quarters
ALTG icon
7
PUT
Alta Equipment Group
ALTG
$207M
$785K 2.87%
+120,000
New +$836K
2024 Q4
0 quarters
LGIH icon
8
LGI Homes
LGIH
$1.02B
$733K 2.68%
8,200
-14,200
-63% -$1.49M
2024 Q3
1 quarter
EPR icon
9
EPR Properties
EPR
$4.19B
$554K 2.03%
+12,500
New +$573K
2024 Q4
0 quarters
EPR.PRE icon
10
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$104M
$545K 1.99%
+20,000
New +$591K
2024 Q4
0 quarters
NE icon
11
Noble Corp
NE
$6.76B
$532K 1.95%
16,931
– –
2021 Q2
14 quarters
AMC icon
12
AMC Entertainment Holdings
AMC
$2.66B
$239K 0.87%
+60,000
New +$263K
2024 Q4
0 quarters
THCH icon
13
TH International
THCH
$32M
$18.6K 0.07%
5,242
– –
2023 Q2
6 quarters
ECXWW
14
ECARX Holdings Warrants
ECXWW
$3.75K 0.01%
75,000
– –
2022 Q4
8 quarters
EVTL.WS
15
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
– –
-164,100
Closed -$3.02K –
AEAEW
16
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
– –
-22,500
Closed -$252 –

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BCA
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BCM
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HFA
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Covalent Partners's Q4 2024 Portfolio in Review

As of Q4 2024, Covalent Partners held 19 positions worth $27.3M, up 132% from $11.8M the previous quarter. Its ten largest holdings account for 91% of the portfolio.

Covalent Partners withdrew a net $916K in Q4 2024, closing 2 positions and reducing 3 holdings. Its most notable exit was Vertical Aerospace Ltd. Warrants, each whole warrant exercisable for 1/10th of an ordinary share at an exercise price of $115.00 per share, an estimated $3.02K position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 69% of assets, up from 32% a quarter earlier, followed by Communication Services and Energy.

Against the trend, Covalent Partners opened a new position in EPR Properties 5.75% Series C Preferred Shares worth $1.99M.

  • Covalent Partners's largest Q4 2024 buy was EPR Properties 5.75% Series C Preferred Shares: 95,562 shares worth $1.99M.
  • Covalent Partners's biggest Q4 2024 reduction was LGI Homes, cutting an estimated $1.49M.
  • Covalent Partners fully exited Vertical Aerospace Ltd. Warrants, each whole warrant exercisable for 1/10th of an ordinary share at an exercise price of $115.00 per share in Q4 2024, selling an estimated $3.02K.
  • Covalent Partners's ten largest holdings make up 91% of its $27.3M portfolio in Q4 2024.
  • Covalent Partners opened 7 new positions and closed 2 in Q4 2024.
  • Covalent Partners's portfolio value rose 132% quarter-over-quarter to $27.3M.

Based on Covalent Partners's 13F filing for Q4 2024, filed 14 Feb 2025.