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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
FFAI
101
Faraday Future Intelligent Electric
FFAI
$11.9M
– –
-67
Closed -$13K
FIGR
102
Figure Technology Solutions
FIGR
$6.09B
– –
-20,000
Closed -$727K
WBI
103
WaterBridge Infrastructure LLC
WBI
$1.5B
– –
-300,000
Closed -$7.57M
1 2 3 4
5

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PRA
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KCM
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SC
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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.