Covalent Partners LLC

CIK

1531611

Location

CONCORD, MA

Portfolio Value

Micro $11,317,380

Diversification

Diversified

Filing Date

Global Rank

#7,702 / 8,232 ▲ 283

Top Industry

Banks - Regional 30.0%

3Y Alpha vs SPY

-14.5%

Period ended 2 months ago

Filed May 15, 2026 · 30d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+20.0%

SPY

+76.3%

Annualised alpha

-14.5%

Max drawdown

−38.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

11 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

13.7%

−6.8 pts

Top 5

56.1%

−21.0 pts

Top 10

93.7%

−6.3 pts

HHI

968

Diversified−459

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	37.1%	$4,200,520	4
Communication Services	13.9%	$1,571,500	2
Consumer Cyclical	12.0%	$1,352,700	1
Energy	11.6%	$1,313,380	1
Basic Materials	9.8%	$1,105,440	1
Healthcare	9.1%	$1,033,500	1
Technology	6.5%	$740,340	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

2 positions

Ticker	Company	Δ Shares	Shares	Value
ECBK	ECB Bancorp, Inc. /MD/	+17,000	50,000	$836,500
GCBC	Greene County Bancorp Inc	+6,000	69,000	$1,546,290
No positions match the current search.

Trimmed

Positions the filer reduced

3 positions

Ticker	Company	Δ Shares	Shares	Value
CNK	Cinemark Holdings, Inc.	−59,500	25,000	$713,000
PENN	PENN Entertainment, Inc.	−20,000	90,000	$1,352,700
UFPI	Ufp Industries Inc	−4,000	12,000	$1,105,440
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
BLCO	Bausch & Lomb Corp	65,000	$1,033,500
BX	Blackstone Inc.	7,000	$804,930
MSFT	Microsoft Corp	2,000	$740,340
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

11 positions · $11,317,380 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Energy Financial Services Healthcare Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
GCBC	Greene County Bancorp Inc Financial Services	Added	69,000	+6,000	$1,546,290	+10.4%	13.66%
PENN	PENN Entertainment, Inc. Consumer Cyclical	Reduced	90,000	-20,000	$1,352,700	−16.6%	11.95%
CRC	California Resources Corp Energy	Held	18,974	0	$1,313,380	+54.8%	11.60%
UFPI	Ufp Industries Inc Basic Materials	Reduced	12,000	-4,000	$1,105,440	−24.1%	9.77%
BLCO	Bausch & Lomb Corp Healthcare	NEW	65,000	NEW	$1,033,500	NEW	9.13%
SRBK	SR Bancorp, Inc. Financial Services	Held	60,000	0	$1,012,800	+7.2%	8.95%
MCS	Marcus Corp Communication Services	Held	50,000	0	$858,500	+10.7%	7.59%
ECBK	ECB Bancorp, Inc. /MD/ Financial Services	Added	50,000	+17,000	$836,500	+45.8%	7.39%
BX	Blackstone Inc. Financial Services	NEW	7,000	NEW	$804,930	NEW	7.11%
MSFT	Microsoft Corp Technology	NEW	2,000	NEW	$740,340	NEW	6.54%
CNK	Cinemark Holdings, Inc. Communication Services	Reduced	25,000	-59,500	$713,000	−63.7%	6.30%