SEC 13F Intelligence

Managers / Q4 2022 · view latest →

Covalent Partners LLC

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

Reported Value
$88M
Q4 2022
Positions
33
Filings on Record
30
2019–present window
Filed
Feb 14, 2023
original filing

Summary

Covalent Partners LLC reported $88M in U.S.-listed holdings across 33 positions for Q4 2022.

Its largest position, Copa, represents 5.8% of the portfolio.

Compared with Q3 2022, the fund opened 4 new positions and exited 19.

Portfolio Metrics

Turnover
+12.9%
vs prior filed quarter
Top-10 Concentration
+23.3%
share of reported value
Largest Position
+5.8%
Copa
New / Exited
4 / 19
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: 76.3%US DOMESTIC: 13.0%Common Stock: 8.1%Other: 2.6%Equity WRT: 0.0%
  • ETP · 76.3% · $67M
  • US DOMESTIC · 13.0% · $12M
  • Common Stock · 8.1% · $7M
  • Other · 2.6% · $2M
  • Equity WRT · 0.0% · $8,328

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
QQQINVESCO QQQ TRNEW+17.5K17.5K+$5M$5M
RIGTRANSOCEAN LTDNEW+250.0K250.0K+$1M$1M
BLCOBAUSCH PLUS LOMB CORPNEW+12.2K12.2K+$189,222$189,222
ECARX HOLDINGS INCNEW+75.0K75.0K+$7,358$7,358
IWMISHARES TRADDED+99.0K126.0K+$18M$22M
LUVSOUTHWEST AIRLS COADDED+15.0K20.0K+$519,400$673,400
ATLAS CREST INVESTMENT CORPSOLD OUT−200.0K0−$2M$0
SKYDECK ACQUISITION CORPSOLD OUT−137.7K0−$1M$0

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

Holdings — Q4 2022

27 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1COPA HOLDINGS SANOTE 4.500% 4/15.77%$5M3.00M
2NCL CORP LTDNOTE 5.375% 8/04.56%$4M4.00M
3LUVSOUTHWEST AIRLS CONOTE 1.250% 5/0 · COM3.48%$3M2.02M
4DALDELTA AIR LINES INC DELhistory →COM NEW2.32%$2M62.5K
5CHURCHILL CAPITAL CORP VICOM CL A · *W EXP 02/17/2022.26%$2M240.0K
6RIGTRANSOCEAN LTDhistory →REG SHS1.29%$1M250.0K
7IWMISHARES TRhistory →RUSSELL 2000 ETF1.18%$1M6.0K
8PRPERMIAN RESOURCES CORPhistory →CLASS A COM1.06%$940,000100.0K
9CRCCALIFORNIA RES CORPCOM STOCK0.93%$825,55919.0K
10PDEXPRO-DEX INC COLOCOM NEW0.45%$397,50025.0K
11GTIMGOOD TIMES RESTAURANTS INCCOM NEW0.43%$378,918169.2K
12BHCBAUSCH HEALTH COS INCCOM0.43%$376,80060.0K
13ROIVANT SCIENCES LTD*W EXP 09/30/2020.22%$194,000100.0K
14BLCOBAUSCH PLUS LOMB CORPCOMMON SHARES0.21%$189,22212.2K
15NENOBLE CORP PLCORD SHS A0.19%$168,7524.5K
16VERTICAL AEROSPACE LTD*W EXP 09/15/2020.06%$51,560164.1K
17TH INTERNATIONAL LIMITED*W EXP 09/28/2020.01%$13,211110.0K
18FAZE HOLDINGS INC*W EXP 03/01/2020.01%$8,19765.0K
19ECARX HOLDINGS INC*W EXP 12/20/202 ADDED0.01%$7,35875.0K
20CIPHER MINING INC*W EXP 10/22/2020.01%$6,010100.0K
21EVO ACQUISITION CORP*W EXP 01/04/2020.00%$2,79050.0K
22AEAEWALTENERGY ACQUISITION CORP*W EXP 10/29/2020.00%$2,31822.5K
23LUMIRADX LTD*W EXP 09/28/2020.00%$1,62327.5K
24SKYDECK ACQUISITION CORP*W EXP 05/13/2020.00%$1,37745.9K
25TZP STRATEGIES ACQUISTN CORP*W EXP 01/06/2020.00%$85835.0K
26SILVER SPIKE ACQUISITN CORP*W EXP 02/26/2020.00%$82527.5K
27EDIFY ACQUISITION CORP*W EXP 11/25/2020.00%$45215.0K

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 ↗.