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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
+12.09%
1 Year Est. Return
+27.84%
3 Year Est. Return
+31.31%
5 Year Est. Return
+22.79%
10 Year Est. Return
–
AUM
$858M
AUM Growth
+$35.5M
Cap. Flow
-$38.3M
Cap. Flow %
-4.46%
Top 10 Hldgs %
56.31%
Holding
86
New
29
Increased
10
Reduced
15
Closed
32

Top Buys

Rank Stock Value
1
TRP icon
TC Energy
TRP
+$77.6M
2
FSLR icon
First Solar
FSLR
+$37.8M
3
XEL icon
Xcel Energy
XEL
+$26.7M
4
EIX icon
Edison International
EIX
+$25.5M
5
CNH
CNH Industrial
CNH
+$19.1M

Top Sells

Rank Stock Value
1
ES icon
Eversource Energy
ES
+$61.5M
2
PEG icon
Public Service Enterprise Group
PEG
+$36.7M
3
PCAR icon
PACCAR
PCAR
+$30.6M
4
PPG icon
PPG Industries
PPG
+$20.9M
5
VC icon
Visteon
VC
+$20.5M

Sector Composition

Rank Sector Weight
1 Utilities 28.55%
2 Energy 20.87%
3 Consumer Discretionary 20.62%
4 Industrials 15.92%
5 Technology 6.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PCG icon
1
PG&E
PCG
$38.1B
$132M 15.33%
8,727,254
+504,071
+6% +$7.35M
TRP icon
2
TC Energy
TRP
$72.7B
$111M 12.98%
2,048,255
+1,545,330
+307% +$77.6M
FSLR icon
3
First Solar
FSLR
$22.8B
$43.5M 5.07%
+197,159
New +$37.8M
CAT icon
4
Caterpillar
CAT
$405B
$31.2M 3.64%
65,454
-21,072
-24% -$9M
XEL icon
5
Xcel Energy
XEL
$49.2B
$29.8M 3.47%
+368,943
New +$26.7M
DAN icon
6
Dana Inc
DAN
$2.86B
$28.4M 3.3%
1,414,806
+488,629
+53% +$9.06M
GM icon
7
General Motors
GM
$68.6B
$27.4M 3.2%
450,119
-58,734
-12% -$3.28M
GPI icon
8
Group 1 Automotive
GPI
$3.88B
$27.1M 3.16%
61,990
+32,158
+108% +$14.4M
CMI icon
9
Cummins
CMI
$89.5B
$26.7M 3.11%
63,212
-13,461
-18% -$5.16M
EIX icon
10
Edison International
EIX
$29.9B
$26.2M 3.05%
+473,431
New +$25.5M
WMB icon
11
Williams Companies
WMB
$89.7B
$22.6M 2.63%
356,536
+55,996
+19% +$3.29M
APTV icon
12
Aptiv
APTV
$12.2B
$19.7M 2.29%
228,252
+37,874
+20% +$2.86M
LBTYA icon
13
Liberty Global Class A
LBTYA
$3.52B
$19.4M 2.26%
1,688,840
-14,905
-0.9% -$164K
NEE icon
14
NextEra Energy
NEE
$185B
$18.7M 2.18%
+247,384
New +$18.1M
GNTX icon
15
Gentex
GNTX
$5.19B
$18.6M 2.17%
+658,666
New +$17.5M
OSK icon
16
Oshkosh
OSK
$8.96B
$17.7M 2.06%
136,369
-28,010
-17% -$3.72M
CNH
17
CNH Industrial
CNH
$13.2B
$17M 1.98%
+1,568,101
New +$19.1M
ETN icon
18
Eaton
ETN
$155B
$16.8M 1.96%
45,020
+23,265
+107% +$8.46M
RBA icon
19
RB Global
RBA
$20.8B
$15M 1.75%
138,730
-19,619
-12% -$2.2M
MBLY icon
20
Mobileye
MBLY
$7.76B
$14.1M 1.65%
1,000,269
+868,968
+662% +$12.9M
TRGP icon
21
Targa Resources
TRGP
$60.7B
$14M 1.63%
83,590
+64,522
+338% +$10.7M
ALB icon
22
Albemarle
ALB
$14.2B
$14M 1.63%
172,606
-76,854
-31% -$5.93M
DTM icon
23
DT Midstream
DTM
$14.8B
$13.9M 1.62%
122,978
-56,542
-31% -$5.91M
ES icon
24
Eversource Energy
ES
$28.1B
$13.1M 1.53%
184,487
-937,439
-84% -$61.5M
LYB icon
25
LyondellBasell Industries
LYB
$19.1B
$12.7M 1.48%
+259,014
New +$14.6M
1
2 3 4

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Covalis Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Covalis Capital held 86 positions worth $858M, up 4.3% from $823M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Covalis Capital withdrew a net $38.3M in Q3 2025, closing 32 positions and reducing 15 holdings. Its most notable exit was Public Service Enterprise Group, an estimated $36.7M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 29% of assets, down from 31% a quarter earlier, followed by Energy and Consumer Discretionary.

Against the trend, Covalis Capital opened a new position in First Solar worth $43.5M.

  • Covalis Capital's largest Q3 2025 buy was First Solar: 197,159 shares worth $43.5M.
  • Covalis Capital added most to TC Energy in Q3 2025, an estimated $77.6M increase.
  • Covalis Capital's biggest Q3 2025 reduction was Eversource Energy, cutting an estimated $61.5M.
  • Covalis Capital fully exited Public Service Enterprise Group in Q3 2025, selling an estimated $36.7M.
  • Covalis Capital's ten largest holdings make up 56% of its $858M portfolio in Q3 2025.
  • Covalis Capital opened 29 new positions and closed 32 in Q3 2025.
  • Covalis Capital's portfolio value rose 4.3% quarter-over-quarter to $858M.

Based on Covalis Capital's 13F filing for Q3 2025, filed 13 Nov 2025.