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 | |
|---|---|---|---|---|---|---|---|
151
Select Water Solutions
WTTR
$2.22B
| – | – |
-100,000
| Closed | -$1.53M | – |
|
152
Xenon Pharmaceuticals
XENE
$3.93B
| – | – |
-10,000
| Closed | -$582K | – |
|
153
Amer Sports
AS
$17.5B
| – | – |
-15,000
| Closed | -$494K | – |
|
154
American Healthcare REIT
AHR
$13.6B
| – | – |
-100,000
| Closed | -$4.72M | – |
|
155
UL Solutions
ULS
$16.4B
| – | – |
-100,000
| Closed | -$8.57M | – |
|
156
Centuri Holdings
CTRI
$2.23B
| – | – |
-43,000
| Closed | -$1.26M | – |
|
157
Viking Holdings
VIK
$39.9B
| – | – |
-125,000
| Closed | -$9.18M | – |
|
158
Talen Energy Corp
TLN
$16.6B
| – | – |
-76,237
| Closed | -$24.3M | – |
|
159
Smurfit Westrock
SW
$22.4B
| – | – |
-203,407
| Closed | -$8.11M | – |
|
160
LATAM Airlines Group S.A.
LTM
$13.7B
| – | – |
-20,000
| Closed | -$989K | – |
|
161
Innovex International
INVX
$1.75B
| – | – |
-20,000
| Closed | -$488K | – |
|
162
Expand Energy Corp
EXE
$20.3B
| – | – |
-46,289
| Closed | -$5.08M | – |
|
163
Anteris Technologies
AVR
$544M
| – | – |
-50,000
| Closed | -$278K | – |
|
164
Jefferson Capital
JCAP
$1.17B
| – | – |
-15,000
| Closed | -$288K | – |
|
165
Miami International Holdings
MIAX
$3.63B
| – | – |
-50,000
| Closed | -$1.95M | – |
|
166
Kyivstar Group
KYIV
$2.94B
| – | – |
-100,000
| Closed | -$1.01M | – |
|
167
Wealthfront Corp
WLTH
$1.64B
| – | – |
-50,000
| Closed | -$462K | – |
|
168
Andersen Group
ANDG
$1.24B
| – | – |
-10,000
| Closed | -$272K | – |
|
169
Medline Inc
MDLN
$35.3B
| – | – |
-50,000
| Closed | -$2.22M | – |
|
170
Versant Media Group
VSNT
$4.92B
| – | – |
-11,600
| Closed | -$429K | – |
|
171
EquipmentShare.com Inc
EQPT
$4.06B
| – | – |
-10,000
| Closed | -$204K | – |
|
172
York Space Systems
YSS
$739M
| – | – |
-15,000
| Closed | -$333K | – |
|
173
PicS N.V.
PICS
$943M
| – | – |
-15,000
| Closed | -$157K | – |
|
174
Bobs Discount Furniture
BOBS
$2.68B
| – | – |
-40,000
| Closed | -$470K | – |
|
175
Janus Living Inc
JAN
$8.57B
| – | – |
-17,963
| Closed | -$423K | – |
|
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.