SEC 13F Intelligence

Managers / Q2 2022 · view latest →

Covalent Partners LLC

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

Reported Value
$80M
Q2 2022
Positions
49
Filings on Record
31
2019–present window
Filed
Aug 15, 2022
original filing

Summary

Covalent Partners LLC reported $80M in U.S.-listed holdings across 49 positions for Q2 2022.

Its largest position, Copa, represents 5.3% of the portfolio.

Compared with Q1 2022, the fund opened 3 new positions and exited 14.

Portfolio Metrics

Turnover
+39.9%
vs prior filed quarter
Top-10 Concentration
+28.6%
share of reported value
Largest Position
+5.3%
Copa
New / Exited
3 / 14
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
Q4 ’18: $62MQ4 ’18Q1 ’19: $52MQ2 ’19: $52MQ3 ’19: $36MQ4 ’19: $35MQ4 ’19Q1 ’20: $24MQ2 ’20: $15MQ3 ’20: $23MQ4 ’20: $36MQ4 ’20Q1 ’21: $57MQ2 ’21: $114MQ3 ’21: $60MQ4 ’21: $118MQ4 ’21Q1 ’22: $118MQ2 ’22: $80MQ3 ’22: $70MQ4 ’22: $88MQ4 ’22Q1 ’23: $45MQ2 ’23: $28MQ3 ’23: $31MQ4 ’23: $23MQ4 ’23Q1 ’24: $13MQ2 ’24: $7MQ3 ’24: $12MQ4 ’24: $27MQ4 ’24Q1 ’25: $20MQ2 ’25: $42MQ3 ’25: $27MQ4 ’25: $23MQ4 ’25Q1 ’26: $18Mfilingsflow.com

Portfolio Composition

By security type
ETP: 61.9%Common Stock: 14.3%US DOMESTIC: 13.0%Other: 10.8%Equity WRT: 0.0%
  • ETP · 61.9% · $50M
  • Common Stock · 14.3% · $11M
  • US DOMESTIC · 13.0% · $10M
  • Other · 10.8% · $9M
  • Equity WRT · 0.0% · $23,000

Quarter-over-Quarter Changes full breakdown →

vs Q1 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPYSPDR S&P 500 ETF TRNEW+92.0K92.0K+$35M$35M
QQQINVESCO QQQ TRNEW+11.0K11.0K+$3M$3M
REVLON INCNEW+316.6K316.6K+$2M$2M
EWGISHARES INC MSCI GERMANY ETFSOLD OUT−475.0K0−$13M$0
USOUNITED STS OIL FD LPSOLD OUT−111.9K0−$8M$0
HTZHERTZ GLOBAL HLDGS INCSOLD OUT−180.0K0−$4M$0
HPHELMERICH & PAYNE INCSOLD OUT−70.0K0−$3M$0
CCLCARNIVAL CORPSOLD OUT−100.0K0−$2M$0

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

Holdings — Q2 2022

36 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1COPA HOLDINGS SANOTE 4.500% 4/15.30%$4M3.00M
2NCL CORP LTDNOTE 5.375% 8/04.79%$4M4.00M
3DALDELTA AIR LINES INC DELhistory →COM3.43%$3M95.0K
4SOUTHWEST AIRLS CONOTE 1.250% 5/02.93%$2M2.00M
5DHID R HORTON INChistory →COM2.89%$2M35.0K
6ATLAS CREST INVESTMENT CORPCOM CL A · *W EXP 02/03/2022.46%$2M268.3K
7CHURCHILL CAPITAL CORP VICOM CL A · *W EXP 02/17/2022.46%$2M240.0K
8SKYDECK ACQUISITION CORPCLASS A ORD SHS · *W EXP 05/13/2021.68%$1M183.6K
9BYDBOYD GAMING CORPhistory →COM1.35%$1M21.7K
10TZP STRATEGIES ACQUISTN CORPCL A SHS · *W EXP 01/06/2021.29%$1M140.0K
11THE MUSIC ACQUISITION CORPCOM CLASS A · *W EXP 02/05/2021.23%$988,000187.5K
12CRCCALIFORNIA RES CORPCOM STOCK0.91%$730,00019.0K
13CENTENNIAL RESOURCE DEV INCCL A0.74%$598,000100.0K
14NINEQNINE ENERGY SERVICE INCCOM0.66%$530,000200.0K
15UFPIUFP INDUSTRIES INCCOM0.64%$511,0007.5K
16IWMISHARES TRRUSSELL 2000 ETF0.63%$508,0003.0K
17CRYPTO 1 ACQUISITION CORPCLASS A ORD · *W EXP 04/30/2020.62%$501,00087.5K
18EVO ACQUISITION CORPCOM CL A · *W EXP 01/04/2020.61%$493,000100.0K
19AEAEALTENERGY ACQUISITION CORPCOM CL A · *W EXP 10/29/2020.56%$451,00067.5K
20GTIMGOOD TIMES RESTAURANTS INCCOM0.56%$449,000149.1K
21PDEXPRO-DEX INC COLOCOM0.40%$319,00020.0K
22NOBLE CORP NEWSHS0.14%$113,0004.5K
23VERTICAL AEROSPACE LTD*W EXP 09/15/2020.08%$64,000164.1K
24ROIVANT SCIENCES LTD*W EXP 09/30/2020.07%$60,000100.0K
25LUMIRADX LTD*W EXP 09/28/2020.03%$26,00027.5K
26SILVER CREST ACQUISITION COR*W EXP 12/15/2020.03%$24,000110.0K
27B RILEY PRINCIPAL 150 MERGER*W EXP 03/01/2020.03%$24,00065.0K
28CIPHER MINING INC*W EXP 10/22/2020.02%$19,000100.0K
29COINCOINBASE GLOBAL INCCOM CL A0.02%$19,000400
30AFRICAN GOLD ACQUISITION COR*W EXP 03/31/2020.02%$15,000187.5K
31COVA ACQUISITION CORP*W EXP 02/05/2020.01%$8,00075.0K
32ITHAX ACQUISITION CORP*W EXP 02/01/2020.01%$7,00025.0K
33MONUMENT CIRCLE ACQUISITN CO*W EXP 01/14/2020.00%$4,00037.5K
34SILVER SPIKE ACQUISITN CORP*W EXP 02/26/2020.00%$2,00027.5K
35EDIFY ACQUISITION CORP*W EXP 11/25/2020.00%$2,00015.0K
36FTAC ATHENA ACQUISITION CORP*W EXP 03/01/2020.00%$2,0006.7K

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 ↗
Q4 2018$62M25Feb 14, 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 ↗.