CP

Covalent Partners LLC

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%.

Personality snowflake

Concentration
34.95
Portfolio Stability
76.44
Momentum/Contrarian
0
Sector conviction
57.51
Diversification
32
Sizing Uniformity
93.49

Recent moves

  • Trim 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

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1IWMIshares Russell 2000 ETFETF-Small Cap19.07%-30.42%-70.33%
2GCBCGreene County Bancorp INCStock-Other8.81%+2.62%+9.52%
3LYV 3.125 01-15-29Live Nation EntertainmenStock-Comm Services8.65%+8.65%NEW
4PENNPenn Entertainment INCStock-Consumer Disc7.71%+0.54%-18.18%
5CRCCalifornia Resources CORPStock-Energy7.48%+3.73%—
6UFPIUfp Industries INCStock-Materials6.30%-0.14%-25.00%
7BLCOBausch + Lomb CORPStock-Other5.89%+5.89%NEW
8SRBKSr Bancorp INCStock-Other5.77%+1.60%—
9PATK 1.75 12-01-28Patrick Industries INCStock-Consumer Disc4.93%+1.18%—
10MCSMarcus CorporationStock-Other4.89%+1.46%—
11ECBKEcb Bancorp INCStock-Other4.77%+2.23%+51.52%
12BXBlackstone INCStock-Financials4.59%+4.59%NEW
13MSFTMicrosoft CORPStock-Tech4.22%+4.22%NEW
14CNKCinemark Holdings INCStock-Other4.06%-4.62%-70.41%
15CALY 2.75 05-01-26Callaway Golf CoStock-Other2.85%-1.54%-50.00%
16✓ Ecarx Holdings INCStock-Other0.02%+0.01%—

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%.

Position changes disclosed by Covalent Partners LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1CRCCalifornia Resources CORP+3.7%—Unchanged
2GCBCGreene County Bancorp INC+2.6%+9.52%Add
3ECBKEcb Bancorp INC+2.2%+51.52%Add
4SRBKSr Bancorp INC+1.6%—Unchanged
5MCSMarcus Corporation+1.5%—Unchanged
6PATK 1.75 12-01-28Patrick Industries INC+1.2%—Unchanged
7PENNPenn Entertainment INC+0.5%-18.18%Trim
8✓ Ecarx Holdings INC0%—Unchanged
9UFPIUfp Industries INC-0.1%-25.00%Trim
10CALY 2.75 05-01-26Callaway Golf Co-1.5%-50.00%Trim
11CNKCinemark Holdings INC-4.6%-70.41%Trim
12IWMIshares Russell 2000 ETF-30.4%-70.33%Trim
13LYV 3.125 01-15-29Live Nation Entertainmen—NEWNew buy
14BLCOBausch + Lomb CORP—NEWNew buy
15BXBlackstone INC—NEWNew buy
16MSFTMicrosoft CORP—NEWNew buy

FAQ

What is Covalent Partners LLC and what type of investor is it?
Covalent Partners LLC is a 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%