Covalis Capital LLP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Covalis Capital LLP reported 50 stock positions worth $807.0 million. Its top holding was Nextera Energy (NEE) at 15.1% of the portfolio, followed by P G & E (PCG, 13.9%) and Oneok (OKE, 8.5%). Compared with Q4 2023, it opened 25 new positions, sold out of 29, added to 16 and reduced 9. The biggest buy was Nextera Energy (NEE, shares +740%) and the biggest sale Shell PLC-ADR (SHEL, shares −93%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001698819
Portfolio Value
$807.0M (Q1 2024)
SEC Filing
0001172661-24-002331 ↗ filed May 15, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $807.0M $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 Q2 2026

Holdings 50 stocks · $807.0M
NEE Nextera Energy Inc. 15.12% 1,908,784 $122.0M Add +740.1%
PCG P G & E Corp. 13.87% 6,677,694 $111.9M Add +371.4%
OKE Oneok Inc. 8.48% 853,589 $68.4M Add +1835.7%
NI Nisource Inc. 6.87% 2,004,920 $55.5M New
CVE Cenovus Energy Inc. 6.40% 2,583,398 $51.6M Add +274.4%
XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP 3.47% 930,825 $28.0M Add +155.9%
PPL PPL Corp. 3.40% 997,138 $27.5M Add +78.3%
FLNC Fluence Energy Inc. 2.60% 1,211,515 $21.0M Add +7.1%
LBTYA Liberty Global Ltd. Class A 2.60% 1,240,166 $21.0M New
BE Bloom Energy Corp. Class A 2.50% 1,793,357 $20.2M New
XEL Xcel Energy Inc. 2.01% 302,418 $16.3M New
GM General Motors Co. 2.01% 356,829 $16.2M Add +39.8%
BP BP PLC-Spons ADR 1.92% 411,331 $15.5M New
PCAR Paccar Inc. 1.89% 122,945 $15.2M Add +33.0%
GPI Group 1 Automotive Inc. 1.83% 50,409 $14.7M Add +6.9%
ABG Asbury Automotive Group 1.81% 61,797 $14.6M Add +39.1%
FSLR First Solar Inc. 1.74% 83,177 $14.0M Reduce -78.1%
PHIN Phinia Inc. 1.67% 350,167 $13.5M Reduce -30.5%
SRE Sempra 1.51% 169,919 $12.2M New
BB Blackberry Ltd. 1.23% 3,585,184 $9.9M Reduce -51.5%
RBA RB Global Inc. 1.20% 127,434 $9.7M Add +13.3%
ALV Autoliv Inc. 1.19% 79,588 $9.6M Reduce -48.4%
OXY Occidental Petroleum Corp. 0.92% 114,661 $7.5M Reduce -46.3%
MBLY Mobileye Global Inc. Class A 0.92% 230,819 $7.4M Add +92.7%
STLA Stellantis NV 0.92% 260,198 $7.4M Add +6.0%
VC Visteon Corp. 0.91% 62,276 $7.3M Add +46.2%
XPEV Xpeng Inc. - ADR 0.89% 930,144 $7.1M Add +100.9%
NOVAQ Sunnova Energy International 0.87% 1,140,782 $7.0M New
SHEL Shell PLC-ADR 0.82% 98,313 $6.6M Reduce -92.7%
NEXT Nextdecade Corp. 0.79% 1,123,143 $6.4M Reduce -34.8%
OI O-I Glass Inc. 0.69% 334,020 $5.5M New
JBL Jabil Inc. 0.68% 40,804 $5.5M New
PEG Public Service Enterprise GP 0.65% 78,198 $5.2M New
IP International Paper Co. 0.63% 130,174 $5.1M New
ENB Enbridge Inc. 0.63% 139,939 $5.1M New
CTVA Corteva Inc. 0.58% 81,442 $4.7M New
CRGY Crescent Energy Inc. Class A 0.55% 375,000 $4.5M New
FLR Fluor Corp. 0.46% 87,337 $3.7M New
PRIM Primoris Services Corp. 0.45% 86,235 $3.7M New
XLI SS Industrial Select Sector 0.37% 23,932 $3.0M Reduce -57.9%
LEA Lear Corp. 0.37% 20,651 $3.0M New
ATS Ats Corp. 0.30% 73,100 $2.5M Reduce -79.1%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.25% 23,831 $2.0M New
MOD Modine Manufacturing Co. 0.23% 19,281 $1.8M New
VRT Vertiv Holdings Co. Class A 0.21% 20,331 $1.7M New
TSN Tyson Foods Inc. Class A 0.19% 26,717 $1.6M New
CC The Chemours Co. 0.18% 54,172 $1.4M New
METC Ramaco Resources Inc. Class A 0.10% 46,782 $788K New
SBSW Sibanye-Stillwater Ltd.-ADR 0.08% 136,895 $645K New
NPWR Net Power Inc. 0.07% 49,430 $563K New

Options reported separately and not counted above: ADM calls ($1.9M), VOD calls ($1.6M).

Portfolio Sells Q4 2023 → Q1 2024
SHEL Shell PLC-ADR Reduce -92.7% 0.82% −13.51
FSLR First Solar Inc. Reduce -78.1% 1.74% −8.88
SHLS Shoals Technologies Group -A Sold out 0.00% −3.59
BB Blackberry Ltd. Reduce -51.5% 1.23% −3.03
SEE Sealed Air Corp. Sold out 0.00% −2.31
MP MP Materials Corp. Sold out 0.00% −2.19
ATS Ats Corp. Reduce -79.1% 0.30% −2.16
ALB Albemarle Corp. Sold out 0.00% −1.98
GT Goodyear Tire & Rubber Co. Sold out 0.00% −1.96
LCID Lucid Group Inc. Sold out 0.00% −1.87
AXTA Axalta Coating Systems Ltd. Sold out 0.00% −1.77
TXNM TXNM Energy Inc. Sold out 0.00% −1.70
ALV Autoliv Inc. Reduce -48.4% 1.19% −1.57
OXY Occidental Petroleum Corp. Reduce -46.3% 0.92% −1.15
ED Consolidated Edison Inc. Sold out 0.00% −1.13
MMM 3M Co. Sold out 0.00% −0.94
TROX Tronox Holdings PLC Sold out 0.00% −0.85
DOW Dow Inc. Sold out 0.00% −0.82
KMB Kimberly-Clark Corp. Sold out 0.00% −0.82
PHIN Phinia Inc. Reduce -30.5% 1.67% −0.81
GNTX Gentex Corp. Sold out 0.00% −0.77
LNT Alliant Energy Corp. Sold out 0.00% −0.74
XLI SS Industrial Select Sector Reduce -57.9% 0.37% −0.68
BERY Berry Global Group Inc. Sold out 0.00% −0.61
NEXT Nextdecade Corp. Reduce -34.8% 0.79% −0.55
EE Excelerate Energy Inc. Class A Sold out 0.00% −0.54
DE Deere & Co. Sold out 0.00% −0.50
BIPC Brookfield Infrastructure-A Sold out 0.00% −0.50
ULCC Frontier Group Holdings Inc. Sold out 0.00% −0.50
AN Autonation Inc. Sold out 0.00% −0.49
HUN Huntsman Corp. Sold out 0.00% −0.48
UBER Uber Technologies Inc. Sold out 0.00% −0.44
SHW The Sherwin-Williams Co. Sold out 0.00% −0.42
ECL Ecolab Inc. Sold out 0.00% −0.41
HSAI Hesai Group Sold out 0.00% −0.40
HES Hess Corp. Sold out 0.00% −0.26
ECVT Ecovyst Inc. Sold out 0.00% −0.24
EVVAQ Enviva LLC Sold out 0.00% −0.12

Portfolio Buys Q4 2023 → Q1 2024
NEE Nextera Energy Inc. Add +740.1% 15.12% +12.87
PCG P G & E Corp. Add +371.4% 13.87% +9.72
OKE Oneok Inc. Add +1835.7% 8.48% +7.98
NI Nisource Inc. New 6.87% +6.87
CVE Cenovus Energy Inc. Add +274.4% 6.40% +4.53
LBTYA Liberty Global Ltd. Class A New 2.60% +2.60
BE Bloom Energy Corp. Class A New 2.50% +2.50
XEL Xcel Energy Inc. New 2.01% +2.01
BP BP PLC-Spons ADR New 1.92% +1.92
XIFR XPLR Infrastructure LP Add +155.9% 3.47% +1.67
SRE Sempra New 1.51% +1.51
PPL PPL Corp. Add +78.3% 3.40% +0.94
NOVAQ Sunnova Energy International New 0.87% +0.87
OI O-I Glass Inc. New 0.69% +0.69
JBL Jabil Inc. New 0.68% +0.68
PEG Public Service Enterprise GP New 0.65% +0.65
IP International Paper Co. New 0.63% +0.63
ENB Enbridge Inc. New 0.63% +0.63
CTVA Corteva Inc. New 0.58% +0.58
CRGY Crescent Energy Inc. Class A New 0.55% +0.55
GM General Motors Co. Add +39.8% 2.01% +0.52
FLR Fluor Corp. New 0.46% +0.46
PRIM Primoris Services Corp. New 0.45% +0.45
PCAR Paccar Inc. Add +33.0% 1.89% +0.42
LEA Lear Corp. New 0.37% +0.37
IFF Intl Flavors & Fragrances New 0.25% +0.25
MOD Modine Manufacturing Co. New 0.23% +0.23
VRT Vertiv Holdings Co. Class A New 0.21% +0.21
TSN Tyson Foods Inc. Class A New 0.19% +0.19
ABG Asbury Automotive Group Add +39.1% 1.81% +0.18
CC The Chemours Co. New 0.18% +0.18
METC Ramaco Resources Inc. Class A New 0.10% +0.10
SBSW Sibanye-Stillwater Ltd.-ADR New 0.08% +0.08
MBLY Mobileye Global Inc. Class A Add +92.7% 0.92% +0.08
NPWR Net Power Inc. New 0.07% +0.07
VC Visteon Corp. Add +46.2% 0.91% +0.04
STLA Stellantis NV Add +6.0% 0.92% −0.01
RBA RB Global Inc. Add +13.3% 1.20% −0.02
XPEV Xpeng Inc. - ADR Add +100.9% 0.89% −0.21
GPI Group 1 Automotive Inc. Add +6.9% 1.83% −0.51
FLNC Fluence Energy Inc. Add +7.1% 2.60% −1.78

Options Activity Q4 2023 → Q1 2024
ADM Archer-Daniels-Midland Co. call New 30,000 $1.9M
VOD Vodafone Group PLC-SP ADR call New 175,000 $1.6M
GT Goodyear Tire & Rubber Co. call Sold out 10,000 $143Kbefore exit
OXY Occidental Petroleum Corp. call Sold out 1,000 $60Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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