Covalent Partners LLC — 13F Holdings & Portfolio
CIK 1531611 · latest 13F-HR filed 2026-05-15
Covalent Partners LLC manages $17.6M in 13F-reported U.S. long-equity assets across 16 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are IWM (19.07%), GCBC (8.81%), LYV (8.65%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 4 new positions and exited 0; 6 existing positions rose in reported value and 4 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-05-15
vs 2025-12-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q1 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q4 25 → Q1 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
3 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 80.6%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Mar 30, 2026.
SUITE 250
CONCORD, MA 01742
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BENJES, WILLIAM, DUNCAN Control | MANAGING MEMBER since May 2009 | 25–50% | Individual |
| HOCKETT, ROBERT, LEE Control | MANAGING MEMBER since Jul 2005 | 5–10% | Individual |
| LAMONDA, BRETT, DAVID Control | MANAGING MEMBER since Jan 2024 | 25–50% | Individual |
| Mattera, Gail, Kelly | CCO since Mar 2022 | Less than 5% | Individual |
Ownership & leadership changes · 13 filings with changes since Mar 30, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- ChangedMattera, Gail, Kelly · no longer a control person
- ChangedHOCKETT, ROBERT, LEE · ownership 10–25% → 5–10%
- AddedLAMONDA, BRETT, DAVID · MANAGING MEMBER · 25–50% · control person
- ChangedHOCKETT, ROBERT, LEE · ownership 50–75% → 10–25%
- No longer listedNURTMAN, HOWARD, IAN · CCO · Less than 5% · control person · listed since May 2021
- AddedMattera, Gail, Kelly · CCO · Less than 5% · control person
- No longer listedMAROLDA, LAUREN, MICHELLE · CHIEF FINANCIAL OFFICER/CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Mar 2019
- AddedNURTMAN, HOWARD, IAN · CCO · Less than 5% · control person
- No longer listedFOLEY, DAVID, ANDREW · MEMBER · 25–50% · control person · listed since Jan 2015
- ChangedBENJES, WILLIAM, DUNCAN · title MEMBER → MANAGING MEMBER
- ChangedHOCKETT, ROBERT, LEE · ownership 25–50% → 50–75%
- No longer listedSTONE, WILLIAM, CRONIN · MEMBER - CHIEF FINANCIAL OFFICER/CHIEF COMPLIANCE OFFICER · 10–25% · control person · listed since Jan 2006
- AddedMAROLDA, LAUREN, MICHELLE · CHIEF FINANCIAL OFFICER/CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedFOLEY, DAVID, ANDREW · ownership 5–10% → 25–50%
- ChangedHOCKETT, ROBERT, LEE · ownership 50–75% → 25–50%
- No longer listedFINNERAN, NEIL, JOSEPH · MEMBER · 5–10% · control person · listed since Jan 2015
- ChangedBENJES, WILLIAM, DUNCAN · ownership 10–25% → 25–50%
- ChangedFINNERAN, NEIL, JOSEPH · ownership Less than 5% → 5–10%; now a control person
- ChangedFOLEY, DAVID, ANDREW · ownership Less than 5% → 5–10%; now a control person
- AddedFINNERAN, NEIL, JOSEPH · MEMBER · Less than 5%
- AddedFOLEY, DAVID, ANDREW · MEMBER · Less than 5%
- ChangedBENJES, WILLIAM, DUNCAN · ownership 25–50% → 10–25%
Older changes (4 more filings)
- ChangedBENJES, WILLIAM, DUNCAN · title PRINCIPAL → MEMBER
- ChangedHOCKETT, ROBERT, LEE · title MANAGING PRINCIPAL → MANAGING MEMBER
- ChangedSTONE, WILLIAM, CRONIN · title CHIEF FINANCIAL OFFICER/CHIEF COMPLIANCE OFFICER → MEMBER - CHIEF FINANCIAL OFFICER/CHIEF COMPLIANCE OFFICER
- ChangedBENJES, WILLIAM, DUNCAN · ownership 10–25% → 25–50%
- ChangedHOCKETT, ROBERT, LEE · title MANAGING MEMBER → MANAGING PRINCIPAL
- ChangedSTONE, WILLIAM, CRONIN · ownership 5–10% → 10–25%
- ChangedBENJES, WILLIAM, DUNCAN · title MANAGING DIRECTOR → PRINCIPAL
- ChangedHOCKETT, ROBERT, LEE · ownership 75% or more → 50–75%
- ListedBENJES, WILLIAM, DUNCAN · MANAGING DIRECTOR · 10–25% · control person
- ListedHOCKETT, ROBERT, LEE · MANAGING MEMBER · 75% or more · control person
- ListedSTONE, WILLIAM, CRONIN · CHIEF FINANCIAL OFFICER/CHIEF COMPLIANCE OFFICER · 5–10% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- CALIFORNIA RES CORP$465.1K +54.8%
- ECB BANCORP INC$262.6K +45.8%
- GREENE CNTY BANCORP INC$145.8K +10.4%
- MARCUS CORP DEL$83.0K +10.7%
- SR BANCORP INC$68.4K +7.2%
Top Trims
- CINEMARK HLDGS INC-$1.3M -63.7%
- CALLAWAY GOLF CO-$494.3K -49.7%
- UFP INDUSTRIES INC-$351.4K -24.1%
- PENN ENTERTAINMENT INC-$269.8K -16.6%
New Positions
- LIVE NATION ENTERTAINMENT IN$1.5M
- BAUSCH PLUS LOMB CORP$1.0M
- BLACKSTONE INC$804.9K
- MICROSOFT CORP$740.3K
Covalent Partners LLC Holdings (2026-03-31)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | ISHARES TR Put | IWM | 464287655 | $3.3M | 19.07% | 13,500 | SH |
| 2 | GREENE CNTY BANCORP INC | GCBC | 394357107 | $1.5M | 8.81% | 69,000 | SH |
| 3 | LIVE NATION ENTERTAINMENT IN | LYV | 538034BA6 | $1.5M | 8.65% | 1,000,000 | PRN |
| 4 | PENN ENTERTAINMENT INC | PENN | 707569109 | $1.4M | 7.71% | 90,000 | SH |
| 5 | CALIFORNIA RES CORP | CRC | 13057Q305 | $1.3M | 7.48% | 18,974 | SH |
| 6 | UFP INDUSTRIES INC | UFPI | 90278Q108 | $1.1M | 6.30% | 12,000 | SH |
| 7 | BAUSCH PLUS LOMB CORP | BLCO | 071705107 | $1.0M | 5.89% | 65,000 | SH |
| 8 | SR BANCORP INC | SRBK | 85227J106 | $1.0M | 5.77% | 60,000 | SH |
| 9 | PATRICK INDS INC | PATK | 703343AG8 | $865.2K | 4.93% | 500,000 | PRN |
| 10 | MARCUS CORP DEL | MCS | 566330106 | $858.5K | 4.89% | 50,000 | SH |
| 11 | ECB BANCORP INC | ECBK | 26828M106 | $836.5K | 4.77% | 50,000 | SH |
| 12 | BLACKSTONE INC | BX | 09260D107 | $804.9K | 4.59% | 7,000 | SH |
| 13 | MICROSOFT CORP | MSFT | 594918104 | $740.3K | 4.22% | 2,000 | SH |
| 14 | CINEMARK HLDGS INC | CNK | 17243V102 | $713.0K | 4.06% | 25,000 | SH |
| 15 | CALLAWAY GOLF CO | CALY | 131193AE4 | $499.5K | 2.85% | 500,000 | PRN |
| 16 | ECARX HOLDINGS INC | ECXWW | G29201111 | $3.9K | 0.02% | 75,000 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-15 | $17.6M | 16 | 0001531611-26-000004 |
| 2025-12-31 | 2026-02-17 | $22.6M | 12 | 0001531611-26-000003 |
| 2025-09-30 | 2025-11-14 | $26.6M | 18 | 0001531611-25-000005 |