Covalent Partners LLC

Covalent Partners LLC is an SEC Registered Investment Adviser established in 2005, providing investment advice to pooled investment vehicles. The firm manages approximately $120,998,000 in regulatory assets under management as of January 31, 2025, with 100% discretionary control. Covalent's compensation structure for advising Funds includes asset-based fees and performance-based fees or allocations. The firm caters to a range of clients, including institutional investors, trusts, high net worth individuals, and more, with a minimum investment of $5,000,000 per client. Covalent employs fundamental and technical analysis, among other methods, and utilizes various investment strategies such as long-term purchases, short sales, and trading. The firm's investment philosophy focuses on analyzing fundamental factors and considers industry-specific cyclical and technical factors. Covalent discloses potential investment risks, including strategy risk, market risk, and investment in troubled companies, among others. The firm has a Code of Ethics in place to ensure professional conduct and manages client accounts on a fully discretionary basis. Covalent also handles proxy voting for client securities and has established policies and procedures for voting decisions. The firm does not have custody of client funds directly but complies with regulations under the Custody Rule. Additionally, Covalent has no disciplinary events to disclose and does not compensate for client referrals.