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Covalis Capital Portfolio holdings

AUM $1.63B
1-Year Est. Return 27.84%
This Fund
S&P 500
This Quarter Est. Return
-4.24%
1 Year Est. Return
+27.84%
3 Year Est. Return
+31.31%
5 Year Est. Return
+22.79%
10 Year Est. Return
–
AUM
$436M
AUM Growth
-$83.7M
Cap. Flow
-$43M
Cap. Flow %
-9.86%
Top 10 Hldgs %
55.41%
Holding
78
New
14
Increased
10
Reduced
12
Closed
22

Top Buys

Rank Stock Value
1
CMS icon
CMS Energy
CMS
+$25.3M
2
COP icon
ConocoPhillips
COP
+$19.4M
3
LNT icon
Alliant Energy
LNT
+$13.8M
4
EVA
Enviva Inc.
EVA
+$12.9M
5
FMC icon
FMC
FMC
+$11.5M

Top Sells

Rank Stock Value
1
LIN icon
Linde
LIN
+$23.4M
2
NEE icon
NextEra Energy
NEE
+$22.8M
3
VALE icon
Vale
VALE
+$22.4M
4
NI icon
NiSource
NI
+$12.2M
5
EMN icon
Eastman Chemical
EMN
+$12M

Sector Composition

Rank Sector Weight
1 Utilities 30.7%
2 Industrials 21.96%
3 Financials 15.69%
4 Materials 12.08%
5 Technology 7.86%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LVRA
26
DELISTED
Levere Holdings Corp. Class A Ordinary Shares
LVRA
$4.95M 1.14%
500,000
– –
FSNB
27
DELISTED
Fusion Acquisition Corp. II
FSNB
$4.92M 1.13%
500,000
– –
WAVC
28
DELISTED
Waverley Capital Acquisition Corp. 1
WAVC
$4.88M 1.12%
500,000
– –
NEE icon
29
NextEra Energy
NEE
$184B
$4.83M 1.11%
61,600
-268,306
-81% -$22.8M
NWE icon
30
NorthWestern Energy
NWE
$4.42B
$3.97M 0.91%
+80,600
New +$4.42M
TAC icon
31
TransAlta
TAC
$4.34B
$3.83M 0.88%
+430,600
New +$4.43M
TIMB icon
32
TIM SA
TIMB
$10.6B
$3.76M 0.86%
827,374
+145,650
+21% +$1.73M
NMG
33
Nouveau Monde Graphite
NMG
$448M
$3.48M 0.8%
644,398
-129,369
-17% -$679K
OLN icon
34
Olin
OLN
$2.53B
$3.37M 0.77%
+78,623
New +$3.98M
WLK icon
35
Westlake Corp
WLK
$9.85B
$3.31M 0.76%
38,095
-13,311
-26% -$1.28M
IPVI
36
DELISTED
InterPrivate IV InfraTech Partners Inc. Class A Common Stock
IPVI
$2.95M 0.68%
300,000
– –
AILE
37
DELISTED
iLearningEngines, Inc. Common Stock
AILE
$2.95M 0.68%
300,000
– –
UNP icon
38
Union Pacific
UNP
$176B
$2.85M 0.65%
14,626
-2,000
-12% -$443K
CTVA icon
39
Corteva
CTVA
$58B
$2.78M 0.64%
48,686
-78,210
-62% -$4.56M
SPWR
40
DELISTED
SunPower Corporation Common Stock
SPWR
$2.56M 0.59%
111,300
-126,248
-53% -$2.84M
FLS icon
41
Flowserve
FLS
$8.53B
$2.56M 0.59%
+105,440
New +$3.19M
LGAC
42
DELISTED
Lazard Growth Acquisition Corp. I Ordinary Shares
LGAC
$2.48M 0.57%
250,000
– –
CSX icon
43
CSX Corp
CSX
$93.1B
$2.22M 0.51%
83,189
+15,300
+23% +$476K
RUN icon
44
Sunrun
RUN
$2.73B
$1.97M 0.45%
+71,300
New +$2.22M
CLIM
45
DELISTED
Climate Real Impact Solutions II Acquisition Corporation
CLIM
$1.94M 0.45%
196,830
– –
PCG icon
46
CALL
PG&E
PCG
$38.4B
$1.56M 0.36%
125,000
-75,000
-38% -$878K
ECVT icon
47
Ecovyst
ECVT
$1.36B
$1.39M 0.32%
164,943
+27,900
+20% +$265K
NEXT icon
48
NextDecade
NEXT
$2.04B
$1.09M 0.25%
181,818
-199,865
-52% -$1.33M
COVA
49
DELISTED
COVA Acquisition Corp. Class A Ordinary Share
COVA
$995K 0.23%
100,000
– –
WPCB
50
DELISTED
Warburg Pincus Capital Corporation I-B
WPCB
$992K 0.23%
100,000
– –
1
2
3 4

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Covalis Capital's Q3 2022 Portfolio in Review

As of Q3 2022, Covalis Capital held 78 positions worth $436M, down 16% from $520M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Covalis Capital withdrew a net $43M in Q3 2022, closing 22 positions and reducing 12 holdings. Its most notable exit was Linde, an estimated $23.4M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 31% of assets, up from 30% a quarter earlier, followed by Industrials and Financials.

Against the trend, Covalis Capital opened a new position in CMS Energy worth $21.9M.

  • Covalis Capital's largest Q3 2022 buy was CMS Energy: 375,630 shares worth $21.9M.
  • Covalis Capital added most to ConocoPhillips in Q3 2022, an estimated $19.4M increase.
  • Covalis Capital's biggest Q3 2022 reduction was NextEra Energy, cutting an estimated $22.8M.
  • Covalis Capital fully exited Linde in Q3 2022, selling an estimated $23.4M.
  • Covalis Capital's ten largest holdings make up 55% of its $436M portfolio in Q3 2022.
  • Covalis Capital opened 14 new positions and closed 22 in Q3 2022.
  • Covalis Capital's portfolio value fell 16% quarter-over-quarter to $436M.

Based on Covalis Capital's 13F filing for Q3 2022, filed 14 Nov 2022.