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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
+0.24%
1 Year Est. Return
+27.84%
3 Year Est. Return
+31.31%
5 Year Est. Return
+22.79%
10 Year Est. Return
–
AUM
$1.42B
AUM Growth
+$566M
Cap. Flow
+$618M
Cap. Flow %
43.39%
Top 10 Hldgs %
52.34%
Holding
103
New
49
Increased
14
Reduced
12
Closed
27

Top Buys

Rank Stock Value
1
BKH icon
Black Hills Corp
BKH
+$139M
2
CORZ icon
Core Scientific
CORZ
+$93.1M
3
ES icon
Eversource Energy
ES
+$67.2M
4
WULF icon
TeraWulf
WULF
+$32.5M
5
OGE icon
OGE Energy
OGE
+$28.4M

Top Sells

Rank Stock Value
1
TRP icon
TC Energy
TRP
+$94.5M
2
FSLR icon
First Solar
FSLR
+$44M
3
XEL icon
Xcel Energy
XEL
+$29.8M
4
GM icon
General Motors
GM
+$27.4M
5
EIX icon
Edison International
EIX
+$26.2M

Sector Composition

Rank Sector Weight
1 Utilities 31.35%
2 Industrials 16.47%
3 Consumer Discretionary 14.69%
4 Energy 9.67%
5 Technology 8.19%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GFL icon
26
GFL Environmental
GFL
$14.1B
$15M 1.06%
+350,000
New +$15.6M
AR icon
27
Antero Resources
AR
$10.5B
$14.9M 1.05%
+433,075
New +$14.7M
STLA icon
28
Stellantis
STLA
$16.5B
$14.8M 1.04%
+1,361,890
New +$14.6M
AHR icon
29
American Healthcare REIT
AHR
$11.1B
$14.1M 0.99%
+300,000
New +$13.9M
APH icon
30
Amphenol
APH
$184B
$13.7M 0.96%
101,290
+73,550
+265% +$9.84M
OMC icon
31
Omnicom Group
OMC
$23.5B
$13.5M 0.95%
+167,176
New +$12.8M
ULS icon
32
UL Solutions
ULS
$18.2B
$13.4M 0.94%
+169,581
New +$13.6M
APTV icon
33
Aptiv
APTV
$12.2B
$12.2M 0.86%
160,669
-67,583
-30% -$5.43M
ABG icon
34
Asbury Automotive
ABG
$4.22B
$11.8M 0.83%
50,706
+27,523
+119% +$6.51M
ITT icon
35
ITT
ITT
$17.7B
$10.4M 0.73%
+60,000
New +$10.8M
AGCO icon
36
AGCO
AGCO
$8.71B
$9.98M 0.7%
+95,693
New +$10.2M
DTM icon
37
DT Midstream
DTM
$14.3B
$9.91M 0.7%
82,845
-40,133
-33% -$4.61M
MDU icon
38
MDU Resources
MDU
$4.37B
$9.76M 0.69%
+500,000
New +$9.84M
TXNM
39
TXNM Energy Inc
TXNM
$6.44B
$9.43M 0.66%
+160,154
New +$9.24M
TMUS icon
40
T-Mobile US
TMUS
$190B
$9.19M 0.65%
+45,245
New +$9.59M
EXE
41
Expand Energy Corp
EXE
$21.7B
$8.59M 0.6%
+77,837
New +$8.63M
ACHR icon
42
Archer Aviation
ACHR
$3.78B
$8.46M 0.59%
+1,125,000
New +$10.6M
UGI icon
43
UGI
UGI
$7.91B
$8.34M 0.59%
222,801
-76,058
-25% -$2.69M
LGN
44
Legence Corp
LGN
$5.2B
$7.94M 0.56%
+184,400
New +$7.29M
NFG icon
45
National Fuel Gas
NFG
$7.67B
$7.81M 0.55%
+97,545
New +$8.04M
TECK icon
46
Teck Resources
TECK
$29.3B
$7.68M 0.54%
+160,321
New +$6.94M
KGS icon
47
Kodiak Gas Services
KGS
$5.83B
$7.48M 0.53%
+200,000
New +$7.07M
RIVN icon
48
PUT
Rivian
RIVN
$23.9B
$7.39M 0.52%
+375,000
New +$5.95M
DAR icon
49
Darling Ingredients
DAR
$9.62B
$6.36M 0.45%
176,716
– –
CVX icon
50
Chevron
CVX
$378B
$6.13M 0.43%
40,233
+34,002
+546% +$5.18M
1
2
3 4 5

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Covalis Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Covalis Capital held 103 positions worth $1.42B, up 66% from $858M the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Covalis Capital deployed $618M of net new capital in Q4 2025, opening 49 new positions and adding to 14 existing holdings. Its largest new stake was Black Hills Corp: 2,057,160 shares worth $143M.

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

On the sell side, the largest reduction was TC Energy, an estimated $94.5M trimmed.

  • Covalis Capital's largest Q4 2025 buy was Black Hills Corp: 2,057,160 shares worth $143M.
  • Covalis Capital added most to Eversource Energy in Q4 2025, an estimated $67.2M increase.
  • Covalis Capital's biggest Q4 2025 reduction was TC Energy, cutting an estimated $94.5M.
  • Covalis Capital fully exited Xcel Energy in Q4 2025, selling an estimated $29.8M.
  • Covalis Capital's ten largest holdings make up 52% of its $1.42B portfolio in Q4 2025.
  • Covalis Capital opened 49 new positions and closed 27 in Q4 2025.
  • Covalis Capital's portfolio value rose 66% quarter-over-quarter to $1.42B.

Based on Covalis Capital's 13F filing for Q4 2025, filed 17 Feb 2026.