Covalent Partners LLC
Long book
$11.3M
Q1 2026
Positions
12
Top-10 weight
94%
concentration
Last quarter
+17.9%
SPY +14.8%
Turnover
25%
of book per quarter
Strategy in plain words
auto-generated from filingsCovalent Partners LLC is a concentrated fundamental stock-picker, running a $11.3M US long book across 12 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: GREENE COUNTY BANCORP INC, PENN ENTERTAINMENT INC, CALIFORNIA RESOURCES CORP, UFP INDUSTRIES INC, BAUSCH + LOMB CORP.
Over the last 9 quarters its long book ran on average 1.5pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.9%
Q2 2024
+12.5%
Q3 2024
-7.0%
Q4 2024
-7.2%
Q1 2025
+12.5%
Q2 2025
-2.8%
Q3 2025
-10.2%
Q4 2025
+11.8%
Q1 2026
+17.9%
Sector allocation
Financials 37%
Services media 26%
Energy 12%
Other 10%
Healthcare 9%
Technology 7%
Long book by quarter
What does Covalent Partners own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GCBC GREENE COUNTY BANCORP INC | Financials | 69.0K | $1.5M | 13.7% | +9.5% |
| PENN PENN ENTERTAINMENT INC | Services media | 90.0K | $1.4M | 11.9% | -18.2% |
| CRC CALIFORNIA RESOURCES CORP | Energy | 19.0K | $1.3M | 11.6% | Held |
| UFPI UFP INDUSTRIES INC | Other | 12.0K | $1.1M | 9.8% | -25.0% |
| BLCO BAUSCH + LOMB CORP | Healthcare | 65.0K | $1.0M | 9.1% | New |
| SRBK SR BANCORP INC | Financials | 60.0K | $1.0M | 8.9% | Held |
| MCS MARCUS CORPORATION | Services media | 50.0K | $859K | 7.6% | Held |
| ECBK ECB BANCORP INC | Financials | 50.0K | $837K | 7.4% | +51.5% |
| BX BLACKSTONE INC | Financials | 7.0K | $805K | 7.1% | New |
| MSFT MICROSOFT CORP | Technology | 2.0K | $740K | 6.5% | New |
| CNK CINEMARK HOLDINGS INC | Services media | 25.0K | $713K | 6.3% | -70.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 16 | $17.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 12 | $22.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 18 | $26.6M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 11 | $41.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 15 | $20.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 17 | $27.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ARESTATEMENT | Nov 15, 2024 | 11 | $11.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 11 | $11.8M | SEC ↗ | |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 10 | $7.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 17 | $13.1M | canonical | SEC ↗ |
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