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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
RUN icon
76
Sunrun
RUN
$2.3B
– –
-605,329
Closed -$4.95M
TEL icon
77
TE Connectivity
TEL
$62.1B
– –
-59,928
Closed -$10.1M
UAL icon
78
United Airlines
UAL
$40.2B
– –
-10,393
Closed -$828K
URI icon
79
United Rentals
URI
$67.9B
– –
-8,478
Closed -$6.39M
VRT icon
80
Vertiv
VRT
$104B
– –
-64,302
Closed -$8.26M
WH icon
81
Wyndham Hotels & Resorts
WH
$5.62B
– –
-28,306
Closed -$2.3M
WMG icon
82
Warner Music
WMG
$15B
– –
-566,627
Closed -$15.4M
WY icon
83
Weyerhaeuser
WY
$17.7B
– –
-109,070
Closed -$2.8M
OKLO
84
Oklo
OKLO
$6.89B
– –
-100,000
Closed -$5.6M
SEI
85
Solaris Energy Infrastructure
SEI
$2.9B
– –
-66,412
Closed -$1.88M
CRCL
86
Circle Internet Group
CRCL
$16B
– –
-33,500
Closed -$6.07M
1 2 3
4

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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.