SEC 13F Intelligence

Managers / Q1 2024 · view latest →

Covalent Partners LLC

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

Reported Value
$13M
Q1 2024
Positions
17
Filings on Record
31
2019–present window
Filed
May 15, 2024
original filing

Summary

Covalent Partners LLC reported $13M in U.S.-listed holdings across 17 positions for Q1 2024.

The portfolio is heavily concentrated: Ncl alone accounts for 30.0% of reported value.

Compared with Q4 2023, the fund opened 3 new positions and exited 9.

Portfolio Metrics

Turnover
+26.8%
vs prior filed quarter
Top-10 Concentration
+99.5%
share of reported value
Largest Position
+30.0%
Ncl
New / Exited
3 / 9
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
Common Stock: 53.2%US DOMESTIC: 37.6%Other: 9.2%Equity WRT: 0.0%
  • Common Stock · 53.2% · $7M
  • US DOMESTIC · 37.6% · $5M
  • Other · 9.2% · $1M
  • Equity WRT · 0.0% · $1,127

Quarter-over-Quarter Changes full breakdown →

vs Q4 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BOOMDMC GLOBAL INCNEW+72.0K72.0K+$1M$1M
PETIQ INCNEW+1.00M1.00M+$991,900$991,900
VIVID SEATS INCNEW+100.0K100.0K+$599,000$599,000
CNKCINEMARK HLDGS INCADDED+65.0K125.0K+$1M$2M
IWMISHARES TR RUSSELL 2000 ETFSOLD OUT−34.4K0−$7M$0
ISHARES TR IBOXX HI YD ETFSOLD OUT−54.0K0−$4M$0
DALDELTA AIR LINES INC DELSOLD OUT−41.0K0−$2M$0
GTIMGOOD TIMES RESTAURANTS INCSOLD OUT−91.9K0−$233,411$0

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

Holdings — Q1 2024

15 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NCL CORP LTDNOTE 5.375% 8/030.02%$4M3.00M
2CNKCINEMARK HLDGS INChistory →COM17.20%$2M125.0K
3PRPERMIAN RESOURCES CORPhistory →CLASS A COM13.52%$2M100.0K
4BOOMDMC GLOBAL INChistory →COM10.74%$1M72.0K
5CRCCALIFORNIA RES CORPhistory →COM STOCK8.01%$1M19.0K
6PETIQ INCNOTE 4.000% 6/07.59%$991,9001.00M
7VIVID SEATS INCCOM CL A4.59%$599,000100.0K
8NENOBLE CORP PLCORD SHS A · *W EXP 02/04/2024.29%$559,96916.9K
9PDEXPRO-DEX INC COLOhistory →COM NEW1.89%$247,33314.1K
10SURF AIR MOBILITY INCCOM1.61%$210,750250.0K
11TH INTERNATIONAL LIMITEDORDINARY SHARES0.23%$30,13926.2K
12NINEQNINE ENERGY SERVICE INCCOM0.17%$22,40010.0K
13VERTICAL AEROSPACE LTD*W EXP 12/16/2020.10%$13,128164.1K
14ECARX HOLDINGS INC*W EXP 99/99/9990.02%$2,25075.0K
15AEAEWALTENERGY ACQUISITION CORP*W EXP 10/29/2020.01%$1,12722.5K

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 ↗.