Covenant Asset Management, LLC Q4 2022 vs. Q1 2023 13F Holdings Comparison

Covenant Asset Management, LLC has been reportedly managing over $400 million in assets under management (AUM) in recent years. The latest 13F filings reveal the fund's investment activities for Q4 2022 and Q1 2023. In this blog post, we will take a closer look at the comparative analysis of Covenant Asset Management's holdings during these two periods.

Let's dive into the details and understand the major changes in holdings of the fund.

Microsoft Corporation

Covenant Asset Management decreased its holdings in Microsoft Corporation by 12918 shares i.e. a -14.2% change from Q4 2022 to Q1 2023. As of March 2023, the fund holds 77878 shares of Microsoft with an estimated value of $22.45 million.

Chipotle Mexican Grill Inc

Covenant Asset Management's holdings in Chipotle Mexican Grill Inc have undergone a significant change during the two quarters. In Q4 2022, the fund bought put options worth $16.65 million corresponding to 12000 shares. However, in the next quarter, the fund sold the put options and instead bought call options worth $17.08 million i.e. 250% more in value than put options.

Apple Inc

The fund reduced its stake in Apple Inc by 19.8% during Q1 2023. As of March 2023, Covenant Asset Management holds 102951 shares with an estimated value of $16.98 million.

Broadcom Inc

Covenant Asset Management added call options worth $15.14 million corresponding to 23600 shares in Broadcom Inc. This represents a 162.9% increase in value from Q4 2022 to Q1 2023.

Asml Holding N V

The fund added both call and put options in Asml Holding N V during Q1 2023. The call options amount to $10.55 million while put options amount to $0. The total value of holdings in the company increased by 24.5% from $4.24 million in Q4 2022 to $5.28 million in Q1 2023.

Amazon Com Inc

The fund's holdings in Amazon Com Inc remained mostly unchanged during the two quarters. Covenant Asset Management decreased its holdings by just 0.8%.

Conclusion

This is just a brief overview of some of the major changes in Covenant Asset Management's holdings during Q4 2022 and Q1 2023. The fund added several new holdings while also decreasing its position in some of its existing holdings. Overall, the performance of the fund has been satisfactory, with most of its holdings generating positive returns during this period.