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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
WOLF icon
76
Wolfspeed
WOLF
$1.14B
$174K 0.01%
+10,000
New +$229K
ACDC icon
77
ProFrac Holding
ACDC
$671M
– –
-529,711
Closed -$1.96M
ALB icon
78
Albemarle
ALB
$13.3B
– –
-172,606
Closed -$14M
AWK icon
79
American Water Works
AWK
$27B
– –
-75,000
Closed -$10.4M
BWA icon
80
BorgWarner
BWA
$13B
– –
-184,406
Closed -$8.11M
EIX icon
81
Edison International
EIX
$30.7B
– –
-473,431
Closed -$26.2M
FCX icon
82
Freeport-McMoran
FCX
$88.6B
– –
-196,326
Closed -$7.7M
FLNC icon
83
Fluence Energy
FLNC
$1.68B
– –
-491,039
Closed -$5.3M
GM icon
84
General Motors
GM
$81.7B
– –
-450,119
Closed -$27.4M
HRI icon
85
Herc Holdings
HRI
$4.95B
– –
-28,036
Closed -$3.27M
IAG icon
86
IAMGOLD
IAG
$8.24B
– –
-40,000
Closed -$517K
KNTK icon
87
Kinetik
KNTK
$3.64B
– –
-90,230
Closed -$3.86M
LYB icon
88
LyondellBasell Industries
LYB
$18.8B
– –
-259,014
Closed -$12.7M
MT icon
89
ArcelorMittal
MT
$50.7B
– –
-23,372
Closed -$840K
NEE icon
90
NextEra Energy
NEE
$186B
– –
-247,384
Closed -$18.7M
NUE icon
91
Nucor
NUE
$60.5B
– –
-36,942
Closed -$5M
NVX
92
NOVONIX
NVX
$95.7M
– –
-125,476
Closed -$161K
OI icon
93
O-I Glass
OI
$1.39B
– –
-303,869
Closed -$3.94M
OPEN icon
94
Opendoor
OPEN
$3.8B
– –
-15,500
Closed -$120K
OSK icon
95
Oshkosh
OSK
$9.51B
– –
-136,369
Closed -$17.7M
SLB icon
96
SLB Ltd
SLB
$74.2B
– –
-10,552
Closed -$363K
ST icon
97
Sensata Technologies
ST
$6.8B
– –
-189,622
Closed -$5.79M
TSLA icon
98
Tesla
TSLA
$1.21T
– –
-19,207
Closed -$8.54M
XEL icon
99
Xcel Energy
XEL
$50.1B
– –
-368,943
Closed -$29.8M
PONY
100
Pony AI Inc
PONY
$3.29B
– –
-64,492
Closed -$1.45M
1 2 3
4
5

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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
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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.