Covalent Partners 13F annual report

Covalent Partners is an investment fund managing more than $6.4 billion ran by Gail Mattera. There are currently 6 companies in Mrs. Mattera’s portfolio. The largest investments include Cinemark Inc and Vivid Seats Inc, together worth $4.21 billion.

$6.4 billion Assets Under Management (AUM)

As of 7th August 2024, Covalent Partners’s top holding is 135,000 shares of Cinemark Inc currently worth over $2.92 billion and making up 45.6% of the portfolio value. Relative to the number of outstanding shares of Cinemark Inc, Covalent Partners owns more than approximately 0.1% of the company. In addition, the fund holds 225,000 shares of Vivid Seats Inc worth $1.29 billion. The third-largest holding is California Res Corp worth $1.01 billion and the next is Noble Corp Plc worth $756 million, with 16,931 shares owned.

Currently, Covalent Partners's portfolio is worth at least $6.4 billion. The total portfolio value may be much higher due to cash assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.

Careers at Covalent Partners

The Covalent Partners office and employees reside in Concord, Massachusetts. According to the last 13-F report filed with the SEC, Gail Mattera serves as the Chief Compliance Officer at Covalent Partners.

Recent trades

In the most recent 13F filing, Covalent Partners revealed that it had opened a new position in Alta Equipment Inc and bought 50,000 shares worth $402 million. This means they effectively own approximately 0.1% of the company. Alta Equipment Inc makes up 100.0% of the fund's Industrials sector allocation and has decreased its share price by 61.3% in the past year.

The investment fund also strengthened its position in Cinemark Inc by buying 10,000 additional shares. This makes their stake in Cinemark Inc total 135,000 shares worth $2.92 billion. Cinemark Inc soared 53.9% in the past year.

On the other hand, there are companies that Covalent Partners is getting rid of from its portfolio. Covalent Partners closed its position in Permian Resources Corp on 14th August 2024. It sold the previously owned 100,000 shares for $1.77 billion.

One of the smallest hedge funds

The two most similar investment funds to Covalent Partners are Milliman Risk Management and Ahl Partners LL.P.. They manage $6.4 billion and $6.39 billion respectively.

Gail Mattera investment strategy

Covalent Partners’s portfolio is diversified across 4 sectors. Currently, their heaviest sector is Communication Services — making up 45.6% of the total portfolio value. The fund focuses on investments in the United States as 50.0% of the portfolio companies are based in the United States.

The majority of the companies in the fund’s portfolio are large-cap stocks. Stocks with a size of more than $10 billion in market cap make up approximately 0.1% of the total holdings value. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. The average market cap of the portfolio companies is close to $1.25 billion.

The complete list of Covalent Partners trades based on 13F SEC filings

These positions were updated on August 14th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.

Security	Shares Owned	Value	Allocation
Cinemark Holdings Inc	8.00% 135,000	$2,918,700,000	45.61%
Permian Resources Corp	Closed 100,000	$1,766,000,000
DMC Global Inc	Closed 72,000	$1,403,280,000
Vivid Seats Inc	125.00% 225,000	$1,293,750,000	20.22%
California Res Corp	No change 18,974	$1,009,796,000	15.78%
Noble Corp Plc	278.35% 16,931	$755,969,000	11.81%
Alta Equipment Group Inc	Opened 50,000	$402,000,000	6.28%
Pro-dex Inc Colo	Closed 14,053	$247,333,000
Surf Air Mobility Inc	Closed 250,000	$210,750,000
Nine Energy Service Inc	Closed 10,000	$22,400,000
Th International Limited	No change 26,208	$19,614,000	0.31%
No transactions found
Showing first 500 out of 11 holdings