Covalis Capital LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Covalis Capital LLP reported 73 stock positions worth $1.3 billion. Its top holding was P G & E (PCG) at 12.4% of the portfolio, followed by Black Hills (BKH, 11.2%) and Core Scientific (CORZ, 6.1%). Compared with Q3 2025, it opened 46 new positions, sold out of 27, added to 14 and reduced 12. The biggest buy was a new position in Black Hills (BKH) and the biggest sale TC Energy (TRP, shares −87%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001698819
- Portfolio Value
- $1.3B (Q4 2025)
- SEC Filing
- 0001172661-26-000950 ↗ filed Feb 17, 2026
Holdings Value
Holdings 73 stocks · $1.3B
| PCG P G & E Corp. | 12.42% | 9,896,033 | $159.0M | Add +13.4% |
| BKH Black Hills Corp. | 11.15% | 2,057,160 | $142.8M | New |
| CORZ Core Scientific Inc. | 6.07% | 5,341,913 | $77.8M | New |
| ES Eversource Energy | 6.00% | 1,141,017 | $76.8M | Add +518.5% |
| DAN Dana Inc. | 3.27% | 1,764,365 | $41.9M | Add +24.7% |
| GNTX Gentex Corp. | 3.15% | 1,734,804 | $40.4M | Add +163.4% |
| WMB Williams Cos Inc. | 3.05% | 649,774 | $39.1M | Add +82.3% |
| CAT Caterpillar Inc. | 2.46% | 55,074 | $31.6M | Reduce -15.9% |
| LBTYA Liberty Global Ltd. Class A | 2.44% | 2,809,392 | $31.3M | Add +66.3% |
| RBA RB Global Inc. | 2.35% | 292,742 | $30.1M | Add +111.0% |
| WULF Terawulf Inc. | 2.18% | 2,427,296 | $27.9M | New |
| ETN Eaton Corp. PLC | 2.13% | 85,526 | $27.2M | Add +90.0% |
| OGE Oge Energy Corp. | 2.12% | 637,124 | $27.2M | New |
| CMI Cummins Inc. | 1.99% | 49,802 | $25.4M | Reduce -21.2% |
| URI United Rentals Inc. | 1.94% | 30,698 | $24.8M | New |
| VC Visteon Corp. | 1.92% | 258,628 | $24.6M | Add +173.9% |
| CNH CNH Industrial NV | 1.90% | 2,644,387 | $24.4M | Add +68.6% |
| GPI Group 1 Automotive Inc. | 1.60% | 52,107 | $20.5M | Reduce -15.9% |
| VIK Viking Holdings Ltd. | 1.39% | 250,000 | $17.9M | New |
| WMG Warner Music Group Corp. Class A | 1.39% | 580,769 | $17.8M | New |
| CRC California Resources Corp. | 1.33% | 382,350 | $17.1M | New |
| TEL Te Connectivity PLC | 1.28% | 72,088 | $16.4M | New |
| TRP TC Energy Corp. | 1.19% | 276,247 | $15.2M | Reduce -86.5% |
| GFL GFL Environmental Inc.-Sub VT | 1.17% | 350,000 | $15.0M | New |
| AR Antero Resources Corp. | 1.17% | 433,075 | $14.9M | New |
| STLA Stellantis NV | 1.16% | 1,361,890 | $14.8M | New |
| AHR American Healthcare REIT Inc. | 1.10% | 300,000 | $14.1M | New |
| APH Amphenol Corp. Class A | 1.07% | 101,290 | $13.7M | Add +265.1% |
| OMC Omnicom Group | 1.05% | 167,176 | $13.5M | New |
| ULS Ul Solutions Inc. Class A | 1.04% | 169,581 | $13.4M | New |
| APTV Aptiv PLC | 0.95% | 160,669 | $12.2M | Reduce -29.6% |
| ABG Asbury Automotive Group | 0.92% | 50,706 | $11.8M | Add +118.7% |
| ITT Itt Inc. | 0.81% | 60,000 | $10.4M | New |
| AGCO Agco Corp. | 0.78% | 95,693 | $10.0M | New |
| DTM DT Midstream Inc. | 0.77% | 82,845 | $9.9M | Reduce -32.6% |
| MDU Mdu Resources Group Inc. | 0.76% | 500,000 | $9.8M | New |
| TXNM TXNM Energy Inc. | 0.74% | 160,154 | $9.4M | New |
| TMUS T-Mobile US Inc. | 0.72% | 45,245 | $9.2M | New |
| EXE Expand Energy Corp. | 0.67% | 77,837 | $8.6M | New |
| ACHR Archer Aviation Inc. Class A | 0.66% | 1,125,000 | $8.5M | New |
| UGI Ugi Corp. | 0.65% | 222,801 | $8.3M | Reduce -25.4% |
| LGN Legence Corp. Class A | 0.62% | 184,400 | $7.9M | New |
| NFG National Fuel Gas Co. | 0.61% | 97,545 | $7.8M | New |
| TECK Teck Resources Ltd.-CLS B | 0.60% | 160,321 | $7.7M | New |
| KGS Kodiak Gas Services Inc. | 0.58% | 200,000 | $7.5M | New |
| DAR Darling Ingredients Inc. | 0.50% | 176,716 | $6.4M | No change |
| CVX Chevron Corp. | 0.48% | 40,233 | $6.1M | Add +545.7% |
| MOD Modine Manufacturing Co. | 0.47% | 45,404 | $6.1M | New |
| SRE Sempra | 0.47% | 68,308 | $6.0M | New |
| FSLR First Solar Inc. | 0.46% | 22,632 | $5.9M | Reduce -88.5% |
| SAH Sonic Automotive Inc. Class A | 0.45% | 93,018 | $5.8M | New |
| DTE DTE Energy Company | 0.39% | 38,298 | $4.9M | New |
| AN Autonation Inc. | 0.34% | 20,790 | $4.3M | New |
| BKR Baker Hughes Co. | 0.33% | 91,566 | $4.2M | Add +80.1% |
| OKE Oneok Inc. | 0.31% | 53,542 | $3.9M | New |
| SW Smurfit Westrock PLC | 0.26% | 85,142 | $3.3M | Reduce -9.4% |
| MBLY Mobileye Global Inc. Class A | 0.26% | 313,190 | $3.3M | Reduce -68.7% |
| HBM Hudbay Minerals Inc. | 0.20% | 130,166 | $2.6M | New |
| AA Alcoa Corp. | 0.20% | 47,148 | $2.5M | New |
| GNRC Generac Holdings Inc. | 0.19% | 18,041 | $2.5M | Reduce -65.4% |
| ROL Rollins Inc. | 0.16% | 35,000 | $2.1M | New |
| BKV BKV Corporation | 0.16% | 75,000 | $2.0M | New |
| FLR Fluor Corp. | 0.15% | 49,970 | $2.0M | New |
| MIAX Miami International Holdings | 0.14% | 40,000 | $1.8M | New |
| CMS CMS Energy Corp. | 0.12% | 22,669 | $1.6M | New |
| ARRY Array Technologies Inc. | 0.12% | 165,764 | $1.5M | New |
| CCI Crown Castle Inc. | 0.12% | 16,842 | $1.5M | New |
| TRGP Targa Resources Corp. | 0.11% | 7,354 | $1.4M | Reduce -91.2% |
| VVX V2X Inc. | 0.10% | 23,684 | $1.3M | New |
| WLTH Wealthfront Corp. | 0.09% | 85,593 | $1.2M | New |
| CTRI Centuri Holdings Inc. | 0.04% | 20,000 | $505K | New |
| ANDG Andersen Group Inc. Class A | 0.02% | 12,000 | $311K | New |
| WOLF Wolfspeed Inc. | 0.01% | 10,000 | $174K | New |
Options reported separately and not counted above: CORZ calls ($77.2M), GLXY puts ($58.8M), RIVN puts ($7.4M).
Portfolio Sells Q3 2025 → Q4 2025
| TRP TC Energy Corp. | Reduce -86.5% | 1.19% | −11.79 |
| FSLR First Solar Inc. | Reduce -88.5% | 0.46% | −4.60 |
| XEL Xcel Energy Inc. | Sold out | 0.00% | −3.47 |
| GM General Motors Co. | Sold out | 0.00% | −3.20 |
| EIX Edison International | Sold out | 0.00% | −3.05 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −2.18 |
| OSK Oshkosh Corp. | Sold out | 0.00% | −2.06 |
| ALB Albemarle Corp. | Sold out | 0.00% | −1.63 |
| GPI Group 1 Automotive Inc. | Reduce -15.9% | 1.60% | −1.56 |
| TRGP Targa Resources Corp. | Reduce -91.2% | 0.11% | −1.53 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −1.48 |
| MBLY Mobileye Global Inc. Class A | Reduce -68.7% | 0.26% | −1.39 |
| APTV Aptiv PLC | Reduce -29.6% | 0.95% | −1.34 |
| AWK American Water Works Co. Inc. | Sold out | 0.00% | −1.22 |
| CAT Caterpillar Inc. | Reduce -15.9% | 2.46% | −1.18 |
| CMI Cummins Inc. | Reduce -21.2% | 1.99% | −1.13 |
| TSLA Tesla Inc. | Sold out | 0.00% | −1.00 |
| BWA Borgwarner Inc. | Sold out | 0.00% | −0.94 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −0.90 |
| WBI Waterbridge Infrastruc Class A | Sold out | 0.00% | −0.88 |
| DTM DT Midstream Inc. | Reduce -32.6% | 0.77% | −0.85 |
| GNRC Generac Holdings Inc. | Reduce -65.4% | 0.19% | −0.82 |
| ST Sensata Technologies Holdplc | Sold out | 0.00% | −0.67 |
| FLNC Fluence Energy Inc. | Sold out | 0.00% | −0.62 |
| NUE Nucor Corp. | Sold out | 0.00% | −0.58 |
| UGI Ugi Corp. | Reduce -25.4% | 0.65% | −0.51 |
| OI O-I Glass Inc. | Sold out | 0.00% | −0.46 |
| KNTK Kinetik Holdings Inc. | Sold out | 0.00% | −0.45 |
| HRI Herc Holdings Inc. | Sold out | 0.00% | −0.38 |
| ACDC Profrac Holding Corp. Class A | Sold out | 0.00% | −0.23 |
| SW Smurfit Westrock PLC | Reduce -9.4% | 0.26% | −0.21 |
| PONY Pony AI Inc. | Sold out | 0.00% | −0.17 |
| MT Arcelormittal-NY Registered | Sold out | 0.00% | −0.10 |
| FIGR Figure Technology Solut Class A | Sold out | 0.00% | −0.08 |
| IAG Iamgold Corp. | Sold out | 0.00% | −0.06 |
| SLB SLB Ltd. | Sold out | 0.00% | −0.04 |
| NVX Novonix Limited | Sold out | 0.00% | −0.02 |
| OPEN Opendoor Technologies Inc. | Sold out | 0.00% | −0.01 |
| FARADAY FUTURE INTLGT ELEC I | Sold out | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| BKH Black Hills Corp. | New | 11.15% | +11.15 |
| CORZ Core Scientific Inc. | New | 6.07% | +6.07 |
| ES Eversource Energy | Add +518.5% | 6.00% | +4.47 |
| WULF Terawulf Inc. | New | 2.18% | +2.18 |
| OGE Oge Energy Corp. | New | 2.12% | +2.12 |
| URI United Rentals Inc. | New | 1.94% | +1.94 |
| VIK Viking Holdings Ltd. | New | 1.39% | +1.39 |
| WMG Warner Music Group Corp. Class A | New | 1.39% | +1.39 |
| CRC California Resources Corp. | New | 1.33% | +1.33 |
| TEL Te Connectivity PLC | New | 1.28% | +1.28 |
| GFL GFL Environmental Inc.-Sub VT | New | 1.17% | +1.17 |
| AR Antero Resources Corp. | New | 1.17% | +1.17 |
| STLA Stellantis NV | New | 1.16% | +1.16 |
| AHR American Healthcare REIT Inc. | New | 1.10% | +1.10 |
| OMC Omnicom Group | New | 1.05% | +1.05 |
| ULS Ul Solutions Inc. Class A | New | 1.04% | +1.04 |
| GNTX Gentex Corp. | Add +163.4% | 3.15% | +0.98 |
| ITT Itt Inc. | New | 0.81% | +0.81 |
| AGCO Agco Corp. | New | 0.78% | +0.78 |
| MDU Mdu Resources Group Inc. | New | 0.76% | +0.76 |
| TXNM TXNM Energy Inc. | New | 0.74% | +0.74 |
| TMUS T-Mobile US Inc. | New | 0.72% | +0.72 |
| EXE Expand Energy Corp. | New | 0.67% | +0.67 |
| APH Amphenol Corp. Class A | Add +265.1% | 1.07% | +0.67 |
| ACHR Archer Aviation Inc. Class A | New | 0.66% | +0.66 |
| LGN Legence Corp. Class A | New | 0.62% | +0.62 |
| NFG National Fuel Gas Co. | New | 0.61% | +0.61 |
| VC Visteon Corp. | Add +173.9% | 1.92% | +0.60 |
| RBA RB Global Inc. | Add +111.0% | 2.35% | +0.60 |
| TECK Teck Resources Ltd.-CLS B | New | 0.60% | +0.60 |
| KGS Kodiak Gas Services Inc. | New | 0.58% | +0.58 |
| MOD Modine Manufacturing Co. | New | 0.47% | +0.47 |
| SRE Sempra | New | 0.47% | +0.47 |
| SAH Sonic Automotive Inc. Class A | New | 0.45% | +0.45 |
| WMB Williams Cos Inc. | Add +82.3% | 3.05% | +0.42 |
| DTE DTE Energy Company | New | 0.39% | +0.39 |
| CVX Chevron Corp. | Add +545.7% | 0.48% | +0.37 |
| AN Autonation Inc. | New | 0.34% | +0.34 |
| OKE Oneok Inc. | New | 0.31% | +0.31 |
| ABG Asbury Automotive Group | Add +118.7% | 0.92% | +0.26 |
| HBM Hudbay Minerals Inc. | New | 0.20% | +0.20 |
| AA Alcoa Corp. | New | 0.20% | +0.20 |
| LBTYA Liberty Global Ltd. Class A | Add +66.3% | 2.44% | +0.19 |
| ROL Rollins Inc. | New | 0.16% | +0.16 |
| ETN Eaton Corp. PLC | Add +90.0% | 2.13% | +0.16 |
| BKV BKV Corporation | New | 0.16% | +0.16 |
| FLR Fluor Corp. | New | 0.15% | +0.15 |
| MIAX Miami International Holdings | New | 0.14% | +0.14 |
| CMS CMS Energy Corp. | New | 0.12% | +0.12 |
| ARRY Array Technologies Inc. | New | 0.12% | +0.12 |
Options Activity Q3 2025 → Q4 2025
| CORZ Core Scientific Inc. | call | New | 5,299,600 | $77.2M |
| GLXY Galaxy Digital Inc. Class A | put | New | 2,630,100 | $58.8M |
| RIVN Rivian Automotive Inc. Class A | put | New | 375,000 | $7.4M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 99 | $1.8B | PCG, BKH, AR, AEE, AM |
| Q1 2026 | 121 | $1.6B | PCG, BKH, URI, ETN, WHR |
| Q4 2025 | 73 | $1.3B | PCG, BKH, CORZ, ES, DAN |
| Q3 2025Amended | 54 | $858.3M | PCG, TRP, FSLR, CAT, XEL |
| Q2 2025 | 56 | $791.1M | PCG, ES, PEG, CAT, PCAR |
| Q1 2025 | 49 | $435.8M | PEG, TRP, BP, CEG, DAR |
| Q4 2024 | 61 | $684.2M | PCG, PEG, ETR, MOS, AN |
| Q3 2024 | 48 | $670.3M | PCG, VLO, ETR, LAD, PNW |
| Q2 2024 | 59 | $735.0M | NGG, PCG, DVN, PNW, FLNC |
| Q1 2024 | 50 | $807.0M | NEE, PCG, OKE, NI, CVE |