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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
+7.42%
1 Year Est. Return
+27.84%
3 Year Est. Return
+31.31%
5 Year Est. Return
+22.79%
10 Year Est. Return
–
AUM
$823M
AUM Growth
+$294M
Cap. Flow
+$261M
Cap. Flow %
31.74%
Top 10 Hldgs %
50.84%
Holding
90
New
37
Increased
11
Reduced
9
Closed
33

Top Buys

Rank Stock Value
1
PCG icon
PG&E
PCG
+$129M
2
ES icon
Eversource Energy
ES
+$69.1M
3
PCAR icon
PACCAR
PCAR
+$29.7M
4
CAT icon
Caterpillar
CAT
+$28.8M
5
PPG icon
PPG Industries
PPG
+$19.8M

Top Sells

Rank Stock Value
1
BP icon
BP
BP
+$23.1M
2
CEG icon
Constellation Energy
CEG
+$20.4M
3
BKV
BKV Corp
BKV
+$16.2M
4
MTZ icon
MasTec
MTZ
+$15.7M
5
PEG icon
Public Service Enterprise Group
PEG
+$15.5M

Sector Composition

Rank Sector Weight
1 Utilities 30.67%
2 Industrials 20.31%
3 Consumer Discretionary 17.64%
4 Energy 9.69%
5 Materials 5.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HLT icon
51
Hilton Worldwide
HLT
$73.6B
$2.05M 0.25%
+7,708
New +$1.83M
H icon
52
Hyatt Hotels
H
$17.8B
$2.04M 0.25%
+14,576
New +$1.82M
NCLH icon
53
Norwegian Cruise Line
NCLH
$8.95B
$2.01M 0.24%
+99,306
New +$1.78M
SEI
54
Solaris Energy Infrastructure
SEI
$3.71B
$1.88M 0.23%
+66,412
New +$1.56M
RDW icon
55
Redwire
RDW
$2.05B
$1.31M 0.16%
+80,100
New +$1.04M
DAL icon
56
Delta Air Lines
DAL
$55.6B
$859K 0.1%
+17,458
New +$802K
UAL icon
57
United Airlines
UAL
$38.1B
$828K 0.1%
+10,393
New +$766K
AAL icon
58
American Airlines Group
AAL
$10B
– –
-176,821
Closed -$1.87M
AM icon
59
Antero Midstream
AM
$10.7B
– –
-268,624
Closed -$4.84M
APH icon
60
Amphenol
APH
$185B
– –
-26,025
Closed -$1.71M
AZO icon
61
AutoZone
AZO
$48.9B
– –
-796
Closed -$3.03M
BP icon
62
BP
BP
$108B
– –
-684,682
Closed -$23.1M
CAAP icon
63
Corporacion America
CAAP
$3.98B
– –
-36,559
Closed -$669K
CEG icon
64
Constellation Energy
CEG
$90.5B
– –
-100,980
Closed -$20.4M
CMCL icon
65
Caledonia Mining Corp
CMCL
$324M
– –
-20,000
Closed -$250K
CNQ icon
66
Canadian Natural Resources
CNQ
$91.7B
– –
-164,071
Closed -$5.05M
CRGY icon
67
Crescent Energy
CRGY
$3.46B
– –
-1,057,693
Closed -$11.9M
CVNA icon
68
Carvana
CVNA
$45.9B
– –
-87,525
Closed -$3.66M
DE icon
69
Deere & Co
DE
$158B
– –
-14,851
Closed -$6.97M
FSLR icon
70
CALL
First Solar
FSLR
$22.1B
– –
-225,000
Closed -$28.4M
FTAI icon
71
FTAI Aviation
FTAI
$20.5B
– –
-3,651
Closed -$405K
GL icon
72
CALL
Globe Life
GL
$14.3B
– –
-109,000
Closed -$14.4M
GM icon
73
CALL
General Motors
GM
$68.3B
– –
-700,000
Closed -$32.9M
HNRG icon
74
Hallador Energy
HNRG
$743M
– –
-98,453
Closed -$1.21M
IHG icon
75
InterContinental Hotels
IHG
$23.1B
– –
-17,749
Closed -$1.95M
1 2
3
4

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SFG
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PRA
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KCM
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Covalis Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Covalis Capital held 90 positions worth $823M, up 56% from $528M the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Covalis Capital deployed $261M of net new capital in Q2 2025, opening 37 new positions and adding to 11 existing holdings. Its largest new stake was Eversource Energy: 1,121,926 shares worth $71.4M.

By sector, the portfolio is most concentrated in Utilities at 31% of assets, up from 15% a quarter earlier, followed by Industrials and Consumer Discretionary.

On the sell side, the largest reduction was MasTec, an estimated $15.7M trimmed.

  • Covalis Capital's largest Q2 2025 buy was Eversource Energy: 1,121,926 shares worth $71.4M.
  • Covalis Capital added most to PG&E in Q2 2025, an estimated $129M increase.
  • Covalis Capital's biggest Q2 2025 reduction was MasTec, cutting an estimated $15.7M.
  • Covalis Capital fully exited BP in Q2 2025, selling an estimated $23.1M.
  • Covalis Capital's ten largest holdings make up 51% of its $823M portfolio in Q2 2025.
  • Covalis Capital opened 37 new positions and closed 33 in Q2 2025.
  • Covalis Capital's portfolio value rose 56% quarter-over-quarter to $823M.

Based on Covalis Capital's 13F filing for Q2 2025, filed 12 Aug 2025.