CO
Covalis 13F Disclosure (Q2 2026) — Portfolio & Holdings
CovalisCIK: 0001876826
High-turnover traderConcentrated strategySector-focused
Total reported value
$27.1M
Reporting period: 2026-06-30 · Number of holdings: 2
Covalis disclosed 2 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $27.1M and a quarterly turnover rate of 121.1%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 100
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 4
- Sizing Uniformity
- 96.07
Covalis's disclosed holdings carry a Herfindahl concentration index of 0.539 — mathematically equivalent to about 2 equally-sized positions, close to its 2 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.39), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 63.9 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy PCG
Trim CORZ
-70.2% -$9.4M
Sold out APLD
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PCG | P G & E CORP | Stock-Utilities | 63.89% | +63.89% | NEW | |
| 2 | CORZ | Core Scientific Inc | Stock-Tech | 36.11% | -49.03% | -70.19% |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Portfolio Performance
Performance for Q3 2026
-39.8%
Performance Last 4 Quarters
+17.6%
- Stdev
- +44%
- Beta
- +1.62
- Alpha
- -16.2%
- Max Drawdown
- -39.8%
- Annualized Perf
- +7%
- Batting Avg vs S&P
- +54.2%
- Sortino
- +0.57
- Stutzer
- +0.11
- Treynor
- +0.1
- Sterling
- +0.16
- Calmar
- +0.18
- Information Ratio
- -0.1
- Tracking Error
- +39.2%
- Stdev Down
- +28.1%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +89.8%
- Worst 12 Months
- -5.8%
- Efficiency Ratio
- +0.06
- Sharpe
- +0.37
- Stdev Sectors
- +13.9%
- Skewness
- 0
- Kurtosis
- -0.37
- Upside Potential
- +2.41
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 2 | $27.1M | 100 | ||
| 2026 Q1 | 2 | $22.5M | 100 | ||
| 2025 Q4 | 5 | $125.5M | 100 | ||
| 2025 Q3 | 4 | $30.9M | 93 | ||
| 2025 Q2 | 3 | $35.3M | 0 | ||
| 2025 Q1 | 1 | — | 0 | ||
| 2024 Q4 | 1 | — | 0 | ||
| 2024 Q3 | 1 | — | 0 | ||
| 2024 Q2 | 1 | $35.0M | 0 | ||
| 2024 Q1 | 2 | $10.1M | 0 | ||
| 2023 Q4 | 3 | $12.1M | 0 | ||
| 2023 Q3 | 2 | $9.8M | 0 | ||
| 2023 Q2 | 4 | $76.4M | 0 | ||
| 2023 Q1 | 2 | $31.4M | 0 | ||
| 2022 Q4 | 1 | $17.0M | 0 | ||
| 2022 Q3 | 2 | $34.5M | 0 | ||
| 2022 Q2 | 1 | $17.5M | 0 | ||
| 2022 Q1 | 2 | $11.6M | 0 | ||
| 2021 Q3 | 2 | $12.9M | 0 | 1LICYUSD2G8990D | |
| 2021 Q2 | 2 | $6.2M | 0 |
Holding changes this quarter
Covalis's most significant position changes for 2026-06-30: New buy: P G & E CORP (PCG); Sold out: Applied Digital CORP (APLD); Trim: Core Scientific Inc (CORZ) — shares -70.19%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PCG | P G & E CORP | +63.9% | NEW | New buy |
| 2 | APLD | Applied Digital CORP | -14.9% | EXIT | Sold out |
| 3 | CORZ | Core Scientific Inc | -49% | -70.19% | Trim |
Filing History
FAQ
What is Covalis and what type of investor is it?
Covalis is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $27.1M, spread across 2 disclosed positions.
What are Covalis's largest equity positions?
Based on the latest 13F filing, Covalis's top holdings by market value are:
1. P G & E CORP (PCG) — $17.3M (63.9%)
2. Core Scientific Inc (CORZ) — $9.8M (36.1%)
What changes did Covalis make in its most recent portfolio filing?
In the latest reported quarter, Covalis made 3 notable position adjustments: 1 new positions were initiated, 0 existing holdings were added to, 1 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: P G & E CORP (PCG); Sold out: Applied Digital CORP (APLD); Trim: Core Scientific Inc (CORZ) — shares -70.19%
What sectors does Covalis focus on?
Covalis is concentrated in the following sectors based on its current disclosed equity portfolio:
• Utilities: 63.9%
• Information Technology: 36.1%
Investment Profile
Covalis returned an annualized 7.0% over the trailing 24 months — underperforming the S&P 500 by 16.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.62 (more volatile than the market) and a 54% quarterly batting average against the index.
Its portfolio is concentrated and fast-trading, with 63.9% of the portfolio concentrated in Utilities.
Its turnover score has risen from 0 to 100 over the past 4 quarters — a shift toward more active trading.
It has trimmed its CORZ position for two straight quarters, cutting it by $51.1M while still holding $9.8M.
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CC
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Developer Access
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