SEC 13F Intelligence

Managers / Q2 2023 · view latest →

Covalent Partners LLC

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

Reported Value
$28M
Q2 2023
Positions
25
Filings on Record
30
2019–present window
Filed
Aug 14, 2023
original filing

Summary

Covalent Partners LLC reported $28M in U.S.-listed holdings across 25 positions for Q2 2023.

The portfolio is heavily concentrated: Copa alone accounts for 24.0% of reported value.

Compared with Q1 2023, the fund opened 4 new positions and exited 6.

Portfolio Metrics

Turnover
+13.2%
vs prior filed quarter
Top-10 Concentration
+94.4%
share of reported value
Largest Position
+24.0%
Copa
New / Exited
4 / 6
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
US DOMESTIC: 43.8%Common Stock: 38.2%ETP: 15.3%Other: 2.5%Equity WRT: 0.2%
  • US DOMESTIC · 43.8% · $12M
  • Common Stock · 38.2% · $11M
  • ETP · 15.3% · $4M
  • Other · 2.5% · $693,402
  • Equity WRT · 0.2% · $50,788

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BALLYS CORPORATIONNEW+45.0K45.0K+$700,200$700,200
NOBLE CORP PLCNEW+6.2K6.2K+$169,588$169,588
NOBLE CORP PLCNEW+6.2K6.2K+$155,482$155,482
TH INTERNATIONAL LIMITEDNEW+26.2K26.2K+$75,217$75,217
SPYSPDR S&P 500 ETF TRSOLD OUT−47.0K0−$19M$0
CHURCHILL CAPITAL CORP VISOLD OUT−200.0K0−$2M$0
BHCBAUSCH HEALTH COS INCSOLD OUT−40.0K0−$324,000$0
TH INTERNATIONAL LIMITEDSOLD OUT−110.0K0−$53,900$0

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

Holdings — Q2 2023

23 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1COPA HOLDINGS SANOTE 4.500% 4/123.98%$7M3.00M
2NCL CORP LTDNOTE 5.375% 8/019.84%$5M4.00M
3IEFISHARES TR 7-10 YR TRSY BDhistory →UNIT15.26%$4M43.6K
4DALDELTA AIR LINES INC DELhistory →COM NEW11.10%$3M64.5K
5LUVSOUTHWEST AIRLS COhistory →COM9.18%$3M70.0K
6PRPERMIAN RESOURCES CORPhistory →CLASS A COM3.97%$1M100.0K
7NENOBLE CORP PLCORD SHS A · *W EXP 02/04/202 ADDED3.57%$986,03028.5K
8CRCCALIFORNIA RES CORPhistory →COM STOCK3.11%$859,33219.0K
9BALLYS CORPORATIONCOM2.54%$700,20045.0K
10CARROLS RESTAURANT GROUP INCCOM1.82%$504,000100.0K
11GTIMGOOD TIMES RESTAURANTS INChistory →COM NEW1.81%$499,542146.9K
12PDEXPRO-DEX INC COLOhistory →COM NEW1.41%$390,04120.4K
13ROIVANT SCIENCES LTD*W EXP 09/30/2020.90%$248,000100.0K
14BLCOBAUSCH PLUS LOMB CORPCOMMON SHARES0.89%$244,85412.2K
15TH INTERNATIONAL LIMITEDORDINARY SHARES0.27%$75,21726.2K
16CIPHER MINING INC*W EXP 10/22/2020.18%$50,000100.0K
17VERTICAL AEROSPACE LTD*W EXP 09/15/2020.11%$29,538164.1K
18CHURCHILL CAPITAL CORP VI*W EXP 02/17/2020.03%$7,20040.0K
19ECARX HOLDINGS INC*W EXP 12/20/2020.02%$5,56575.0K
20FAZE HOLDINGS INC*W EXP 03/01/2020.01%$1,50265.0K
21LUMIRADX LTD*W EXP 09/28/2020.00%$82227.5K
22AEAEWALTENERGY ACQUISITION CORP*W EXP 10/29/2020.00%$78822.5K
23EDIFY ACQUISITION CORP*W EXP 11/25/2020.00%$48815.0K

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 ↗.