SEC 13F Intelligence

Managers / Q4 2023 · view latest →

Covalent Partners LLC

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

Reported Value
$23M
Q4 2023
Positions
24
Filings on Record
31
2019–present window
Filed
Feb 14, 2024
original filing

Summary

Covalent Partners LLC reported $23M in U.S.-listed holdings across 24 positions for Q4 2023.

The portfolio is heavily concentrated: Ncl alone accounts for 22.4% of reported value.

Compared with Q3 2023, the fund opened 3 new positions and exited 5.

Portfolio Metrics

Turnover
+20.1%
vs prior filed quarter
Top-10 Concentration
+76.6%
share of reported value
Largest Position
+22.4%
Ncl
New / Exited
3 / 5
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: 48.4%Common Stock: 26.4%US DOMESTIC: 22.4%Other: 2.8%Equity WRT: 0.0%
  • ETP · 48.4% · $11M
  • Common Stock · 26.4% · $6M
  • US DOMESTIC · 22.4% · $5M
  • Other · 2.8% · $635,072
  • Equity WRT · 0.0% · $833

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ISHARES TR IBOXX HI YD ETFNEW+54.0K54.0K+$4M$4M
CIFRCIPHER MINING INCNEW+50.0K50.0K+$206,500$206,500
NINEQNINE ENERGY SERVICE INCNEW+10.0K10.0K+$26,800$26,800
IEFISHARES TR 7-10 YR TRSY BDSOLD OUT−46.2K0−$4M$0
NINE ENERGY SERVICE INCSOLD OUT−2.00M0−$2M$0
CARROLS RESTAURANT GROUP INCSOLD OUT−75.0K0−$494,250$0
CIPHER MINING INCSOLD OUT−100.0K0−$42,800$0
CHURCHILL CAPITAL CORP VISOLD OUT−40.0K0−$6,400$0

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

Holdings — Q4 2023

21 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NCL CORP LTDNOTE 5.375% 8/022.41%$5M4.00M
2ISHARES TR IBOXX HI YD ETFUNIT18.25%$4M54.0K
3IWMISHARES TR RUSSELL 2000 ETFhistory →UNIT9.97%$2M11.4K
4DALDELTA AIR LINES INC DELhistory →COM NEW7.20%$2M41.0K
5PRPERMIAN RESOURCES CORPhistory →CLASS A COM5.94%$1M100.0K
6CRCCALIFORNIA RES CORPhistory →COM STOCK4.53%$1M19.0K
7CNKCINEMARK HLDGS INChistory →COM3.69%$845,40060.0K
8NENOBLE CORP PLCORD SHS A · *W EXP 02/04/2022.44%$559,93716.9K
9PDEXPRO-DEX INC COLOhistory →COM NEW1.20%$274,24115.7K
10GTIMGOOD TIMES RESTAURANTS INChistory →COM NEW1.02%$233,41191.9K
11SURF AIR MOBILITY INCCOM1.02%$232,500150.0K
12BLCOBAUSCH PLUS LOMB CORPCOMMON SHARES0.91%$208,13212.2K
13CIFRCIPHER MINING INCCOM0.90%$206,50050.0K
14TH INTERNATIONAL LIMITEDORDINARY SHARES0.20%$45,86426.2K
15NINEQNINE ENERGY SERVICE INCCOM0.12%$26,80010.0K
16VERTICAL AEROSPACE LTD*W EXP 09/15/2020.04%$9,304164.1K
17ECARX HOLDINGS INC*W EXP 12/20/2020.01%$2,25075.0K
18AEAEWALTENERGY ACQUISITION CORP*W EXP 10/29/2020.00%$83322.5K
19FAZE HOLDINGS INC*W EXP 03/01/2020.00%$28065.0K
20LUMIRADX LTD*W EXP 09/28/2020.00%$23727.5K
21EDIFY ACQUISITION CORP*W EXP 11/25/2020.00%$21615.0K

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 ↗.