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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
+7.42%
1 Year Est. Return
+27.84%
3 Year Est. Return
+31.31%
5 Year Est. Return
+22.79%
10 Year Est. Return
–
AUM
$823M
AUM Growth
+$294M
Cap. Flow
+$261M
Cap. Flow %
31.74%
Top 10 Hldgs %
50.84%
Holding
90
New
37
Increased
11
Reduced
9
Closed
33

Top Buys

Rank Stock Value
1
PCG icon
PG&E
PCG
+$129M
2
ES icon
Eversource Energy
ES
+$69.1M
3
PCAR icon
PACCAR
PCAR
+$29.7M
4
CAT icon
Caterpillar
CAT
+$28.8M
5
PPG icon
PPG Industries
PPG
+$19.8M

Top Sells

Rank Stock Value
1
BP icon
BP
BP
+$23.1M
2
CEG icon
Constellation Energy
CEG
+$20.4M
3
BKV
BKV Corp
BKV
+$16.2M
4
MTZ icon
MasTec
MTZ
+$15.7M
5
PEG icon
Public Service Enterprise Group
PEG
+$15.5M

Sector Composition

Rank Sector Weight
1 Utilities 30.67%
2 Industrials 20.31%
3 Consumer Discretionary 17.64%
4 Energy 9.69%
5 Materials 5.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PCG icon
1
PG&E
PCG
$38.1B
$115M 13.93%
8,223,183
+7,935,782
+2,761% +$129M
ES icon
2
Eversource Energy
ES
$28.1B
$71.4M 8.67%
+1,121,926
New +$69.1M
PEG icon
3
Public Service Enterprise Group
PEG
$39.2B
$36.7M 4.46%
436,046
-192,367
-31% -$15.5M
CAT icon
4
Caterpillar
CAT
$405B
$33.6M 4.08%
+86,526
New +$28.8M
PCG icon
5
CALL
PG&E
PCG
$38.1B
$31.7M 3.85%
+2,271,200
New +$36.9M
PCAR icon
6
PACCAR
PCAR
$66.4B
$30.6M 3.72%
+322,038
New +$29.7M
CMI icon
7
Cummins
CMI
$89.5B
$25.1M 3.05%
76,673
+35,187
+85% +$10.9M
VC icon
8
Visteon
VC
$2.8B
$25.1M 3.05%
268,613
+144,899
+117% +$11.9M
GM icon
9
General Motors
GM
$68.6B
$25M 3.04%
508,853
+381,077
+298% +$18.1M
TRP icon
10
TC Energy
TRP
$72.7B
$24.5M 2.98%
502,925
-34,583
-6% -$1.7M
DAR icon
11
Darling Ingredients
DAR
$10B
$21M 2.55%
552,702
-70,674
-11% -$2.33M
PPG icon
12
PPG Industries
PPG
$26.2B
$20.9M 2.54%
+183,418
New +$19.8M
DTM icon
13
DT Midstream
DTM
$14.8B
$19.7M 2.4%
179,520
+9,906
+6% +$1M
WMB icon
14
Williams Companies
WMB
$89.7B
$18.9M 2.29%
300,540
+97,245
+48% +$5.74M
OSK icon
15
Oshkosh
OSK
$8.96B
$18.7M 2.27%
164,379
+71,814
+78% +$6.97M
POR icon
16
Portland General Electric
POR
$6.07B
$17.9M 2.18%
+440,983
New +$18.5M
LBTYA icon
17
Liberty Global Class A
LBTYA
$3.52B
$17.1M 2.07%
+1,703,745
New +$17.1M
RBA icon
18
RB Global
RBA
$20.8B
$16.8M 2.04%
158,349
+83,349
+111% +$8.54M
BWA icon
19
BorgWarner
BWA
$12.8B
$16.2M 1.97%
+483,018
New +$14.8M
DAN icon
20
Dana Inc
DAN
$2.86B
$15.9M 1.93%
926,177
-526,895
-36% -$7.87M
ALB icon
21
Albemarle
ALB
$14.2B
$15.6M 1.9%
+249,460
New +$14.8M
WMG icon
22
Warner Music
WMG
$14.8B
$15.4M 1.88%
566,627
+379,661
+203% +$10.6M
GPI icon
23
Group 1 Automotive
GPI
$3.88B
$13M 1.58%
+29,832
New +$12.5M
APTV icon
24
Aptiv
APTV
$12.2B
$13M 1.58%
190,378
-75,328
-28% -$4.66M
TEL icon
25
TE Connectivity
TEL
$59.3B
$10.1M 1.23%
+59,928
New +$9.1M
1
2 3 4

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Covalis Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Covalis Capital held 90 positions worth $823M, up 56% from $528M the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Covalis Capital deployed $261M of net new capital in Q2 2025, opening 37 new positions and adding to 11 existing holdings. Its largest new stake was Eversource Energy: 1,121,926 shares worth $71.4M.

By sector, the portfolio is most concentrated in Utilities at 31% of assets, up from 15% a quarter earlier, followed by Industrials and Consumer Discretionary.

On the sell side, the largest reduction was MasTec, an estimated $15.7M trimmed.

  • Covalis Capital's largest Q2 2025 buy was Eversource Energy: 1,121,926 shares worth $71.4M.
  • Covalis Capital added most to PG&E in Q2 2025, an estimated $129M increase.
  • Covalis Capital's biggest Q2 2025 reduction was MasTec, cutting an estimated $15.7M.
  • Covalis Capital fully exited BP in Q2 2025, selling an estimated $23.1M.
  • Covalis Capital's ten largest holdings make up 51% of its $823M portfolio in Q2 2025.
  • Covalis Capital opened 37 new positions and closed 33 in Q2 2025.
  • Covalis Capital's portfolio value rose 56% quarter-over-quarter to $823M.

Based on Covalis Capital's 13F filing for Q2 2025, filed 12 Aug 2025.