Covalis Capital LLP

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Covalis Capital LLP reported 99 stock positions worth $1.8 billion. Its top holding was P G & E (PCG) at 8.4% of the portfolio, followed by Black Hills (BKH, 6.3%) and Antero Resources (AR, 5.3%). Compared with Q1 2026, it opened 51 new positions, sold out of 74, added to 20 and reduced 28. The biggest buy was a new position in Ameren (AEE) and the biggest sale an exit from United Rentals (URI).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001698819
Portfolio Value
$1.8B (Q2 2026)
SEC Filing
0001172661-26-003382 ↗ filed Aug 13, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $807.0M Q1 2024 Q2 2024: $735.0M Q2 2024 Q3 2024: $670.3M Q3 2024 Q4 2024: $684.2M Q4 2024 Q1 2025: $435.8M Q1 2025 Q2 2025: $791.1M Q2 2025 Q3 2025: $858.3M Q3 2025 Q4 2025: $1.3B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.8B $1.8B Q2 2026

Holdings 99 stocks · $1.8B
PCG P G & E Corp. 8.39% 8,772,024 $147.5M Add +10.8%
BKH Black Hills Corp. 6.27% 1,481,404 $110.2M Reduce -15.5%
AR Antero Resources Corp. 5.27% 2,634,969 $92.6M Add +185.2%
AEE Ameren Corporation 4.05% 629,746 $71.2M New
AM Antero Midstream Corp. 3.92% 3,031,515 $69.0M Add +207.7%
PPL PPL Corp. 3.70% 1,788,306 $65.0M Add +458.3%
EQT Eqt Corp. 2.89% 956,598 $50.9M Add +199.0%
AEP American Electric Power 2.73% 350,872 $48.0M New
LNG Cheniere Energy Inc. 2.56% 188,557 $45.1M New
CRWV Coreweave Inc. Class A 2.32% 410,049 $40.8M New
CORZ Core Scientific Inc. 2.28% 1,563,413 $40.0M Reduce -55.0%
EMA Emera Inc. 2.21% 734,477 $38.9M New
BKV BKV Corporation 2.20% 1,414,178 $38.7M Add +134.1%
GM General Motors Co. 2.11% 482,202 $37.2M Add +37.9%
BWA Borgwarner Inc. 1.94% 514,287 $34.1M Add +236.8%
APA Apa Corp. 1.86% 1,006,739 $32.8M New
GNRC Generac Holdings Inc. 1.68% 100,729 $29.5M Reduce -10.9%
DAN Dana Inc. 1.65% 1,066,246 $29.0M Reduce -11.1%
CLSK Cleanspark Inc. 1.63% 1,973,047 $28.7M New
INIO Innio NV 1.60% 712,960 $28.2M New
OI O-I Glass Inc. 1.54% 2,816,191 $27.1M Add +170.9%
SPCX Space Exploration Techn Class A 1.51% 155,000 $26.5M New
DTE DTE Energy Company 1.35% 155,703 $23.7M Reduce -40.5%
CAT Caterpillar Inc. 1.27% 20,906 $22.3M Reduce -38.6%
DLR Digital Realty Trust Inc. 1.25% 122,000 $21.9M New
VGNT Versigent PLC 1.19% 499,633 $21.0M Add +494.3%
AN Autonation Inc. 1.19% 112,291 $20.9M New
TRP TC Energy Corp. 1.14% 303,624 $20.1M Add +1.0%
FPS Forgent Power Solutions Class A 1.11% 350,000 $19.6M Add +7.5%
GPI Group 1 Automotive Inc. 1.06% 64,293 $18.7M Reduce -47.4%
LBTYA Liberty Global Ltd. Class A 1.06% 1,645,963 $18.7M New
CIFR Cipher Digital Inc. 1.05% 751,077 $18.4M New
WMB Williams Cos Inc. 1.00% 236,367 $17.6M Reduce -57.2%
ALSN Allison Transmission Holding 0.94% 146,525 $16.5M New
XEL Xcel Energy Inc. 0.85% 186,000 $14.9M Reduce -53.6%
LAD Lithia Motors Inc. 0.82% 49,710 $14.4M Reduce -37.8%
IREN Iren Ltd. filed as IREN LIMITED 0.80% 308,405 $14.1M New
CRH CRH PLC 0.78% 128,114 $13.7M New
MWH Solv Energy Inc. Class A 0.77% 400,000 $13.6M Reduce -42.6%
VALE Vale SA-SP ADR 0.77% 905,082 $13.6M Add +62.5%
OXY Occidental Petroleum Corp. 0.75% 270,898 $13.2M New
RBA RB Global Inc. 0.74% 112,449 $13.1M Reduce -68.7%
MTZ Mastec Inc. 0.73% 30,842 $12.8M New
WH Wyndham Hotels & Resorts Inc. 0.66% 137,295 $11.6M New
FLR Fluor Corp. 0.62% 207,907 $10.9M Add +69.3%
EGO Eldorado Gold Corp. 0.59% 332,575 $10.3M Add +44.2%
VST Vistra Corp. 0.57% 63,683 $10.1M New
NRG NRG Energy Inc. 0.57% 68,264 $10.0M Reduce -24.1%
TRGP Targa Resources Corp. 0.55% 36,231 $9.7M Reduce -52.7%
PRIM Primoris Services Corp. 0.51% 91,093 $9.0M New
KNX Knight-Swift Transportation 0.50% 113,215 $8.8M Reduce -31.7%
TECK Teck Resources Ltd.-CLS B 0.49% 143,805 $8.6M Add +7.1%
CHRW C.H. Robinson Worldwide Inc. 0.48% 44,663 $8.4M New
TEX Terex Corp. 0.45% 110,239 $8.0M New
SRE Sempra 0.45% 85,265 $7.9M Add +494.2%
FRVO Fervo Energy Co. Class A 0.42% 250,000 $7.3M New
WHR Whirlpool Corp. 0.39% 175,813 $6.9M Reduce -86.6%
MDU Mdu Resources Group Inc. 0.39% 320,176 $6.8M Add +60.1%
KNTK Kinetik Holdings Inc. 0.37% 135,983 $6.6M New
LGN Legence Corp. Class A 0.36% 75,000 $6.4M Reduce -6.3%
MOD Modine Manufacturing Co. 0.36% 23,391 $6.2M New
WMG Warner Music Group Corp. Class A 0.33% 213,949 $5.8M Reduce -72.3%
EROK Eaglerock Land LLC Class A 0.33% 271,486 $5.8M New
ADNT Adient PLC 0.32% 304,226 $5.6M New
XE X-Energy Inc. 0.31% 301,185 $5.5M New
ITRI Itron Inc. 0.31% 63,311 $5.5M New
DPC DPC Holdings PLC 0.31% 110,000 $5.4M New
XOM Exxon Mobil Corp. 0.29% 36,975 $5.1M New
FCX Freeport-McMoran Inc. 0.28% 79,560 $5.0M New
NFG National Fuel Gas Co. 0.28% 64,082 $4.9M Reduce -64.8%
HAL Halliburton Co. 0.26% 134,457 $4.6M Reduce -26.9%
ST Sensata Technologies Holdplc 0.25% 93,417 $4.5M New
KGS Kodiak Gas Services Inc. 0.25% 59,220 $4.4M New
FSLR First Solar Inc. 0.23% 16,983 $4.0M New
VC Visteon Corp. 0.21% 37,282 $3.7M Reduce -83.1%
ABG Asbury Automotive Group 0.19% 16,466 $3.3M Reduce -68.2%
QNT Quantinuum Inc. Class A 0.19% 40,000 $3.3M New
SARO Standardaero Inc. 0.17% 100,000 $3.0M Reduce -33.3%
CX Cemex Sab-Spons ADR Part Cer 0.16% 228,398 $2.7M New
CBRS Cerebras Systems Inc. Class A 0.13% 10,000 $2.2M New
NXT Nextpower Inc. 0.12% 17,419 $2.1M New
CMI Cummins Inc. 0.12% 2,892 $2.1M Reduce -93.0%
NMG Nouveau Monde Graphite Inc. 0.12% 1,363,226 $2.0M New
SWX Southwest Gas Holdings Inc. 0.12% 22,898 $2.0M Add +22.9%
KMX Carmax Inc. 0.11% 38,003 $2.0M New
HBM Hudbay Minerals Inc. 0.11% 84,691 $2.0M New
DTM DT Midstream Inc. 0.11% 13,280 $1.9M Reduce -16.0%
SOC Sable Offshore Corp. 0.10% 595,911 $1.8M New
ECHO Echostar Corp. Class A 0.10% 16,861 $1.7M New
HONA Honeywell Aerospace Inc. 0.08% 6,000 $1.3M New
MAIR Madison Air Solutions Corp. Class A 0.07% 30,000 $1.2M New
DAR Darling Ingredients Inc. 0.07% 21,319 $1.2M Reduce -63.6%
XPO Xpo Inc. 0.06% 5,011 $1.0M New
TSLA Tesla Inc. 0.06% 2,428 $1.0M New
MUR Murphy Oil Corp. 0.05% 29,117 $948K New
JAGU Jaguar Uranium Corp. Class A 0.05% 520,201 $869K Reduce -25.7%
OCTV Octave Intelligence Class B 0.04% 48,201 $786K New
WOLF Wolfspeed Inc. 0.03% 10,000 $483K Reduce -50.0%
PBK Powerbank Corp. 0.02% 509,005 $351K Add +45.4%

Options reported separately and not counted above: STLA calls ($737K).

Other holdings (1): bonds, preferreds, convertibles and warrants · $13.0M (not counted above)
SecurityClassShares / PrincipalValueChange
WHIRLPOOL CORP (WHR 8.5 02/15/29 A) 8.5 DEP SR A CNV 369,000$13.0MAdd +17.1%

Total filed on the 13F, all lines: $1.8B.

Portfolio Sells Q1 2026 → Q2 2026
URI United Rentals Inc. Sold out 0.00% −4.90
ETN Eaton Corp. PLC Sold out 0.00% −4.51
WHR Whirlpool Corp. Reduce -86.6% 0.39% −4.00
FANG Diamondback Energy Inc. Sold out 0.00% −1.57
OGE Oge Energy Corp. Sold out 0.00% −1.51
TLN Talen Energy Corp. Sold out 0.00% −1.51
WMB Williams Cos Inc. Reduce -57.2% 1.00% −1.50
GPI Group 1 Automotive Inc. Reduce -47.4% 1.06% −1.44
RBA RB Global Inc. Reduce -68.7% 0.74% −1.39
BKH Black Hills Corp. Reduce -15.5% 6.27% −1.28
CMI Cummins Inc. Reduce -93.0% 0.12% −1.25
VNOM Viper Energy Inc. Class A Sold out 0.00% −1.17
RACE Ferrari NV Sold out 0.00% −1.13
XEL Xcel Energy Inc. Reduce -53.6% 0.85% −1.13
APTV Aptiv PLC Sold out 0.00% −1.09
APLD Applied Digital Corp. Sold out 0.00% −1.09
VC Visteon Corp. Reduce -83.1% 0.21% −1.03
DTE DTE Energy Company Reduce -40.5% 1.35% −1.03
CORZ Core Scientific Inc. Reduce -55.0% 2.28% −0.95
MYRG MYR Group Inc./Delaware Sold out 0.00% −0.94
WMG Warner Music Group Corp. Class A Reduce -72.3% 0.33% −0.89
DAN Dana Inc. Reduce -11.1% 1.65% −0.85
NFG National Fuel Gas Co. Reduce -64.8% 0.28% −0.78
STLA Stellantis NV Sold out 0.00% −0.78
FE Firstenergy Corp. Sold out 0.00% −0.77
STLD Steel Dynamics Inc. Sold out 0.00% −0.71
TRGP Targa Resources Corp. Reduce -52.7% 0.55% −0.64
SHEL Shell PLC-ADR Sold out 0.00% −0.62
VIK Viking Holdings Ltd. Sold out 0.00% −0.57
CLF Cleveland-Cliffs Inc. Sold out 0.00% −0.57
CVNA Carvana Co. Sold out 0.00% −0.56
OMC Omnicom Group Sold out 0.00% −0.56
KOS Kosmos Energy Ltd. Sold out 0.00% −0.55
NVT Nvent Electric PLC Sold out 0.00% −0.54
ULS Ul Solutions Inc. Class A Sold out 0.00% −0.53
MWH Solv Energy Inc. Class A Reduce -42.6% 0.77% −0.52
KALU Kaiser Aluminum Corp. Sold out 0.00% −0.52
RIVN Rivian Automotive Inc. Class A Sold out 0.00% −0.51
SW Smurfit Westrock PLC Sold out 0.00% −0.50
ABG Asbury Automotive Group Reduce -68.2% 0.19% −0.44
LAD Lithia Motors Inc. Reduce -37.8% 0.82% −0.42
BTU Peabody Energy Corp. Sold out 0.00% −0.40
BP BP PLC-Spons ADR Sold out 0.00% −0.37
ITT Itt Inc. Sold out 0.00% −0.35
EXE Expand Energy Corp. Sold out 0.00% −0.32
UGI Ugi Corp. Sold out 0.00% −0.30
DUOT Duos Technologies Group Inc. Sold out 0.00% −0.30
PKG Packaging Corp. of America Sold out 0.00% −0.30
AHR American Healthcare REIT Inc. Sold out 0.00% −0.29
COP Conocophillips Sold out 0.00% −0.25

Portfolio Buys Q1 2026 → Q2 2026
AEE Ameren Corporation New 4.05% +4.05
PPL PPL Corp. Add +458.3% 3.70% +2.94
AR Antero Resources Corp. Add +185.2% 5.27% +2.83
AEP American Electric Power New 2.73% +2.73
LNG Cheniere Energy Inc. New 2.56% +2.56
AM Antero Midstream Corp. Add +207.7% 3.92% +2.53
CRWV Coreweave Inc. Class A New 2.32% +2.32
EMA Emera Inc. New 2.21% +2.21
APA Apa Corp. New 1.86% +1.86
CLSK Cleanspark Inc. New 1.63% +1.63
EQT Eqt Corp. Add +199.0% 2.89% +1.63
INIO Innio NV New 1.60% +1.60
SPCX Space Exploration Techn Class A New 1.51% +1.51
BWA Borgwarner Inc. Add +236.8% 1.94% +1.43
DLR Digital Realty Trust Inc. New 1.25% +1.25
AN Autonation Inc. New 1.19% +1.19
BKV BKV Corporation Add +134.1% 2.20% +1.13
LBTYA Liberty Global Ltd. Class A New 1.06% +1.06
CIFR Cipher Digital Inc. New 1.05% +1.05
VGNT Versigent PLC Add +494.3% 1.19% +0.97
ALSN Allison Transmission Holding New 0.94% +0.94
OI O-I Glass Inc. Add +170.9% 1.54% +0.86
IREN Iren Ltd. New 0.80% +0.80
CRH CRH PLC New 0.78% +0.78
OXY Occidental Petroleum Corp. New 0.75% +0.75
MTZ Mastec Inc. New 0.73% +0.73
WH Wyndham Hotels & Resorts Inc. New 0.66% +0.66
VST Vistra Corp. New 0.57% +0.57
FPS Forgent Power Solutions Class A Add +7.5% 1.11% +0.52
PRIM Primoris Services Corp. New 0.51% +0.51
GM General Motors Co. Add +37.9% 2.11% +0.50
CHRW C.H. Robinson Worldwide Inc. New 0.48% +0.48
TEX Terex Corp. New 0.45% +0.45
FRVO Fervo Energy Co. Class A New 0.42% +0.42
KNTK Kinetik Holdings Inc. New 0.37% +0.37
SRE Sempra Add +494.2% 0.45% +0.36
MOD Modine Manufacturing Co. New 0.36% +0.36
EROK Eaglerock Land LLC Class A New 0.33% +0.33
ADNT Adient PLC New 0.32% +0.32
XE X-Energy Inc. New 0.31% +0.31
ITRI Itron Inc. New 0.31% +0.31
DPC DPC Holdings PLC New 0.31% +0.31
XOM Exxon Mobil Corp. New 0.29% +0.29
FCX Freeport-McMoran Inc. New 0.28% +0.28
FLR Fluor Corp. Add +69.3% 0.62% +0.26
ST Sensata Technologies Holdplc New 0.25% +0.25
KGS Kodiak Gas Services Inc. New 0.25% +0.25
FSLR First Solar Inc. New 0.23% +0.23
VALE Vale SA-SP ADR Add +62.5% 0.77% +0.22
QNT Quantinuum Inc. Class A New 0.19% +0.19

Notes & Other Activity Q1 2026 → Q2 2026
WHIRLPOOL CORP (WHR 8.5 02/15/29 A) 8.5 DEP SR A CNV Add +17.1% 369,000 $13.0M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 99$1.8BPCG, BKH, AR, AEE, AM
Q1 2026 121$1.6BPCG, BKH, URI, ETN, WHR
Q4 2025 73$1.3BPCG, BKH, CORZ, ES, DAN
Q3 2025Amended 54$858.3MPCG, TRP, FSLR, CAT, XEL
Q2 2025 56$791.1MPCG, ES, PEG, CAT, PCAR
Q1 2025 49$435.8MPEG, TRP, BP, CEG, DAR
Q4 2024 61$684.2MPCG, PEG, ETR, MOS, AN
Q3 2024 48$670.3MPCG, VLO, ETR, LAD, PNW
Q2 2024 59$735.0MNGG, PCG, DVN, PNW, FLNC
Q1 2024 50$807.0MNEE, PCG, OKE, NI, CVE