Covalis Capital LLP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Covalis Capital LLP reported 56 stock positions worth $791.1 million. Its top holding was P G & E (PCG) at 14.5% of the portfolio, followed by Eversource Energy (ES, 9.0%) and Public Service Enterprise GP (PEG, 4.6%). Compared with Q1 2025, it opened 36 new positions, sold out of 29, added to 11 and reduced 9. The biggest buy was P G & E (PCG, shares +2761%) and the biggest sale Public Service Enterprise GP (PEG, shares −31%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001698819
Portfolio Value
$791.1M (Q2 2025)
SEC Filing
0001172661-25-003074 ↗ filed Aug 12, 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 Q1 2025 Q2 2025: $791.1M $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 56 stocks · $791.1M
PCG P G & E Corp. 14.49% 8,223,183 $114.6M Add +2761.2%
ES Eversource Energy 9.02% 1,121,926 $71.4M New
PEG Public Service Enterprise GP 4.64% 436,046 $36.7M Reduce -30.6%
CAT Caterpillar Inc. 4.25% 86,526 $33.6M New
PCAR Paccar Inc. 3.87% 322,038 $30.6M New
CMI Cummins Inc. 3.17% 76,673 $25.1M Add +84.8%
VC Visteon Corp. 3.17% 268,613 $25.1M Add +117.1%
GM General Motors Co. 3.17% 508,853 $25.0M Add +298.2%
TRP TC Energy Corp. 3.10% 502,925 $24.5M Reduce -6.4%
DAR Darling Ingredients Inc. 2.65% 552,702 $21.0M Reduce -11.3%
PPG PPG Industries Inc. 2.64% 183,418 $20.9M New
DTM DT Midstream Inc. 2.49% 179,520 $19.7M Add +5.8%
WMB Williams Cos Inc. 2.39% 300,540 $18.9M Add +47.8%
OSK Oshkosh Corp. 2.36% 164,379 $18.7M Add +77.6%
POR Portland General Electric Co. 2.26% 440,983 $17.9M New
LBTYA Liberty Global Ltd. Class A 2.16% 1,703,745 $17.1M New
RBA RB Global Inc. 2.13% 158,349 $16.8M Add +111.1%
BWA Borgwarner Inc. 2.04% 483,018 $16.2M New
DAN Dana Inc. 2.01% 926,177 $15.9M Reduce -36.3%
ALB Albemarle Corp. 1.98% 249,460 $15.6M New
WMG Warner Music Group Corp. Class A 1.95% 566,627 $15.4M Add +203.1%
GPI Group 1 Automotive Inc. 1.65% 29,832 $13.0M New
APTV Aptiv PLC 1.64% 190,378 $13.0M Reduce -28.4%
TEL Te Connectivity PLC 1.28% 59,928 $10.1M New
OMC Omnicom Group 1.25% 137,208 $9.9M New
MTZ Mastec Inc. 1.20% 55,517 $9.5M Reduce -66.2%
F Ford Motor Co. filed as FORD MTR CO 1.12% 818,192 $8.9M Reduce -48.4%
ST Sensata Technologies Holdplc 1.07% 281,906 $8.5M New
VRT Vertiv Holdings Co. Class A 1.04% 64,302 $8.3M New
ETN Eaton Corp. PLC 0.98% 21,755 $7.8M New
BE Bloom Energy Corp. Class A 0.94% 309,959 $7.4M New
ON On Semiconductor 0.94% 141,200 $7.4M New
LNG Cheniere Energy Inc. 0.84% 27,203 $6.6M New
URI United Rentals Inc. 0.81% 8,478 $6.4M Reduce -62.1%
AN Autonation Inc. 0.78% 30,981 $6.2M Add +3.3%
UGI Ugi Corp. 0.77% 167,260 $6.1M New
CRCL Circle Internet Group Inc. 0.77% 33,500 $6.1M New
OKLO Oklo Inc. 0.71% 100,000 $5.6M New
PHIN Phinia Inc. 0.68% 120,337 $5.4M New
RUN Sunrun Inc. 0.63% 605,329 $5.0M New
KNTK Kinetik Holdings Inc. 0.61% 108,953 $4.8M New
MT Arcelormittal-NY Registered 0.46% 115,397 $3.6M New
IE Ivanhoe Electric Inc. / US 0.45% 392,701 $3.6M New
TRGP Targa Resources Corp. 0.42% 19,068 $3.3M Reduce -24.9%
CCL Carnival Corp. 0.37% 104,242 $2.9M Add +39.3%
IP International Paper Co. 0.37% 62,096 $2.9M New
WY Weyerhaeuser Co. 0.35% 109,070 $2.8M New
MBLY Mobileye Global Inc. Class A 0.30% 131,301 $2.4M New
WH Wyndham Hotels & Resorts Inc. 0.29% 28,306 $2.3M New
HLT Hilton Worldwide Holdings Inc. 0.26% 7,708 $2.1M New
H Hyatt Hotels Corp. Class A 0.26% 14,576 $2.0M New
NCLH Norwegian Cruise Line Holdin 0.25% 99,306 $2.0M New
SEI Solaris Energy Infrastructur 0.24% 66,412 $1.9M New
RDW Redwire Corp. 0.17% 80,100 $1.3M New
DAL Delta Air Lines Inc. 0.11% 17,458 $859K New
UAL United Airlines Holdings Inc. 0.10% 10,393 $828K New

Options reported separately and not counted above: PCG calls ($31.7M).

Portfolio Sells Q1 2025 → Q2 2025
PEG Public Service Enterprise GP Reduce -30.6% 4.64% −7.23
BP BP PLC-Spons ADR Sold out 0.00% −5.31
CEG Constellation Energy Sold out 0.00% −4.67
BKV BKV Corporation Sold out 0.00% −3.71
MTZ Mastec Inc. Reduce -66.2% 1.20% −3.21
LAD Lithia Motors Inc. Sold out 0.00% −2.89
CRGY Crescent Energy Inc. Class A Sold out 0.00% −2.73
TRP TC Energy Corp. Reduce -6.4% 3.10% −2.73
F Ford Motor Co. Reduce -48.4% 1.12% −2.52
DAN Dana Inc. Reduce -36.3% 2.01% −2.44
URI United Rentals Inc. Reduce -62.1% 0.81% −2.41
SW Smurfit Westrock PLC Sold out 0.00% −2.01
APTV Aptiv PLC Reduce -28.4% 1.64% −1.99
GEV GE Vernova Inc. Sold out 0.00% −1.94
DAR Darling Ingredients Inc. Reduce -11.3% 2.65% −1.82
DE Deere & Co. Sold out 0.00% −1.60
YPF YPF S.A.-Sponsored ADR Sold out 0.00% −1.58
KGS Kodiak Gas Services Inc. Sold out 0.00% −1.24
CNQ Canadian Natural Resources Sold out 0.00% −1.16
MGA Magna International Inc. Sold out 0.00% −1.12
AM Antero Midstream Corp. Sold out 0.00% −1.11
CVNA Carvana Co. Sold out 0.00% −0.84
TRGP Targa Resources Corp. Reduce -24.9% 0.42% −0.75
INR Infinity Natural Resour Class A Sold out 0.00% −0.71
AZO AutoZone Inc. Sold out 0.00% −0.70
OI O-I Glass Inc. Sold out 0.00% −0.52
IHG Intercontinental Hotels-ADR Sold out 0.00% −0.45
AAL American Airlines Group Inc. Sold out 0.00% −0.43
APH Amphenol Corp. Class A Sold out 0.00% −0.39
HNRG Hallador Energy Co. Sold out 0.00% −0.28
KRP Kimbell Royalty Partners LP Sold out 0.00% −0.24
MYRG MYR Group Inc./Delaware Sold out 0.00% −0.20
SAIL Sailpoint Inc. Sold out 0.00% −0.17
SARO Standardaero Inc. Sold out 0.00% −0.16
CAAP Corp. America Airports SA Sold out 0.00% −0.15
FTAI Ftai Aviation Ltd. Sold out 0.00% −0.09
WEC WEC Energy Group Inc. Sold out 0.00% −0.08
CMCL Caledonia Mining Corp. PLC Sold out 0.00% −0.06

Portfolio Buys Q1 2025 → Q2 2025
PCG P G & E Corp. Add +2761.2% 14.49% +13.36
ES Eversource Energy New 9.02% +9.02
CAT Caterpillar Inc. New 4.25% +4.25
PCAR Paccar Inc. New 3.87% +3.87
PPG PPG Industries Inc. New 2.64% +2.64
POR Portland General Electric Co. New 2.26% +2.26
LBTYA Liberty Global Ltd. Class A New 2.16% +2.16
BWA Borgwarner Inc. New 2.04% +2.04
ALB Albemarle Corp. New 1.98% +1.98
GM General Motors Co. Add +298.2% 3.17% +1.79
GPI Group 1 Automotive Inc. New 1.65% +1.65
TEL Te Connectivity PLC New 1.28% +1.28
OMC Omnicom Group New 1.25% +1.25
ST Sensata Technologies Holdplc New 1.07% +1.07
VRT Vertiv Holdings Co. Class A New 1.04% +1.04
ETN Eaton Corp. PLC New 0.98% +0.98
VC Visteon Corp. Add +117.1% 3.17% +0.96
BE Bloom Energy Corp. Class A New 0.94% +0.94
ON On Semiconductor New 0.94% +0.94
LNG Cheniere Energy Inc. New 0.84% +0.84
UGI Ugi Corp. New 0.77% +0.77
CRCL Circle Internet Group Inc. New 0.77% +0.77
OKLO Oklo Inc. New 0.71% +0.71
PHIN Phinia Inc. New 0.68% +0.68
RUN Sunrun Inc. New 0.63% +0.63
KNTK Kinetik Holdings Inc. New 0.61% +0.61
WMG Warner Music Group Corp. Class A Add +203.1% 1.95% +0.61
MT Arcelormittal-NY Registered New 0.46% +0.46
IE Ivanhoe Electric Inc. / US New 0.45% +0.45
RBA RB Global Inc. Add +111.1% 2.13% +0.40
IP International Paper Co. New 0.37% +0.37
OSK Oshkosh Corp. Add +77.6% 2.36% +0.36
WY Weyerhaeuser Co. New 0.35% +0.35
MBLY Mobileye Global Inc. Class A New 0.30% +0.30
WH Wyndham Hotels & Resorts Inc. New 0.29% +0.29
HLT Hilton Worldwide Holdings Inc. New 0.26% +0.26
H Hyatt Hotels Corp. Class A New 0.26% +0.26
NCLH Norwegian Cruise Line Holdin New 0.25% +0.25
SEI Solaris Energy Infrastructur New 0.24% +0.24
CMI Cummins Inc. Add +84.8% 3.17% +0.19
RDW Redwire Corp. New 0.17% +0.17
DAL Delta Air Lines Inc. New 0.11% +0.11
UAL United Airlines Holdings Inc. New 0.10% +0.10
CCL Carnival Corp. Add +39.3% 0.37% +0.04
AN Autonation Inc. Add +3.3% 0.78% −0.34
WMB Williams Cos Inc. Add +47.8% 2.39% −0.40
DTM DT Midstream Inc. Add +5.8% 2.49% −1.26

Options Activity Q1 2025 → Q2 2025
GM General Motors Co. call Sold out 700,000 $32.9Mbefore exit
PCG P G & E Corp. call New 2,271,200 $31.7M
FSLR First Solar Inc. call Sold out 225,000 $28.4Mbefore exit
TSLA Tesla Inc. call Sold out 65,000 $16.8Mbefore exit
GL Globe Life Inc. call Sold out 109,000 $14.4Mbefore 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