Covalent Partners LLC

CIK 0001531611 · Q1 2026

13F Equity AUM

$17.6M

-22.4% QoQ

Positions

+4 QoQ

AUM Rank

#11,423

Top 92%

Skill Alpha (FF)

-2.5%/yr^ns

No Clear Edge

Rank #5,750 · Top 70%

vs S&P -8.5%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 51.7%Top 10: 79.5%Top 20: 100.0%

IWM19.1%

GCBC8.8%

LYV 3.125 01/15/298.7%

PENN7.7%

CRC7.5%

UFPI6.3%

BLCO5.9%

SRBK5.8%

PATK 1.75 12/01/284.9%

MCS4.9%

Others (6)20.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services43.0%

Fixed Income16.4%

Communication Services8.9%

Consumer Cyclical7.7%

Energy7.5%

Basic Materials6.3%

Healthcare5.9%

Technology4.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 16Median: 5.35%Avg: 6.25%

0–0.5%

1(0.0%)

0.5–1%

0(0.0%)

1–3%

1(2.9%)

3–5%

6(27.4%)

5%+

8(69.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 15Unique: 1vs 20 funds

0.2%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

0.3%

FMR LLC

0.4%

VANGUARD CAPITAL MANAGEMENT LLC

0.3%

GEODE CAPITAL MANAGEMENT, LLC

0.3%

STATE STREET CORP

0.3%

MORGAN STANLEY

0.2%

JPMORGAN CHASE & CO

0.2%

BANK OF AMERICA CORP /DE/

0.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.2%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New4Increased2Decreased5Exited0

New Positions

LYV 3.125 01/15/298.7%

+1.0M

BLCO5.9%

+65K

BX4.6%

+7K

MSFT4.2%

+2K

Increased

ECBK4.8%

+17K(+52%)

GCBC8.8%

+6K(+10%)

Decreased

CALY 2.75 05/01/262.9%

-500,000(-50%)

CNK4.1%

-59,500(-70%)

IWM19.1%

-32,000(-70%)

PENN7.7%

-20,000(-18%)

UFPI6.3%

-4,000(-25%)

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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