CP
Covalent Partners LLC Quarterly 13F Portfolio Update (Q1 2026)
Covalent Partners LLCCIK: 0001531611
ContrarianQuality / disciplined sizingHigh-turnover trader
Total reported value
$17.6M
Reporting period: 2026-03-31 · Number of holdings: 16
Covalent Partners LLC disclosed 16 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $17.6M and a quarterly turnover rate of 76.4%.
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Personality snowflake
- Concentration
- 34.95
- Portfolio Stability
- 76.44
- Momentum
- 0
- Sector conviction
- 57.51
- Diversification
- 32
- Sizing Uniformity
- 93.49
Covalent Partners LLC's disclosed holdings carry a Herfindahl concentration index of 0.087 — mathematically equivalent to about 11 equally-sized positions, close to its 16 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.65), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 44% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim IWM
-70.3% -$7.9M
Trim CNK
-70.4% -$1.3M
Add CRC
0.0% $465.1K
Add GCBC
+9.5% $145.8K
Add ECBK
+51.5% $262.6K
Add SRBK
0.0% $68.4K
Holdings Map
New buyAddUnchangedTrim
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 19.07% | -30.42% | -70.33% | |
| 2 | GCBC | Greene County Bancorp Inc | Stock-Other | 8.81% | +2.62% | +9.52% | |
| 3 | LYV 3.125 01-15-29Bond | Live Nation Entertainmen | Bond | 8.65% | +8.65% | NEW | |
| 4 | PENN | Penn Entertainment Inc | Stock-Consumer Disc | 7.71% | +0.54% | -18.18% | |
| 5 | CRC | California Resources CORP | Stock-Energy | 7.48% | +3.73% | — | |
| 6 | UFPI | Ufp Industries Inc | Stock-Materials | 6.30% | -0.14% | -25.00% | |
| 7 | BLCO | Bausch + Lomb CORP | Stock-Other | 5.89% | +5.89% | NEW | |
| 8 | SRBK | Sr Bancorp Inc | Stock-Other | 5.77% | +1.60% | — | |
| 9 | PATK 1.75 12-01-28Bond | Patrick Industries Inc | Bond | 4.93% | +1.18% | — | |
| 10 | MCS | Marcus Corporation | Stock-Other | 4.89% | +1.46% | — | |
| 11 | ECBK | Ecb Bancorp Inc | Stock-Other | 4.77% | +2.23% | +51.52% | |
| 12 | BX | Blackstone Inc | Stock-Financials | 4.59% | +4.59% | NEW | |
| 13 | MSFT | Microsoft CORP | Stock-Tech | 4.22% | +4.22% | NEW | |
| 14 | CNK | Cinemark Holdings Inc | Stock-Other | 4.06% | -4.62% | -70.41% | |
| 15 | CALY 2.75 05-01-26Bond | Callaway Golf Co | Bond | 2.85% | -1.54% | -50.00% | |
| 16 | ✓ | Cova Acquisition CORP | Stock-Other | 0.02% | +0.01% | — |
Portfolio Performance
Performance for Q3 2026
+11.2%
Performance Last 4 Quarters
+27.3%
Based on 84% of reported portfolio value with available pricing
- Stdev
- +29.4%
- Beta
- +0.51
- Alpha
- -20.7%
- Max Drawdown
- -54.9%
- Annualized Perf
- -13.8%
- Batting Avg vs S&P
- +30.6%
- Sortino
- -0.47
- Stutzer
- -0.11
- Treynor
- -0.21
- Sterling
- -0.43
- Calmar
- -0.25
- Information Ratio
- -1.04
- Tracking Error
- +29.3%
- Stdev Down
- +22.5%
- Winning Months %
- +50%
- Losing Months %
- +50%
- Best 12 Months
- +27.3%
- Worst 12 Months
- -53.5%
- Efficiency Ratio
- +0.16
- Sharpe
- -0.36
- Stdev Sectors
- +6.5%
- Skewness
- -0.05
- Kurtosis
- +0.35
- Upside Potential
- +1.48
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q1 | 16 | $17.6M | 76 | ||
| 2025 Q4 | 12 | $22.6M | 70 | ||
| 2025 Q3 | 18 | $26.6M | 49 | ||
| 2025 Q2 | 11 | $41.6M | 0 | ||
| 2025 Q1 | 15 | $20.2M | 100 | ||
| 2024 Q4 | 17 | $27.3M | 0 | ||
| 2024 Q3 | 11 | $11.8M | 0 | ||
| 2024 Q2 | 10 | $7.5M | 0 | ||
| 2024 Q1 | 17 | $13.1M | 0 | ||
| 2023 Q4 | 24 | $22.9M | 0 | ||
| 2023 Q3 | 25 | $31.3M | 0 | ||
| 2023 Q2 | 25 | $27.6M | 0 | ||
| 2023 Q1 | 27 | $44.8M | 0 | ||
| 2022 Q4 | 33 | $88.5M | 0 | ||
| 2022 Q3 | 48 | $70.2M | 0 | ||
| 2022 Q2 | 49 | $80.3M | 0 | ||
| 2022 Q1 | 59 | $118.2M | 0 | ||
| 2021 Q4 | 64 | $118.0M | 0 | ||
| 2021 Q3 | 54 | $60.2M | 0 | ||
| 2021 Q2 | 59 | $114.1M | 67 | ||
| 2021 Q1 | 47 | $57.4M | 100 | ||
| 2020 Q4 | 22 | $36.4M | 100 | ||
| 2020 Q3 | 16 | $22.7M | 71 | 1QTWO 0.75 02-15-232G1739V385521J | |
| 2020 Q2 | 16 | $14.7M | 100 | ||
| 2020 Q1 | 24 | $23.9M | 74 | ||
| 2019 Q4 | 18 | $35.0M | 60 | ||
| 2019 Q3 | 16 | $36.4M | 53 | ||
| 2019 Q2 | 24 | $51.8M | 78 | ||
| 2019 Q1 | 20 | $52.5M | 45 | ||
| 2018 Q4 | 25 | $61.9M | 45 | ||
| 2018 Q3 | 25 | $79.0M | 40 | ||
| 2018 Q2 | 27 | $93.3M | 61 | ||
| 2018 Q1 | 25 | $104.9M | 37 | ||
| 2017 Q4 | 23 | $117.9M | 62 | ||
| 2017 Q3 | 27 | $147.3M | 63 | ||
| 2017 Q2 | 26 | $211.2M | 64 | ||
| 2017 Q1 | 30 | $260.5M | 52 | ||
| 2016 Q4 | 37 | $269.1M | 44 | ||
| 2016 Q3 | 36 | $256.5M | 27 | ||
| 2016 Q2 | 33 | $290.5M | 24 | ||
| 2016 Q1 | 30 | $309.3M | 48 | ||
| 2015 Q4 | 32 | $392.5M | 50 | ||
| 2015 Q3 | 37 | $474.3M | 37 | ||
| 2015 Q2 | 37 | $554.5M | 46 | ||
| 2015 Q1 | 36 | $491.5M | 44 | ||
| 2014 Q4 | 29 | $440.9M | 49 | ||
| 2014 Q3 | 32 | $416.9M | 30 | ||
| 2014 Q2 | 32 | $392.2M | 50 | ||
| 2014 Q1 | 30 | $340.5M | 55 | ||
| 2013 Q4 | 26 | $301.6M | 49 | ||
| 2013 Q3 | 28 | $287.8M | 38 | ||
| 2013 Q2 | 29 | $285.8M | 0 |
Holding changes this quarter
Covalent Partners LLC's most significant position changes for 2026-03-31: New buy: Live Nation Entertainmen (LYV 3.125 01-15-29); New buy: Bausch + Lomb CORP (BLCO); New buy: Blackstone Inc (BX); New buy: Microsoft CORP (MSFT); Trim: Ishares Russell 2000 ETF (IWM) — shares -70.33%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CRC | California Resources CORP | +3.7% | — | Unchanged |
| 2 | GCBC | Greene County Bancorp Inc | +2.6% | +9.52% | Add |
| 3 | ECBK | Ecb Bancorp Inc | +2.2% | +51.52% | Add |
| 4 | SRBK | Sr Bancorp Inc | +1.6% | — | Unchanged |
| 5 | MCS | Marcus Corporation | +1.5% | — | Unchanged |
| 6 | PATK 1.75 12-01-28Bond | Patrick Industries Inc | +1.2% | — | Unchanged |
| 7 | PENN | Penn Entertainment Inc | +0.5% | -18.18% | Trim |
| 8 | ✓ | Cova Acquisition CORP | 0% | — | Unchanged |
| 9 | UFPI | Ufp Industries Inc | -0.1% | -25.00% | Trim |
| 10 | CALY 2.75 05-01-26Bond | Callaway Golf Co | -1.5% | -50.00% | Trim |
| 11 | CNK | Cinemark Holdings Inc | -4.6% | -70.41% | Trim |
| 12 | IWM | Ishares Russell 2000 ETF | -30.4% | -70.33% | Trim |
| 13 | LYV 3.125 01-15-29Bond | Live Nation Entertainmen | — | NEW | New buy |
| 14 | BLCO | Bausch + Lomb CORP | — | NEW | New buy |
| 15 | BX | Blackstone Inc | — | NEW | New buy |
| 16 | MSFT | Microsoft CORP | — | NEW | New buy |
Filing History
FAQ
What is Covalent Partners LLC and what type of investor is it?
Covalent Partners LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $17.6M, spread across 16 disclosed positions.
What are Covalent Partners LLC's largest equity positions?
Based on the latest 13F filing, Covalent Partners LLC's top holdings by market value are:
1. Ishares Russell 2000 ETF (IWM) — $3.3M (19.1%)
2. Greene County Bancorp Inc (GCBC) — $1.5M (8.8%)
3. Live Nation Entertainmen (LYV 3.125 01-15-29) — $1.5M (8.7%)
4. Penn Entertainment Inc (PENN) — $1.4M (7.7%)
5. California Resources CORP (CRC) — $1.3M (7.5%)
What changes did Covalent Partners LLC make in its most recent portfolio filing?
In the latest reported quarter, Covalent Partners LLC made 11 notable position adjustments: 4 new positions were initiated, 2 existing holdings were added to, 5 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Live Nation Entertainmen (LYV 3.125 01-15-29); New buy: Bausch + Lomb CORP (BLCO); New buy: Blackstone Inc (BX); New buy: Microsoft CORP (MSFT); Trim: Ishares Russell 2000 ETF (IWM) — shares -70.33%
What sectors does Covalent Partners LLC focus on?
Covalent Partners LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 28.8%
• Communication Services: 19.7%
• Energy: 17.1%
• Materials: 14.3%
• Financials: 10.4%
• Information Technology: 9.6%
Investment Profile
Covalent Partners LLC returned an annualized -13.8% over the trailing 36 months — underperforming the S&P 500 by 20.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.51 (less volatile than the market) and a 31% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading.
Its turnover score has fallen from 100 to 76 over the past 4 quarters — a shift toward longer holding periods.
It has added to its GCBC position over the past two quarters (+$514.1K, now $1.5M), while trimming CNK over the same stretch (-$1.7M, still holding $713.0K).
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