Q1 2026 13F · SEC CIK 1531611
Covalent Partners LLC
Hedge fundFiled 2026-05-15 for Q1 2026. Open the filing ↗ · All SEC filings ↗
- Reported 13F value
- $11.3M
- Reported positions
- 12
- Top holdings a year, 3 yrs
- +11.3%
- Assets under management
- $117.3M
Covalent Partners LLC is a hedge fund that reported 12 positions worth $11.3M in its Q1 2026 13F, filed 2026-05-15. Its largest holdings were Greene Cnty Bancorp Inc (GCBC, 13.7%), Penn Entertainment Inc (PENN, 11.9%), California Res Corp (11.6%). A portfolio copying its top holdings returned 11.3% a year over the last 3 years, against 22.3% for the S&P 500.
Covalent Partners LLC holdings all 12 positions.
Weights are shares of the filer's total reported 13F value, compared with Q4 2025. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.
| Stock | % of 13F value | Share change | Reported value |
|---|---|---|---|
| GCBCGreene Cnty Bancorp Inc | 13.7% | +9.5% | $1.5M |
| PENNPenn Entertainment Inc | 11.9% | -18.2% | $1.4M |
| 13057Q305California Res Corp | 11.6% | +0.0% | $1.3M |
| UFPIUfp Industries Inc | 9.8% | -25.0% | $1.1M |
| BLCOBausch Plus Lomb Corp | 9.1% | — | $1.0M |
| SRBKSr Bancorp Inc | 8.9% | +0.0% | $1.0M |
| MCSMarcus Corp Del | 7.6% | +0.0% | $859K |
| ECBKEcb Bancorp Inc | 7.4% | +51.5% | $837K |
| BXBlackstone Inc | 7.1% | — | $805K |
| MSFTMicrosoft Corp | 6.5% | — | $740K |
| CNKCinemark Hldgs Inc | 6.3% | -70.4% | $713K |
| G29201111Ecarx Holdings Inc | 0.0% | +0.0% | $4K |
What Covalent Partners LLC bought and sold in Q1 2026, against Q4 2025.
New positions
- BLCO Bausch Plus Lomb Corp9.1% of 13F
- BX Blackstone Inc7.1% of 13F
- MSFT Microsoft Corp6.5% of 13F
Added to
- ECBK Ecb Bancorp Inc+51.5% shares
- GCBC Greene Cnty Bancorp Inc+9.5% shares
Reduced
- CNK Cinemark Hldgs Inc-70.4% shares
- UFPI Ufp Industries Inc-25.0% shares
- PENN Penn Entertainment Inc-18.2% shares
Sold out
Nothing sold out.
Share counts compared with the Q4 2025 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- +38.9% /yr
- S&P 500 +11.7%
- 3 years
- +11.3% /yr
- S&P 500 +22.3%
- 5 years
- +4.0% /yr
- S&P 500 +10.6%
A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Reported 13F value by quarter.
| Quarter | 13F value | Positions |
|---|---|---|
| Q1 2026 | $11.3M | 12 |
| Q4 2025 | $9.6M | 9 |
| Q3 2025 | $16.1M | 14 |
| Q2 2025 | $10.3M | 7 |
| Q1 2025 | $9.5M | 10 |
| Q4 2024 | $10.9M | 12 |
| Q3 2024 | $8.0M | 9 |
| Q2 2024 | $6.4M | 9 |
| Q1 2024 | $8.1M | 15 |
| Q4 2023 | $13.2M | 22 |
| Q3 2023 | $12.6M | 22 |
| Q2 2023 | $15.5M | 23 |
Questions about Covalent Partners LLC's portfolio
What stocks does Covalent Partners LLC own?
Covalent Partners LLC's latest 13F, for Q1 2026 and filed May 15, 2026, lists 12 positions worth $11.3M. The largest are Greene Cnty Bancorp Inc (GCBC) at 13.7%, Penn Entertainment Inc (PENN) at 11.9%, California Res Corp at 11.6%, Ufp Industries Inc (UFPI) at 9.8% and Bausch Plus Lomb Corp (BLCO) at 9.1%.
What did Covalent Partners LLC buy last quarter?
In Q1 2026, Covalent Partners LLC added a new position in Bausch Plus Lomb Corp (BLCO), a new position in Blackstone Inc (BX), a new position in Microsoft Corp (MSFT), Ecb Bancorp Inc (ECBK) (+51.5% shares) and Greene Cnty Bancorp Inc (GCBC) (+9.5% shares), compared with its Q4 2025 filing.
What did Covalent Partners LLC sell last quarter?
In Q1 2026, Covalent Partners LLC Cinemark Hldgs Inc (CNK) (-70.4% shares), Ufp Industries Inc (UFPI) (-25.0% shares) and Penn Entertainment Inc (PENN) (-18.2% shares), compared with its Q4 2025 filing.
How has Covalent Partners LLC's portfolio performed?
A portfolio copying Covalent Partners LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +11.3% a year over the last 3 years, against +22.3% for the S&P 500. Over 1 year: +38.9% against +11.7%. Over 5 years: +4.0% a year against +10.6%.
When is Covalent Partners LLC's next 13F filing due?
13F filings are due 45 days after each quarter ends. Covalent Partners LLC's filing for the quarter ending Jun 30, 2026 was due by Aug 14, 2026; this page updates once it is processed.
How much money does Covalent Partners LLC manage?
Covalent Partners LLC reported $117.3M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $11.3M.