Covalis Capital LLP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Covalis Capital LLP reported 61 stock positions worth $684.2 million. Its top holding was P G & E (PCG) at 9.2% of the portfolio, followed by Public Service Enterprise GP (PEG, 8.5%) and Entergy (ETR, 6.7%). Compared with Q3 2024, it opened 37 new positions, sold out of 24, added to 15 and reduced 9. The biggest buy was Public Service Enterprise GP (PEG, shares +106%) and the biggest sale P G & E (PCG, shares −44%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001698819
Portfolio Value
$684.2M (Q4 2024)
SEC Filing
0001172661-25-000798 ↗ filed Feb 13, 2025

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 $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 61 stocks · $684.2M
PCG P G & E Corp. 9.19% 3,114,922 $62.9M Reduce -43.7%
PEG Public Service Enterprise GP 8.51% 689,278 $58.2M Add +105.7%
ETR Entergy Corp. 6.71% 605,380 $45.9M Add +7.8%
MOS The Mosaic Co. 3.95% 1,099,707 $27.0M New
AN Autonation Inc. 3.90% 157,178 $26.7M New
VST Vistra Corp. 3.46% 171,625 $23.7M Add +197.7%
CRGY Crescent Energy Inc. Class A 3.42% 1,600,000 $23.4M New
FSLR First Solar Inc. 3.25% 126,128 $22.2M Add +443.1%
GM General Motors Co. 3.01% 386,812 $20.6M Reduce -20.7%
BP BP PLC-Spons ADR 2.96% 684,682 $20.2M New
APTV Aptiv PLC 2.58% 291,530 $17.6M Reduce -30.1%
RBA RB Global Inc. 2.40% 182,158 $16.4M Add +9.8%
TXNM TXNM Energy Inc. 2.32% 323,378 $15.9M New
BKV BKV Corporation 2.24% 643,790 $15.3M Add +12.0%
BWA Borgwarner Inc. 2.24% 481,122 $15.3M Add +7.3%
EXC Exelon Corp. 2.23% 405,837 $15.3M New
TLN Talen Energy Corp. 2.15% 72,951 $14.7M Add +288.5%
AEE Ameren Corporation 1.95% 149,482 $13.3M New
SU Suncor Energy Inc. 1.92% 368,696 $13.2M New
FCX Freeport-McMoran Inc. 1.91% 342,324 $13.0M New
PHIN Phinia Inc. 1.85% 263,466 $12.7M Add +4.8%
FLNC Fluence Energy Inc. 1.77% 762,781 $12.1M New
DTM DT Midstream Inc. 1.63% 112,034 $11.1M Reduce -52.3%
ALV Autoliv Inc. 1.62% 118,288 $11.1M Reduce -61.1%
DAR Darling Ingredients Inc. 1.46% 295,728 $10.0M New
DY Dycom Industries Inc. 1.40% 55,099 $9.6M Add +158.4%
CC The Chemours Co. 1.28% 518,840 $8.8M New
KMI Kinder Morgan Inc. 1.28% 319,481 $8.8M New
SNREY Sunrise Communicat Class A 1.25% 198,043 $8.5M New
FLR Fluor Corp. 1.10% 152,152 $7.5M New
CVNA Carvana Co. 1.05% 35,468 $7.2M Reduce -52.3%
MTZ Mastec Inc. 1.00% 50,229 $6.8M New
PNW Pinnacle West Capital 1.00% 80,508 $6.8M Reduce -76.7%
OI O-I Glass Inc. 0.99% 626,894 $6.8M Add +40.8%
AM Antero Midstream Corp. 0.89% 401,786 $6.1M New
MOD Modine Manufacturing Co. 0.87% 51,629 $6.0M New
WMG Warner Music Group Corp. Class A 0.79% 174,320 $5.4M Add +170.6%
PWR Quanta Services Inc. 0.76% 16,430 $5.2M New
GPI Group 1 Automotive Inc. 0.73% 11,870 $5.0M Reduce -38.4%
WMB Williams Cos Inc. 0.70% 88,857 $4.8M New
BAK Braskem SA Class A- ADR 0.66% 1,173,852 $4.5M Add +27.1%
NI Nisource Inc. 0.66% 121,911 $4.5M Reduce -84.0%
TAC Transalta Corp. 0.59% 283,336 $4.0M New
TRP TC Energy Corp. 0.56% 82,729 $3.8M New
TT Trane Technologies PLC 0.54% 10,007 $3.7M New
KGS Kodiak Gas Services Inc. 0.45% 75,000 $3.1M New
OS Onestream Inc. 0.35% 85,000 $2.4M New
XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP 0.35% 133,404 $2.4M New
TEM Tempus AI Inc. Class A 0.25% 50,000 $1.7M New
TPC Tutor Perini Corp. 0.24% 68,835 $1.7M New
CVI CVR Energy Inc. 0.24% 88,209 $1.7M New
RTX RTX Corp. 0.21% 12,587 $1.5M New
ARRY Array Technologies Inc. 0.21% 240,810 $1.5M New
CLF Cleveland-Cliffs Inc. 0.19% 140,907 $1.3M New
BA The Boeing Co. 0.16% 6,027 $1.1M New
DAL Delta Air Lines Inc. 0.14% 15,596 $944K New
GE General Electric filed as GE AEROSPACE 0.13% 5,471 $913K New
SBSW Sibanye-Stillwater Ltd.-ADR 0.13% 262,279 $866K Add +639.2%
GPK Graphic Packaging Holding Co. 0.11% 27,091 $736K New
CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 0.10% 36,559 $682K New
CMCL Caledonia Mining Corp. PLC 0.03% 20,000 $188K Add +53.8%

Portfolio Sells Q3 2024 → Q4 2024
PCG P G & E Corp. Reduce -43.7% 9.19% −7.12
VLO Valero Energy Corp. Sold out 0.00% −5.93
LAD Lithia Motors Inc. Sold out 0.00% −5.33
PNW Pinnacle West Capital Reduce -76.7% 1.00% −3.56
NI Nisource Inc. Reduce -84.0% 0.66% −3.27
TRGP Targa Resources Corp. Sold out 0.00% −3.14
ATS Ats Corp. Sold out 0.00% −2.83
LNT Alliant Energy Corp. Sold out 0.00% −2.63
ALV Autoliv Inc. Reduce -61.1% 1.62% −2.62
APTV Aptiv PLC Reduce -30.1% 2.58% −1.91
OVV Ovintiv Inc. Sold out 0.00% −1.64
DUK Duke Energy Corp. Sold out 0.00% −1.58
VRT Vertiv Holdings Co. Class A Sold out 0.00% −1.57
DTE DTE Energy Company Sold out 0.00% −1.52
GEV GE Vernova Inc. Sold out 0.00% −1.39
DTM DT Midstream Inc. Reduce -52.3% 1.63% −1.13
EVRG Evergy Inc. Sold out 0.00% −1.05
ADNT Adient PLC Sold out 0.00% −0.93
CVNA Carvana Co. Reduce -52.3% 1.05% −0.88
OGS One Gas Inc. Sold out 0.00% −0.79
ES Eversource Energy Sold out 0.00% −0.75
PR Permian Resources Corp. Class A Sold out 0.00% −0.72
RUN Sunrun Inc. Sold out 0.00% −0.71
BTE Baytex Energy Corp. Sold out 0.00% −0.50
GPI Group 1 Automotive Inc. Reduce -38.4% 0.73% −0.37
AL Sumisho Air Lease Corp. Sold out 0.00% −0.32
ENLC Enlink Midstream LLC Sold out 0.00% −0.30
NOVAQ Sunnova Energy International Sold out 0.00% −0.26
GM General Motors Co. Reduce -20.7% 3.01% −0.25
NEXT Nextdecade Corp. Sold out 0.00% −0.24
E Eni SPA-Sponsored ADR Sold out 0.00% −0.19
VIK Viking Holdings Ltd. Sold out 0.00% −0.13
HNRG Hallador Energy Co. Sold out 0.00% −0.05

Portfolio Buys Q3 2024 → Q4 2024
PEG Public Service Enterprise GP Add +105.7% 8.51% +4.05
MOS The Mosaic Co. New 3.95% +3.95
AN Autonation Inc. New 3.90% +3.90
CRGY Crescent Energy Inc. Class A New 3.42% +3.42
BP BP PLC-Spons ADR New 2.96% +2.96
VST Vistra Corp. Add +197.7% 3.46% +2.44
FSLR First Solar Inc. Add +443.1% 3.25% +2.38
TXNM TXNM Energy Inc. New 2.32% +2.32
EXC Exelon Corp. New 2.23% +2.23
AEE Ameren Corporation New 1.95% +1.95
SU Suncor Energy Inc. New 1.92% +1.92
FCX Freeport-McMoran Inc. New 1.91% +1.91
FLNC Fluence Energy Inc. New 1.77% +1.77
TLN Talen Energy Corp. Add +288.5% 2.15% +1.65
DAR Darling Ingredients Inc. New 1.46% +1.46
CC The Chemours Co. New 1.28% +1.28
KMI Kinder Morgan Inc. New 1.28% +1.28
SNREY Sunrise Communicat Class A New 1.25% +1.25
ETR Entergy Corp. Add +7.8% 6.71% +1.20
FLR Fluor Corp. New 1.10% +1.10
MTZ Mastec Inc. New 1.00% +1.00
AM Antero Midstream Corp. New 0.89% +0.89
MOD Modine Manufacturing Co. New 0.87% +0.87
DY Dycom Industries Inc. Add +158.4% 1.40% +0.77
PWR Quanta Services Inc. New 0.76% +0.76
WMB Williams Cos Inc. New 0.70% +0.70
BKV BKV Corporation Add +12.0% 2.24% +0.67
TAC Transalta Corp. New 0.59% +0.59
TRP TC Energy Corp. New 0.56% +0.56
TT Trane Technologies PLC New 0.54% +0.54
WMG Warner Music Group Corp. Class A Add +170.6% 0.79% +0.49
KGS Kodiak Gas Services Inc. New 0.45% +0.45
RBA RB Global Inc. Add +9.8% 2.40% +0.41
OS Onestream Inc. New 0.35% +0.35
XIFR XPLR Infrastructure LP New 0.35% +0.35
TEM Tempus AI Inc. Class A New 0.25% +0.25
TPC Tutor Perini Corp. New 0.24% +0.24
CVI CVR Energy Inc. New 0.24% +0.24
RTX RTX Corp. New 0.21% +0.21
ARRY Array Technologies Inc. New 0.21% +0.21
CLF Cleveland-Cliffs Inc. New 0.19% +0.19
BA The Boeing Co. New 0.16% +0.16
DAL Delta Air Lines Inc. New 0.14% +0.14
GE General Electric New 0.13% +0.13
PHIN Phinia Inc. Add +4.8% 1.85% +0.13
OI O-I Glass Inc. Add +40.8% 0.99% +0.12
GPK Graphic Packaging Holding Co. New 0.11% +0.11
SBSW Sibanye-Stillwater Ltd.-ADR Add +639.2% 0.13% +0.10
CAAP Corp. America Airports SA New 0.10% +0.10
CMCL Caledonia Mining Corp. PLC Add +53.8% 0.03% −0.00

Options Activity Q3 2024 → Q4 2024
PCG P G & E Corp. call Sold out 1,155,600 $22.8Mbefore exit
SPOT Spotify Technology SA put Sold out 47,500 $17.5Mbefore exit
NEXT Nextdecade Corp. call Sold out 11,000 $52Kbefore 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