Covalis Capital Portfolio holdings
Covalis Capital is a fund management group, founded in 2012, that invests in the businesses behind power generation, electrification and the energy transition. Its Master and Partners multi-strategy funds mainly buy stocks they expect to rise and short those they expect to fall. The Master fund can also hold fixed income, commodities and private investments. A separate long-only global infrastructure strategy holds a concentrated portfolio of high-conviction, medium-term ideas. Its funds expect to invest mostly in stocks of utilities, infrastructure, industrials, energy and renewables companies worldwide. With partners, it has also joined large private infrastructure deals, such as the purchase of Nortegas with Abu Dhabi Investment Council and of the German renewables platform Max Solar with Greenvolt.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ameren
AEE
|
+$69.6M |
| 2 |
Antero Resources
AR
|
+$63M |
| 3 |
PPL Corp
PPL
|
+$54.2M |
| 4 |
Cheniere Energy
LNG
|
+$47M |
| 5 |
American Electric Power
AEP
|
+$46.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
United Rentals
URI
|
+$79M |
| 2 |
Eaton
ETN
|
+$72.7M |
| 3 |
Whirlpool
WHR
|
+$53.2M |
| 4 |
Core Scientific
CORZ
|
+$44.9M |
| 5 |
RB Global
RBA
|
+$26M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Utilities | 32.57% |
| 2 | Energy | 24.02% |
| 3 | Consumer Discretionary | 14.28% |
| 4 | Industrials | 12.95% |
| 5 | Technology | 6.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
Versigent PLC
VGNT
$3.04B
| $21M | 1.18% |
+499,633
| New | +$19.9M |
2026 Q2
0 quarters
|
|
27
AutoNation
AN
$5.99B
| $20.9M | 1.18% |
+112,291
| New | +$22M |
2026 Q2
0 quarters
|
|
28
TC Energy
TRP
$67B
| $20.1M | 1.14% |
303,624
+2,924
| +1% | +$193K |
2024 Q4
6 quarters
|
|
29
Forgent Power Solutions
FPS
$6.75B
| $19.6M | 1.1% |
350,000
+24,259
| +7% | +$1.11M |
2026 Q1
1 quarter
|
|
30
Group 1 Automotive
GPI
$3.23B
| $18.7M | 1.06% |
64,293
-57,834
| -47% | -$19M |
2025 Q2
4 quarters
|
|
31
Liberty Global Class A
LBTYA
$3.54B
| $18.7M | 1.06% |
+1,645,963
| New | +$19.7M |
2026 Q2
0 quarters
|
|
32
Cipher Digital
CIFR
$3.24B
| $18.4M | 1.04% |
+751,077
| New | +$15.8M |
2026 Q2
0 quarters
|
|
33
Williams Companies
WMB
$86.2B
| $17.6M | 0.99% |
236,367
-316,139
| -57% | -$23.3M |
2024 Q4
6 quarters
|
|
34
Allison Transmission
ALSN
$10.7B
| $16.5M | 0.93% |
+146,525
| New | +$17.8M |
2026 Q2
0 quarters
|
|
35
Xcel Energy
XEL
$52.1B
| $14.9M | 0.84% |
186,000
-214,817
| -54% | -$17.1M |
2026 Q1
1 quarter
|
|
36
Lithia Motors
LAD
$6.75B
| $14.4M | 0.81% |
49,710
-30,158
| -38% | -$8.57M |
2026 Q1
1 quarter
|
|
37
Iris Energy
IREN
$8.84B
| $14.1M | 0.8% |
+308,405
| New | +$16M |
2026 Q2
0 quarters
|
|
38
CRH
CRH
$64B
| $13.7M | 0.77% |
+128,114
| New | +$14.1M |
2026 Q2
0 quarters
|
|
39
SOLV Energy Inc
MWH
$5.58B
| $13.6M | 0.77% |
400,000
-297,110
| -43% | -$10.8M |
2026 Q1
1 quarter
|
|
40
Vale
VALE
$49.3B
| $13.6M | 0.77% |
905,082
+348,108
| +62% | +$5.67M |
2026 Q1
1 quarter
|
|
41
Occidental Petroleum
OXY
$57.2B
| $13.2M | 0.74% |
+270,898
| New | +$15.4M |
2026 Q2
0 quarters
|
|
|
42
RB Global
RBA
$17.3B
| $13.1M | 0.74% |
112,449
-246,832
| -69% | -$26M |
2023 Q4
10 quarters
|
|
|
43
Whirlpool Corp 8.50% Series A Preferred Stock
WHR.PRA
| $13M | 0.73% |
369,000
+54,000
| +17% | +$2.06M |
2026 Q1
1 quarter
|
|
44
MasTec
MTZ
$15.2B
| $12.8M | 0.72% |
+30,842
| New | +$11.8M |
2026 Q2
0 quarters
|
|
45
Wyndham Hotels & Resorts
WH
$5.99B
| $11.6M | 0.65% |
+137,295
| New | +$11.4M |
2026 Q2
0 quarters
|
|
46
Fluor
FLR
$6.49B
| $10.9M | 0.61% |
207,907
+85,108
| +69% | +$4.17M |
2025 Q4
2 quarters
|
|
47
Eldorado Gold
EGO
$8.74B
| $10.3M | 0.58% |
332,575
+102,000
| +44% | +$3.32M |
2026 Q1
1 quarter
|
|
48
Vistra
VST
$45.3B
| $10.1M | 0.57% |
+63,683
| New | +$9.9M |
2026 Q2
0 quarters
|
|
49
NRG Energy
NRG
$20.5B
| $10M | 0.56% |
68,264
-21,736
| -24% | -$3.13M |
2026 Q1
1 quarter
|
|
50
Targa Resources
TRGP
$62.6B
| $9.7M | 0.55% |
36,231
-40,386
| -53% | -$10.4M |
2025 Q1
5 quarters
|
|
Similar funds
Covalis Capital's Q2 2026 Portfolio in Review
As of Q2 2026, Covalis Capital held 175 positions worth $1.77B, up 9% from $1.63B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Covalis Capital deployed $106M of net new capital in Q2 2026, opening 52 new positions and adding to 20 existing holdings. Its largest new stake was Ameren: 629,746 shares worth $71.2M.
By sector, the portfolio is most concentrated in Utilities at 33% of assets, up from 28% a quarter earlier, followed by Energy and Consumer Discretionary.
On the sell side, the largest reduction was Whirlpool, an estimated $53.2M trimmed.
- Covalis Capital's largest Q2 2026 buy was Ameren: 629,746 shares worth $71.2M.
- Covalis Capital added most to Antero Resources in Q2 2026, an estimated $63M increase.
- Covalis Capital's biggest Q2 2026 reduction was Whirlpool, cutting an estimated $53.2M.
- Covalis Capital fully exited United Rentals in Q2 2026, selling an estimated $79M.
- Covalis Capital's ten largest holdings make up 42% of its $1.77B portfolio in Q2 2026.
- Covalis Capital opened 52 new positions and closed 74 in Q2 2026.
- Covalis Capital's portfolio value rose 9% quarter-over-quarter to $1.77B.
Based on Covalis Capital's 13F filing for Q2 2026, filed 13 Aug 2026.