Stocks/Funds/CIK 1531611

Covalent Partners LLC

microcap filerlong-term holderconcentrated
Quarterly 13F filings · Latest period 2026-03-31 · CIK 1531611
Assets
$11M
+19.5% YoY
Holdings
12
Lifetime alpha vs market
-4.35% annual
Average hold time
1.8 yr
median 1.5 yr

Quarterly history

Cum return +27% vs S&P +52% · α -25% lifetimeAUM $11M · peak $260MFlow $1M (+10%)2016-062017-122019-062020-122022-062023-122025-062026-03
AUM ($B)fundS&P 500(gap = α)/ Flow in/out

Behavior signals (lifetime)

Dip response
-16.44%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.28%
steady accumulation
Rally response
-8.81%
trims into rallies
when a holding rises +10%+

Top positions · 12

Ticker$ value% portYoYHold time
GCBCGreene County Bancorp, I$2M13.7%-5.5%0.8 yr
PENNPENN Entertainment, Inc.$1M11.9%-7.8%2.3 yr
CRCCalifornia Resources Cor$1M11.6%+62.5%5.5 yr
UFPIUFP Industries, Inc.$1M9.8%-12.7%2.5 yr
BLCOBausch + Lomb Corporatio$1M9.1%+9.7%1.5 yr
SRBKSR Bancorp, Inc. Common $1M8.9%+43.4%0.8 yr
MCSThe Marcus Corporation$1M7.6%+5.0%1.5 yr
ECBKECB Bancorp, Inc.$1M7.4%+10.4%0.5 yr
BXBlackstone Inc.$1M7.1%-14.9%0.3 yr
MSFTMicrosoft Corporation$1M6.5%-0.6%0.3 yr
CNKCinemark Holdings, Inc.$1M6.3%+16.0%2.8 yr
$0M0.0%3.5 yr

Portfolio composition (YoY)

Industry mix
Banks - Regional30.0%$3M
Entertainment13.9%-37.4pp$2M
Gambling, Resorts & Casinos11.9%$1M
Oil & Gas Exploration & Production11.6%+2.8pp$1M
Paper, Lumber & Forest Products9.8%$1M
Medical - Instruments & Supplies9.1%$1M
Asset Management7.1%$1M
Software - Infrastructure6.5%$1M
Unknown0.0%-8.4pp$0M
Country
US90.8%-0.6pp
CA9.1%
Unknown0.0%-8.4pp
Top 5: 56.1% · Top 10: 93.7% · Top 25: 100.0%

Winners

TickerPrev $PnLYoY %
CRC$1M+0.00B62.5%
CNK$3M+0.00B16.0%
MCS$2M+0.00B5.0%

Losers

TickerPrev $PnLYoY %

Top buys this quarter · 5

BLCO Bausch + Lomb Corporation+$1M
BX Blackstone Inc.new+$1M
MSFT Microsoft Corporationnew+$1M
ECBK ECB Bancorp, Inc.+$0M
GCBC Greene County Bancorp, Inc.+$0M

Top sells this quarter · 3

CNK Cinemark Holdings, Inc.$2M
UFPI UFP Industries, Inc.$0M
PENN PENN Entertainment, Inc.$0M

Quarterly history (TTM returns)

PeriodAUM# PosReturn (1yr)SPY (1yr)Alpha (1yr)Flow
2026-03-31$11M12+13.55%+17.59%-4.04%+0.00B
2025-12-31$10M9-12.32%+17.72%-30.04%-0.01B
2025-09-30$16M14-8.26%+17.52%-25.78%+0.01B
2025-06-30$10M7+3.39%+14.94%-11.55%-0.00B
2025-03-31$9M10-7.11%+8.30%-15.41%+0.00B
2024-12-31$11M12+25.71%+24.89%+0.82%+0.00B
2024-09-30$8M9+22.72%+36.04%-13.32%+0.00B
2024-06-30$6M9+2.76%+24.49%-21.73%-0.00B
2024-03-31$8M15+19.75%+29.62%-9.88%-0.01B
2023-12-31$13M22+15.19%+26.18%-10.99%+0.00B
2023-09-30$13M22+40.91%+21.57%+19.34%-0.00B
2023-06-30$16M23+40.90%+19.42%+21.47%-0.00B
2023-03-31$16M24+0.86%-7.82%+8.68%+0.00B
2022-12-31$10M26+15.73%+7.56%+8.17%-0.01B
2022-09-30$17M41-4.72%-4.93%+0.21%-0.00B
2022-06-30$19M41-15.81%-16.11%+0.30%-0.02B