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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
-7.14%
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
$22.6M
AUM Growth
-$3.92M
(-15%)
Cap. Flow
-$8.94M
Cap. Flow
% of AUM
-39.52%
Top 10 Holdings %
Top 10 Hldgs %
97.45%
Holding
18
New
1
Increased
4
Reduced
3
Closed
6
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ECB Bancorp
ECBK
|
+$548K |
| 2 |
PENN Entertainment
PENN
|
+$546K |
| 3 |
Greene County Bancorp
GCBC
|
+$394K |
| 4 |
SR Bancorp
SRBK
|
+$303K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Marcus Corp
MCS
|
+$1.74M |
| 2 |
Gibraltar Industries
ROCK
|
+$1.7M |
| 3 |
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
|
+$1.4M |
| 4 |
Caesars Entertainment
CZR
|
+$676K |
| 5 |
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
|
+$631K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 57.64% |
| 2 | Financials | 12.9% |
| 3 | Communication Services | 12.1% |
| 4 | Consumer Discretionary | 7.17% |
| 5 | Materials | 6.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$81.2B
| $11.2M | 49.49% |
45,500
+20,500
| +82% | +$5.04M |
|
2
Cinemark Holdings
CNK
$4.06B
| $1.96M | 8.68% |
84,500
-2,500
| -3% | -$65.7K |
|
|
3
PENN Entertainment
PENN
$2.29B
| $1.62M | 7.17% |
110,000
+35,000
| +47% | +$546K |
|
4
UFP Industries
UFPI
$4.65B
| $1.46M | 6.44% |
16,000
-2,500
| -14% | -$229K |
|
|
5
Greene County Bancorp
GCBC
$607M
| $1.4M | 6.19% |
63,000
+17,329
| +38% | +$394K |
|
|
6
SR Bancorp
SRBK
$144M
| $944K | 4.17% |
60,000
+19,740
| +49% | +$303K |
|
7
California Resources
CRC
$4.82B
| $848K | 3.75% |
18,974
| – | – |
|
|
8
Marcus Corp
MCS
$841M
| $776K | 3.43% |
50,000
-117,000
| -70% | -$1.74M |
|
|
9
ECB Bancorp
ECBK
$181M
| $574K | 2.54% |
+33,000
| New | +$548K |
|
|
ECXWW
10
ECARX Holdings Warrants
ECXWW
$982K
| $3.38K | 0.01% |
75,000
| – | – |
|
11
AMC Entertainment Holdings
AMC
$2.37B
| – | – |
-150,000
| Closed | -$435K |
|
|
12
Caesars Entertainment
CZR
$6.05B
| – | – |
-25,000
| Closed | -$676K |
|
|
13
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$144M
| – | – |
-55,000
| Closed | -$1.4M |
|
|
14
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
| – | – |
-20,000
| Closed | -$631K |
|
15
Regeneron Pharmaceuticals
REGN
$85.2B
| – | – |
-800
| Closed | -$450K |
|
|
16
Gibraltar Industries
ROCK
$1.4B
| – | – |
-27,000
| Closed | -$1.7M |
|
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Covalent Partners's Q4 2025 Portfolio in Review
As of Q4 2025, Covalent Partners held 18 positions worth $22.6M, down 15% from $26.6M the previous quarter. Its ten largest holdings account for 97% of the portfolio.
Covalent Partners withdrew a net $8.94M in Q4 2025, closing 6 positions and reducing 3 holdings. Its most notable exit was Gibraltar Industries, an estimated $1.7M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 58% of assets, up from 47% a quarter earlier, followed by Financials and Communication Services.
Against the trend, Covalent Partners opened a new position in ECB Bancorp worth $574K.
- Covalent Partners's largest Q4 2025 buy was ECB Bancorp: 33,000 shares worth $574K.
- Covalent Partners added most to PENN Entertainment in Q4 2025, an estimated $546K increase.
- Covalent Partners's biggest Q4 2025 reduction was Marcus Corp, cutting an estimated $1.74M.
- Covalent Partners fully exited Gibraltar Industries in Q4 2025, selling an estimated $1.7M.
- Covalent Partners's ten largest holdings make up 97% of its $22.6M portfolio in Q4 2025.
- Covalent Partners opened 1 new position and closed 6 in Q4 2025.
- Covalent Partners's portfolio value fell 15% quarter-over-quarter to $22.6M.
Based on Covalent Partners's 13F filing for Q4 2025, filed 17 Feb 2026.