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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
PCG icon
1
PG&E
PCG
$38.1B
$159M 11.17%
9,896,033
+1,168,779
+13% +$18.7M
BKH icon
2
Black Hills Corp
BKH
$5.68B
$143M 10.03%
+2,057,160
New +$139M
CORZ icon
3
Core Scientific
CORZ
$6.66B
$77.8M 5.46%
+5,341,913
New +$93.1M
CORZ icon
4
CALL
Core Scientific
CORZ
$6.66B
$77.2M 5.42%
+5,299,600
New +$92.4M
ES icon
5
Eversource Energy
ES
$28.1B
$76.8M 5.39%
1,141,017
+956,530
+518% +$67.2M
GLXY
6
PUT
Galaxy Digital Inc
GLXY
$4.14B
$58.8M 4.13%
+2,630,100
New +$81.5M
DAN icon
7
Dana Inc
DAN
$2.86B
$41.9M 2.94%
1,764,365
+349,559
+25% +$7.4M
GNTX icon
8
Gentex
GNTX
$5.19B
$40.4M 2.83%
1,734,804
+1,076,138
+163% +$25.9M
WMB icon
9
Williams Companies
WMB
$89.7B
$39.1M 2.74%
649,774
+293,238
+82% +$17.7M
CAT icon
10
Caterpillar
CAT
$405B
$31.6M 2.22%
55,074
-10,380
-16% -$5.77M
LBTYA icon
11
Liberty Global Class A
LBTYA
$3.52B
$31.3M 2.2%
2,809,392
+1,120,552
+66% +$12.4M
RBA icon
12
RB Global
RBA
$20.8B
$30.1M 2.11%
292,742
+154,012
+111% +$15.6M
WULF icon
13
TeraWulf
WULF
$9B
$27.9M 1.96%
+2,427,296
New +$32.5M
ETN icon
14
Eaton
ETN
$155B
$27.2M 1.91%
85,526
+40,506
+90% +$14.4M
OGE icon
15
OGE Energy
OGE
$10.1B
$27.2M 1.91%
+637,124
New +$28.4M
CMI icon
16
Cummins
CMI
$89.5B
$25.4M 1.79%
49,802
-13,410
-21% -$6.27M
URI icon
17
United Rentals
URI
$65.5B
$24.8M 1.74%
+30,698
New +$26.6M
VC icon
18
Visteon
VC
$2.8B
$24.6M 1.73%
258,628
+164,200
+174% +$17.4M
CNH
19
CNH Industrial
CNH
$13.2B
$24.4M 1.71%
2,644,387
+1,076,286
+69% +$10.7M
GPI icon
20
Group 1 Automotive
GPI
$3.88B
$20.5M 1.44%
52,107
-9,883
-16% -$4.06M
VIK icon
21
Viking Holdings
VIK
$43.3B
$17.9M 1.25%
+250,000
New +$16M
WMG icon
22
Warner Music
WMG
$14.8B
$17.8M 1.25%
+580,769
New +$17.7M
CRC icon
23
California Resources
CRC
$4.69B
$17.1M 1.2%
+382,350
New +$18.1M
TEL icon
24
TE Connectivity
TEL
$59.3B
$16.4M 1.15%
+72,088
New +$16.7M
TRP icon
25
TC Energy
TRP
$72.7B
$15.2M 1.07%
276,247
-1,772,008
-87% -$94.5M
1
2 3 4 5

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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.