Covalis Capital Portfolio holdings
Covalis Capital is a fund management group, founded in 2012, that invests in the businesses behind power generation, electrification and the energy transition. Its Master and Partners multi-strategy funds mainly buy stocks they expect to rise and short those they expect to fall. The Master fund can also hold fixed income, commodities and private investments. A separate long-only global infrastructure strategy holds a concentrated portfolio of high-conviction, medium-term ideas. Its funds expect to invest mostly in stocks of utilities, infrastructure, industrials, energy and renewables companies worldwide. With partners, it has also joined large private infrastructure deals, such as the purchase of Nortegas with Abu Dhabi Investment Council and of the German renewables platform Max Solar with Greenvolt.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Teck Resources
TECK
|
+$79.8M |
| 2 |
DT Midstream
DTM
|
+$54.2M |
| 3 |
TransAlta
TAC
|
+$40.1M |
| 4 |
Xcel Energy
XEL
|
+$39.9M |
| 5 |
Occidental Petroleum
OXY
|
+$31M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ameren
AEE
|
+$71.2M |
| 2 |
PG&E
PCG
|
+$52.8M |
| 3 |
Cheniere Energy
LNG
|
+$45.1M |
| 4 |
CoreWeave
CRWV
|
+$40.8M |
| 5 |
Emera Inc
EMA
|
+$38.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 33.66% |
| 2 | Utilities | 27.73% |
| 3 | Materials | 9.81% |
| 4 | Consumer Discretionary | 8.89% |
| 5 | Industrials | 6.8% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
76
Nexa Resources
NEXA
$1.48B
| $1.56M | 0.13% |
+128,369
| New | +$1.73M |
2026 Q3
0 quarters
|
|
77
Nouveau Monde Graphite
NMG
$266M
| $1.46M | 0.12% |
1,213,226
-150,000
| -11% | -$211K |
2026 Q2
1 quarter
|
|
78
Adient
ADNT
$1.2B
| $1.38M | 0.11% |
81,966
-222,260
| -73% | -$4.28M |
2026 Q2
1 quarter
|
|
79
Talen Energy Corp
TLN
$16.4B
| $1.14M | 0.09% |
+3,646
| New | +$1.22M |
2026 Q3
0 quarters
|
|
80
NRG Energy
NRG
$20.4B
| $1M | 0.08% |
10,470
-57,794
| -85% | -$6.97M |
2026 Q1
2 quarters
|
|
81
C.H. Robinson
CHRW
$15.6B
| $986K | 0.08% |
6,665
-37,998
| -85% | -$6.19M |
2026 Q2
1 quarter
|
|
82
Carvana
CVNA
$79.8B
| $981K | 0.08% |
+15,690
| New | +$1.07M |
2026 Q3
0 quarters
|
|
83
Knight Transportation
KNX
$10.4B
| $971K | 0.08% |
15,265
-97,950
| -87% | -$6.91M |
2026 Q1
2 quarters
|
|
84
Terex
TEX
$6.4B
| $969K | 0.08% |
18,430
-91,809
| -83% | -$5.85M |
2026 Q2
1 quarter
|
|
85
Hafnia
HAFN
$5.13B
| $855K | 0.07% |
+85,144
| New | +$694K |
2026 Q3
0 quarters
|
|
86
Herc Holdings
HRI
$5.53B
| $748K | 0.06% |
+5,993
| New | +$899K |
2026 Q3
0 quarters
|
|
87
Group 1 Automotive
GPI
$3.11B
| $443K | 0.04% |
1,844
-62,449
| -97% | -$17.6M |
2025 Q2
5 quarters
|
|
88
Wolfspeed
WOLF
$1.33B
| $422K | 0.03% |
15,000
+5,000
| +50% | +$144K |
2025 Q4
3 quarters
|
|
89
Jaguar Uranium Corp
JAGU
$16.8M
| $337K | 0.03% |
311,642
-208,559
| -40% | -$339K |
2026 Q1
2 quarters
|
|
90
PowerBank Corp
PBK
$8.36M
| $164K | 0.01% |
569,005
+60,000
| +12% | +$27.3K |
2026 Q1
2 quarters
|
|
|
91
Ameren
AEE
$31.8B
| – | – |
-629,746
| Closed | -$71.2M | – |
|
92
AutoNation
AN
$5.69B
| – | – |
-112,291
| Closed | -$20.9M | – |
|
93
BorgWarner
BWA
$10.2B
| – | – |
-514,287
| Closed | -$34.1M | – |
|
94
CleanSpark
CLSK
$1.71B
| – | – |
-1,973,047
| Closed | -$28.7M | – |
|
95
Cummins
CMI
$61.9B
| – | – |
-2,892
| Closed | -$2.06M | – |
|
96
CRH
CRH
$62B
| – | – |
-128,114
| Closed | -$13.7M | – |
|
97
Digital Realty Trust
DLR
$68.1B
| – | – |
-122,000
| Closed | -$21.9M | – |
|
98
Freeport-McMoran
FCX
$85B
| – | – |
-79,560
| Closed | -$5M | – |
|
99
Fluor
FLR
$6.28B
| – | – |
-207,907
| Closed | -$10.9M | – |
|
100
First Solar
FSLR
$18.4B
| – | – |
-16,983
| Closed | -$4.01M | – |
|
Similar funds
Covalis Capital's Q3 2026 Portfolio in Review
As of Q3 2026, Covalis Capital held 138 positions worth $1.24B, down 30% from $1.77B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Covalis Capital withdrew a net $369M in Q3 2026, closing 48 positions and reducing 31 holdings. Its most notable exit was Ameren, an estimated $71.2M position sold in full.
By sector, the portfolio is most concentrated in Energy at 34% of assets, up from 24% a quarter earlier, followed by Utilities and Materials.
Against the trend, Covalis Capital opened a new position in TransAlta worth $38.3M.
- Covalis Capital's largest Q3 2026 buy was TransAlta: 3,160,409 shares worth $38.3M.
- Covalis Capital added most to Teck Resources in Q3 2026, an estimated $79.8M increase.
- Covalis Capital's biggest Q3 2026 reduction was PG&E, cutting an estimated $52.8M.
- Covalis Capital fully exited Ameren in Q3 2026, selling an estimated $71.2M.
- Covalis Capital's ten largest holdings make up 49% of its $1.24B portfolio in Q3 2026.
- Covalis Capital opened 37 new positions and closed 48 in Q3 2026.
- Covalis Capital's portfolio value fell 30% quarter-over-quarter to $1.24B.
Based on Covalis Capital's 13F filing for Q3 2026, filed 13 Nov 2026.