Covalis Capital LLP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Covalis Capital LLP reported 121 stock positions worth $1.6 billion. Its top holding was P G & E (PCG) at 8.6% of the portfolio, followed by Black Hills (BKH, 7.5%) and United Rentals (URI, 4.9%). Compared with Q4 2025, it opened 70 new positions, sold out of 22, added to 21 and reduced 29. The biggest buy was a new position in Whirlpool (WHR) and the biggest sale an exit from Eversource Energy (ES).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001698819
Portfolio Value
$1.6B (Q1 2026)
SEC Filing
0001172661-26-002319 ↗ filed May 15, 2026

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 Q3 2025 Q4 2025: $1.3B Q4 2025 Q1 2026: $1.6B $1.6B Q1 2026 Q2 2026: $1.8B Q2 2026

Holdings 121 stocks · $1.6B
PCG P G & E Corp. 8.63% 7,913,377 $139.0M Reduce -20.0%
BKH Black Hills Corp. 7.55% 1,752,846 $121.7M Reduce -14.8%
URI United Rentals Inc. 4.90% 108,487 $79.0M Add +253.4%
ETN Eaton Corp. PLC 4.51% 203,223 $72.7M Add +137.6%
WHR Whirlpool Corp. 4.39% 1,312,304 $70.8M New
CORZ Core Scientific Inc. 3.22% 3,472,029 $51.9M Reduce -35.0%
GPI Group 1 Automotive Inc. 2.51% 122,127 $40.4M Add +134.4%
DAN Dana Inc. 2.50% 1,199,138 $40.4M Reduce -32.0%
WMB Williams Cos Inc. 2.50% 552,506 $40.2M Reduce -15.0%
AR Antero Resources Corp. 2.43% 923,808 $39.2M Add +113.3%
DTE DTE Energy Company 2.38% 261,855 $38.3M Add +583.7%
RBA RB Global Inc. 2.14% 359,281 $34.4M Add +22.7%
XEL Xcel Energy Inc. 1.98% 400,817 $31.8M New
GM General Motors Co. 1.62% 349,777 $26.1M New
FANG Diamondback Energy Inc. 1.57% 128,110 $25.3M New
OGE Oge Energy Corp. 1.51% 508,422 $24.4M Reduce -20.2%
TLN Talen Energy Corp. 1.51% 76,237 $24.3M New
CAT Caterpillar Inc. 1.50% 34,059 $24.1M Reduce -38.2%
AM Antero Midstream Corp. 1.39% 985,162 $22.5M New
GNRC Generac Holdings Inc. 1.37% 113,051 $22.1M Add +526.6%
CMI Cummins Inc. 1.37% 41,008 $22.1M Reduce -17.7%
MWH Solv Energy Inc. Class A 1.30% 697,110 $20.9M New
EQT Eqt Corp. 1.26% 319,919 $20.4M New
VC Visteon Corp. 1.24% 220,164 $20.1M Reduce -14.9%
LAD Lithia Motors Inc. 1.24% 79,868 $19.9M New
WMG Warner Music Group Corp. Class A 1.22% 771,307 $19.7M Add +32.8%
TRGP Targa Resources Corp. 1.19% 76,617 $19.2M Add +941.8%
VNOM Viper Energy Inc. Class A 1.17% 400,000 $18.8M New
TRP TC Energy Corp. 1.17% 300,700 $18.8M Add +8.8%
RACE Ferrari NV 1.13% 53,740 $18.2M New
APTV Aptiv PLC 1.09% 252,462 $17.5M Add +57.1%
APLD Applied Digital Corp. 1.09% 738,143 $17.5M New
BKV BKV Corporation 1.07% 604,211 $17.2M Add +705.6%
NFG National Fuel Gas Co. 1.06% 182,217 $17.1M Add +86.8%
MYRG MYR Group Inc./Delaware 0.94% 53,546 $15.1M New
NRG NRG Energy Inc. 0.82% 90,000 $13.2M New
STLA Stellantis NV 0.78% 1,784,868 $12.6M Add +31.1%
FE Firstenergy Corp. 0.77% 246,147 $12.5M New
PPL PPL Corp. 0.76% 320,294 $12.2M New
STLD Steel Dynamics Inc. 0.71% 63,385 $11.4M New
OI O-I Glass Inc. 0.68% 1,039,633 $10.9M New
ABG Asbury Automotive Group 0.63% 51,719 $10.1M Add +2.0%
SHEL Shell PLC-ADR 0.62% 106,629 $9.9M New
KNX Knight-Swift Transportation 0.59% 165,739 $9.5M New
FPS Forgent Power Solutions Class A 0.59% 325,741 $9.5M New
VIK Viking Holdings Ltd. 0.57% 125,000 $9.2M Reduce -50.0%
CLF Cleveland-Cliffs Inc. 0.57% 1,080,308 $9.1M New
CVNA Carvana Co. 0.56% 28,821 $9.1M New
OMC Omnicom Group 0.56% 119,608 $9.0M Reduce -28.4%
VALE Vale SA-SP ADR 0.55% 556,974 $8.9M New
KOS Kosmos Energy Ltd. 0.55% 3,162,820 $8.8M New
NVT Nvent Electric PLC 0.54% 73,461 $8.7M New
ULS Ul Solutions Inc. Class A 0.53% 100,000 $8.6M Reduce -41.0%
KALU Kaiser Aluminum Corp. 0.52% 69,667 $8.4M New
BWA Borgwarner Inc. 0.51% 152,701 $8.3M New
RIVN Rivian Automotive Inc. Class A 0.51% 540,918 $8.1M New
SW Smurfit Westrock PLC 0.50% 203,407 $8.1M Add +138.9%
EGO Eldorado Gold Corp. 0.49% 230,575 $7.9M New
HAL Halliburton Co. 0.45% 183,978 $7.2M New
TECK Teck Resources Ltd.-CLS B 0.43% 134,252 $6.9M Reduce -16.3%
BTU Peabody Energy Corp. 0.40% 196,963 $6.5M New
BP BP PLC-Spons ADR 0.37% 126,525 $5.9M New
FLR Fluor Corp. 0.36% 122,799 $5.7M Add +145.8%
ITT Itt Inc. 0.35% 30,000 $5.7M Reduce -50.0%
EXE Expand Energy Corp. 0.32% 46,289 $5.1M Reduce -40.5%
UGI Ugi Corp. 0.30% 131,716 $4.8M Reduce -40.9%
DUOT Duos Technologies Group Inc. 0.30% 696,999 $4.8M New
PKG Packaging Corp. of America 0.30% 22,448 $4.8M New
AHR American Healthcare REIT Inc. 0.29% 100,000 $4.7M Reduce -66.7%
LGN Legence Corp. Class A 0.28% 80,000 $4.5M Reduce -56.6%
MDU Mdu Resources Group Inc. 0.26% 200,000 $4.1M Reduce -60.0%
COP Conocophillips 0.25% 30,737 $4.1M New
SARO Standardaero Inc. 0.24% 150,000 $3.9M New
TEL Te Connectivity PLC 0.23% 17,452 $3.6M Reduce -75.8%
DAR Darling Ingredients Inc. 0.23% 58,652 $3.6M Reduce -66.8%
POR Portland General Electric Co. 0.16% 50,000 $2.6M New
ACHR Archer Aviation Inc. Class A 0.16% 500,000 $2.6M Reduce -55.6%
APH Amphenol Corp. Class A 0.14% 18,194 $2.3M Reduce -82.0%
IP International Paper Co. 0.14% 63,842 $2.3M New
MDLN Medline Inc. Class A 0.14% 50,000 $2.2M New
HRI Herc Holdings Inc. filed as HERC HLDGS INC 0.13% 21,774 $2.2M New
DTM DT Midstream Inc. 0.13% 15,814 $2.1M Reduce -80.9%
CTVA Corteva Inc. 0.13% 24,436 $2.0M New
AGCO Agco Corp. 0.13% 17,449 $2.0M Reduce -81.8%
CRC California Resources Corp. 0.12% 28,205 $2.0M Reduce -92.6%
MIAX Miami International Holdings 0.12% 50,000 $1.9M Add +25.0%
JAGU Jaguar Uranium Corp. Class A 0.12% 699,998 $1.9M New
ROL Rollins Inc. 0.12% 35,000 $1.9M No change
VVX V2X Inc. 0.11% 25,000 $1.7M Add +5.6%
SWX Southwest Gas Holdings Inc. 0.10% 18,626 $1.6M New
WTTR Select Water Solutions Inc. 0.09% 100,000 $1.5M New
SRE Sempra 0.09% 14,349 $1.4M Reduce -79.0%
VSEC Vse Corp. 0.09% 7,500 $1.4M New
CTRI Centuri Holdings Inc. 0.08% 43,000 $1.3M Add +115.0%
DOCN Digitalocean Holdings Inc. 0.08% 14,370 $1.2M New
KYIV Kyivstar Group Ltd. 0.06% 100,000 $1.0M New
LTM Latam Airlines Group SA-ADR 0.06% 20,000 $989K New
HTO H2O America 0.05% 15,000 $880K New
NVGS Navigator Holdings Ltd. 0.05% 40,000 $773K New
KTOS Kratos Defense & Security 0.04% 10,000 $705K New

Show all 121 holdings

Options reported separately and not counted above: STLA calls ($1.0M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $12.9M (not counted above)
SecurityClassShares / PrincipalValueChange
WHIRLPOOL CORP (WHR 8.5 02/15/29 A) 8.5 DEP SR A CNV 315,000$12.9MNew

Total filed on the 13F, all lines: $1.6B.

Portfolio Sells Q4 2025 → Q1 2026
ES Eversource Energy Sold out 0.00% −6.00
PCG P G & E Corp. Reduce -20.0% 8.63% −3.79
BKH Black Hills Corp. Reduce -14.8% 7.55% −3.60
GNTX Gentex Corp. Sold out 0.00% −3.15
CORZ Core Scientific Inc. Reduce -35.0% 3.22% −2.85
LBTYA Liberty Global Ltd. Class A Sold out 0.00% −2.44
WULF Terawulf Inc. Sold out 0.00% −2.18
CNH CNH Industrial NV Sold out 0.00% −1.90
CRC California Resources Corp. Reduce -92.6% 0.12% −1.21
GFL GFL Environmental Inc.-Sub VT Sold out 0.00% −1.17
TEL Te Connectivity PLC Reduce -75.8% 0.23% −1.05
CAT Caterpillar Inc. Reduce -38.2% 1.50% −0.97
APH Amphenol Corp. Class A Reduce -82.0% 0.14% −0.93
VIK Viking Holdings Ltd. Reduce -50.0% 0.57% −0.82
AHR American Healthcare REIT Inc. Reduce -66.7% 0.29% −0.81
DAN Dana Inc. Reduce -32.0% 2.50% −0.77
TXNM TXNM Energy Inc. Sold out 0.00% −0.74
TMUS T-Mobile US Inc. Sold out 0.00% −0.72
VC Visteon Corp. Reduce -14.9% 1.24% −0.68
AGCO Agco Corp. Reduce -81.8% 0.13% −0.65
DTM DT Midstream Inc. Reduce -80.9% 0.13% −0.64
CMI Cummins Inc. Reduce -17.7% 1.37% −0.62
OGE Oge Energy Corp. Reduce -20.2% 1.51% −0.61
KGS Kodiak Gas Services Inc. Sold out 0.00% −0.58
WMB Williams Cos Inc. Reduce -15.0% 2.50% −0.55
ULS Ul Solutions Inc. Class A Reduce -41.0% 0.53% −0.51
MDU Mdu Resources Group Inc. Reduce -60.0% 0.26% −0.51
ACHR Archer Aviation Inc. Class A Reduce -55.6% 0.16% −0.50
OMC Omnicom Group Reduce -28.4% 0.56% −0.50
CVX Chevron Corp. Sold out 0.00% −0.48
MOD Modine Manufacturing Co. Sold out 0.00% −0.47
FSLR First Solar Inc. Sold out 0.00% −0.46
ITT Itt Inc. Reduce -50.0% 0.35% −0.46
SAH Sonic Automotive Inc. Class A Sold out 0.00% −0.45
SRE Sempra Reduce -79.0% 0.09% −0.38
EXE Expand Energy Corp. Reduce -40.5% 0.32% −0.36
UGI Ugi Corp. Reduce -40.9% 0.30% −0.35
LGN Legence Corp. Class A Reduce -56.6% 0.28% −0.34
AN Autonation Inc. Sold out 0.00% −0.34
BKR Baker Hughes Co. Sold out 0.00% −0.33
OKE Oneok Inc. Sold out 0.00% −0.31
DAR Darling Ingredients Inc. Reduce -66.8% 0.23% −0.27
MBLY Mobileye Global Inc. Class A Sold out 0.00% −0.26
HBM Hudbay Minerals Inc. Sold out 0.00% −0.20
AA Alcoa Corp. Sold out 0.00% −0.20
TECK Teck Resources Ltd.-CLS B Reduce -16.3% 0.43% −0.17
CMS CMS Energy Corp. Sold out 0.00% −0.12
ARRY Array Technologies Inc. Sold out 0.00% −0.12
CCI Crown Castle Inc. Sold out 0.00% −0.12
WLTH Wealthfront Corp. Reduce -41.6% 0.03% −0.06

Portfolio Buys Q4 2025 → Q1 2026
WHR Whirlpool Corp. New 4.39% +4.39
URI United Rentals Inc. Add +253.4% 4.90% +2.96
ETN Eaton Corp. PLC Add +137.6% 4.51% +2.38
DTE DTE Energy Company Add +583.7% 2.38% +1.99
XEL Xcel Energy Inc. New 1.98% +1.98
GM General Motors Co. New 1.62% +1.62
FANG Diamondback Energy Inc. New 1.57% +1.57
TLN Talen Energy Corp. New 1.51% +1.51
AM Antero Midstream Corp. New 1.39% +1.39
MWH Solv Energy Inc. Class A New 1.30% +1.30
AR Antero Resources Corp. Add +113.3% 2.43% +1.27
EQT Eqt Corp. New 1.26% +1.26
LAD Lithia Motors Inc. New 1.24% +1.24
GNRC Generac Holdings Inc. Add +526.6% 1.37% +1.18
VNOM Viper Energy Inc. Class A New 1.17% +1.17
RACE Ferrari NV New 1.13% +1.13
APLD Applied Digital Corp. New 1.09% +1.09
TRGP Targa Resources Corp. Add +941.8% 1.19% +1.09
MYRG MYR Group Inc./Delaware New 0.94% +0.94
BKV BKV Corporation Add +705.6% 1.07% +0.91
GPI Group 1 Automotive Inc. Add +134.4% 2.51% +0.91
NRG NRG Energy Inc. New 0.82% +0.82
FE Firstenergy Corp. New 0.77% +0.77
PPL PPL Corp. New 0.76% +0.76
STLD Steel Dynamics Inc. New 0.71% +0.71
OI O-I Glass Inc. New 0.68% +0.68
SHEL Shell PLC-ADR New 0.62% +0.62
KNX Knight-Swift Transportation New 0.59% +0.59
FPS Forgent Power Solutions Class A New 0.59% +0.59
CLF Cleveland-Cliffs Inc. New 0.57% +0.57
CVNA Carvana Co. New 0.56% +0.56
VALE Vale SA-SP ADR New 0.55% +0.55
KOS Kosmos Energy Ltd. New 0.55% +0.55
NVT Nvent Electric PLC New 0.54% +0.54
KALU Kaiser Aluminum Corp. New 0.52% +0.52
BWA Borgwarner Inc. New 0.51% +0.51
RIVN Rivian Automotive Inc. Class A New 0.51% +0.51
EGO Eldorado Gold Corp. New 0.49% +0.49
NFG National Fuel Gas Co. Add +86.8% 1.06% +0.45
HAL Halliburton Co. New 0.45% +0.45
BTU Peabody Energy Corp. New 0.40% +0.40
BP BP PLC-Spons ADR New 0.37% +0.37
DUOT Duos Technologies Group Inc. New 0.30% +0.30
PKG Packaging Corp. of America New 0.30% +0.30
COP Conocophillips New 0.25% +0.25
SW Smurfit Westrock PLC Add +138.9% 0.50% +0.25
SARO Standardaero Inc. New 0.24% +0.24
FLR Fluor Corp. Add +145.8% 0.36% +0.20
POR Portland General Electric Co. New 0.16% +0.16
IP International Paper Co. New 0.14% +0.14

Options Activity Q4 2025 → Q1 2026
CORZ Core Scientific Inc. call Sold out 5,299,600 $77.2Mbefore exit
GLXY Galaxy Digital Inc. Class A put Sold out 2,630,100 $58.8Mbefore exit
RIVN Rivian Automotive Inc. Class A put Sold out 375,000 $7.4Mbefore exit
STLA Stellantis NV call New 148,000 $1.0M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2025 → Q1 2026
WHIRLPOOL CORP (WHR 8.5 02/15/29 A) 8.5 DEP SR A CNV New 315,000 $12.9M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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