Covalis Capital LLP

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Covalis Capital LLP reported 48 stock positions worth $670.3 million. Its top holding was P G & E (PCG) at 16.3% of the portfolio, followed by Valero Energy (VLO, 5.9%) and Entergy (ETR, 5.5%). Compared with Q2 2024, it opened 26 new positions, sold out of 37, added to 9 and reduced 13. The biggest buy was P G & E (PCG, shares +57%) and the biggest sale an exit from National Grid PLC-SP ADR (NGG).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001698819
Portfolio Value
$670.3M (Q3 2024)
SEC Filing
0001172661-24-005144 ↗ filed Nov 14, 2024

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 $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 48 stocks · $670.3M
PCG P G & E Corp. 16.31% 5,530,771 $109.3M Add +56.7%
VLO Valero Energy Corp. 5.93% 294,500 $39.8M Add +607.3%
ETR Entergy Corp. 5.51% 280,721 $36.9M New
LAD Lithia Motors Inc. 5.33% 112,567 $35.8M New
PNW Pinnacle West Capital 4.56% 345,141 $30.6M Reduce -37.5%
APTV Aptiv Irish Holdings Ltd. filed as APTIV PLC 4.48% 417,369 $30.1M Add +116.3%
PEG Public Service Enterprise GP 4.46% 335,074 $29.9M New
ALV Autoliv Inc. 4.24% 304,187 $28.4M New
NI Nisource Inc. 3.93% 759,774 $26.3M Add +32.0%
GM General Motors Co. 3.26% 487,909 $21.9M New
TRGP Targa Resources Corp. 3.14% 142,159 $21.0M New
ATS Ats Corp. 2.83% 653,820 $19.0M Add +584.2%
DTM DT Midstream Inc. 2.76% 234,820 $18.5M New
LNT Alliant Energy Corp. 2.63% 290,296 $17.6M Add +44.0%
BWA Borgwarner Inc. 2.43% 448,572 $16.3M Reduce -18.9%
RBA RB Global Inc. 1.99% 165,974 $13.4M Reduce -7.4%
CVNA Carvana Co. 1.93% 74,361 $12.9M Add +202.4%
PHIN Phinia Inc. 1.73% 251,360 $11.6M Reduce -39.5%
OVV Ovintiv Inc. 1.64% 287,381 $11.0M New
DUK Duke Energy Corp. 1.58% 92,036 $10.6M New
BKV BKV Corporation 1.57% 575,000 $10.5M New
VRT Vertiv Holdings Co. Class A 1.57% 105,551 $10.5M Add +36.8%
DTE DTE Energy Company 1.52% 79,235 $10.2M New
GEV GE Vernova Inc. 1.39% 36,498 $9.3M Reduce -55.7%
GPI Group 1 Automotive Inc. 1.10% 19,256 $7.4M Reduce -67.4%
EVRG Evergy Inc. 1.05% 113,551 $7.0M Reduce -75.2%
VST Vistra Corp. 1.02% 57,655 $6.8M Reduce -69.8%
BAK Braskem SA Class A- ADR 1.01% 923,637 $6.8M New
ADNT Adient PLC 0.93% 276,009 $6.2M Add +54.8%
OI O-I Glass Inc. 0.87% 445,335 $5.8M Reduce -63.8%
FSLR First Solar Inc. 0.86% 23,224 $5.8M Reduce -13.6%
OGS One Gas Inc. 0.79% 71,115 $5.3M New
ES Eversource Energy 0.75% 73,912 $5.0M New
PR Permian Resources Corp. Class A 0.72% 355,129 $4.8M New
RUN Sunrun Inc. 0.71% 264,867 $4.8M New
DY Dycom Industries Inc. 0.63% 21,321 $4.2M New
TLN Talen Energy Corp. 0.50% 18,776 $3.3M New
BTE Baytex Energy Corp. 0.50% 1,115,188 $3.3M New
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.32% 47,216 $2.1M New
WMG Warner Music Group Corp. Class A 0.30% 64,422 $2.0M New
ENLC Enlink Midstream LLC 0.30% 138,572 $2.0M New
NOVAQ Sunnova Energy International 0.26% 177,139 $1.7M New
NEXT Nextdecade Corp. 0.24% 339,852 $1.6M Reduce -71.8%
E Eni SPA-Sponsored ADR 0.19% 42,267 $1.3M New
VIK Viking Holdings Ltd. 0.13% 24,625 $859K New
HNRG Hallador Energy Co. 0.05% 33,603 $317K Reduce -95.7%
CMCL Caledonia Mining Corp. PLC 0.03% 13,004 $195K New
SBSW Sibanye-Stillwater Ltd.-ADR 0.02% 35,483 $146K Reduce -84.4%

Options reported separately and not counted above: PCG calls ($22.8M), SPOT puts ($17.5M), NEXT calls ($52K).

Portfolio Sells Q2 2024 → Q3 2024
NGG National Grid PLC-SP ADR Sold out 0.00% −11.83
DVN Devon Energy Corp. Sold out 0.00% −7.14
FLNC Fluence Energy Inc. Sold out 0.00% −4.65
NRG NRG Energy Inc. Sold out 0.00% −4.54
F Ford Motor Co. Sold out 0.00% −2.80
EIX Edison International Sold out 0.00% −2.74
EVRG Evergy Inc. Reduce -75.2% 1.05% −2.25
SU Suncor Energy Inc. Sold out 0.00% −2.14
SO The Southern Co. Sold out 0.00% −2.03
NEE Nextera Energy Inc. Sold out 0.00% −1.90
PPL PPL Corp. Sold out 0.00% −1.76
LBTYA Liberty Global Ltd. Class A Sold out 0.00% −1.66
ABG Asbury Automotive Group Sold out 0.00% −1.35
GPI Group 1 Automotive Inc. Reduce -67.4% 1.10% −1.29
VST Vistra Corp. Reduce -69.8% 1.02% −1.21
PNW Pinnacle West Capital Reduce -37.5% 4.56% −1.18
MYRG MYR Group Inc./Delaware Sold out 0.00% −1.09
NEXT Nextdecade Corp. Reduce -71.8% 0.24% −1.06
TRP TC Energy Corp. Sold out 0.00% −1.03
OI O-I Glass Inc. Reduce -63.8% 0.87% −0.99
CTVA Corteva Inc. Sold out 0.00% −0.95
PRIM Primoris Services Corp. Sold out 0.00% −0.93
EQT Eqt Corp. Sold out 0.00% −0.93
HNRG Hallador Energy Co. Reduce -95.7% 0.05% −0.78
AEE Ameren Corporation Sold out 0.00% −0.68
CLNE Clean Energy Fuels Corp. Sold out 0.00% −0.67
PWR Quanta Services Inc. Sold out 0.00% −0.64
CC The Chemours Co. Sold out 0.00% −0.63
RUSHA Rush Enterprises Inc. Class A Sold out 0.00% −0.57
GEV GE Vernova Inc. Reduce -55.7% 1.39% −0.53
ARRY Array Technologies Inc. Sold out 0.00% −0.52
PHIN Phinia Inc. Reduce -39.5% 1.73% −0.50
TSN Tyson Foods Inc. Class A Sold out 0.00% −0.42
CRGY Crescent Energy Inc. Class A Sold out 0.00% −0.40
FLR Fluor Corp. Sold out 0.00% −0.28
DD Dupont DE Nemours Inc. Sold out 0.00% −0.27
SVCO Silvaco Group Inc. Sold out 0.00% −0.22
MOS The Mosaic Co. Sold out 0.00% −0.22
CF CF Industries Holdings Inc. Sold out 0.00% −0.17
BTDR Bitdeer Technologies Group-A Sold out 0.00% −0.13
WULF Terawulf Inc. Sold out 0.00% −0.13
TSLA Tesla Inc. Sold out 0.00% −0.12
SBSW Sibanye-Stillwater Ltd.-ADR Reduce -84.4% 0.02% −0.11
WAY Waystar Holding Corp. Sold out 0.00% −0.10
APLD Applied Digital Corp. Sold out 0.00% −0.09
CAAP Corp. America Airports SA Sold out 0.00% −0.08
CORZ Core Scientific Inc. Sold out 0.00% −0.04
BWA Borgwarner Inc. Reduce -18.9% 2.43% +0.00
FSLR First Solar Inc. Reduce -13.6% 0.86% +0.04
RBA RB Global Inc. Reduce -7.4% 1.99% +0.13

Portfolio Buys Q2 2024 → Q3 2024
PCG P G & E Corp. Add +56.7% 16.31% +7.93
ETR Entergy Corp. New 5.51% +5.51
LAD Lithia Motors Inc. New 5.33% +5.33
VLO Valero Energy Corp. Add +607.3% 5.93% +5.04
PEG Public Service Enterprise GP New 4.46% +4.46
ALV Autoliv Inc. New 4.24% +4.24
GM General Motors Co. New 3.26% +3.26
TRGP Targa Resources Corp. New 3.14% +3.14
DTM DT Midstream Inc. New 2.76% +2.76
APTV Aptiv Irish Holdings Ltd. Add +116.3% 4.48% +2.63
ATS Ats Corp. Add +584.2% 2.83% +2.41
NI Nisource Inc. Add +32.0% 3.93% +1.67
OVV Ovintiv Inc. New 1.64% +1.64
DUK Duke Energy Corp. New 1.58% +1.58
BKV BKV Corporation New 1.57% +1.57
DTE DTE Energy Company New 1.52% +1.52
CVNA Carvana Co. Add +202.4% 1.93% +1.50
LNT Alliant Energy Corp. Add +44.0% 2.63% +1.23
BAK Braskem SA Class A- ADR New 1.01% +1.01
OGS One Gas Inc. New 0.79% +0.79
ES Eversource Energy New 0.75% +0.75
PR Permian Resources Corp. Class A New 0.72% +0.72
RUN Sunrun Inc. New 0.71% +0.71
VRT Vertiv Holdings Co. Class A Add +36.8% 1.57% +0.66
DY Dycom Industries Inc. New 0.63% +0.63
TLN Talen Energy Corp. New 0.50% +0.50
BTE Baytex Energy Corp. New 0.50% +0.50
ADNT Adient PLC Add +54.8% 0.93% +0.33
AL Sumisho Air Lease Corp. New 0.32% +0.32
WMG Warner Music Group Corp. Class A New 0.30% +0.30
ENLC Enlink Midstream LLC New 0.30% +0.30
NOVAQ Sunnova Energy International New 0.26% +0.26
E Eni SPA-Sponsored ADR New 0.19% +0.19
VIK Viking Holdings Ltd. New 0.13% +0.13
CMCL Caledonia Mining Corp. PLC New 0.03% +0.03

Options Activity Q2 2024 → Q3 2024
PCG P G & E Corp. call New 1,155,600 $22.8M
SPOT Spotify Technology SA put New 47,500 $17.5M
BP BP PLC-Spons ADR put Sold out 15,000 $542Kbefore exit
NEXT Nextdecade Corp. call Add +57.1% 11,000 $52K

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