Managers / Q1 2020 · view latest →
Covalent Partners LLC
CIK 0001531611 · 30 MONUMENT SQUARE, SUITE 250, CONCORD, MA, 01742 · 617-658-5508
Summary
Covalent Partners LLC reported $24M in U.S.-listed holdings across 24 positions for Q1 2020.
Its largest position, GLPI, represents 16.8% of the portfolio.
Compared with Q4 2019, the fund opened 9 new positions and exited 3.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- US DOMESTIC · 50.3% · $12M
- Common Stock · 21.9% · $5M
- REIT · 16.8% · $4M
- Other · 6.7% · $2M
- ETP · 4.4% · $1M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2019 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| UNITED STATES OIL FUND LP | NEW | +1.60M | 1.60M | +$614,000 | $614,000 |
| PROSHARES TR II | NEW | +593.1K | 593.1K | +$594,000 | $594,000 |
| MCRIMONARCH CASINO & RESORT INC | NEW | +15.0K | 15.0K | +$421,000 | $421,000 |
| SPYSPDR S&P 500 ETF TR | NEW | +55.0K | 55.0K | +$391,000 | $391,000 |
| XLISELECT SECTOR SPDR TR | NEW | +100.0K | 100.0K | +$135,000 | $135,000 |
| EEMISHARES TR | NEW | +90.0K | 90.0K | +$116,000 | $116,000 |
| QQQINVESCO QQQ TR | NEW | +25.0K | 25.0K | +$72,000 | $72,000 |
| AALAMERICAN AIRLS GROUP INC | NEW | +170.0K | 170.0K | +$66,000 | $66,000 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2020
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | GLPIGAMING & LEISURE PPTYS INChistory → | COM | 16.81% | $4M | 145.0K |
| 2 | TESLA INC | NOTE 2.000% 5/1 | 15.26% | $4M | 2.00M |
| 3 | Q2 HLDGS INC | NOTE 0.750% 2/1 | 14.82% | $4M | 3.00M |
| 4 | RINGCENTRAL INC | NOTE 3/1 | 10.96% | $3M | 1.00M |
| 5 | NEXTIER OILFIELD SOLUTIONS | COM | 9.04% | $2M | 1.85M |
| 6 | PIONEER NAT RES CO | COM | 8.00% | $2M | 27.3K |
| 7 | WORKDAY INC | NOTE 0.250% 10/0 | 4.63% | $1M | 1.00M |
| 8 | LENDINGTREE INC NEW | NOTE 0.625% 6/0 | 4.58% | $1M | 1.00M |
| 9 | MCRIMONARCH CASINO & RESORT INChistory → | COM | 1.76% | $421,000 | 15.0K |
| 10 | PUMPPROPETRO HLDG CORPhistory → | COM | 1.36% | $325,000 | 130.0K |
| 11 | SUPERIOR ENERGY SVCS INC | COM NEW | 1.34% | $320,000 | 217.5K |
| 12 | CORNERSTONE BLDG BRANDS INC | COM | 1.05% | $251,000 | 55.0K |
| 13 | NOBLE CORP PLC | SHS USD | 0.34% | $81,000 | 309.9K |
| 14 | CENTENNIAL RESOURCE DEV INC | CL A | 0.11% | $26,000 | 100.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $18M | 16 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $23M | 12 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $27M | 18 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $42M | 11 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $20M | 15 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $27M | 17 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $12M | 11 | Nov 15, 2024 | RESTATEMENT | changes · EDGAR ↗ |
| Q2 2024 | $7M | 10 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $13M | 17 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $23M | 24 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $31M | 25 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $28M | 25 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $45M | 27 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $88M | 33 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $70M | 48 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $80M | 49 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $118M | 59 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $118M | 64 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $60M | 54 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $114M | 59 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $57M | 47 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $36M | 22 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $23M | 16 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $15M | 16 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $24M | 24 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $35M | 18 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $36M | 16 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $52M | 24 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $52M | 20 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $62M | 25 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.