Covalent Partners LLC

Portfolio Overview

Covalent Partners LLC reported a sharply smaller 13F portfolio as of 2025-09-30: total disclosed equity holdings of $13.74 million across 13 positions, down 67.0% from $41.60 million on 2025-06-30. The reduction was driven by large disposals (most notably a $27.42M HYG position in the prior quarter). The current portfolio is highly concentrated: the five largest economic exposures account for roughly 70.2% of assets ($9.64M of $13.74M), and the top two holdings alone are ~35...