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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
SLB icon
51
SLB Ltd
SLB
$74.2B
$363K 0.04%
+10,552
New +$367K
NVX
52
NOVONIX
NVX
$95.7M
$161K 0.02%
+125,476
New +$164K
OPEN icon
53
Opendoor
OPEN
$3.8B
$120K 0.01%
+15,500
New +$62.9K
FFAI
54
Faraday Future Intelligent Electric
FFAI
$11.9M
$13K ﹤0.01%
+67
New +$21.2K
AN icon
55
AutoNation
AN
$7.37B
– –
-30,981
Closed -$6.15M
BE icon
56
Bloom Energy
BE
$47.5B
– –
-309,959
Closed -$7.41M
CCL icon
57
Carnival Corporation Ltd
CCL
$38.7B
– –
-104,242
Closed -$2.93M
DAL icon
58
Delta Air Lines
DAL
$58.8B
– –
-17,458
Closed -$859K
F icon
59
Ford
F
$59.6B
– –
-818,192
Closed -$8.88M
H icon
60
Hyatt Hotels
H
$17.8B
– –
-14,576
Closed -$2.04M
HLT icon
61
Hilton Worldwide
HLT
$73.4B
– –
-7,708
Closed -$2.05M
IE icon
62
Ivanhoe Electric
IE
$1.44B
– –
-392,701
Closed -$3.56M
IP icon
63
International Paper
IP
$23.3B
– –
-62,096
Closed -$2.91M
LNG icon
64
Cheniere Energy
LNG
$52.8B
– –
-27,203
Closed -$6.62M
MTZ icon
65
MasTec
MTZ
$24.7B
– –
-55,517
Closed -$9.46M
NCLH icon
66
Norwegian Cruise Line
NCLH
$9.74B
– –
-99,306
Closed -$2.01M
OMC icon
67
Omnicom Group
OMC
$24.6B
– –
-137,208
Closed -$9.87M
ON icon
68
ON Semiconductor
ON
$32.8B
– –
-141,200
Closed -$7.4M
PCAR icon
69
PACCAR
PCAR
$72.7B
– –
-322,038
Closed -$30.6M
PCG icon
70
CALL
PG&E
PCG
$39.2B
– –
-2,271,200
Closed -$31.7M
PEG icon
71
Public Service Enterprise Group
PEG
$39.3B
– –
-436,046
Closed -$36.7M
PHIN icon
72
Phinia Inc
PHIN
$2.98B
– –
-120,337
Closed -$5.35M
POR icon
73
Portland General Electric
POR
$5.92B
– –
-440,983
Closed -$17.9M
PPG icon
74
PPG Industries
PPG
$26.5B
– –
-183,418
Closed -$20.9M
RDW icon
75
Redwire
RDW
$2.05B
– –
-80,100
Closed -$1.31M
1 2
3
4

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GIP
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SFG
Sather Financial Group Victoria, Texas $1.63B AUM 12.6% 1-Year Est. Return
PRA
Pine Ridge Advisers New York $1.62B AUM 16.97% 1-Year Est. Return
KCM
Kathmere Capital Management Wayne, Pennsylvania $1.62B AUM 17.7% 1-Year Est. Return
SC
SRB Corp Boston, Massachusetts $1.63B AUM 20.77% 1-Year Est. Return
SWA
Stratos Wealth Advisors Beachwood, Ohio $1.63B AUM 16.33% 1-Year Est. Return
AIP
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KCM
Kynam Capital Management Princeton, New Jersey $1.62B AUM 138.67% 1-Year Est. Return

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.