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
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 |
| FMC FMC Corp. | 0.04% | 38,572 | $664K | New |
| XENE Xenon Pharmaceuticals Inc. | 0.04% | 10,000 | $582K | New |
| THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN | 0.03% | 235,000 | $541K | New |
| AS Amer Sports Inc. | 0.03% | 15,000 | $494K | New |
| INVX Innovex International Inc. | 0.03% | 20,000 | $488K | New |
| BOBS Bob's Discount Furniture | 0.03% | 40,000 | $470K | New |
| WLTH Wealthfront Corp. | 0.03% | 50,000 | $463K | Reduce -41.6% |
| VSNT Versant Media Group Inc. | 0.03% | 11,600 | $429K | New |
| JAN Janus Living Inc. Class-A-1 | 0.03% | 17,963 | $423K | New |
| MCB Metropolitan Bank Holding Co. | 0.03% | 5,000 | $416K | New |
| LODE Comstock Inc. | 0.02% | 125,000 | $381K | New |
| YSS York Space Systems Inc. | 0.02% | 15,000 | $333K | New |
| AXGN Axogen Inc. | 0.02% | 10,000 | $331K | New |
| WOLF Wolfspeed Inc. | 0.02% | 20,000 | $326K | Add +100.0% |
| JCAP Jefferson Capital Inc. | 0.02% | 15,000 | $288K | New |
| AVR Anteris Technologies Global | 0.02% | 50,000 | $278K | New |
| ANDG Andersen Group Inc. Class A | 0.02% | 10,000 | $272K | Reduce -16.7% |
| EQPT Equipmentshare.com Inc. Class A | 0.01% | 10,000 | $204K | New |
| PBK Powerbank Corp. | 0.01% | 350,000 | $187K | New |
| RDW Redwire Corp. | 0.01% | 20,000 | $170K | New |
| PICS Pics NV | 0.01% | 15,000 | $157K | New |
Options reported separately and not counted above: STLA calls ($1.0M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $12.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WHIRLPOOL CORP (WHR 8.5 02/15/29 A) | 8.5 DEP SR A CNV | 315,000 | $12.9M | New |
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
| 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 |