SEC 13F Intelligence

Managers / Q1 2022 · view latest →

Covalent Partners LLC

CIK 0001531611 · 30 MONUMENT SQUARE, SUITE 250, CONCORD, MA, 01742 · 617-658-5508

Reported Value
$118M
Q1 2022
Positions
59
Filings on Record
30
2019–present window
Filed
May 16, 2022
original filing

Summary

Covalent Partners LLC reported $118M in U.S.-listed holdings across 59 positions for Q1 2022.

Its largest position, Copa, represents 4.5% of the portfolio.

Compared with Q4 2021, the fund opened 5 new positions and exited 10.

Portfolio Metrics

Turnover
+26.3%
vs prior filed quarter
Top-10 Concentration
+30.9%
share of reported value
Largest Position
+4.5%
Copa
New / Exited
5 / 10
positions this quarter

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

13F Reported Value
Q1 ’19: $52MQ1 ’19Q2 ’19: $52MQ3 ’19: $36MQ4 ’19: $35MQ1 ’20: $24MQ1 ’20Q2 ’20: $15MQ3 ’20: $23MQ4 ’20: $36MQ1 ’21: $57MQ1 ’21Q2 ’21: $114MQ3 ’21: $60MQ4 ’21: $118MQ1 ’22: $118MQ1 ’22Q2 ’22: $80MQ3 ’22: $70MQ4 ’22: $88MQ1 ’23: $45MQ1 ’23Q2 ’23: $28MQ3 ’23: $31MQ4 ’23: $23MQ1 ’24: $13MQ1 ’24Q2 ’24: $7MQ3 ’24: $12MQ4 ’24: $27MQ1 ’25: $20MQ1 ’25Q2 ’25: $42MQ3 ’25: $27MQ4 ’25: $23MQ1 ’26: $18MQ1 ’26filingsflow.com

Portfolio Composition

By security type
ETP: 49.6%Common Stock: 26.9%Other: 13.0%US DOMESTIC: 10.4%Equity WRT: 0.1%
  • ETP · 49.6% · $59M
  • Common Stock · 26.9% · $32M
  • Other · 13.0% · $15M
  • US DOMESTIC · 10.4% · $12M
  • Equity WRT · 0.1% · $73,000

Quarter-over-Quarter Changes full breakdown →

vs Q4 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
EWGISHARES INC MSCI GERMANY ETFNEW+475.0K475.0K+$13M$13M
HTZHERTZ GLOBAL HLDGS INCNEW+180.0K180.0K+$4M$4M
CRYPTO 1 ACQUISITION CORPNEW+50.0K50.0K+$495,000$495,000
NINEQNINE ENERGY SERVICE INCNEW+125.2K125.2K+$468,000$468,000
CRYPTO 1 ACQUISITION CORPNEW+37.5K37.5K+$9,000$9,000
GTIMGOOD TIMES RESTAURANTS INCADDED+109.0K154.5K+$344,000$541,000
AMC ENTMT HLDGS INCSOLD OUT−300.0K0−$8M$0
HALHALLIBURTON COSOLD OUT−145.5K0−$3M$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2022

42 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1COPA HOLDINGS SANOTE 4.500% 4/14.47%$5M3.00M
2DALDELTA AIR LINES INC DELhistory →COM3.72%$4M111.0K
3NCL CORP LTDNOTE 5.375% 8/03.67%$4M3.00M
4HTZHERTZ GLOBAL HLDGS INChistory →COM3.37%$4M180.0K
5DHID R HORTON INChistory →COM2.94%$3M46.7K
6UFPIUFP INDUSTRIES INChistory →COM2.94%$3M45.0K
7LUVSOUTHWEST AIRLS CONOTE 1.250% 5/0 · COM2.80%$3M2.01M
8BYDBOYD GAMING CORPhistory →COM2.78%$3M50.0K
9HPHELMERICH & PAYNE INChistory →COM2.53%$3M70.0K
10CCLCARNIVAL CORPhistory →COMMON STOCK1.71%$2M100.0K
11AFRICAN GOLD ACQUISITION CORSHS CL A · *W EXP 03/31/2021.69%$2M387.5K
12CHURCHILL CAPITAL CORP VICOM CL A · *W EXP 02/17/2021.68%$2M240.0K
13ATLAS CREST INVESTMENT CORPCOM CL A · *W EXP 02/03/2021.68%$2M268.3K
14THE MUSIC ACQUISITION CORPCOM CLASS A · *W EXP 02/05/2021.46%$2M262.5K
15HOWARD HUGHES CORPCOM1.40%$2M16.0K
16BBCPCONCRETE PUMPING HLDGS INChistory →COM1.28%$2M225.0K
17COVA ACQUISITION CORPCL A SHS · *W EXP 02/05/2021.26%$1M225.0K
18SKYDECK ACQUISITION CORPCLASS A ORD SHS · *W EXP 05/13/2021.15%$1M183.6K
19TZP STRATEGIES ACQUISTN CORPCL A SHS · *W EXP 01/06/2020.88%$1M140.0K
20EVO ACQUISITION CORPCOM CL A · *W EXP 01/04/2020.84%$992,000150.0K
21SILVER SPIKE ACQUISITN CORPCLASS A ORD SHS · *W EXP 02/26/2020.84%$987,000127.4K
22NEXTIER OILFIELD SOLUTIONSCOM0.77%$910,00098.5K
23CRCCALIFORNIA RES CORPCOM STOCK0.72%$849,00019.0K
24CENTENNIAL RESOURCE DEV INCCL A0.68%$807,000100.0K
25MONUMENT CIRCLE ACQUISITN COCOM CL A · *W EXP 01/14/2020.63%$742,000112.5K
26GTIMGOOD TIMES RESTAURANTS INCCOM0.46%$541,000154.5K
27CRYPTO 1 ACQUISITION CORPCLASS A ORD · *W EXP 04/30/2020.43%$504,00087.5K
28NINEQNINE ENERGY SERVICE INCCOM0.40%$468,000125.2K
29AEAEALTENERGY ACQUISITION CORPCOM CL A · *W EXP 10/29/2020.38%$453,00067.5K
30PDEXPRO-DEX INC COLOCOM0.28%$331,00020.0K
31NOBLE CORP NEWSHS0.13%$157,0004.5K
32VERTICAL AEROSPACE LTD*W EXP 09/15/2020.11%$129,000164.1K
33ROIVANT SCIENCES LTD*W EXP 09/30/2020.07%$88,000100.0K
34COINCOINBASE GLOBAL INCCOM CL A0.06%$76,000400
35CIPHER MINING INC*W EXP 10/22/2020.06%$68,000100.0K
36B RILEY PRINCIPAL 150 MERGER*W EXP 03/01/2020.05%$59,00065.0K
37SILVER CREST ACQUISITION COR*W EXP 12/15/2020.04%$50,000110.0K
38LUMIRADX LTD*W EXP 09/28/2020.02%$24,00027.5K
39ITHAX ACQUISITION CORP*W EXP 02/01/2020.01%$8,00025.0K
40FTAC ATHENA ACQUISITION CORP*W EXP 03/01/2020.00%$4,0006.7K
41EDIFY ACQUISITION CORP*W EXP 11/25/2020.00%$2,00015.0K
42FUSION ACQUISITION CORP II*W EXP 02/29/2020.00%$1,0004.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$18M16May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$23M12Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$27M18Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$42M11Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$20M15May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$27M17Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$12M11Nov 15, 2024RESTATEMENTchanges · EDGAR ↗
Q2 2024$7M10Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$13M17May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$23M24Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$31M25Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$28M25Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$45M27May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$88M33Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$70M48Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$80M49Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$118M59May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$118M64Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$60M54Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$114M59Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$57M47May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$36M22Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$23M16Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$15M16Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$24M24May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$35M18Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$36M16Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$52M24Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$52M20May 15, 201913F-HRchanges · 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 ↗.