Covalis Capital LLP

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 13, 2024), Covalis Capital LLP reported 59 stock positions worth $735.0 million. Its top holding was National Grid PLC-SP ADR (NGG) at 11.8% of the portfolio, followed by P G & E (PCG, 8.4%) and Devon Energy (DVN, 7.1%). Compared with Q1 2024, it opened 37 new positions, sold out of 28, added to 13 and reduced 9. The biggest buy was a new position in National Grid PLC-SP ADR (NGG) and the biggest sale Nextera Energy (NEE, shares −90%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001698819
Portfolio Value
$735.0M (Q2 2024)
SEC Filing
0001172661-24-003311 ↗ filed Aug 13, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $807.0M Q1 2024 Q2 2024: $735.0M $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 59 stocks · $735.0M
NGG National Grid PLC-SP ADR 11.83% 1,530,345 $86.9M New
PCG P G & E Corp. 8.38% 3,529,368 $61.6M Reduce -47.1%
DVN Devon Energy Corp. 7.14% 1,107,519 $52.5M New
PNW Pinnacle West Capital 5.74% 552,588 $42.2M New
FLNC Fluence Energy Inc. 4.65% 1,972,140 $34.2M Add +62.8%
NRG NRG Energy Inc. 4.54% 428,188 $33.3M New
EVRG Evergy Inc. 3.30% 458,197 $24.3M New
F Ford Motor Co. filed as FORD MTR CO DEL 2.80% 1,638,506 $20.5M New
EIX Edison International 2.74% 280,480 $20.1M New
BWA Borgwarner Inc. 2.43% 553,176 $17.8M New
GPI Group 1 Automotive Inc. 2.39% 59,058 $17.6M Add +17.2%
NI Nisource Inc. 2.26% 575,534 $16.6M Reduce -71.3%
VST Vistra Corp. 2.23% 190,740 $16.4M New
PHIN Phinia Inc. 2.23% 415,597 $16.4M Add +18.7%
SU Suncor Energy Inc. 2.14% 412,247 $15.7M New
SO The Southern Co. 2.03% 192,044 $14.9M New
GEV GE Vernova Inc. 1.92% 82,337 $14.1M New
NEE Nextera Energy Inc. 1.90% 197,510 $14.0M Reduce -89.7%
RBA RB Global Inc. 1.86% 179,295 $13.7M Add +40.7%
OI O-I Glass Inc. 1.86% 1,228,397 $13.7M Add +267.8%
APTV Aptiv Irish Holdings Ltd. filed as APTIV PLC 1.85% 193,003 $13.6M New
PPL PPL Corp. 1.76% 468,284 $12.9M Reduce -53.0%
LBTYA Liberty Global Ltd. Class A 1.66% 698,678 $12.2M Reduce -43.7%
LNT Alliant Energy Corp. 1.40% 201,533 $10.3M New
ABG Asbury Automotive Group 1.35% 43,658 $9.9M Reduce -29.4%
NEXT Nextdecade Corp. 1.30% 1,204,679 $9.6M Add +7.3%
MYRG MYR Group Inc./Delaware 1.09% 58,817 $8.0M New
TRP TC Energy Corp. 1.03% 200,148 $7.6M New
CTVA Corteva Inc. 0.95% 129,382 $7.0M Add +58.9%
PRIM Primoris Services Corp. 0.93% 137,131 $6.8M Add +59.0%
EQT Eqt Corp. 0.93% 184,552 $6.8M New
VRT Vertiv Holdings Co. Class A 0.91% 77,144 $6.7M Add +279.4%
VLO Valero Energy Corp. 0.89% 41,638 $6.5M New
FSLR First Solar Inc. 0.82% 26,865 $6.1M Reduce -67.7%
HNRG Hallador Energy Co. 0.82% 777,842 $6.0M New
AEE Ameren Corporation 0.68% 70,599 $5.0M New
CLNE Clean Energy Fuels Corp. 0.67% 1,833,056 $4.9M New
PWR Quanta Services Inc. 0.64% 18,449 $4.7M New
CC The Chemours Co. 0.63% 205,502 $4.6M Add +279.4%
ADNT Adient PLC 0.60% 178,329 $4.4M New
RUSHA Rush Enterprises Inc. Class A 0.57% 99,638 $4.2M New
ARRY Array Technologies Inc. 0.52% 369,013 $3.8M New
CVNA Carvana Co. 0.43% 24,590 $3.2M New
ATS Ats Corp. 0.42% 95,561 $3.1M Add +30.7%
TSN Tyson Foods Inc. Class A 0.42% 53,648 $3.1M Add +100.8%
CRGY Crescent Energy Inc. Class A 0.40% 248,599 $2.9M Reduce -33.7%
FLR Fluor Corp. 0.28% 46,411 $2.0M Reduce -46.9%
DD Dupont DE Nemours Inc. 0.27% 24,656 $2.0M New
SVCO Silvaco Group Inc. 0.22% 90,000 $1.6M New
MOS The Mosaic Co. 0.22% 55,106 $1.6M New
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.17% 17,320 $1.3M New
SBSW Sibanye-Stillwater Ltd.-ADR 0.13% 227,640 $990K Add +66.3%
BTDR Bitdeer Technologies Group-A 0.13% 92,337 $947K New
WULF Terawulf Inc. 0.13% 208,333 $927K New
TSLA Tesla Inc. 0.12% 4,428 $876K New
WAY Waystar Holding Corp. 0.10% 35,000 $753K New
APLD Applied Digital Corp. 0.09% 110,558 $658K New
CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 0.08% 36,559 $608K New
CORZ Core Scientific Inc. 0.04% 35,363 $329K New

Options reported separately and not counted above: BP puts ($542K), NEXT calls ($56K).

Portfolio Sells Q1 2024 → Q2 2024
NEE Nextera Energy Inc. Reduce -89.7% 1.90% −13.21
OKE Oneok Inc. Sold out 0.00% −8.48
CVE Cenovus Energy Inc. Sold out 0.00% −6.40
PCG P G & E Corp. Reduce -47.1% 8.38% −5.48
NI Nisource Inc. Reduce -71.3% 2.26% −4.62
XIFR XPLR Infrastructure LP Sold out 0.00% −3.47
BE Bloom Energy Corp. Class A Sold out 0.00% −2.50
XEL Xcel Energy Inc. Sold out 0.00% −2.01
GM General Motors Co. Sold out 0.00% −2.01
BP BP PLC-Spons ADR Sold out 0.00% −1.92
PCAR Paccar Inc. Sold out 0.00% −1.89
PPL PPL Corp. Reduce -53.0% 1.76% −1.64
SRE Sempra Sold out 0.00% −1.51
BB Blackberry Ltd. Sold out 0.00% −1.23
ALV Autoliv Inc. Sold out 0.00% −1.19
LBTYA Liberty Global Ltd. Class A Reduce -43.7% 1.66% −0.94
OXY Occidental Petroleum Corp. Sold out 0.00% −0.92
MBLY Mobileye Global Inc. Class A Sold out 0.00% −0.92
STLA Stellantis NV Sold out 0.00% −0.92
FSLR First Solar Inc. Reduce -67.7% 0.82% −0.92
VC Visteon Corp. Sold out 0.00% −0.91
XPEV Xpeng Inc. - ADR Sold out 0.00% −0.89
NOVAQ Sunnova Energy International Sold out 0.00% −0.87
SHEL Shell PLC-ADR Sold out 0.00% −0.82
JBL Jabil Inc. Sold out 0.00% −0.68
PEG Public Service Enterprise GP Sold out 0.00% −0.65
IP International Paper Co. Sold out 0.00% −0.63
ENB Enbridge Inc. Sold out 0.00% −0.63
ABG Asbury Automotive Group Reduce -29.4% 1.35% −0.45
XLI SS Industrial Select Sector Sold out 0.00% −0.37
LEA Lear Corp. Sold out 0.00% −0.37
IFF Intl Flavors & Fragrances Sold out 0.00% −0.25
MOD Modine Manufacturing Co. Sold out 0.00% −0.23
FLR Fluor Corp. Reduce -46.9% 0.28% −0.18
CRGY Crescent Energy Inc. Class A Reduce -33.7% 0.40% −0.15
METC Ramaco Resources Inc. Class A Sold out 0.00% −0.10
NPWR Net Power Inc. Sold out 0.00% −0.07

Portfolio Buys Q1 2024 → Q2 2024
NGG National Grid PLC-SP ADR New 11.83% +11.83
DVN Devon Energy Corp. New 7.14% +7.14
PNW Pinnacle West Capital New 5.74% +5.74
NRG NRG Energy Inc. New 4.54% +4.54
EVRG Evergy Inc. New 3.30% +3.30
F Ford Motor Co. New 2.80% +2.80
EIX Edison International New 2.74% +2.74
BWA Borgwarner Inc. New 2.43% +2.43
VST Vistra Corp. New 2.23% +2.23
SU Suncor Energy Inc. New 2.14% +2.14
FLNC Fluence Energy Inc. Add +62.8% 4.65% +2.05
SO The Southern Co. New 2.03% +2.03
GEV GE Vernova Inc. New 1.92% +1.92
APTV Aptiv Irish Holdings Ltd. New 1.85% +1.85
LNT Alliant Energy Corp. New 1.40% +1.40
OI O-I Glass Inc. Add +267.8% 1.86% +1.17
MYRG MYR Group Inc./Delaware New 1.09% +1.09
TRP TC Energy Corp. New 1.03% +1.03
EQT Eqt Corp. New 0.93% +0.93
VLO Valero Energy Corp. New 0.89% +0.89
HNRG Hallador Energy Co. New 0.82% +0.82
VRT Vertiv Holdings Co. Class A Add +279.4% 0.91% +0.70
AEE Ameren Corporation New 0.68% +0.68
CLNE Clean Energy Fuels Corp. New 0.67% +0.67
RBA RB Global Inc. Add +40.7% 1.86% +0.66
PWR Quanta Services Inc. New 0.64% +0.64
ADNT Adient PLC New 0.60% +0.60
RUSHA Rush Enterprises Inc. Class A New 0.57% +0.57
GPI Group 1 Automotive Inc. Add +17.2% 2.39% +0.56
PHIN Phinia Inc. Add +18.7% 2.23% +0.56
ARRY Array Technologies Inc. New 0.52% +0.52
NEXT Nextdecade Corp. Add +7.3% 1.30% +0.51
PRIM Primoris Services Corp. Add +59.0% 0.93% +0.48
CC The Chemours Co. Add +279.4% 0.63% +0.45
CVNA Carvana Co. New 0.43% +0.43
CTVA Corteva Inc. Add +58.9% 0.95% +0.37
DD Dupont DE Nemours Inc. New 0.27% +0.27
TSN Tyson Foods Inc. Class A Add +100.8% 0.42% +0.22
SVCO Silvaco Group Inc. New 0.22% +0.22
MOS The Mosaic Co. New 0.22% +0.22
CF CF Industries Holdings Inc. New 0.17% +0.17
BTDR Bitdeer Technologies Group-A New 0.13% +0.13
WULF Terawulf Inc. New 0.13% +0.13
TSLA Tesla Inc. New 0.12% +0.12
ATS Ats Corp. Add +30.7% 0.42% +0.12
WAY Waystar Holding Corp. New 0.10% +0.10
APLD Applied Digital Corp. New 0.09% +0.09
CAAP Corp. America Airports SA New 0.08% +0.08
SBSW Sibanye-Stillwater Ltd.-ADR Add +66.3% 0.13% +0.05
CORZ Core Scientific Inc. New 0.04% +0.04

Options Activity Q1 2024 → Q2 2024
ADM Archer-Daniels-Midland Co. call Sold out 30,000 $1.9Mbefore exit
VOD Vodafone Group PLC-SP ADR call Sold out 175,000 $1.6Mbefore exit
BP BP PLC-Spons ADR put New 15,000 $542K
NEXT Nextdecade Corp. call New 7,000 $56K

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