SEC 13F Intelligence

Managers / Q3 2023 · view latest →

Covalent Partners LLC

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

Reported Value
$31M
Q3 2023
Positions
25
Filings on Record
31
2019–present window
Filed
Nov 14, 2023
original filing

Summary

Covalent Partners LLC reported $31M in U.S.-listed holdings across 25 positions for Q3 2023.

Its largest position, Ncl, represents 14.9% of the portfolio.

Compared with Q2 2023, the fund opened 4 new positions and exited 4.

Portfolio Metrics

Turnover
+44.6%
vs prior filed quarter
Top-10 Concentration
+58.4%
share of reported value
Largest Position
+14.9%
Ncl
New / Exited
4 / 4
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: 52.3%Common Stock: 24.6%US DOMESTIC: 14.9%GLOBAL: 5.9%Other: 2.2%Equity WRT: 0.1%
  • ETP · 52.3% · $16M
  • Common Stock · 24.6% · $8M
  • US DOMESTIC · 14.9% · $5M
  • GLOBAL · 5.9% · $2M
  • Other · 2.2% · $694,753
  • Equity WRT · 0.1% · $44,463

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
IWMISHARES TR RUSSELL 2000 ETFNEW+68.5K68.5K+$12M$12M
NINE ENERGY SERVICE INCNEW+2.00M2.00M+$2M$2M
CNKCINEMARK HLDGS INCNEW+100.0K100.0K+$2M$2M
SURF AIR MOBILITY INCNEW+150.0K150.0K+$244,500$244,500
COPA HOLDINGS SASOLD OUT−3.00M0−$7M$0
LUVSOUTHWEST AIRLS COSOLD OUT−70.0K0−$3M$0
BALLYS CORPORATIONSOLD OUT−45.0K0−$700,200$0
ROIVANT SCIENCES LTDSOLD OUT−100.0K0−$248,000$0

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

Holdings — Q3 2023

22 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NCL CORP LTDNOTE 5.375% 8/014.88%$5M4.00M
2IEFISHARES TR 7-10 YR TRSY BDhistory →UNIT13.53%$4M46.2K
3NINE ENERGY SERVICE INCDEBT 13.000%10/2 ADDED5.93%$2M2.00M
4CNKCINEMARK HLDGS INChistory →COM5.87%$2M100.0K
5PRPERMIAN RESOURCES CORPhistory →CLASS A COM4.47%$1M100.0K
6NENOBLE CORP PLCORD SHS A · *W EXP 02/04/2023.79%$1M28.5K
7DALDELTA AIR LINES INC DELhistory →COM NEW3.55%$1M30.0K
8CRCCALIFORNIA RES CORPhistory →COM STOCK3.40%$1M19.0K
9CARROLS RESTAURANT GROUP INCCOM1.58%$494,25075.0K
10GTIMGOOD TIMES RESTAURANTS INChistory →COM NEW1.40%$437,834146.9K
11PDEXPRO-DEX INC COLOhistory →COM NEW1.03%$320,61020.4K
12SURF AIR MOBILITY INCCOM ADDED0.78%$244,500150.0K
13BLCOBAUSCH PLUS LOMB CORPCOMMON SHARES0.66%$206,79012.2K
14TH INTERNATIONAL LIMITEDORDINARY SHARES0.15%$47,43626.2K
15CIPHER MINING INC*W EXP 10/22/2020.14%$42,800100.0K
16VERTICAL AEROSPACE LTD*W EXP 09/15/2020.05%$15,885164.1K
17CHURCHILL CAPITAL CORP VI*W EXP 02/17/2020.02%$6,40040.0K
18ECARX HOLDINGS INC*W EXP 12/20/2020.01%$3,00075.0K
19AEAEWALTENERGY ACQUISITION CORP*W EXP 10/29/2020.01%$1,66322.5K
20FAZE HOLDINGS INC*W EXP 03/01/2020.00%$1,01465.0K
21LUMIRADX LTD*W EXP 09/28/2020.00%$99327.5K
22EDIFY ACQUISITION CORP*W EXP 11/25/2020.00%$35015.0K

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 ↗.