# Covalis Capital LLP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1698819. Source: https://holderbook.com/funds/1698819-covalis-capital-llp/

- Reported value: $1.8B
- Positions: 101
- Weight of the ten largest: 41.8%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| PG&E CORP | [PCG](https://holderbook.com/stocks/PCG/) | $147.5M | 8,772,024 | 8.3% | 14 |
| BLACK HILLS CORP | [BKH](https://holderbook.com/stocks/BKH/) | $110.2M | 1,481,404 | 6.2% | 3 |
| ANTERO RESOURCES CORP | [AR](https://holderbook.com/stocks/AR/) | $92.6M | 2,634,969 | 5.2% | 3 |
| AMEREN CORP | [AEE](https://holderbook.com/stocks/AEE/) | $71.2M | 629,746 | 4.0% | 1 |
| ANTERO MIDSTREAM CORP | [AM](https://holderbook.com/stocks/AM/) | $69.0M | 3,031,515 | 3.9% | 2 |
| PPL CORP | [PPL](https://holderbook.com/stocks/PPL/) | $65.0M | 1,788,306 | 3.7% | 2 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $50.9M | 956,598 | 2.9% | 2 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $48.0M | 350,872 | 2.7% | 1 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $45.1M | 188,557 | 2.5% | 1 |
| COREWEAVE INC | [CRWV](https://holderbook.com/stocks/CRWV/) | $40.8M | 410,049 | 2.3% | 1 |
| CORE SCIENTIFIC INC NEW | [CORZ](https://holderbook.com/stocks/CORZ/) | $40.0M | 1,563,413 | 2.3% | 3 |
| EMERA INC | [EMA](https://holderbook.com/stocks/EMA/) | $38.9M | 734,477 | 2.2% | 1 |
| BKV CORP | [BKV](https://holderbook.com/stocks/BKV/) | $38.7M | 1,414,178 | 2.2% | 3 |
| GENERAL MTRS CO | [GM](https://holderbook.com/stocks/GM/) | $37.2M | 482,202 | 2.1% | 2 |
| BORGWARNER INC | [BWA](https://holderbook.com/stocks/BWA/) | $34.1M | 514,287 | 1.9% | 2 |
| APA CORPORATION | [APA](https://holderbook.com/stocks/APA/) | $32.8M | 1,006,739 | 1.9% | 1 |
| GENERAC HLDGS INC | [GNRC](https://holderbook.com/stocks/GNRC/) | $29.5M | 100,729 | 1.7% | 4 |
| DANA INC | [DAN](https://holderbook.com/stocks/DAN/) | $29.0M | 1,066,246 | 1.6% | 6 |
| CLEANSPARK INC | [CLSK](https://holderbook.com/stocks/CLSK/) | $28.7M | 1,973,047 | 1.6% | 1 |
| INNIO NV | [INIO](https://holderbook.com/stocks/INIO/) | $28.2M | 712,960 | 1.6% | 1 |
| O-I GLASS INC | [OI](https://holderbook.com/stocks/OI/) | $27.1M | 2,816,191 | 1.5% | 2 |
| SPACE EXPLORATION TECHN CORP | [SPCX](https://holderbook.com/stocks/SPCX/) | $26.5M | 155,000 | 1.5% | 1 |
| DTE ENERGY CO | [DTE](https://holderbook.com/stocks/DTE/) | $23.7M | 155,703 | 1.3% | 3 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $22.3M | 20,906 | 1.3% | 5 |
| DIGITAL RLTY TR INC | [DLR](https://holderbook.com/stocks/DLR/) | $21.9M | 122,000 | 1.2% | 1 |
| VERSIGENT PLC | [VGNT](https://holderbook.com/stocks/VGNT/) | $21.0M | 499,633 | 1.2% | 1 |
| AUTONATION INC | [AN](https://holderbook.com/stocks/AN/) | $20.9M | 112,291 | 1.2% | 1 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $20.1M | 303,624 | 1.1% | 7 |
| FORGENT POWER SOLUTIONS INC | [FPS](https://holderbook.com/stocks/FPS/) | $19.6M | 350,000 | 1.1% | 2 |
| GROUP 1 AUTOMOTIVE INC | [GPI](https://holderbook.com/stocks/GPI/) | $18.7M | 64,293 | 1.1% | 5 |
| LIBERTY GLOBAL LTD | [LBTYA](https://holderbook.com/stocks/LBTYA/) | $18.7M | 1,645,963 | 1.1% | 1 |
| CIPHER DIGITAL INC | [CIFR](https://holderbook.com/stocks/CIFR/) | $18.4M | 751,077 | 1.0% | 1 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $17.6M | 236,367 | 1.0% | 7 |
| ALLISON TRANSMISSION HLDGS I | [ALSN](https://holderbook.com/stocks/ALSN/) | $16.5M | 146,525 | 0.9% | 1 |
| XCEL ENERGY INC | [XEL](https://holderbook.com/stocks/XEL/) | $14.9M | 186,000 | 0.8% | 2 |
| LITHIA MTRS INC | [LAD](https://holderbook.com/stocks/LAD/) | $14.4M | 49,710 | 0.8% | 2 |
| IREN LIMITED | [IREN](https://holderbook.com/stocks/IREN/) | $14.1M | 308,405 | 0.8% | 1 |
| CRH PLC | [CRH](https://holderbook.com/stocks/CRH/) | $13.7M | 128,114 | 0.8% | 1 |
| SOLV ENERGY INC | [MWH](https://holderbook.com/stocks/MWH/) | $13.6M | 400,000 | 0.8% | 2 |
| VALE S A | [VALE](https://holderbook.com/stocks/VALE/) | $13.6M | 905,082 | 0.8% | 2 |
| OCCIDENTAL PETE CORP | [OXY](https://holderbook.com/stocks/OXY/) | $13.2M | 270,898 | 0.7% | 1 |
| RB GLOBAL INC | [RBA](https://holderbook.com/stocks/RBA/) | $13.1M | 112,449 | 0.7% | 11 |
| WHIRLPOOL CORP | [WHRPRA](https://holderbook.com/stocks/WHRPRA/) | $13.0M | 369,000 | 0.7% | 2 |
| MASTEC INC | [MTZ](https://holderbook.com/stocks/MTZ/) | $12.8M | 30,842 | 0.7% | 1 |
| WYNDHAM HOTELS & RESORTS INC | [WH](https://holderbook.com/stocks/WH/) | $11.6M | 137,295 | 0.7% | 1 |
| FLUOR CORP | [FLR](https://holderbook.com/stocks/FLR/) | $10.9M | 207,907 | 0.6% | 3 |
| ELDORADO GOLD CORP NEW | [EGO](https://holderbook.com/stocks/EGO/) | $10.3M | 332,575 | 0.6% | 2 |
| VISTRA CORP | [VST](https://holderbook.com/stocks/VST/) | $10.1M | 63,683 | 0.6% | 1 |
| NRG ENERGY INC | [NRG](https://holderbook.com/stocks/NRG/) | $10.0M | 68,264 | 0.6% | 2 |
| TARGA RES CORP | [TRGP](https://holderbook.com/stocks/TRGP/) | $9.7M | 36,231 | 0.5% | 6 |
| PRIMORIS SVCS CORP | [PRIM](https://holderbook.com/stocks/PRIM/) | $9.0M | 91,093 | 0.5% | 1 |
| KNIGHT-SWIFT TRANSN HLDGS IN | [KNX](https://holderbook.com/stocks/KNX/) | $8.8M | 113,215 | 0.5% | 2 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $8.6M | 143,805 | 0.5% | 3 |
| C H ROBINSON WORLDWIDE IN | [CHRW](https://holderbook.com/stocks/CHRW/) | $8.4M | 44,663 | 0.5% | 1 |
| TEREX CORP NEW | [TEX](https://holderbook.com/stocks/TEX/) | $8.0M | 110,239 | 0.5% | 1 |
| SEMPRA | [SRE](https://holderbook.com/stocks/SRE/) | $7.9M | 85,265 | 0.4% | 3 |
| FERVO ENERGY CO | [FRVO](https://holderbook.com/stocks/FRVO/) | $7.3M | 250,000 | 0.4% | 1 |
| WHIRLPOOL CORP | [WHR](https://holderbook.com/stocks/WHR/) | $6.9M | 175,813 | 0.4% | 2 |
| MDU RES GROUP INC | [MDU](https://holderbook.com/stocks/MDU/) | $6.8M | 320,176 | 0.4% | 3 |
| KINETIK HOLDINGS INC | [KNTK](https://holderbook.com/stocks/KNTK/) | $6.6M | 135,983 | 0.4% | 1 |
| LEGENCE CORP | [LGN](https://holderbook.com/stocks/LGN/) | $6.4M | 75,000 | 0.4% | 3 |
| MODINE MFG CO | [MOD](https://holderbook.com/stocks/MOD/) | $6.2M | 23,391 | 0.4% | 1 |
| WARNER MUSIC GROUP CORP | [WMG](https://holderbook.com/stocks/WMG/) | $5.8M | 213,949 | 0.3% | 3 |
| EAGLEROCK LD LLC | - | $5.8M | 271,486 | 0.3% | 1 |
| ADIENT PLC | [ADNT](https://holderbook.com/stocks/ADNT/) | $5.6M | 304,226 | 0.3% | 1 |
| X-ENERGY INC | [XE](https://holderbook.com/stocks/XE/) | $5.5M | 301,185 | 0.3% | 1 |
| ITRON INC | [ITRI](https://holderbook.com/stocks/ITRI/) | $5.5M | 63,311 | 0.3% | 1 |
| DPC HOLDINGS PLC | [DPC](https://holderbook.com/stocks/DPC/) | $5.4M | 110,000 | 0.3% | 1 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $5.1M | 36,975 | 0.3% | 1 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $5.0M | 79,560 | 0.3% | 1 |
| NATIONAL FUEL GAS CO | [NFG](https://holderbook.com/stocks/NFG/) | $4.9M | 64,082 | 0.3% | 3 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $4.6M | 134,457 | 0.3% | 2 |
| SENSATA TECHNOLOGIES HLDG PL | [ST](https://holderbook.com/stocks/ST/) | $4.5M | 93,417 | 0.3% | 1 |
| KODIAK GAS SVCS INC | [KGS](https://holderbook.com/stocks/KGS/) | $4.4M | 59,220 | 0.3% | 1 |
| FIRST SOLAR INC | [FSLR](https://holderbook.com/stocks/FSLR/) | $4.0M | 16,983 | 0.2% | 1 |
| VISTEON CORP | [VC](https://holderbook.com/stocks/VC/) | $3.7M | 37,282 | 0.2% | 6 |
| ASBURY AUTOMOTIVE GROUP INC | [ABG](https://holderbook.com/stocks/ABG/) | $3.3M | 16,466 | 0.2% | 4 |
| QUANTINUUM INC | [QNT](https://holderbook.com/stocks/QNT/) | $3.3M | 40,000 | 0.2% | 1 |
| STANDARDAERO INC | [SARO](https://holderbook.com/stocks/SARO/) | $3.0M | 100,000 | 0.2% | 2 |
| CEMEX SA EURO MTN BE 144A | [CX](https://holderbook.com/stocks/CX/) | $2.7M | 228,398 | 0.2% | 1 |
| CEREBRAS SYSTEMS INC | [CBRS](https://holderbook.com/stocks/CBRS/) | $2.2M | 10,000 | 0.1% | 1 |
| NEXTPOWER INC | [NXT](https://holderbook.com/stocks/NXT/) | $2.1M | 17,419 | 0.1% | 1 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $2.1M | 2,892 | 0.1% | 6 |
| NOUVEAU MONDE GRAPHITE INC | [NMG](https://holderbook.com/stocks/NMG/) | $2.0M | 1,363,226 | 0.1% | 1 |
| SOUTHWEST GAS HLDGS INC | [SWX](https://holderbook.com/stocks/SWX/) | $2.0M | 22,898 | 0.1% | 2 |
| CARMAX INC | [KMX](https://holderbook.com/stocks/KMX/) | $2.0M | 38,003 | 0.1% | 1 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $2.0M | 84,691 | 0.1% | 1 |
| DT MIDSTREAM INC | [DTM](https://holderbook.com/stocks/DTM/) | $1.9M | 13,280 | 0.1% | 8 |
| SABLE OFFSHORE CORP | [SOC](https://holderbook.com/stocks/SOC/) | $1.8M | 595,911 | 0.1% | 1 |
| ECHOSTAR CORP | [ECHO](https://holderbook.com/stocks/ECHO/) | $1.7M | 16,861 | 0.1% | 1 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $1.3M | 6,000 | 0.1% | 1 |
| MADISON AIR SOLUTIONS CORP | [MAIR](https://holderbook.com/stocks/MAIR/) | $1.2M | 30,000 | 0.1% | 1 |
| DARLING INGREDIENTS INC | [DAR](https://holderbook.com/stocks/DAR/) | $1.2M | 21,319 | 0.1% | 7 |
| XPO INC | [XPO](https://holderbook.com/stocks/XPO/) | $1.0M | 5,011 | 0.1% | 1 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $1.0M | 2,428 | 0.1% | 1 |
| MURPHY OIL CORP | [MUR](https://holderbook.com/stocks/MUR/) | $948.0K | 29,117 | 0.1% | 1 |
| JAGUAR URANIUM CORP | [JAGU](https://holderbook.com/stocks/JAGU/) | $868.7K | 520,201 | 0.0% | 2 |
| OCTAVE INTELLIGENCE PLC | [OCTLF](https://holderbook.com/stocks/OCTLF/) | $785.7K | 48,201 | 0.0% | 1 |
| STELLANTIS N.V | [STLA](https://holderbook.com/stocks/STLA/) | $737.0K | 0 | 0.0% | 3 |
| WOLFSPEED INC | [WOLF](https://holderbook.com/stocks/WOLF/) | $482.5K | 10,000 | 0.0% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +9.7% | +14.8% | -5.1% | 100% |
| Q1 2026 | +7.0% | -4.6% | +11.6% | 94% |
| Q4 2025 | +4.7% | +2.4% | +2.3% | 100% |
| Q3 2025 | +14.4% | +7.8% | +6.6% | 96% |
| Q2 2025 | +13.1% | +10.5% | +2.6% | 93% |
| Q1 2025 | -4.6% | -4.6% | -0.1% | 100% |
| Q4 2024 | +2.4% | +2.1% | +0.3% | 97% |
| Q3 2024 | +12.5% | +5.4% | +7.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.8B | 101 |
| Q1 2026 | $1.6B | 122 |
| Q4 2025 | $1.4B | 75 |
| Q3 2025 | $858.3M | 54 |
| Q2 2025 | $822.8M | 56 |
| Q1 2025 | $528.3M | 52 |
| Q4 2024 | $684.2M | 61 |
| Q3 2024 | $710.7M | 49 |
| Q2 2024 | $735.6M | 60 |
| Q1 2024 | $810.4M | 52 |
| Q4 2023 | $615.3M | 54 |
| Q3 2023 | $565.5M | 51 |