Covalis Capital LLP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Covalis Capital LLP reported 54 stock positions worth $858.3 million. Its top holding was P G & E (PCG) at 15.3% of the portfolio, followed by TC Energy (TRP, 13.0%) and First Solar (FSLR, 5.1%). Compared with Q2 2025, it opened 29 new positions, sold out of 31, added to 10 and reduced 15. The biggest buy was TC Energy (TRP, shares +307%) and the biggest sale Eversource Energy (ES, shares −84%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001698819
Portfolio Value
$858.3M (Q3 2025)
SEC Filing
0001172661-25-004932 ↗ filed Nov 14, 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 Q2 2025 Q3 2025: $858.3M $858.3M Q3 2025 Q4 2025: $1.3B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.8B Q2 2026

Holdings 54 stocks · $858.3M
PCG P G & E Corp. 15.33% 8,727,254 $131.6M Add +6.1%
TRP TC Energy Corp. 12.98% 2,048,255 $111.4M Add +307.3%
FSLR First Solar Inc. 5.07% 197,159 $43.5M New
CAT Caterpillar Inc. 3.64% 65,454 $31.2M Reduce -24.4%
XEL Xcel Energy Inc. 3.47% 368,943 $29.8M New
DAN Dana Inc. 3.30% 1,414,806 $28.4M Add +52.8%
GM General Motors Co. 3.20% 450,119 $27.4M Reduce -11.5%
GPI Group 1 Automotive Inc. 3.16% 61,990 $27.1M Add +107.8%
CMI Cummins Inc. 3.11% 63,212 $26.7M Reduce -17.6%
EIX Edison International 3.05% 473,431 $26.2M New
WMB Williams Cos Inc. 2.63% 356,536 $22.6M Add +18.6%
APTV Aptiv PLC 2.29% 228,252 $19.7M Add +19.9%
LBTYA Liberty Global Ltd. Class A 2.25% 1,688,840 $19.4M Reduce -0.9%
NEE Nextera Energy Inc. 2.18% 247,384 $18.7M New
GNTX Gentex Corp. 2.17% 658,666 $18.6M New
OSK Oshkosh Corp. 2.06% 136,369 $17.7M Reduce -17.0%
CNH CNH Industrial NV 1.98% 1,568,101 $17.0M New
ETN Eaton Corp. PLC 1.96% 45,020 $16.8M Add +106.9%
RBA RB Global Inc. 1.75% 138,730 $15.0M Reduce -12.4%
MBLY Mobileye Global Inc. Class A 1.65% 1,000,269 $14.1M Add +661.8%
TRGP Targa Resources Corp. 1.63% 83,590 $14.0M Add +338.4%
ALB Albemarle Corp. 1.63% 172,606 $14.0M Reduce -30.8%
DTM DT Midstream Inc. 1.62% 122,978 $13.9M Reduce -31.5%
ES Eversource Energy 1.53% 184,487 $13.1M Reduce -83.6%
LYB Lyondellbasell Indu Class A 1.48% 259,014 $12.7M New
VC Visteon Corp. 1.32% 94,428 $11.3M Reduce -64.8%
AWK American Water Works Co. Inc. 1.22% 75,000 $10.4M New
UGI Ugi Corp. 1.16% 298,859 $9.9M Add +78.7%
GNRC Generac Holdings Inc. 1.02% 52,114 $8.7M New
TSLA Tesla Inc. 1.00% 19,207 $8.5M New
BWA Borgwarner Inc. 0.94% 184,406 $8.1M Reduce -61.8%
FCX Freeport-McMoran Inc. 0.90% 196,326 $7.7M New
WBI Waterbridge Infrastruc Class A 0.88% 300,000 $7.6M New
ST Sensata Technologies Holdplc 0.67% 189,622 $5.8M Reduce -32.7%
ABG Asbury Automotive Group 0.66% 23,183 $5.7M New
DAR Darling Ingredients Inc. 0.64% 176,716 $5.5M Reduce -68.0%
FLNC Fluence Energy Inc. 0.62% 491,039 $5.3M New
NUE Nucor Corp. 0.58% 36,942 $5.0M New
SW Smurfit Westrock PLC 0.47% 93,935 $4.0M New
OI O-I Glass Inc. 0.46% 303,869 $3.9M New
KNTK Kinetik Holdings Inc. 0.45% 90,230 $3.9M Reduce -17.2%
APH Amphenol Corp. Class A 0.40% 27,740 $3.4M New
HRI Herc Holdings Inc. filed as HERC HLDGS INC 0.38% 28,036 $3.3M New
BKR Baker Hughes Co. 0.29% 50,849 $2.5M New
ACDC Profrac Holding Corp. Class A 0.23% 529,711 $2.0M New
PONY Pony AI Inc. 0.17% 64,492 $1.5M New
CVX Chevron Corp. 0.11% 6,231 $968K New
MT Arcelormittal-NY Registered 0.10% 23,372 $840K Reduce -79.8%
FIGR Figure Technology Solut Class A 0.08% 20,000 $727K New
IAG Iamgold Corp. 0.06% 40,000 $517K New
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.04% 10,552 $363K New
NVX Novonix Limited 0.02% 125,476 $161K New
OPEN Opendoor Technologies Inc. 0.01% 15,000 $120K New
FARADAY FUTURE INTLGT ELEC I 0.00% 10,000 $13K New

Portfolio Sells Q2 2025 → Q3 2025
ES Eversource Energy Reduce -83.6% 1.53% −7.49
PEG Public Service Enterprise GP Sold out 0.00% −4.64
PCAR Paccar Inc. Sold out 0.00% −3.87
PPG PPG Industries Inc. Sold out 0.00% −2.64
POR Portland General Electric Co. Sold out 0.00% −2.26
DAR Darling Ingredients Inc. Reduce -68.0% 0.64% −2.01
WMG Warner Music Group Corp. Class A Sold out 0.00% −1.95
VC Visteon Corp. Reduce -64.8% 1.32% −1.85
TEL Te Connectivity PLC Sold out 0.00% −1.28
OMC Omnicom Group Sold out 0.00% −1.25
MTZ Mastec Inc. Sold out 0.00% −1.20
F Ford Motor Co. Sold out 0.00% −1.12
BWA Borgwarner Inc. Reduce -61.8% 0.94% −1.10
VRT Vertiv Holdings Co. Class A Sold out 0.00% −1.04
BE Bloom Energy Corp. Class A Sold out 0.00% −0.94
ON On Semiconductor Sold out 0.00% −0.94
DTM DT Midstream Inc. Reduce -31.5% 1.62% −0.87
LNG Cheniere Energy Inc. Sold out 0.00% −0.84
URI United Rentals Inc. Sold out 0.00% −0.81
AN Autonation Inc. Sold out 0.00% −0.78
CRCL Circle Internet Group Inc. Sold out 0.00% −0.77
OKLO Oklo Inc. Sold out 0.00% −0.71
PHIN Phinia Inc. Sold out 0.00% −0.68
RUN Sunrun Inc. Sold out 0.00% −0.63
CAT Caterpillar Inc. Reduce -24.4% 3.64% −0.61
IE Ivanhoe Electric Inc. / US Sold out 0.00% −0.45
ST Sensata Technologies Holdplc Reduce -32.7% 0.67% −0.40
RBA RB Global Inc. Reduce -12.4% 1.75% −0.37
CCL Carnival Corp. Sold out 0.00% −0.37
IP International Paper Co. Sold out 0.00% −0.37
MT Arcelormittal-NY Registered Reduce -79.8% 0.10% −0.36
WY Weyerhaeuser Co. Sold out 0.00% −0.35
ALB Albemarle Corp. Reduce -30.8% 1.63% −0.35
OSK Oshkosh Corp. Reduce -17.0% 2.06% −0.30
WH Wyndham Hotels & Resorts Inc. Sold out 0.00% −0.29
HLT Hilton Worldwide Holdings Inc. Sold out 0.00% −0.26
H Hyatt Hotels Corp. Class A Sold out 0.00% −0.26
NCLH Norwegian Cruise Line Holdin Sold out 0.00% −0.25
SEI Solaris Energy Infrastructur Sold out 0.00% −0.24
RDW Redwire Corp. Sold out 0.00% −0.17
KNTK Kinetik Holdings Inc. Reduce -17.2% 0.45% −0.16
DAL Delta Air Lines Inc. Sold out 0.00% −0.11
UAL United Airlines Holdings Inc. Sold out 0.00% −0.10
CMI Cummins Inc. Reduce -17.6% 3.11% −0.06
GM General Motors Co. Reduce -11.5% 3.20% +0.03
LBTYA Liberty Global Ltd. Class A Reduce -0.9% 2.25% +0.10

Portfolio Buys Q2 2025 → Q3 2025
TRP TC Energy Corp. Add +307.3% 12.98% +9.88
FSLR First Solar Inc. New 5.07% +5.07
XEL Xcel Energy Inc. New 3.47% +3.47
EIX Edison International New 3.05% +3.05
NEE Nextera Energy Inc. New 2.18% +2.18
GNTX Gentex Corp. New 2.17% +2.17
CNH CNH Industrial NV New 1.98% +1.98
GPI Group 1 Automotive Inc. Add +107.8% 3.16% +1.51
LYB Lyondellbasell Indu Class A New 1.48% +1.48
MBLY Mobileye Global Inc. Class A Add +661.8% 1.65% +1.35
DAN Dana Inc. Add +52.8% 3.30% +1.30
AWK American Water Works Co. Inc. New 1.22% +1.22
TRGP Targa Resources Corp. Add +338.4% 1.63% +1.21
GNRC Generac Holdings Inc. New 1.02% +1.02
TSLA Tesla Inc. New 1.00% +1.00
ETN Eaton Corp. PLC Add +106.9% 1.96% +0.98
FCX Freeport-McMoran Inc. New 0.90% +0.90
WBI Waterbridge Infrastruc Class A New 0.88% +0.88
PCG P G & E Corp. Add +6.1% 15.33% +0.84
ABG Asbury Automotive Group New 0.66% +0.66
APTV Aptiv PLC Add +19.9% 2.29% +0.65
FLNC Fluence Energy Inc. New 0.62% +0.62
NUE Nucor Corp. New 0.58% +0.58
SW Smurfit Westrock PLC New 0.47% +0.47
OI O-I Glass Inc. New 0.46% +0.46
APH Amphenol Corp. Class A New 0.40% +0.40
UGI Ugi Corp. Add +78.7% 1.16% +0.39
HRI Herc Holdings Inc. New 0.38% +0.38
BKR Baker Hughes Co. New 0.29% +0.29
WMB Williams Cos Inc. Add +18.6% 2.63% +0.25
ACDC Profrac Holding Corp. Class A New 0.23% +0.23
PONY Pony AI Inc. New 0.17% +0.17
CVX Chevron Corp. New 0.11% +0.11
FIGR Figure Technology Solut Class A New 0.08% +0.08
IAG Iamgold Corp. New 0.06% +0.06
SLB SLB Ltd. New 0.04% +0.04
NVX Novonix Limited New 0.02% +0.02
OPEN Opendoor Technologies Inc. New 0.01% +0.01
FARADAY FUTURE INTLGT ELEC I New 0.00% +0.00

Options Activity Q2 2025 → Q3 2025
PCG P G & E Corp. call Sold out 2,271,200 $31.7Mbefore 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