Covalis Capital LLP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Covalis Capital LLP reported 49 stock positions worth $435.8 million. Its top holding was Public Service Enterprise GP (PEG) at 11.9% of the portfolio, followed by TC Energy (TRP, 5.8%) and BP PLC-Spons ADR (BP, 5.3%). Compared with Q4 2024, it opened 28 new positions, sold out of 40, added to 8 and reduced 10. The biggest buy was TC Energy (TRP, shares +550%) and the biggest sale P G & E (PCG, shares −91%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001698819
Portfolio Value
$435.8M (Q1 2025)
SEC Filing
0001172661-25-001930 ↗ filed May 15, 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 Q4 2024 Q1 2025: $435.8M $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 49 stocks · $435.8M
PEG Public Service Enterprise GP 11.87% 628,413 $51.7M Reduce -8.8%
TRP TC Energy Corp. 5.82% 537,508 $25.4M Add +549.7%
BP BP PLC-Spons ADR 5.31% 684,682 $23.1M No change
CEG Constellation Energy 4.67% 100,980 $20.4M New
DAR Darling Ingredients Inc. 4.47% 623,376 $19.5M Add +110.8%
DAN Dana Inc. 4.45% 1,453,072 $19.4M New
MTZ Mastec Inc. 4.40% 164,336 $19.2M Add +227.2%
DTM DT Midstream Inc. 3.76% 169,614 $16.4M Add +51.4%
BKV BKV Corporation 3.71% 769,444 $16.2M Add +19.5%
F Ford Motor Co. filed as FORD MTR CO 3.65% 1,584,480 $15.9M New
APTV Aptiv PLC 3.63% 265,706 $15.8M Reduce -8.9%
URI United Rentals Inc. 3.22% 22,370 $14.0M New
CMI Cummins Inc. 2.98% 41,486 $13.0M New
LAD Lithia Motors Inc. 2.89% 42,972 $12.6M New
WMB Williams Cos Inc. 2.79% 203,295 $12.1M Add +128.8%
CRGY Crescent Energy Inc. Class A 2.73% 1,057,693 $11.9M Reduce -33.9%
VC Visteon Corp. 2.20% 123,714 $9.6M New
SW Smurfit Westrock PLC 2.01% 194,593 $8.8M New
OSK Oshkosh Corp. 2.00% 92,565 $8.7M New
GEV GE Vernova Inc. 1.94% 27,752 $8.5M New
RBA RB Global Inc. 1.73% 75,000 $7.5M Reduce -58.8%
DE Deere & Co. 1.60% 14,851 $7.0M New
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 1.58% 197,118 $6.9M New
GM General Motors Co. 1.38% 127,776 $6.0M Reduce -67.0%
WMG Warner Music Group Corp. Class A 1.35% 186,966 $5.9M Add +7.3%
KGS Kodiak Gas Services Inc. 1.24% 145,163 $5.4M Add +93.5%
TRGP Targa Resources Corp. 1.17% 25,379 $5.1M New
CNQ Canadian Natural Resources 1.16% 164,071 $5.1M New
PCG P G & E Corp. 1.13% 287,401 $4.9M Reduce -90.8%
MGA Magna International Inc. 1.12% 144,011 $4.9M New
AN Autonation Inc. 1.11% 30,001 $4.9M Reduce -80.9%
AM Antero Midstream Corp. 1.11% 268,624 $4.8M Reduce -33.1%
CVNA Carvana Co. 0.84% 17,505 $3.7M Reduce -50.6%
INR Infinity Natural Resour Class A 0.71% 165,862 $3.1M New
AZO AutoZone Inc. 0.70% 796 $3.0M New
OI O-I Glass Inc. 0.52% 197,679 $2.3M Reduce -68.5%
IHG Intercontinental Hotels-ADR 0.45% 17,749 $1.9M New
AAL American Airlines Group Inc. 0.43% 176,821 $1.9M New
APH Amphenol Corp. Class A 0.39% 26,025 $1.7M New
CCL Carnival Corp. 0.34% 74,820 $1.5M New
HNRG Hallador Energy Co. 0.28% 98,453 $1.2M New
KRP Kimbell Royalty Partners LP 0.24% 75,000 $1.1M New
MYRG MYR Group Inc./Delaware 0.20% 7,831 $886K New
SAIL Sailpoint Inc. 0.17% 40,500 $759K New
SARO Standardaero Inc. 0.16% 26,431 $704K New
CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 0.15% 36,559 $669K No change
FTAI Ftai Aviation Ltd. 0.09% 3,651 $405K New
WEC WEC Energy Group Inc. 0.08% 3,282 $358K New
CMCL Caledonia Mining Corp. PLC 0.06% 20,000 $250K No change

Options reported separately and not counted above: GM calls ($32.9M), FSLR calls ($28.4M), TSLA calls ($16.8M), GL calls ($14.4M).

Portfolio Sells Q4 2024 → Q1 2025
PCG P G & E Corp. Reduce -90.8% 1.13% −8.05
ETR Entergy Corp. Sold out 0.00% −6.71
MOS The Mosaic Co. Sold out 0.00% −3.95
VST Vistra Corp. Sold out 0.00% −3.46
FSLR First Solar Inc. Sold out 0.00% −3.25
AN Autonation Inc. Reduce -80.9% 1.11% −2.79
TXNM TXNM Energy Inc. Sold out 0.00% −2.32
BWA Borgwarner Inc. Sold out 0.00% −2.24
EXC Exelon Corp. Sold out 0.00% −2.23
TLN Talen Energy Corp. Sold out 0.00% −2.15
AEE Ameren Corporation Sold out 0.00% −1.95
SU Suncor Energy Inc. Sold out 0.00% −1.92
FCX Freeport-McMoran Inc. Sold out 0.00% −1.91
PHIN Phinia Inc. Sold out 0.00% −1.85
FLNC Fluence Energy Inc. Sold out 0.00% −1.77
GM General Motors Co. Reduce -67.0% 1.38% −1.63
ALV Autoliv Inc. Sold out 0.00% −1.62
DY Dycom Industries Inc. Sold out 0.00% −1.40
CC The Chemours Co. Sold out 0.00% −1.28
KMI Kinder Morgan Inc. Sold out 0.00% −1.28
SNREY Sunrise Communicat Class A Sold out 0.00% −1.25
FLR Fluor Corp. Sold out 0.00% −1.10
PNW Pinnacle West Capital Sold out 0.00% −1.00
MOD Modine Manufacturing Co. Sold out 0.00% −0.87
PWR Quanta Services Inc. Sold out 0.00% −0.76
GPI Group 1 Automotive Inc. Sold out 0.00% −0.73
CRGY Crescent Energy Inc. Class A Reduce -33.9% 2.73% −0.69
RBA RB Global Inc. Reduce -58.8% 1.73% −0.68
BAK Braskem SA Class A- ADR Sold out 0.00% −0.66
NI Nisource Inc. Sold out 0.00% −0.66
TAC Transalta Corp. Sold out 0.00% −0.59
TT Trane Technologies PLC Sold out 0.00% −0.54
OI O-I Glass Inc. Reduce -68.5% 0.52% −0.47
OS Onestream Inc. Sold out 0.00% −0.35
XIFR XPLR Infrastructure LP Sold out 0.00% −0.35
TEM Tempus AI Inc. Class A Sold out 0.00% −0.25
TPC Tutor Perini Corp. Sold out 0.00% −0.24
CVI CVR Energy Inc. Sold out 0.00% −0.24
CVNA Carvana Co. Reduce -50.6% 0.84% −0.21
RTX RTX Corp. Sold out 0.00% −0.21
ARRY Array Technologies Inc. Sold out 0.00% −0.21
CLF Cleveland-Cliffs Inc. Sold out 0.00% −0.19
BA The Boeing Co. Sold out 0.00% −0.16
DAL Delta Air Lines Inc. Sold out 0.00% −0.14
GE General Electric Sold out 0.00% −0.13
SBSW Sibanye-Stillwater Ltd.-ADR Sold out 0.00% −0.13
GPK Graphic Packaging Holding Co. Sold out 0.00% −0.11
AM Antero Midstream Corp. Reduce -33.1% 1.11% +0.22
APTV Aptiv PLC Reduce -8.9% 3.63% +1.05
PEG Public Service Enterprise GP Reduce -8.8% 11.87% +3.36

Portfolio Buys Q4 2024 → Q1 2025
TRP TC Energy Corp. Add +549.7% 5.82% +5.26
CEG Constellation Energy New 4.67% +4.67
DAN Dana Inc. New 4.45% +4.45
F Ford Motor Co. New 3.65% +3.65
MTZ Mastec Inc. Add +227.2% 4.40% +3.40
URI United Rentals Inc. New 3.22% +3.22
DAR Darling Ingredients Inc. Add +110.8% 4.47% +3.01
CMI Cummins Inc. New 2.98% +2.98
LAD Lithia Motors Inc. New 2.89% +2.89
VC Visteon Corp. New 2.20% +2.20
DTM DT Midstream Inc. Add +51.4% 3.76% +2.13
WMB Williams Cos Inc. Add +128.8% 2.79% +2.09
SW Smurfit Westrock PLC New 2.01% +2.01
OSK Oshkosh Corp. New 2.00% +2.00
GEV GE Vernova Inc. New 1.94% +1.94
DE Deere & Co. New 1.60% +1.60
YPF YPF S.A.-Sponsored ADR New 1.58% +1.58
BKV BKV Corporation Add +19.5% 3.71% +1.47
TRGP Targa Resources Corp. New 1.17% +1.17
CNQ Canadian Natural Resources New 1.16% +1.16
MGA Magna International Inc. New 1.12% +1.12
KGS Kodiak Gas Services Inc. Add +93.5% 1.24% +0.80
INR Infinity Natural Resour Class A New 0.71% +0.71
AZO AutoZone Inc. New 0.70% +0.70
WMG Warner Music Group Corp. Class A Add +7.3% 1.35% +0.56
IHG Intercontinental Hotels-ADR New 0.45% +0.45
AAL American Airlines Group Inc. New 0.43% +0.43
APH Amphenol Corp. Class A New 0.39% +0.39
CCL Carnival Corp. New 0.34% +0.34
HNRG Hallador Energy Co. New 0.28% +0.28
KRP Kimbell Royalty Partners LP New 0.24% +0.24
MYRG MYR Group Inc./Delaware New 0.20% +0.20
SAIL Sailpoint Inc. New 0.17% +0.17
SARO Standardaero Inc. New 0.16% +0.16
FTAI Ftai Aviation Ltd. New 0.09% +0.09
WEC WEC Energy Group Inc. New 0.08% +0.08

Options Activity Q4 2024 → Q1 2025
GM General Motors Co. call New 700,000 $32.9M
FSLR First Solar Inc. call New 225,000 $28.4M
TSLA Tesla Inc. call New 65,000 $16.8M
GL Globe Life Inc. call New 109,000 $14.4M

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