AI Portfolio Summary
In 2025 Q4, Covalis Capital LLP maintained a portfolio of 103 distinct positions. The most significant new addition to the portfolio was BLACK HILLS CORP, which now represents 10.03% of the total fund value. Conversely, Covalis Capital LLP completely exited their position in EDISON INTL.
Total Positions
103
Quarter
2025 Q4
Top Holding
PCG (11.2%)
Top 10 Concentration
52.3%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-25 of 103
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
PCG
PG&E CORP
|
Utilities | 11.17% | 16.97% |
#1
Prev: #1
|
4.5 | -94,881 | -0.9% |
P
S
|
9,896,033 | $159,029,250 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
BKH
BLACK HILLS COR...
|
Utilities | 10.03% | — |
#2
Prev: #—
|
6.0 | 2,057,160 | no change |
NEW
|
2,057,160 | $142,808,047 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CORZ
CORE SCIENTIFIC...
|
Technology | 5.46% | — |
#3
Prev: #—
|
4.2 | 5,341,913 | no change |
NEW
|
5,341,913 | $77,778,253 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CORZ
CALL
CORE SCIENTIFIC...
|
CALL Option | 5.42% | — |
#4
Prev: #—
|
4.2 | 5,299,600 | no change |
NEW
|
5,299,600 | $77,162,176 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ES
EVERSOURCE ENER...
|
Utilities | 5.39% | 1.48% |
#5
19
Prev: #24
|
4.5 | 956,530 | 518.5% |
P
S
|
1,141,017 | $76,824,675 | 2022 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GLXY
PUT
GALAXY DIGITAL ...
|
PUT Option | 4.13% | — |
#6
Prev: #—
|
3.7 | 2,630,100 | no change |
NEW
|
2,630,100 | $58,809,036 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
DAN
DANA INC
|
Consumer Cyclical | 2.94% | 3.19% |
#7
Prev: #7
|
3.3 | 349,559 | 24.7% |
P
S
|
1,764,365 | $41,921,312 | 2025 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GNTX
GENTEX CORP
|
Consumer Cyclical | 2.83% | 2.10% |
#8
8
Prev: #16
|
3.4 | 1,076,138 | 163.4% |
P
S
|
1,734,804 | $40,368,889 | 2023 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
WMB
WILLIAMS COS IN...
|
Energy | 2.74% | 2.54% |
#9
2
Prev: #11
|
3.3 | 293,238 | 82.2% |
P
S
|
649,774 | $39,057,915 | 2024 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CAT
CATERPILLAR INC
|
Industrials | 2.22% | 3.52% |
#10
6
Prev: #4
|
0.9 | -10,380 | -15.9% |
P
S
|
55,074 | $31,550,242 | 2025 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
LBTYA
LIBERTY GLOBAL ...
|
Communication Services | 2.20% | 2.18% |
#11
3
Prev: #14
|
3.1 | 1,120,552 | 66.4% |
P
S
|
2,809,392 | $31,296,627 | 2024 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
RBA
RB GLOBAL INC
|
Industrials | 2.11% | 1.69% |
#12
8
Prev: #20
|
3.1 | 154,012 | 111.0% |
P
S
|
292,742 | $30,114,370 | 2023 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
WULF
TERAWULF INC
|
Financial Services | 1.96% | — |
#13
Prev: #—
|
2.8 | 2,427,296 | no change |
NEW
|
2,427,296 | $27,889,631 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ETN
EATON CORP PLC
|
Industrials | 1.91% | 1.90% |
#14
5
Prev: #19
|
3.0 | 40,506 | 90.0% |
P
S
|
85,526 | $27,240,886 | 2025 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
OGE
OGE ENERGY CORP
|
Utilities | 1.91% | — |
#15
Prev: #—
|
2.8 | 637,124 | no change |
NEW
|
637,124 | $27,205,195 | 2017 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CMI
CUMMINS INC
|
Industrials | 1.79% | 3.01% |
#16
6
Prev: #10
|
0.8 | -13,410 | -21.2% |
P
S
|
49,802 | $25,421,431 | 2025 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
URI
UNITED RENTALS ...
|
Industrials | 1.74% | — |
#17
Prev: #—
|
2.7 | 30,698 | no change |
NEW
|
30,698 | $24,844,505 | 2025 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
VC
VISTEON CORP
|
Consumer Cyclical | 1.73% | 1.27% |
#18
8
Prev: #26
|
3.0 | 164,200 | 173.9% |
P
S
|
258,628 | $24,595,523 | 2023 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CNH
CNH INDL N V
|
Industrials | 1.71% | 1.92% |
#19
1
Prev: #18
|
2.9 | 1,076,286 | 68.6% |
P
S
|
2,644,387 | $24,381,248 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GPI
GROUP 1 AUTOMOT...
|
Consumer Cyclical | 1.44% | 3.05% |
#20
11
Prev: #9
|
0.6 | -9,883 | -15.9% |
P
S
|
52,107 | $20,493,683 | 2023 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
VIK
VIKING HOLDINGS...
|
Consumer Cyclical | 1.25% | — |
#21
Prev: #—
|
2.5 | 250,000 | no change |
NEW
|
250,000 | $17,852,500 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
WMG
WARNER MUSIC GR...
|
Communication Services | 1.25% | — |
#22
Prev: #—
|
2.5 | 580,769 | no change |
NEW
|
580,769 | $17,812,185 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CRC
CALIFORNIA RES ...
|
Energy | 1.20% | — |
#23
Prev: #—
|
2.5 | 382,350 | no change |
NEW
|
382,350 | $17,094,869 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
TEL
TE CONNECTIVITY...
|
Technology | 1.15% | — |
#24
Prev: #—
|
2.5 | 72,088 | no change |
NEW
|
72,088 | $16,400,741 | 2025 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
TRP
TC ENERGY CORP
|
Energy | 1.07% | 12.55% |
#25
23
Prev: #2
|
0.7 | -1,772,008 | -86.5% |
P
S
|
276,247 | $15,231,624 | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
EIX
EDISON INTL
|
Utilities | 0.00% | 3.38% |
Sold All 😨
(Was: #5) |
0.3 | -543,009 | -100.0% |
CLOSED
|
— | $— | 2018 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
XEL
XCEL ENERGY INC
|
Utilities | 0.00% | 3.35% |
Sold All 😨
(Was: #6) |
0.3 | -368,943 | -100.0% |
CLOSED
|
— | $— | 2021 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GM
GENERAL MTRS CO
|
Consumer Cyclical | 0.00% | 3.09% |
Sold All 😨
(Was: #8) |
0.3 | -450,119 | -100.0% |
CLOSED
|
— | $— | 2023 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ALB
ALBEMARLE CORP
|
Basic Materials | 0.00% | 2.33% |
Sold All 😨
(Was: #12) |
0.3 | -255,648 | -100.0% |
CLOSED
|
— | $— | 2023 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
NEE
NEXTERA ENERGY ...
|
Utilities | 0.00% | 2.10% |
Sold All 😨
(Was: #15) |
0.3 | -247,384 | -100.0% |
CLOSED
|
— | $— | 2017 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
OSK
OSHKOSH CORP
|
Industrials | 0.00% | 1.99% |
Sold All 😨
(Was: #17) |
0.3 | -136,369 | -100.0% |
CLOSED
|
— | $— | 2025 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
LYB
LYONDELLBASELL ...
|
Basic Materials | 0.00% | 1.43% |
Sold All 😨
(Was: #25) |
0.3 | -259,014 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
AWK
AMERICAN WTR WK...
|
Utilities | 0.00% | 1.18% |
Sold All 😨
(Was: #27) |
0.3 | -75,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
TSLA
TESLA INC
|
Consumer Cyclical | 0.00% | 0.96% |
Sold All 😨
(Was: #30) |
0.3 | -19,207 | -100.0% |
CLOSED
|
— | $— | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
BWA
BORGWARNER INC
|
Consumer Cyclical | 0.00% | 0.91% |
Sold All 😨
(Was: #31) |
0.3 | -184,406 | -100.0% |
CLOSED
|
— | $— | 2024 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FCX
FREEPORT-MCMORA...
|
Basic Materials | 0.00% | 0.87% |
Sold All 😨
(Was: #32) |
0.3 | -196,326 | -100.0% |
CLOSED
|
— | $— | 2024 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
WB
WATERBRIDGE INF...
|
Communication Services | 0.00% | 0.85% |
Sold All 😨
(Was: #33) |
0.3 | -300,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ST
SENSATA TECHNOL...
|
Technology | 0.00% | 0.65% |
Sold All 😨
(Was: #34) |
0.3 | -189,622 | -100.0% |
CLOSED
|
— | $— | 2025 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FLNC
FLUENCE ENERGY ...
|
Utilities | 0.00% | 0.60% |
Sold All 😨
(Was: #37) |
0.3 | -491,039 | -100.0% |
CLOSED
|
— | $— | 2023 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
NUE
NUCOR CORP
|
Basic Materials | 0.00% | 0.56% |
Sold All 😨
(Was: #38) |
0.3 | -36,942 | -100.0% |
CLOSED
|
— | $— | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
OI
O-I GLASS INC
|
Consumer Cyclical | 0.00% | 0.44% |
Sold All 😨
(Was: #40) |
0.3 | -303,869 | -100.0% |
CLOSED
|
— | $— | 2024 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
KNTK
KINETIK HOLDING...
|
Energy | 0.00% | 0.43% |
Sold All 😨
(Was: #41) |
0.3 | -90,230 | -100.0% |
CLOSED
|
— | $— | 2025 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
HRI
HERC HLDGS INC
|
Industrials | 0.00% | 0.37% |
Sold All 😨
(Was: #43) |
0.3 | -28,036 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ACDC
PROFRAC HLDG CO...
|
Energy | 0.00% | 0.22% |
Sold All 😨
(Was: #45) |
0.3 | -529,711 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
PONY
PONY AI INC
|
Technology | 0.00% | 0.16% |
Sold All 😨
(Was: #46) |
0.3 | -64,492 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
MT
ARCELORMITTAL S...
|
Basic Materials | 0.00% | 0.09% |
Sold All 😨
(Was: #48) |
0.3 | -23,372 | -100.0% |
CLOSED
|
— | $— | 2019 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FIGR
FIGURE TECHNOLO...
|
Financial Services | 0.00% | 0.08% |
Sold All 😨
(Was: #49) |
0.3 | -20,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
IAG
IAMGOLD CORP
|
Basic Materials | 0.00% | 0.06% |
Sold All 😨
(Was: #50) |
0.3 | -40,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SLB
SCHLUMBERGER LT...
|
Energy | 0.00% | 0.04% |
Sold All 😨
(Was: #51) |
0.3 | -10,552 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
NVX
NOVONIX LIMITED
|
Industrials | 0.00% | 0.02% |
Sold All 😨
(Was: #52) |
0.3 | -125,476 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
OPEN
OPENDOOR TECHNO...
|
Real Estate | 0.00% | 0.01% |
Sold All 😨
(Was: #53) |
0.3 | -15,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FFAI
FARADAY FUTURE ...
|
Consumer Cyclical | 0.00% | 0.00% |
Sold All 😨
(Was: #54) |
0.3 | -10,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) |
Showing 1-25 of 103 holdings