Covalis Capital LLP Investment Portfolio — 13F Data

CIK: 0001698819

Diversified strategyHigh-turnover traderMomentum follower

Total reported value

$1.6B

Reporting period: 2026-03-31 · Number of holdings: 123

Covalis Capital LLP disclosed 123 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.6B and a quarterly turnover rate of 96.5%.

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Personality snowflake

Concentration: 11.48
Portfolio Stability: 96.48
Momentum/Contrarian: 100
Sector conviction: 65.25
Diversification: 100
Sizing Uniformity: 84.12

Covalis Capital LLP's disclosed holdings carry a Herfindahl concentration index of 0.029 — mathematically equivalent to about 35 equally-sized positions, well below its 123 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes vary widely across the portfolio (a coefficient of variation of 1.59), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Trim CORZ
-67.4%　-$103.0M
Add URI
+253.4%　$54.2M
Trim PCG
-20.0%　-$20.0M
Add ETN
+137.6%　$45.4M
Trim BKH
-14.8%　-$21.1M
Add DTE
+583.7%　$33.3M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 122 holdings (of 123 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	PCG	P G & E CORP	Stock-Utilities	8.55%	-2.62%	-20.03%
2	BKH	Black Hills CORP	Stock-Utilities	7.48%	-2.55%	-14.79%
3	URI	United Rentals INC	Stock-Industrials	4.86%	+3.12%	+253.40%
4	ETN	Eaton Corporation plc	Stock-Industrials	4.47%	+2.56%	+137.62%
5	WHR	Whirlpool CORP	Stock-Consumer Disc	4.35%	+4.35%	NEW
6	CORZ	Core Scientific INC	Stock-Tech	3.20%	-7.68%	-67.37%
7	GPI	Group 1 Automotive INC	Stock-Consumer Disc	2.48%	+1.04%	+134.38%
8	DAN	Dana INC	Stock-Other	2.48%	—	-32.04%
9	WMB	Williams Cos INC	Stock-Energy	2.47%	—	-14.97%
10	AR	Antero Resources CORP	Stock-Energy	2.41%	+1.36%	+113.31%
11	DTE	Dte Energy Company	Stock-Utilities	2.36%	+2.01%	+583.73%
12	RBA	Rb Global INC	Stock-Industrials	2.12%	—	+22.73%
13	XEL	Xcel Energy INC	Stock-Utilities	1.96%	+1.96%	NEW
14	GM	General Motors Co	Stock-Consumer Disc	1.60%	+1.60%	NEW
15	FANG	Diamondback Energy INC	Stock-Energy	1.56%	+1.56%	NEW
16	OGE	Oge Energy CORP	Stock-Utilities	1.50%	—	-20.20%
17	TLN	Talen Energy CORP	Stock-Utilities	1.50%	+1.50%	NEW
18	CAT	Caterpillar INC	Stock-Industrials	1.48%	—	-38.16%
19	AM	Antero Midstream CORP	Stock-Energy	1.38%	+1.38%	NEW
20	GNRC	Generac Holdings INC	Stock-Industrials	1.36%	+1.19%	+526.63%
21	CMI	Cummins INC	Stock-Industrials	1.36%	—	-17.66%
22	MWH	Solv Energy Inc-cl A	Stock-Other	1.29%	+1.29%	NEW
23	EQT	Eqt CORP	Stock-Energy	1.25%	+1.25%	NEW
24	VC	Visteon CORP	Stock-Other	1.23%	—	-14.87%
25	LAD	Lithia Motors INC	Stock-Consumer Disc	1.23%	+1.23%	NEW
26	WMG	Warner Music Group Corp-cl A	Stock-Other	1.21%	—	+32.81%
27	TRGP	Targa Resources CORP	Stock-Energy	1.18%	+1.08%	+941.84%
28	VNOM	Viper Energy Inc-cl A	Stock-Energy	1.16%	+1.16%	NEW
29	TRP	Tc Energy CORP	Stock-Energy	1.16%	—	+8.85%
30	RACE	Ferrari N.V.	Stock-Consumer Disc	1.12%	+1.12%	NEW
31	APTV	Aptiv PLC	Stock-Consumer Disc	1.08%	—	+57.13%
32	APLD	Applied Digital CORP	Stock-Tech	1.08%	+1.08%	NEW
33	BKV	Bkv Corporation	Stock-Other	1.06%	+0.92%	+705.61%
34	NFG	National Fuel Gas Co	Stock-Energy	1.05%	+0.50%	+86.80%
35	MYRG	Myr Group Inc/delaware	Stock-Industrials	0.93%	+0.93%	NEW
36	STLA	Stellantis N.V.	Stock-Consumer Disc	0.84%	—	+41.93%
37	NRG	Nrg Energy INC	Stock-Utilities	0.81%	+0.81%	NEW
38	WHR 8.5 02-15-29 A	Whirlpool CORP	Stock-Consumer Disc	0.79%	+0.79%	NEW
39	FE	Firstenergy CORP	Stock-Utilities	0.77%	+0.77%	NEW
40	PPL	Ppl CORP	Stock-Utilities	0.75%	+0.75%	NEW
41	STLD	Steel Dynamics INC	Stock-Materials	0.70%	+0.70%	NEW
42	OI	O-i Glass INC	Stock-Other	0.67%	+0.67%	NEW
43	ABG	Asbury Automotive Group	Stock-Consumer Disc	0.62%	—	+2.00%
44	SHEL	Shell Plc-adr	Stock-Energy	0.61%	+0.61%	NEW
45	KNX	Knight-swift Transportation	Stock-Industrials	0.59%	+0.59%	NEW
46	FPS	Forgent Power Solutions INC	Stock-Other	0.59%	+0.59%	NEW
47	VIK	Viking Holdings Ltd	Stock-Consumer Disc	0.57%	—	-50.00%
48	CLF	Cleveland-cliffs INC	Stock-Materials	0.56%	+0.56%	NEW
49	CVNA	Carvana Co	Stock-Consumer Disc	0.56%	+0.56%	NEW
50	OMC	Omnicom Group	Stock-Comm Services	0.55%	—	-28.45%

1–50 of 122

Portfolio Performance

Performance for Q3 2026

+0.8%

Performance Last 4 Quarters

+33.2%

Based on 62% of reported portfolio value with available pricing

Stdev: +21.5%
Beta: +1.11
Alpha: -1.7%
Max Drawdown: -13.2%
Annualized Perf: +18.9%
Batting Avg vs S&P: +57.6%
Sortino: +1.59
Stutzer: +0.27
Treynor: +0.18
Sterling: +0.96
Calmar: +1.43
Information Ratio: +0.02
Tracking Error: +16.9%
Stdev Down: +12.4%
Winning Months %: +57.6%
Losing Months %: +42.4%
Best 12 Months: +60.7%
Worst 12 Months: +1.8%
Efficiency Ratio: +0.35
Sharpe: +0.92
Stdev Sectors: +10.9%
Skewness: -0.12
Kurtosis: -0.3
Upside Potential: +3.33

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	123	$1.6B	96	1PCG 2BKH 3URI Top holdings2026-03-31 1.PCG 2.BKH 3.URI 4.ETN 5.WHR 6.CORZ 7.GPI 8.DAN 9.WMB 10.AR
2025-12-31	76	$1.4B	100	1PCG 2CORZ 3BKH Top holdings2025-12-31 1.PCG 2.CORZ 3.BKH 4.ES 5.GLXY 6.DAN 7.GNTX 8.WMB 9.CAT 10.LBTYA
2025-09-30	54	$858.3M	100	1PCG 2TRP 3FSLR Top holdings2025-09-30 1.PCG 2.TRP 3.FSLR 4.CAT 5.XEL 6.DAN 7.GM 8.GPI 9.CMI 10.EIX
2025-06-30	57	$822.8M	0	1PCG 2ES 3PEG Top holdings2025-06-30 1.PCG 2.ES 3.PEG 4.CAT 5.PCAR 6.CMI 7.VC 8.GM 9.TRP 10.DAR
2025-03-31	53	$528.3M	100	1PEG 2GM 3FSLR Top holdings2025-03-31 1.PEG 2.GM 3.FSLR 4.TRP 5.BP 6.CEG 7.DAR 8.DAN 9.MTZ 10.TSLA
2024-12-31	61	$684.2M	0	1PCG 2PEG 3ETR Top holdings2024-12-31 1.PCG 2.PEG 3.ETR 4.MOS 5.AN 6.VST 7.CRGY 8.FSLR 9.GM 10.BP
2024-09-30	51	$710.7M	0	1PCG 2VLO 3ETR Top holdings2024-09-30 1.PCG 2.VLO 3.ETR 4.LAD 5.PNW 6.APTV 7.PEG 8.ALV 9.NI 10.GM
2024-06-30	61	$735.6M	0	1NGG 2PCG 3DVN Top holdings2024-06-30 1.NGG 2.PCG 3.DVN 4.PNW 5.FLNC 6.NRG 7.EVRG 8.F 9.EIX 10.BWA
2024-03-31	52	$810.4M	0	1NEE 2PCG 3OKE Top holdings2024-03-31 1.NEE 2.PCG 3.OKE 4.NI 5.CVE 6.XIFR 7.PPL 8.FLNC 9.LBTYA 10.BE
2023-12-31	56	$615.3M	0	1SHEL 2FSLR 3FLNC Top holdings2023-12-31 1.SHEL 2.FSLR 3.FLNC 4.BB 5.PCG 6.SHLS 7.ALV 8.PHIN 9.PPL 10.ATS
2023-09-30	51	$565.5M	0	1FSLR 2PPL 3LICYUSD Top holdings2023-09-30 1.FSLR 2.PPL 3.LICYUSD 4.SQM 5.PCG 6.NRG 7.ES 8.GPI 9.UGI 10.PHIN
2023-06-30	40	$466.4M	0	1LICYUSD 2LNG 3PCG Top holdings2023-06-30 1.LICYUSD 2.LNG 3.PCG 4.NFE 5.PPL 6.EVAUSD 7.NRG 8.LTHM1EUR 9.SQM 10.EOSE
2023-03-31	34	$356.6M	0	1LICYUSD 2NFE 3ENPH Top holdings2023-03-31 1.LICYUSD 2.NFE 3.ENPH 4.ZBH 5.PPL 6.EVAUSD 7.CMS 8.AXTA 9.DOW 10.ECL
2022-12-31	50	$422.6M	0	1LICYUSD 2ES 3EVAUSD Top holdings2022-12-31 1.LICYUSD 2.ES 3.EVAUSD 4.CMS 5.NFE 6.ETR 7.ZBH 8.PPL 9.G1R25Q 10.GTLS
2022-09-30	56	$436.1M	0	1LICYUSD 2ES 3COP Top holdings2022-09-30 1.LICYUSD 2.ES 3.COP 4.CMS 5.ZBH 6.FMC 7.VST 8.CEG 9.GNRC 10.SWX
2022-06-30	64	$519.8M	0	1LICYUSD 2ES 3SWX Top holdings2022-06-30 1.LICYUSD 2.ES 3.SWX 4.NEE 5.LIN 6.VALE 7.ZBH 8.FSLR 9.GNRC 10.VST
2022-03-31	80	$367.2M	0	1LICYUSD 2ZBH 3EXC Top holdings2022-03-31 1.LICYUSD 2.ZBH 3.EXC 4.EMN 5.OXY 6.ETR 7.NI 8.LFG1USD 9.L4135L 10.CEG
2021-12-31	83	$273.8M	0	1LICYUSD 2EMN 3EXC Top holdings2021-12-31 1.LICYUSD 2.EMN 3.EXC 4.ZBH 5.DCRN 6.G1R25Q 7.MBVIU 8.G7008B 9.G28923 10.TIMB
2021-09-30	123	$432.8M	0	1PCG 2LICYUSD 3IFF Top holdings2021-09-30 1.PCG 2.LICYUSD 3.IFF 4.HUN 5.ZBH 6.DAL 7.XEL 8.PEG 9.DCRN 10.RSG
2021-06-30	79	$255.6M	100	1CF 2IFF 3LIN Top holdings2021-06-30 1.CF 2.IFF 3.LIN 4.R6C2 5.G28923 6.G1R25Q 7.EXP 8.RSG 9.G7008B 10.WM
2021-03-31	84	$485.5M	100	1EVRG 2IEAUSD 3PCG Top holdings2021-03-31 1.EVRG 2.IEAUSD 3.PCG 4.GOTU 5.G28923 6.VLO 7.AEE 8.SRE 9.VHCPW 10.R6C2
2020-12-31	20	$465.9M	0	1BIL 2EVRG 3PPL Top holdings2020-12-31 1.BIL 2.EVRG 3.PPL 4.D 5.VALE 6.ETRNUSD 7.FMC 8.SRE 9.ASH 10.SBS
2020-09-30	18	$235.3M	80	1EVRG 2PCG 3EIX Top holdings2020-09-30 1.EVRG 2.PCG 3.EIX 4.R6C2 5.FE 6.29274F 7.SBS 8.PPL 9.WHR 10.NGG
2020-06-30	11	$261.8M	100	1EIX 2PCG 3EVRG Top holdings2020-06-30 1.EIX 2.PCG 3.EVRG 4.CXOEUR 5.R6C2 6.PXDEUR 7.OTIS 8.HYG 9.VALE 10.BIL
2020-03-31	13	$217.5M	100	1TEGPUSD 2PPL 3XLU Top holdings2020-03-31 1.TEGPUSD 2.PPL 3.XLU 4.FE 5.ACM 6.ABX 7.29274F 8.CIG 9.CTRA 10.NEM
2019-12-31	10	$252.4M	100	1EXC 2TEGPUSD 3AGREUR Top holdings2019-12-31 1.EXC 2.TEGPUSD 3.AGREUR 4.CNP 5.CQP 6.COP 7.SPY 8.EEM 9.XME 10.TECK
2019-09-30	10	$89.6M	91	1PPL 2AGREUR3G0751N Top holdings2019-09-30 1.PPL 2.AGREUR 3.G0751N 4.EXC 5.TEGPUSD 6.NGG 7.ETR 8.D 9.GLNG 10.REGIEUR
2019-06-30	22	$146.7M	100	1PPL 2AGREUR3G0751N Top holdings2019-06-30 1.PPL 2.AGREUR 3.G0751N 4.COP 5.CMC 6.EVRG 7.BIL 8.MT 9.KOS 10.REGIEUR
2019-03-31	15	$107.8M	100	1XLU 2NGG 3AGREUR Top holdings2019-03-31 1.XLU 2.NGG 3.AGREUR 4.EEM 5.R6C2 6.G0751N 7.CWEN 8.MT 9.KOS 10.SQQQ
2018-12-31	10	$40.6M	100	1HYG 2AGREUR3G0751N Top holdings2018-12-31 1.HYG 2.AGREUR 3.G0751N 4.EEM 5.XLU
2018-09-30	46	$209.3M	100	1XLU 2AGREUR 3AEP Top holdings2018-09-30 1.XLU 2.AGREUR 3.AEP 4.ETR 5.EVRG 6.NI 7.CNP 8.FE 9.CMS 10.80589M
2018-06-30	52	$193.0M	100	1TECK 2EVRG 3XLU Top holdings2018-06-30 1.TECK 2.EVRG 3.XLU 4.LNT 5.PCG 6.EIX 7.ETR 8.OGE 9.EP-PC 10.AGREUR
2018-03-31	44	$137.6M	100	129274F2GSBC 3AEE Top holdings2018-03-31 1.29274F 2.GSBC 3.AEE 4.NI 5.PEG 6.CMS 7.TXNM 8.TECK 9.PCG 10.VST
2017-12-31	59	$159.1M	0	129274F2GSBC 3EXC Top holdings2017-12-31 1.29274F 2.GSBC 3.EXC 4.TECK 5.ETR 6.LNT 7.AEE 8.CNP 9.ED 10.OGE

Holding changes this quarter

Covalis Capital LLP's most significant position changes for 2026-03-31: Sold out: Eversource Energy (ES); New buy: Whirlpool CORP (WHR); Sold out: Galaxy Digital Inc-a (GLXY); Sold out: Gentex CORP (GNTX); New buy: Xcel Energy INC (XEL).

Position changes disclosed by Covalis Capital LLP for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	URI	United Rentals INC	+3.1%	+253.40%	Add
2	ETN	Eaton Corporation plc	+2.6%	+137.62%	Add
3	DTE	Dte Energy Company	+2%	+583.73%	Add
4	AR	Antero Resources CORP	+1.4%	+113.31%	Add
5	GNRC	Generac Holdings INC	+1.2%	+526.63%	Add
6	TRGP	Targa Resources CORP	+1.1%	+941.84%	Add
7	GPI	Group 1 Automotive INC	+1%	+134.38%	Add
8	BKV	Bkv Corporation	+0.9%	+705.61%	Add
9	NFG	National Fuel Gas Co	+0.5%	+86.80%	Add
10	AHR	American Healthcare Reit INC	-0.7%	-66.67%	Trim
11	APH	Amphenol Corp-cl A	-0.8%	-82.04%	Trim
12	TEL	TE Connectivity plc	-0.9%	-75.79%	Trim
13	CRC	California Resources CORP	-1.1%	-92.62%	Trim
14	BKH	Black Hills CORP	-2.6%	-14.79%	Trim
15	PCG	P G & E CORP	-2.6%	-20.03%	Trim
16	CORZ	Core Scientific INC	-7.7%	-67.37%	Trim
17	ES	Eversource Energy	—	EXIT	Sold out
18	WHR	Whirlpool CORP	—	NEW	New buy
19	GLXY	Galaxy Digital Inc-a	—	EXIT	Sold out
20	GNTX	Gentex CORP	—	EXIT	Sold out
21	XEL	Xcel Energy INC	—	NEW	New buy
22	LBTYA	Liberty Global Ltd.	—	EXIT	Sold out
23	WULF	Terawulf INC	—	EXIT	Sold out
24	GM	General Motors Co	—	NEW	New buy
25	FANG	Diamondback Energy INC	—	NEW	New buy
26	CNH	CNH Industrial N.V.	—	EXIT	Sold out
27	TLN	Talen Energy CORP	—	NEW	New buy
28	AM	Antero Midstream CORP	—	NEW	New buy
29	MWH	Solv Energy Inc-cl A	—	NEW	New buy
30	EQT	Eqt CORP	—	NEW	New buy
31	LAD	Lithia Motors INC	—	NEW	New buy
32	VNOM	Viper Energy Inc-cl A	—	NEW	New buy
33	RACE	Ferrari N.V.	—	NEW	New buy
34	APLD	Applied Digital CORP	—	NEW	New buy
35	MYRG	Myr Group Inc/delaware	—	NEW	New buy
36	GFL	Gfl Environmental Inc-sub Vt	—	EXIT	Sold out
37	NRG	Nrg Energy INC	—	NEW	New buy
38	WHR 8.5 02-15-29 A	Whirlpool CORP	—	NEW	New buy
39	FE	Firstenergy CORP	—	NEW	New buy
40	PPL	Ppl CORP	—	NEW	New buy
41	STLD	Steel Dynamics INC	—	NEW	New buy
42	OI	O-i Glass INC	—	NEW	New buy
43	SHEL	Shell Plc-adr	—	NEW	New buy
44	KNX	Knight-swift Transportation	—	NEW	New buy
45	FPS	Forgent Power Solutions INC	—	NEW	New buy
46	TXNM	Txnm Energy INC	—	EXIT	Sold out
47	TMUS	T-mobile US INC	—	EXIT	Sold out
48	CLF	Cleveland-cliffs INC	—	NEW	New buy
49	CVNA	Carvana Co	—	NEW	New buy
50	VALE	Vale Sa-sp Adr	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-14	Amendment	View on EDGAR
2025-09-30	2025-11-13	13F-HR	View on EDGAR
2025-06-30	2025-08-12	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-13	13F-HR	View on EDGAR
2024-09-30	2024-11-14	13F-HR	View on EDGAR
2024-06-30	2024-08-13	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-15	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2021-10-14	Amendment	View on EDGAR
2021-06-30	2021-10-04	Amendment	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2021-10-04	Amendment	View on EDGAR
2021-03-31	2021-08-23	Amendment	View on EDGAR
2021-03-31	2021-05-17	13F-HR	View on EDGAR
2020-12-31	2021-10-04	Amendment	View on EDGAR
2020-12-31	2021-08-23	Amendment	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-16	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR
2019-09-30	2019-11-14	13F-HR	View on EDGAR
2019-06-30	2019-08-14	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-03-04	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR
2018-06-30	2018-08-13	13F-HR	View on EDGAR
2018-03-31	2018-05-11	13F-HR	View on EDGAR
2017-12-31	2018-02-09	13F-HR	View on EDGAR

FAQ

What is Covalis Capital LLP and what type of investor is it?

Covalis Capital LLP is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $1.6B, spread across 123 disclosed positions.

What are Covalis Capital LLP's largest equity positions?

Based on the latest 13F filing, Covalis Capital LLP's top holdings by market value are: 1. P G & E CORP (PCG) — $139.0M (8.6%) 2. Black Hills CORP (BKH) — $121.7M (7.5%) 3. United Rentals INC (URI) — $79.0M (4.9%) 4. Eaton Corporation plc (ETN) — $72.7M (4.5%) 5. Whirlpool CORP (WHR) — $70.8M (4.3%)

What changes did Covalis Capital LLP make in its most recent portfolio filing?

In the latest reported quarter, Covalis Capital LLP made 50 notable position adjustments: 25 new positions were initiated, 9 existing holdings were added to, 7 positions were partially reduced, and 9 were completely exited. The largest of these moves: Sold out: Eversource Energy (ES); New buy: Whirlpool CORP (WHR); Sold out: Galaxy Digital Inc-a (GLXY); Sold out: Gentex CORP (GNTX); New buy: Xcel Energy INC (XEL)

What sectors does Covalis Capital LLP focus on?

Covalis Capital LLP is concentrated in the following sectors based on its current disclosed equity portfolio: • Utilities: 30.3% • Industrials: 22.1% • Consumer Discretionary: 19.8% • Energy: 18.5% • Information Technology: 5.4% • Materials: 2.7%

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$584.8M

118 stks

2015-03-31

Stale — no recent filing

Concentration10.3

Portfolio Stability21.1

Sector conviction47.5

1 of the top 5 holdings overlap, including Whirlpool CORP

View detail

Covalis Capital LLP Investment Portfolio — 13F Data

CIK: 0001698819

Diversified strategyHigh-turnover traderMomentum follower

Total reported value

$1.6B

Reporting period: 2026-03-31 · Number of holdings: 123

Covalis Capital LLP disclosed 123 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.6B and a quarterly turnover rate of 96.5%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "C"

Personality snowflake

Concentration: 11.48
Portfolio Stability: 96.48
Momentum/Contrarian: 100
Sector conviction: 65.25
Diversification: 100
Sizing Uniformity: 84.12

Position sizes vary widely across the portfolio (a coefficient of variation of 1.59), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Trim CORZ
-67.4%　-$103.0M
Add URI
+253.4%　$54.2M
Trim PCG
-20.0%　-$20.0M
Add ETN
+137.6%　$45.4M
Trim BKH
-14.8%　-$21.1M
Add DTE
+583.7%　$33.3M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 122 holdings (of 123 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	PCG	P G & E CORP	Stock-Utilities	8.55%	-2.62%	-20.03%
2	BKH	Black Hills CORP	Stock-Utilities	7.48%	-2.55%	-14.79%
3	URI	United Rentals INC	Stock-Industrials	4.86%	+3.12%	+253.40%
4	ETN	Eaton Corporation plc	Stock-Industrials	4.47%	+2.56%	+137.62%
5	WHR	Whirlpool CORP	Stock-Consumer Disc	4.35%	+4.35%	NEW
6	CORZ	Core Scientific INC	Stock-Tech	3.20%	-7.68%	-67.37%
7	GPI	Group 1 Automotive INC	Stock-Consumer Disc	2.48%	+1.04%	+134.38%
8	DAN	Dana INC	Stock-Other	2.48%	—	-32.04%
9	WMB	Williams Cos INC	Stock-Energy	2.47%	—	-14.97%
10	AR	Antero Resources CORP	Stock-Energy	2.41%	+1.36%	+113.31%
11	DTE	Dte Energy Company	Stock-Utilities	2.36%	+2.01%	+583.73%
12	RBA	Rb Global INC	Stock-Industrials	2.12%	—	+22.73%
13	XEL	Xcel Energy INC	Stock-Utilities	1.96%	+1.96%	NEW
14	GM	General Motors Co	Stock-Consumer Disc	1.60%	+1.60%	NEW
15	FANG	Diamondback Energy INC	Stock-Energy	1.56%	+1.56%	NEW
16	OGE	Oge Energy CORP	Stock-Utilities	1.50%	—	-20.20%
17	TLN	Talen Energy CORP	Stock-Utilities	1.50%	+1.50%	NEW
18	CAT	Caterpillar INC	Stock-Industrials	1.48%	—	-38.16%
19	AM	Antero Midstream CORP	Stock-Energy	1.38%	+1.38%	NEW
20	GNRC	Generac Holdings INC	Stock-Industrials	1.36%	+1.19%	+526.63%
21	CMI	Cummins INC	Stock-Industrials	1.36%	—	-17.66%
22	MWH	Solv Energy Inc-cl A	Stock-Other	1.29%	+1.29%	NEW
23	EQT	Eqt CORP	Stock-Energy	1.25%	+1.25%	NEW
24	VC	Visteon CORP	Stock-Other	1.23%	—	-14.87%
25	LAD	Lithia Motors INC	Stock-Consumer Disc	1.23%	+1.23%	NEW
26	WMG	Warner Music Group Corp-cl A	Stock-Other	1.21%	—	+32.81%
27	TRGP	Targa Resources CORP	Stock-Energy	1.18%	+1.08%	+941.84%
28	VNOM	Viper Energy Inc-cl A	Stock-Energy	1.16%	+1.16%	NEW
29	TRP	Tc Energy CORP	Stock-Energy	1.16%	—	+8.85%
30	RACE	Ferrari N.V.	Stock-Consumer Disc	1.12%	+1.12%	NEW
31	APTV	Aptiv PLC	Stock-Consumer Disc	1.08%	—	+57.13%
32	APLD	Applied Digital CORP	Stock-Tech	1.08%	+1.08%	NEW
33	BKV	Bkv Corporation	Stock-Other	1.06%	+0.92%	+705.61%
34	NFG	National Fuel Gas Co	Stock-Energy	1.05%	+0.50%	+86.80%
35	MYRG	Myr Group Inc/delaware	Stock-Industrials	0.93%	+0.93%	NEW
36	STLA	Stellantis N.V.	Stock-Consumer Disc	0.84%	—	+41.93%
37	NRG	Nrg Energy INC	Stock-Utilities	0.81%	+0.81%	NEW
38	WHR 8.5 02-15-29 A	Whirlpool CORP	Stock-Consumer Disc	0.79%	+0.79%	NEW
39	FE	Firstenergy CORP	Stock-Utilities	0.77%	+0.77%	NEW
40	PPL	Ppl CORP	Stock-Utilities	0.75%	+0.75%	NEW
41	STLD	Steel Dynamics INC	Stock-Materials	0.70%	+0.70%	NEW
42	OI	O-i Glass INC	Stock-Other	0.67%	+0.67%	NEW
43	ABG	Asbury Automotive Group	Stock-Consumer Disc	0.62%	—	+2.00%
44	SHEL	Shell Plc-adr	Stock-Energy	0.61%	+0.61%	NEW
45	KNX	Knight-swift Transportation	Stock-Industrials	0.59%	+0.59%	NEW
46	FPS	Forgent Power Solutions INC	Stock-Other	0.59%	+0.59%	NEW
47	VIK	Viking Holdings Ltd	Stock-Consumer Disc	0.57%	—	-50.00%
48	CLF	Cleveland-cliffs INC	Stock-Materials	0.56%	+0.56%	NEW
49	CVNA	Carvana Co	Stock-Consumer Disc	0.56%	+0.56%	NEW
50	OMC	Omnicom Group	Stock-Comm Services	0.55%	—	-28.45%

1–50 of 122

Portfolio Performance

Performance for Q3 2026

+0.8%

Performance Last 4 Quarters

+33.2%

Based on 62% of reported portfolio value with available pricing

Stdev: +21.5%
Beta: +1.11
Alpha: -1.7%
Max Drawdown: -13.2%
Annualized Perf: +18.9%
Batting Avg vs S&P: +57.6%
Sortino: +1.59
Stutzer: +0.27
Treynor: +0.18
Sterling: +0.96
Calmar: +1.43
Information Ratio: +0.02
Tracking Error: +16.9%
Stdev Down: +12.4%
Winning Months %: +57.6%
Losing Months %: +42.4%
Best 12 Months: +60.7%
Worst 12 Months: +1.8%
Efficiency Ratio: +0.35
Sharpe: +0.92
Stdev Sectors: +10.9%
Skewness: -0.12
Kurtosis: -0.3
Upside Potential: +3.33

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	123	$1.6B	96	1PCG 2BKH 3URI Top holdings2026-03-31 1.PCG 2.BKH 3.URI 4.ETN 5.WHR 6.CORZ 7.GPI 8.DAN 9.WMB 10.AR
2025-12-31	76	$1.4B	100	1PCG 2CORZ 3BKH Top holdings2025-12-31 1.PCG 2.CORZ 3.BKH 4.ES 5.GLXY 6.DAN 7.GNTX 8.WMB 9.CAT 10.LBTYA
2025-09-30	54	$858.3M	100	1PCG 2TRP 3FSLR Top holdings2025-09-30 1.PCG 2.TRP 3.FSLR 4.CAT 5.XEL 6.DAN 7.GM 8.GPI 9.CMI 10.EIX
2025-06-30	57	$822.8M	0	1PCG 2ES 3PEG Top holdings2025-06-30 1.PCG 2.ES 3.PEG 4.CAT 5.PCAR 6.CMI 7.VC 8.GM 9.TRP 10.DAR
2025-03-31	53	$528.3M	100	1PEG 2GM 3FSLR Top holdings2025-03-31 1.PEG 2.GM 3.FSLR 4.TRP 5.BP 6.CEG 7.DAR 8.DAN 9.MTZ 10.TSLA
2024-12-31	61	$684.2M	0	1PCG 2PEG 3ETR Top holdings2024-12-31 1.PCG 2.PEG 3.ETR 4.MOS 5.AN 6.VST 7.CRGY 8.FSLR 9.GM 10.BP
2024-09-30	51	$710.7M	0	1PCG 2VLO 3ETR Top holdings2024-09-30 1.PCG 2.VLO 3.ETR 4.LAD 5.PNW 6.APTV 7.PEG 8.ALV 9.NI 10.GM
2024-06-30	61	$735.6M	0	1NGG 2PCG 3DVN Top holdings2024-06-30 1.NGG 2.PCG 3.DVN 4.PNW 5.FLNC 6.NRG 7.EVRG 8.F 9.EIX 10.BWA
2024-03-31	52	$810.4M	0	1NEE 2PCG 3OKE Top holdings2024-03-31 1.NEE 2.PCG 3.OKE 4.NI 5.CVE 6.XIFR 7.PPL 8.FLNC 9.LBTYA 10.BE
2023-12-31	56	$615.3M	0	1SHEL 2FSLR 3FLNC Top holdings2023-12-31 1.SHEL 2.FSLR 3.FLNC 4.BB 5.PCG 6.SHLS 7.ALV 8.PHIN 9.PPL 10.ATS
2023-09-30	51	$565.5M	0	1FSLR 2PPL 3LICYUSD Top holdings2023-09-30 1.FSLR 2.PPL 3.LICYUSD 4.SQM 5.PCG 6.NRG 7.ES 8.GPI 9.UGI 10.PHIN
2023-06-30	40	$466.4M	0	1LICYUSD 2LNG 3PCG Top holdings2023-06-30 1.LICYUSD 2.LNG 3.PCG 4.NFE 5.PPL 6.EVAUSD 7.NRG 8.LTHM1EUR 9.SQM 10.EOSE
2023-03-31	34	$356.6M	0	1LICYUSD 2NFE 3ENPH Top holdings2023-03-31 1.LICYUSD 2.NFE 3.ENPH 4.ZBH 5.PPL 6.EVAUSD 7.CMS 8.AXTA 9.DOW 10.ECL
2022-12-31	50	$422.6M	0	1LICYUSD 2ES 3EVAUSD Top holdings2022-12-31 1.LICYUSD 2.ES 3.EVAUSD 4.CMS 5.NFE 6.ETR 7.ZBH 8.PPL 9.G1R25Q 10.GTLS
2022-09-30	56	$436.1M	0	1LICYUSD 2ES 3COP Top holdings2022-09-30 1.LICYUSD 2.ES 3.COP 4.CMS 5.ZBH 6.FMC 7.VST 8.CEG 9.GNRC 10.SWX
2022-06-30	64	$519.8M	0	1LICYUSD 2ES 3SWX Top holdings2022-06-30 1.LICYUSD 2.ES 3.SWX 4.NEE 5.LIN 6.VALE 7.ZBH 8.FSLR 9.GNRC 10.VST
2022-03-31	80	$367.2M	0	1LICYUSD 2ZBH 3EXC Top holdings2022-03-31 1.LICYUSD 2.ZBH 3.EXC 4.EMN 5.OXY 6.ETR 7.NI 8.LFG1USD 9.L4135L 10.CEG
2021-12-31	83	$273.8M	0	1LICYUSD 2EMN 3EXC Top holdings2021-12-31 1.LICYUSD 2.EMN 3.EXC 4.ZBH 5.DCRN 6.G1R25Q 7.MBVIU 8.G7008B 9.G28923 10.TIMB
2021-09-30	123	$432.8M	0	1PCG 2LICYUSD 3IFF Top holdings2021-09-30 1.PCG 2.LICYUSD 3.IFF 4.HUN 5.ZBH 6.DAL 7.XEL 8.PEG 9.DCRN 10.RSG
2021-06-30	79	$255.6M	100	1CF 2IFF 3LIN Top holdings2021-06-30 1.CF 2.IFF 3.LIN 4.R6C2 5.G28923 6.G1R25Q 7.EXP 8.RSG 9.G7008B 10.WM
2021-03-31	84	$485.5M	100	1EVRG 2IEAUSD 3PCG Top holdings2021-03-31 1.EVRG 2.IEAUSD 3.PCG 4.GOTU 5.G28923 6.VLO 7.AEE 8.SRE 9.VHCPW 10.R6C2
2020-12-31	20	$465.9M	0	1BIL 2EVRG 3PPL Top holdings2020-12-31 1.BIL 2.EVRG 3.PPL 4.D 5.VALE 6.ETRNUSD 7.FMC 8.SRE 9.ASH 10.SBS
2020-09-30	18	$235.3M	80	1EVRG 2PCG 3EIX Top holdings2020-09-30 1.EVRG 2.PCG 3.EIX 4.R6C2 5.FE 6.29274F 7.SBS 8.PPL 9.WHR 10.NGG
2020-06-30	11	$261.8M	100	1EIX 2PCG 3EVRG Top holdings2020-06-30 1.EIX 2.PCG 3.EVRG 4.CXOEUR 5.R6C2 6.PXDEUR 7.OTIS 8.HYG 9.VALE 10.BIL
2020-03-31	13	$217.5M	100	1TEGPUSD 2PPL 3XLU Top holdings2020-03-31 1.TEGPUSD 2.PPL 3.XLU 4.FE 5.ACM 6.ABX 7.29274F 8.CIG 9.CTRA 10.NEM
2019-12-31	10	$252.4M	100	1EXC 2TEGPUSD 3AGREUR Top holdings2019-12-31 1.EXC 2.TEGPUSD 3.AGREUR 4.CNP 5.CQP 6.COP 7.SPY 8.EEM 9.XME 10.TECK
2019-09-30	10	$89.6M	91	1PPL 2AGREUR3G0751N Top holdings2019-09-30 1.PPL 2.AGREUR 3.G0751N 4.EXC 5.TEGPUSD 6.NGG 7.ETR 8.D 9.GLNG 10.REGIEUR
2019-06-30	22	$146.7M	100	1PPL 2AGREUR3G0751N Top holdings2019-06-30 1.PPL 2.AGREUR 3.G0751N 4.COP 5.CMC 6.EVRG 7.BIL 8.MT 9.KOS 10.REGIEUR
2019-03-31	15	$107.8M	100	1XLU 2NGG 3AGREUR Top holdings2019-03-31 1.XLU 2.NGG 3.AGREUR 4.EEM 5.R6C2 6.G0751N 7.CWEN 8.MT 9.KOS 10.SQQQ
2018-12-31	10	$40.6M	100	1HYG 2AGREUR3G0751N Top holdings2018-12-31 1.HYG 2.AGREUR 3.G0751N 4.EEM 5.XLU
2018-09-30	46	$209.3M	100	1XLU 2AGREUR 3AEP Top holdings2018-09-30 1.XLU 2.AGREUR 3.AEP 4.ETR 5.EVRG 6.NI 7.CNP 8.FE 9.CMS 10.80589M
2018-06-30	52	$193.0M	100	1TECK 2EVRG 3XLU Top holdings2018-06-30 1.TECK 2.EVRG 3.XLU 4.LNT 5.PCG 6.EIX 7.ETR 8.OGE 9.EP-PC 10.AGREUR
2018-03-31	44	$137.6M	100	129274F2GSBC 3AEE Top holdings2018-03-31 1.29274F 2.GSBC 3.AEE 4.NI 5.PEG 6.CMS 7.TXNM 8.TECK 9.PCG 10.VST
2017-12-31	59	$159.1M	0	129274F2GSBC 3EXC Top holdings2017-12-31 1.29274F 2.GSBC 3.EXC 4.TECK 5.ETR 6.LNT 7.AEE 8.CNP 9.ED 10.OGE

Holding changes this quarter

Position changes disclosed by Covalis Capital LLP for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	URI	United Rentals INC	+3.1%	+253.40%	Add
2	ETN	Eaton Corporation plc	+2.6%	+137.62%	Add
3	DTE	Dte Energy Company	+2%	+583.73%	Add
4	AR	Antero Resources CORP	+1.4%	+113.31%	Add
5	GNRC	Generac Holdings INC	+1.2%	+526.63%	Add
6	TRGP	Targa Resources CORP	+1.1%	+941.84%	Add
7	GPI	Group 1 Automotive INC	+1%	+134.38%	Add
8	BKV	Bkv Corporation	+0.9%	+705.61%	Add
9	NFG	National Fuel Gas Co	+0.5%	+86.80%	Add
10	AHR	American Healthcare Reit INC	-0.7%	-66.67%	Trim
11	APH	Amphenol Corp-cl A	-0.8%	-82.04%	Trim
12	TEL	TE Connectivity plc	-0.9%	-75.79%	Trim
13	CRC	California Resources CORP	-1.1%	-92.62%	Trim
14	BKH	Black Hills CORP	-2.6%	-14.79%	Trim
15	PCG	P G & E CORP	-2.6%	-20.03%	Trim
16	CORZ	Core Scientific INC	-7.7%	-67.37%	Trim
17	ES	Eversource Energy	—	EXIT	Sold out
18	WHR	Whirlpool CORP	—	NEW	New buy
19	GLXY	Galaxy Digital Inc-a	—	EXIT	Sold out
20	GNTX	Gentex CORP	—	EXIT	Sold out
21	XEL	Xcel Energy INC	—	NEW	New buy
22	LBTYA	Liberty Global Ltd.	—	EXIT	Sold out
23	WULF	Terawulf INC	—	EXIT	Sold out
24	GM	General Motors Co	—	NEW	New buy
25	FANG	Diamondback Energy INC	—	NEW	New buy
26	CNH	CNH Industrial N.V.	—	EXIT	Sold out
27	TLN	Talen Energy CORP	—	NEW	New buy
28	AM	Antero Midstream CORP	—	NEW	New buy
29	MWH	Solv Energy Inc-cl A	—	NEW	New buy
30	EQT	Eqt CORP	—	NEW	New buy
31	LAD	Lithia Motors INC	—	NEW	New buy
32	VNOM	Viper Energy Inc-cl A	—	NEW	New buy
33	RACE	Ferrari N.V.	—	NEW	New buy
34	APLD	Applied Digital CORP	—	NEW	New buy
35	MYRG	Myr Group Inc/delaware	—	NEW	New buy
36	GFL	Gfl Environmental Inc-sub Vt	—	EXIT	Sold out
37	NRG	Nrg Energy INC	—	NEW	New buy
38	WHR 8.5 02-15-29 A	Whirlpool CORP	—	NEW	New buy
39	FE	Firstenergy CORP	—	NEW	New buy
40	PPL	Ppl CORP	—	NEW	New buy
41	STLD	Steel Dynamics INC	—	NEW	New buy
42	OI	O-i Glass INC	—	NEW	New buy
43	SHEL	Shell Plc-adr	—	NEW	New buy
44	KNX	Knight-swift Transportation	—	NEW	New buy
45	FPS	Forgent Power Solutions INC	—	NEW	New buy
46	TXNM	Txnm Energy INC	—	EXIT	Sold out
47	TMUS	T-mobile US INC	—	EXIT	Sold out
48	CLF	Cleveland-cliffs INC	—	NEW	New buy
49	CVNA	Carvana Co	—	NEW	New buy
50	VALE	Vale Sa-sp Adr	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-14	Amendment	View on EDGAR
2025-09-30	2025-11-13	13F-HR	View on EDGAR
2025-06-30	2025-08-12	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-13	13F-HR	View on EDGAR
2024-09-30	2024-11-14	13F-HR	View on EDGAR
2024-06-30	2024-08-13	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-15	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2021-10-14	Amendment	View on EDGAR
2021-06-30	2021-10-04	Amendment	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2021-10-04	Amendment	View on EDGAR
2021-03-31	2021-08-23	Amendment	View on EDGAR
2021-03-31	2021-05-17	13F-HR	View on EDGAR
2020-12-31	2021-10-04	Amendment	View on EDGAR
2020-12-31	2021-08-23	Amendment	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-16	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR
2019-09-30	2019-11-14	13F-HR	View on EDGAR
2019-06-30	2019-08-14	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-03-04	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR
2018-06-30	2018-08-13	13F-HR	View on EDGAR
2018-03-31	2018-05-11	13F-HR	View on EDGAR
2017-12-31	2018-02-09	13F-HR	View on EDGAR