SEC 13F Intelligence

Managers / Q1 2023 · view latest →

Covalent Partners LLC

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

Reported Value
$45M
Q1 2023
Positions
27
Filings on Record
31
2019–present window
Filed
May 15, 2023
original filing

Summary

Covalent Partners LLC reported $45M in U.S.-listed holdings across 27 positions for Q1 2023.

Its largest position, Copa, represents 12.4% of the portfolio.

Compared with Q4 2022, the fund opened 2 new positions and exited 7.

Portfolio Metrics

Turnover
+12.6%
vs prior filed quarter
Top-10 Concentration
+53.5%
share of reported value
Largest Position
+12.4%
Copa
New / Exited
2 / 7
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: 52.6%US DOMESTIC: 22.0%Common Stock: 20.2%Other: 5.1%Equity WRT: 0.1%
  • ETP · 52.6% · $24M
  • US DOMESTIC · 22.0% · $10M
  • Common Stock · 20.2% · $9M
  • Other · 5.1% · $2M
  • Equity WRT · 0.1% · $35,792

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
IEFISHARES TR 7-10 YR TRSY BDNEW+43.6K43.6K+$4M$4M
CARROLS RESTAURANT GROUP INCNEW+300.0K300.0K+$669,000$669,000
NENOBLE CORP PLCADDED+11.5K16.0K+$462,768$631,520
LUVSOUTHWEST AIRLS COADDED+40.0K60.0K+$1M$2M
IWMISHARES TRSOLD OUT−126.0K0−$22M$0
GLDSPDR GOLD TRSOLD OUT−33.5K0−$6M$0
QQQINVESCO QQQ TRSOLD OUT−17.5K0−$5M$0
SOUTHWEST AIRLS COSOLD OUT−2.00M0−$2M$0

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

Holdings — Q1 2023

25 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1COPA HOLDINGS SANOTE 4.500% 4/112.38%$6M3.00M
2IEFISHARES TR 7-10 YR TRSY BDhistory →UNIT9.66%$4M43.6K
3NCL CORP LTDNOTE 5.375% 8/09.62%$4M4.00M
4DALDELTA AIR LINES INC DELhistory →COM NEW6.12%$3M78.5K
5CHURCHILL CAPITAL CORP VICOM CL A · *W EXP 02/17/2024.52%$2M240.0K
6LUVSOUTHWEST AIRLS COhistory →COM4.36%$2M60.0K
7PRPERMIAN RESOURCES CORPhistory →CLASS A COM2.34%$1M100.0K
8CRCCALIFORNIA RES CORPhistory →COM STOCK1.63%$730,49919.0K
9CARROLS RESTAURANT GROUP INCCOM1.49%$669,000300.0K
10NENOBLE CORP PLChistory →ORD SHS A1.41%$631,52016.0K
11GTIMGOOD TIMES RESTAURANTS INCCOM NEW0.90%$401,103146.9K
12PDEXPRO-DEX INC COLOCOM NEW0.75%$335,10920.4K
13BHCBAUSCH HEALTH COS INCCOM0.72%$324,00040.0K
14BLCOBAUSCH PLUS LOMB CORPCOMMON SHARES0.47%$212,40212.2K
15ROIVANT SCIENCES LTD*W EXP 09/30/2020.33%$145,980100.0K
16TH INTERNATIONAL LIMITED*W EXP 09/28/2020.12%$53,900110.0K
17CIPHER MINING INC*W EXP 10/22/2020.08%$33,990100.0K
18VERTICAL AEROSPACE LTD*W EXP 09/15/2020.06%$28,718164.1K
19ECARX HOLDINGS INC*W EXP 12/20/2020.03%$11,25075.0K
20EVO ACQUISITION CORP*W EXP 01/04/2020.02%$8,00050.0K
21FAZE HOLDINGS INC*W EXP 03/01/2020.01%$3,45865.0K
22LUMIRADX LTD*W EXP 09/28/2020.01%$3,22627.5K
23AEAEWALTENERGY ACQUISITION CORP*W EXP 10/29/2020.00%$1,80222.5K
24SKYDECK ACQUISITION CORP*W EXP 05/13/2020.00%$1,48045.9K
25EDIFY 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 ↗
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 ↗.