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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
MOD icon
51
Modine Manufacturing
MOD
$11.1B
$6.06M 0.43%
+45,404
New +$6.76M
SRE icon
52
Sempra
SRE
$59.5B
$6.03M 0.42%
+68,308
New +$6.22M
FSLR icon
53
First Solar
FSLR
$21.7B
$5.91M 0.42%
22,632
-174,527
-89% -$44M
SAH icon
54
Sonic Automotive
SAH
$3.32B
$5.75M 0.4%
+93,018
New +$6.16M
DTE icon
55
DTE Energy
DTE
$30.6B
$4.94M 0.35%
+38,298
New +$5.2M
AN icon
56
AutoNation
AN
$7.36B
$4.29M 0.3%
+20,790
New +$4.32M
BKR icon
57
Baker Hughes
BKR
$58B
$4.17M 0.29%
91,566
+40,717
+80% +$1.93M
OKE icon
58
Oneok
OKE
$55.9B
$3.94M 0.28%
+53,542
New +$3.79M
SW
59
Smurfit Westrock
SW
$26.6B
$3.29M 0.23%
85,142
-8,793
-9% -$335K
MBLY icon
60
Mobileye
MBLY
$2.11B
$3.27M 0.23%
313,190
-687,079
-69% -$8.58M
HBM icon
61
Hudbay
HBM
$9.67B
$2.58M 0.18%
+130,166
New +$2.2M
AA icon
62
Alcoa
AA
$11.7B
$2.51M 0.18%
+47,148
New +$1.93M
GNRC icon
63
Generac Holdings
GNRC
$11.5B
$2.46M 0.17%
18,041
-34,073
-65% -$5.5M
ROL icon
64
Rollins
ROL
$18.8B
$2.1M 0.15%
+35,000
New +$2.06M
BKV
65
BKV Corp
BKV
$2.58B
$2.04M 0.14%
+75,000
New +$1.88M
FLR icon
66
Fluor
FLR
$6.87B
$1.98M 0.14%
+49,970
New +$2.21M
MIAX
67
Miami International Holdings
MIAX
$4.41B
$1.78M 0.12%
+40,000
New +$1.78M
CMS icon
68
CMS Energy
CMS
$23.1B
$1.59M 0.11%
+22,669
New +$1.65M
ARRY icon
69
Array Technologies
ARRY
$788M
$1.53M 0.11%
+165,764
New +$1.42M
CCI icon
70
Crown Castle
CCI
$33.1B
$1.5M 0.11%
+16,842
New +$1.55M
TRGP icon
71
Targa Resources
TRGP
$56.4B
$1.36M 0.1%
7,354
-76,236
-91% -$12.8M
VVX icon
72
V2X
VVX
$2.82B
$1.29M 0.09%
+23,684
New +$1.33M
WLTH
73
Wealthfront Corp
WLTH
$1.41B
$1.16M 0.08%
+85,593
New +$1.14M
CTRI icon
74
Centuri Holdings
CTRI
$2.64B
$505K 0.04%
+20,000
New +$447K
ANDG
75
Andersen Group
ANDG
$5.25B
$311K 0.02%
+12,000
New +$302K
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.