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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
+12.09%
1 Year Est. Return
+27.84%
3 Year Est. Return
+31.31%
5 Year Est. Return
+22.79%
10 Year Est. Return
–
AUM
$858M
AUM Growth
+$35.5M
Cap. Flow
-$38.3M
Cap. Flow %
-4.46%
Top 10 Hldgs %
56.31%
Holding
86
New
29
Increased
10
Reduced
15
Closed
32

Top Buys

Rank Stock Value
1
TRP icon
TC Energy
TRP
+$77.6M
2
FSLR icon
First Solar
FSLR
+$37.8M
3
XEL icon
Xcel Energy
XEL
+$26.7M
4
EIX icon
Edison International
EIX
+$25.5M
5
CNH
CNH Industrial
CNH
+$19.1M

Top Sells

Rank Stock Value
1
ES icon
Eversource Energy
ES
+$61.5M
2
PEG icon
Public Service Enterprise Group
PEG
+$36.7M
3
PCAR icon
PACCAR
PCAR
+$30.6M
4
PPG icon
PPG Industries
PPG
+$20.9M
5
VC icon
Visteon
VC
+$20.5M

Sector Composition

Rank Sector Weight
1 Utilities 28.55%
2 Energy 20.87%
3 Consumer Discretionary 20.62%
4 Industrials 15.92%
5 Technology 6.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VC icon
26
Visteon
VC
$2.71B
$11.3M 1.32%
94,428
-174,185
-65% -$20.5M
AWK icon
27
American Water Works
AWK
$26.1B
$10.4M 1.22%
+75,000
New +$10.6M
UGI icon
28
UGI
UGI
$7.87B
$9.94M 1.16%
298,859
+131,599
+79% +$4.6M
GNRC icon
29
Generac Holdings
GNRC
$12.6B
$8.72M 1.02%
+52,114
New +$9.13M
TSLA icon
30
Tesla
TSLA
$1.39T
$8.54M 1%
+19,207
New +$6.66M
BWA icon
31
BorgWarner
BWA
$12.6B
$8.11M 0.94%
184,406
-298,612
-62% -$11.9M
FCX icon
32
Freeport-McMoran
FCX
$84.5B
$7.7M 0.9%
+196,326
New +$8.52M
WBI
33
WaterBridge Infrastructure LLC
WBI
$1.63B
$7.57M 0.88%
+300,000
New +$7.03M
ST icon
34
Sensata Technologies
ST
$6.48B
$5.79M 0.67%
189,622
-92,284
-33% -$2.92M
ABG icon
35
Asbury Automotive
ABG
$3.91B
$5.67M 0.66%
+23,183
New +$5.64M
DAR icon
36
Darling Ingredients
DAR
$10.1B
$5.46M 0.64%
176,716
-375,986
-68% -$12.6M
FLNC icon
37
Fluence Energy
FLNC
$1.9B
$5.3M 0.62%
+491,039
New +$4.1M
NUE icon
38
Nucor
NUE
$52.5B
$5M 0.58%
+36,942
New +$5.23M
SW
39
Smurfit Westrock
SW
$22.6B
$4M 0.47%
+93,935
New +$4.25M
OI icon
40
O-I Glass
OI
$1.37B
$3.94M 0.46%
+303,869
New +$4.14M
KNTK icon
41
Kinetik
KNTK
$3.76B
$3.86M 0.45%
90,230
-18,723
-17% -$792K
APH icon
42
Amphenol
APH
$185B
$3.43M 0.4%
+27,740
New +$3.04M
HRI icon
43
Herc Holdings
HRI
$4.92B
$3.27M 0.38%
+28,036
New +$3.62M
BKR icon
44
Baker Hughes
BKR
$54.7B
$2.48M 0.29%
+50,849
New +$2.24M
ACDC icon
45
ProFrac Holding
ACDC
$863M
$1.96M 0.23%
+529,711
New +$2.92M
PONY
46
Pony AI Inc
PONY
$2.91B
$1.45M 0.17%
+64,492
New +$981K
CVX icon
47
Chevron
CVX
$378B
$968K 0.11%
+6,231
New +$965K
MT icon
48
ArcelorMittal
MT
$49.7B
$840K 0.1%
23,372
-92,025
-80% -$3.1M
FIGR
49
Figure Technology Solutions
FIGR
$6.73B
$727K 0.08%
+20,000
New +$777K
IAG icon
50
IAMGOLD
IAG
$8.07B
$517K 0.06%
+40,000
New +$350K
1
2
3 4

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Covalis Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Covalis Capital held 86 positions worth $858M, up 4.3% from $823M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Covalis Capital withdrew a net $38.3M in Q3 2025, closing 32 positions and reducing 15 holdings. Its most notable exit was Public Service Enterprise Group, an estimated $36.7M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 29% of assets, down from 31% a quarter earlier, followed by Energy and Consumer Discretionary.

Against the trend, Covalis Capital opened a new position in First Solar worth $43.5M.

  • Covalis Capital's largest Q3 2025 buy was First Solar: 197,159 shares worth $43.5M.
  • Covalis Capital added most to TC Energy in Q3 2025, an estimated $77.6M increase.
  • Covalis Capital's biggest Q3 2025 reduction was Eversource Energy, cutting an estimated $61.5M.
  • Covalis Capital fully exited Public Service Enterprise Group in Q3 2025, selling an estimated $36.7M.
  • Covalis Capital's ten largest holdings make up 56% of its $858M portfolio in Q3 2025.
  • Covalis Capital opened 29 new positions and closed 32 in Q3 2025.
  • Covalis Capital's portfolio value rose 4.3% quarter-over-quarter to $858M.

Based on Covalis Capital's 13F filing for Q3 2025, filed 13 Nov 2025.