Covalent Partners LLC Hedge Fund

CIK: 0001531611 · Show all filings

Period: Q1 2023 (← Previous) (Next →)

Filing Date: May 15, 2023

Total Value ($000): $44,782 (78.0% shares, 22.0% debt)

Holdings (27)

SPY SPDR S&P 500 ETF TR 43.0%

Value ($000) $19,241 Shares 47,000 Est. Cost — Unrealized —

— COPA HOLDINGS SA 12.4%

Value ($000) $5,544 Shares 3,000,000 Est. Cost $1.75 Unrealized —

IEF ISHARES TR 7-10 YR TRSY BD 9.7%

Value ($000) $4,325 Shares 43,639 Est. Cost $99.12 Unrealized —

— NCL CORP LTD 9.6%

Value ($000) $4,306 Shares 4,000,000 Est. Cost $1.31 Unrealized —

DAL DELTA AIR LINES INC DEL 6.1%

Value ($000) $2,741 Shares 78,500 Est. Cost $33.48 Unrealized +7.8%

— CHURCHILL CAPITAL CORP VI 4.5%

Value ($000) $2,022 Shares 200,000 Est. Cost $9.86 Unrealized —

LUV SOUTHWEST AIRLS CO 4.4%

Value ($000) $1,952 Shares 60,000 Est. Cost $32.52 Unrealized -2.1%

PR PERMIAN RESOURCES CORP 2.3%

Value ($000) $1,050 Shares 100,000 Est. Cost $6.91 Unrealized +47.8%

CRC CALIFORNIA RES CORP 1.6%

Value ($000) $730 Shares 18,974 Est. Cost $16.48 Unrealized +130.9%

— CARROLS RESTAURANT GROUP INC 1.5%

Value ($000) $669 Shares 300,000 Est. Cost $2.23 Unrealized —

NE NOBLE CORP PLC 1.4%

Value ($000) $632 Shares 16,000 Est. Cost $32.38 Unrealized +7.9%

GTIM GOOD TIMES RESTAURANTS INC 0.9%

Value ($000) $401 Shares 146,924 Est. Cost $4.22 Unrealized -35.1%

PDEX PRO-DEX INC COLO 0.7%

Value ($000) $335 Shares 20,421 Est. Cost $26.17 Unrealized -36.6%

BHC BAUSCH HEALTH COS INC 0.7%

Value ($000) $324 Shares 40,000 Est. Cost $6.95 Unrealized +15.6%

BLCO BAUSCH PLUS LOMB CORP 0.5%

Value ($000) $212 Shares 12,200 Est. Cost $15.02 Unrealized +12.8%

— ROIVANT SCIENCES LTD 0.3%

Value ($000) $146 Shares 100,000 Est. Cost — Unrealized —

— TH INTERNATIONAL LIMITED 0.1%

Value ($000) $54 Shares 110,000 Est. Cost $0.35 Unrealized —

— CIPHER MINING INC 0.1%

Value ($000) $34 Shares 100,000 Est. Cost $2.28 Unrealized —

EVTWF VERTICAL AEROSPACE LTD 0.1%

Value ($000) $29 Shares 164,100 Est. Cost $0.68 Unrealized —

ECXWW ECARX HOLDINGS INC 0.0%

Value ($000) $11 Shares 75,000 Est. Cost $0.10 Unrealized —

— EVO ACQUISITION CORP 0.0%

Value ($000) $8 Shares 50,000 Est. Cost $0.62 Unrealized —

— CHURCHILL CAPITAL CORP VI 0.0%

Value ($000) $4 Shares 40,000 Est. Cost $1.40 Unrealized —

— FAZE HOLDINGS INC 0.0%

Value ($000) $3 Shares 65,000 Est. Cost $0.55 Unrealized —

— LUMIRADX LTD 0.0%

Value ($000) $3 Shares 27,500 Est. Cost $1.16 Unrealized —

AEAEW ALTENERGY ACQUISITION CORP 0.0%

Value ($000) $2 Shares 22,500 Est. Cost $0.58 Unrealized —

— SKYDECK ACQUISITION CORP 0.0%

Value ($000) $1 Shares 45,900 Est. Cost $0.74 Unrealized —

— EDIFY ACQUISITION CORP 0.0%

Value ($000) $0 Shares 15,000 Est. Cost $0.53 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	47,000	$19,241	43.0%	—	—	Call	78462F103
—	COPA HOLDINGS SA	3,000,000	$5,544	12.4%	$1.75	—	NOTE 4.500% 4/1	21720AAB8
IEF	ISHARES TR 7-10 YR TRSY BD	43,639	$4,325	9.7%	$99.12	—	UNIT	464287440
—	NCL CORP LTD	4,000,000	$4,306	9.6%	$1.31	—	NOTE 5.375% 8/0	62886HAX9
DAL	DELTA AIR LINES INC DEL	78,500	$2,741	6.1%	$33.48	+7.8%	COM NEW	247361702
—	CHURCHILL CAPITAL CORP VI	200,000	$2,022	4.5%	$9.86	—	COM CL A	17143W101
LUV	SOUTHWEST AIRLS CO	60,000	$1,952	4.4%	$32.52	-2.1%	COM	844741108
PR	PERMIAN RESOURCES CORP	100,000	$1,050	2.3%	$6.91	+47.8%	CLASS A COM	71424F105
CRC	CALIFORNIA RES CORP	18,974	$730	1.6%	$16.48	+130.9%	COM STOCK	13057Q305
—	CARROLS RESTAURANT GROUP INC	300,000	$669	1.5%	$2.23	—	COM	14574X104
NE	NOBLE CORP PLC	16,000	$632	1.4%	$32.38	+7.9%	ORD SHS A	G65431127
GTIM	GOOD TIMES RESTAURANTS INC	146,924	$401	0.9%	$4.22	-35.1%	COM NEW	382140879
PDEX	PRO-DEX INC COLO	20,421	$335	0.7%	$26.17	-36.6%	COM NEW	74265M205
BHC	BAUSCH HEALTH COS INC	40,000	$324	0.7%	$6.95	+15.6%	COM	071734107
BLCO	BAUSCH PLUS LOMB CORP	12,200	$212	0.5%	$15.02	+12.8%	COMMON SHARES	071705107
—	ROIVANT SCIENCES LTD	100,000	$146	0.3%	—	—	*W EXP 09/30/202	G76279119
—	TH INTERNATIONAL LIMITED	110,000	$54	0.1%	$0.35	—	*W EXP 09/28/202	G8656L114
—	CIPHER MINING INC	100,000	$34	0.1%	$2.28	—	*W EXP 10/22/202	17253J114
EVTWF	VERTICAL AEROSPACE LTD	164,100	$29	0.1%	$0.68	—	*W EXP 09/15/202	G9471C115
ECXWW	ECARX HOLDINGS INC	75,000	$11	0.0%	$0.10	—	*W EXP 12/20/202	G29201111
—	EVO ACQUISITION CORP	50,000	$8	0.0%	$0.62	—	*W EXP 01/04/202	30052G116
—	CHURCHILL CAPITAL CORP VI	40,000	$4	0.0%	$1.40	—	*W EXP 02/17/202	17143W119
—	FAZE HOLDINGS INC	65,000	$3	0.0%	$0.55	—	*W EXP 03/01/202	31423J110
—	LUMIRADX LTD	27,500	$3	0.0%	$1.16	—	*W EXP 09/28/202	G5709L117
AEAEW	ALTENERGY ACQUISITION CORP	22,500	$2	0.0%	$0.58	—	*W EXP 10/29/202	02157M116
—	SKYDECK ACQUISITION CORP	45,900	$1	0.0%	$0.74	—	*W EXP 05/13/202	G82220115
—	EDIFY ACQUISITION CORP	15,000	$0	0.0%	$0.53	—	*W EXP 11/25/202	28059Q111