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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
-4.24%
1 Year Est. Return
+27.84%
3 Year Est. Return
+31.31%
5 Year Est. Return
+22.79%
10 Year Est. Return
–
AUM
$436M
AUM Growth
-$83.7M
Cap. Flow
-$43M
Cap. Flow %
-9.86%
Top 10 Hldgs %
55.41%
Holding
78
New
14
Increased
10
Reduced
12
Closed
22

Top Buys

Rank Stock Value
1
CMS icon
CMS Energy
CMS
+$25.3M
2
COP icon
ConocoPhillips
COP
+$19.4M
3
LNT icon
Alliant Energy
LNT
+$13.8M
4
EVA
Enviva Inc.
EVA
+$12.9M
5
FMC icon
FMC
FMC
+$11.5M

Top Sells

Rank Stock Value
1
LIN icon
Linde
LIN
+$23.4M
2
NEE icon
NextEra Energy
NEE
+$22.8M
3
VALE icon
Vale
VALE
+$22.4M
4
NI icon
NiSource
NI
+$12.2M
5
EMN icon
Eastman Chemical
EMN
+$12M

Sector Composition

Rank Sector Weight
1 Utilities 30.7%
2 Industrials 21.96%
3 Financials 15.69%
4 Materials 12.08%
5 Technology 7.86%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LICY
1
DELISTED
Li-Cycle Holdings Corp.
LICY
$61.9M 14.19%
1,453,630
+184,648
+15% +$10M
ES icon
2
Eversource Energy
ES
$28.1B
$35.6M 8.16%
456,668
– –
COP icon
3
ConocoPhillips
COP
$140B
$25.3M 5.81%
247,583
+194,050
+362% +$19.4M
CMS icon
4
CMS Energy
CMS
$22.8B
$21.9M 5.02%
+375,630
New +$25.3M
ZT
5
DELISTED
Zimmer Energy Transition Acquisition Corp. Class A Common Stock
ZT
$19.5M 4.48%
2,000,001
– –
FMC icon
6
FMC
FMC
$1.4B
$17.7M 4.05%
167,140
+106,378
+175% +$11.5M
VST icon
7
Vistra
VST
$52.4B
$16.6M 3.81%
791,938
+106,322
+16% +$2.57M
CEG icon
8
Constellation Energy
CEG
$90.1B
$15.1M 3.47%
181,944
+62,783
+53% +$4.63M
GNRC icon
9
Generac Holdings
GNRC
$12.7B
$14.1M 3.23%
78,990
+7,702
+11% +$1.77M
SWX icon
10
Southwest Gas
SWX
$6.66B
$13.9M 3.19%
199,286
-102,701
-34% -$8.33M
LNT icon
11
Alliant Energy
LNT
$19.3B
$12.1M 2.79%
+229,246
New +$13.8M
EVA
12
DELISTED
Enviva Inc.
EVA
$11.5M 2.64%
+191,999
New +$12.9M
AISP
13
Airship AI Holdings
AISP
$68.9M
$11.4M 2.61%
1,150,000
– –
PDOT
14
DELISTED
Peridot Acquisition Corp. II
PDOT
$9.91M 2.27%
1,000,000
– –
MBAC
15
DELISTED
M3-Brigade Acquisition II Corp.
MBAC
$9.81M 2.25%
1,000,000
– –
AXTA icon
16
Axalta
AXTA
$6.92B
$9.1M 2.09%
+431,900
New +$10.6M
PNTM
17
DELISTED
Pontem Corporation
PNTM
$6.96M 1.6%
700,000
– –
XLI icon
18
State Street Industrial Select Sector SPDR ETF
XLI
$33.3B
$6.68M 1.53%
80,621
-9,736
-11% -$896K
NFE icon
19
New Fortress Energy
NFE
$102M
$6.63M 1.52%
+151,700
New +$7.61M
ASH icon
20
Ashland
ASH
$3.14B
$6.58M 1.51%
69,334
+35,894
+107% +$3.65M
PPL
21
PPL Corp
PPL
$27B
$5.96M 1.37%
234,978
-178,757
-43% -$5.12M
CSIQ icon
22
Canadian Solar
CSIQ
$1.02B
$5.62M 1.29%
+150,800
New +$5.74M
BG icon
23
Bunge Global
BG
$23.1B
$5.02M 1.15%
+60,810
New +$5.66M
CC icon
24
Chemours
CC
$2.63B
$4.97M 1.14%
+201,823
New +$6.66M
RKTA
25
DELISTED
Rocket Internet Growth Opportunities Corp.
RKTA
$4.96M 1.14%
500,000
– –
1
2 3 4

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Covalis Capital's Q3 2022 Portfolio in Review

As of Q3 2022, Covalis Capital held 78 positions worth $436M, down 16% from $520M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Covalis Capital withdrew a net $43M in Q3 2022, closing 22 positions and reducing 12 holdings. Its most notable exit was Linde, an estimated $23.4M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 31% of assets, up from 30% a quarter earlier, followed by Industrials and Financials.

Against the trend, Covalis Capital opened a new position in CMS Energy worth $21.9M.

  • Covalis Capital's largest Q3 2022 buy was CMS Energy: 375,630 shares worth $21.9M.
  • Covalis Capital added most to ConocoPhillips in Q3 2022, an estimated $19.4M increase.
  • Covalis Capital's biggest Q3 2022 reduction was NextEra Energy, cutting an estimated $22.8M.
  • Covalis Capital fully exited Linde in Q3 2022, selling an estimated $23.4M.
  • Covalis Capital's ten largest holdings make up 55% of its $436M portfolio in Q3 2022.
  • Covalis Capital opened 14 new positions and closed 22 in Q3 2022.
  • Covalis Capital's portfolio value fell 16% quarter-over-quarter to $436M.

Based on Covalis Capital's 13F filing for Q3 2022, filed 14 Nov 2022.