Covalent Partners
CONCORD, MAfiles as Covalent Partners LLC
$11m in 12 US stocks at the end of 31 March 2026. The top 10 are 93.7% of the money. It changed about 26.9% of the portfolio this quarter.
Value
$11m
Stocks
12
Top 10 share
93.7%
Turnover
26.9%
What changed this quarter
New
Bought for the first time this quarter.
- Bausch & LombBLCO9.1% of the fund
- BlackstoneBX7.1% of the fund
- MicrosoftMSFT6.5% of the fund
Added
Bought more of a stock they already held.
- Greene County BancorpGCBC13.7% of the fund+10%
- ECB BancorpECBK7.4% of the fund+52%
Cut
Sold some of their stake.
- PENN EntertainmentPENN11.9% of the fund-18%
- UFP IndustriesUFPI9.8% of the fund-25%
- Cinemark HoldingsCNK6.3% of the fund-70%
Sold out
Sold their entire stake.
None this quarter.
Holdings
- Ecarx HoldingsECXWW
- Share
- <0.1%
- Value
- $3,900
- Shares
- 75,000
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Greene County BancorpGCBC | 13.7% | $2m | 69,000 | +10% |
| PENN EntertainmentPENN | 11.9% | $1m | 90,000 | -18% |
| California ResourcesCRC | 11.6% | $1m | 18,974 | Held |
| UFP IndustriesUFPI | 9.8% | $1m | 12,000 | -25% |
| Bausch & LombBLCO | 9.1% | $1m | 65,000 | New |
| SR BancorpSRBK | 8.9% | $1m | 60,000 | Held |
| MarcusMCS | 7.6% | $858,500 | 50,000 | Held |
| ECB BancorpECBK | 7.4% | $836,500 | 50,000 | +52% |
| BlackstoneBX | 7.1% | $804,930 | 7,000 | New |
| MicrosoftMSFT | 6.5% | $740,340 | 2,000 | New |
| Cinemark HoldingsCNK | 6.3% | $713,000 | 25,000 | -70% |
| Ecarx HoldingsECXWW | <0.1% | $3,900 | 75,000 | Held |
Options (1)
- Ishares TRIWM
- Type
- Put
- Value
- $3m
- Contracts
- 13,500
| Company | Type | Value | Contracts |
|---|---|---|---|
| Ishares TRIWM | Put | $3m | 13,500 |
Over time and by industry
Value over time
Sep '25
Mar '26
Value is up 10.1% since 30 June 2025.
Where the money is
Financial services37.1%
Media & telecom13.9%
Retail & consumer11.9%
Energy11.6%
Industrials9.8%
Health care9.1%
Technology6.5%
Other0.0%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.