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 |
Ameren
AEE
|
+$69.6M |
| 2 |
Antero Resources
AR
|
+$63M |
| 3 |
PPL Corp
PPL
|
+$54.2M |
| 4 |
Cheniere Energy
LNG
|
+$47M |
| 5 |
American Electric Power
AEP
|
+$46.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
United Rentals
URI
|
+$79M |
| 2 |
Eaton
ETN
|
+$72.7M |
| 3 |
Whirlpool
WHR
|
+$53.2M |
| 4 |
Core Scientific
CORZ
|
+$44.9M |
| 5 |
RB Global
RBA
|
+$26M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Utilities | 32.57% |
| 2 | Energy | 24.02% |
| 3 | Consumer Discretionary | 14.28% |
| 4 | Industrials | 12.95% |
| 5 | Technology | 6.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
76
Visteon
VC
$1.98B
| $3.7M | 0.21% |
37,282
-182,882
| -83% | -$20M |
2025 Q1
5 quarters
|
|
77
Asbury Automotive
ABG
$3.73B
| $3.31M | 0.19% |
16,466
-35,253
| -68% | -$6.94M |
2025 Q3
3 quarters
|
|
78
Quantinuum Inc
QNT
$1.85B
| $3.27M | 0.18% |
+40,000
| New | +$2.57M |
2026 Q2
0 quarters
|
|
79
StandardAero Inc
SARO
$9.43B
| $2.99M | 0.17% |
100,000
-50,000
| -33% | -$1.31M |
2026 Q1
1 quarter
|
|
80
Cemex
CX
$15.4B
| $2.74M | 0.15% |
+228,398
| New | +$2.84M |
2026 Q2
0 quarters
|
|
81
Cerebras Systems
CBRS
$24B
| $2.21M | 0.12% |
+10,000
| New | +$2.35M |
2026 Q2
0 quarters
|
|
82
Nextpower Inc. Common Stock
NXT
$15.1B
| $2.08M | 0.12% |
+17,419
| New | +$2.15M |
2026 Q2
0 quarters
|
|
83
Cummins
CMI
$63.5B
| $2.06M | 0.12% |
2,892
-38,116
| -93% | -$25.1M |
2025 Q1
5 quarters
|
|
84
Nouveau Monde Graphite
NMG
$261M
| $2.04M | 0.12% |
+1,363,226
| New | +$2.58M |
2026 Q2
0 quarters
|
|
85
Southwest Gas
SWX
$6.72B
| $2.03M | 0.11% |
22,898
+4,272
| +23% | +$382K |
2026 Q1
1 quarter
|
|
86
CarMax
KMX
$7.65B
| $2.01M | 0.11% |
+38,003
| New | +$1.65M |
2026 Q2
0 quarters
|
|
87
Hudbay
HBM
$9.7B
| $2M | 0.11% |
+84,691
| New | +$2.14M |
2026 Q2
0 quarters
|
|
88
DT Midstream
DTM
$12.1B
| $1.95M | 0.11% |
13,280
-2,534
| -16% | -$358K |
2024 Q3
7 quarters
|
|
89
Sable Offshore Corp
SOC
$155M
| $1.84M | 0.1% |
+595,911
| New | +$7.59M |
2026 Q2
0 quarters
|
|
90
EchoStar
ECHO
$29.7B
| $1.71M | 0.1% |
+16,861
| New | +$2.06M |
2026 Q2
0 quarters
|
|
|
HONA
91
Honeywell Aerospace
HONA
$53.7B
| $1.33M | 0.07% |
+6,000
| New | +$1.32M |
2026 Q2
0 quarters
|
|
92
Madison Air Solutions
MAIR
$12.1B
| $1.17M | 0.07% |
+30,000
| New | +$1.17M |
2026 Q2
0 quarters
|
|
93
Darling Ingredients
DAR
$8.39B
| $1.16M | 0.07% |
21,319
-37,333
| -64% | -$2.23M |
2024 Q4
6 quarters
|
|
94
XPO
XPO
$22B
| $1.03M | 0.06% |
+5,011
| New | +$1.06M |
2026 Q2
0 quarters
|
|
95
Tesla
TSLA
$1.54T
| $1.02M | 0.06% |
+2,428
| New | +$966K |
2026 Q2
0 quarters
|
|
96
Murphy Oil
MUR
$5.15B
| $948K | 0.05% |
+29,117
| New | +$1.11M |
2026 Q2
0 quarters
|
|
97
Jaguar Uranium Corp
JAGU
$17.8M
| $869K | 0.05% |
520,201
-179,797
| -26% | -$398K |
2026 Q1
1 quarter
|
|
98
Octave Intelligence
OCTV
$5.7B
| $786K | 0.04% |
+48,201
| New | +$885K |
2026 Q2
0 quarters
|
|
99
CALL
Stellantis
STLA
$11.9B
| $737K | 0.04% |
148,000
| – | – |
2026 Q1
1 quarter
|
|
100
Wolfspeed
WOLF
$1.48B
| $482K | 0.03% |
10,000
-10,000
| -50% | -$435K |
2025 Q4
2 quarters
|
|
Similar funds
Covalis Capital's Q2 2026 Portfolio in Review
As of Q2 2026, Covalis Capital held 175 positions worth $1.77B, up 9% from $1.63B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Covalis Capital deployed $106M of net new capital in Q2 2026, opening 52 new positions and adding to 20 existing holdings. Its largest new stake was Ameren: 629,746 shares worth $71.2M.
By sector, the portfolio is most concentrated in Utilities at 33% of assets, up from 28% a quarter earlier, followed by Energy and Consumer Discretionary.
On the sell side, the largest reduction was Whirlpool, an estimated $53.2M trimmed.
- Covalis Capital's largest Q2 2026 buy was Ameren: 629,746 shares worth $71.2M.
- Covalis Capital added most to Antero Resources in Q2 2026, an estimated $63M increase.
- Covalis Capital's biggest Q2 2026 reduction was Whirlpool, cutting an estimated $53.2M.
- Covalis Capital fully exited United Rentals in Q2 2026, selling an estimated $79M.
- Covalis Capital's ten largest holdings make up 42% of its $1.77B portfolio in Q2 2026.
- Covalis Capital opened 52 new positions and closed 74 in Q2 2026.
- Covalis Capital's portfolio value rose 9% quarter-over-quarter to $1.77B.
Based on Covalis Capital's 13F filing for Q2 2026, filed 13 Aug 2026.