Covalis Capital LLP
Long book
$1.62B
Q1 2026
Positions
122
Top-10 weight
43%
concentration
Last quarter
+6.8%
SPY +14.8%
Turnover
65%
of book per quarter
Strategy in plain words
auto-generated from filingsCovalis Capital LLP is a diversified fundamental manager, running a $1.62B US long book across 122 positions.
The portfolio is moderately concentrated (top 10 ≈ 43% of the book). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: P G & E CORP, BLACK HILLS CORP, UNITED RENTALS INC, EATON CORP PLC, WHIRLPOOL CORP.
Over the last 9 quarters its long book ran on average 2.6pp per quarter ahead of the S&P 500, beating the index in 7 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.9%
Q2 2024
+13.2%
Q3 2024
+3.9%
Q4 2024
-4.3%
Q1 2025
+13.7%
Q2 2025
+14.9%
Q3 2025
+5.1%
Q4 2025
+7.5%
Q1 2026
+6.8%
Sector allocation
Utilities 35%
Industrials 31%
Services media 10%
Energy 9%
Consumer discretionary 5%
Financials 3%
Materials 2%
Other 2%
Long book by quarter
What does Covalis Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PCG P G & E CORP | Utilities | 7.9M | $139.0M | 8.6% | -20.0% |
| BKH BLACK HILLS CORP | Utilities | 1.8M | $121.7M | 7.5% | -14.8% |
| URI UNITED RENTALS INC | Services media | 108.5K | $79.0M | 4.9% | +253.4% |
| ETN EATON CORP PLC | Industrials | 203.2K | $72.7M | 4.5% | +137.6% |
| WHR WHIRLPOOL CORP | Industrials | 1.3M | $70.8M | 4.4% | New |
| CORZ CORE SCIENTIFIC INC | Financials | 3.5M | $51.9M | 3.2% | -35.0% |
| GPI GROUP 1 AUTOMOTIVE INC | Consumer discretionary | 122.1K | $40.4M | 2.5% | +134.4% |
| DAN DANA INC | Industrials | 1.2M | $40.4M | 2.5% | -32.0% |
| WMB WILLIAMS COS INC | Utilities | 552.5K | $40.2M | 2.5% | -15.0% |
| AR ANTERO RESOURCES CORP | Energy | 923.8K | $39.2M | 2.4% | +113.3% |
| DTE DTE ENERGY COMPANY | Utilities | 261.9K | $38.3M | 2.4% | +583.7% |
| RBA RB GLOBAL INC | Services media | 359.3K | $34.4M | 2.1% | +22.7% |
| XEL XCEL ENERGY INC | Utilities | 400.8K | $31.8M | 2.0% | New |
| GM GENERAL MOTORS CO | Industrials | 349.8K | $26.1M | 1.6% | New |
| FANG DIAMONDBACK ENERGY INC | Energy | 128.1K | $25.3M | 1.6% | New |
| OGE OGE ENERGY CORP | Utilities | 508.4K | $24.4M | 1.5% | -20.2% |
| TLN TALEN ENERGY CORP | Utilities | 76.2K | $24.3M | 1.5% | New |
| CAT CATERPILLAR INC | Industrials | 34.1K | $24.1M | 1.5% | -38.2% |
| AM ANTERO MIDSTREAM CORP | Utilities | 985.2K | $22.5M | 1.4% | New |
| GNRC GENERAC HOLDINGS INC | Industrials | 113.1K | $22.1M | 1.4% | +526.6% |
| CMI CUMMINS INC | Industrials | 41.0K | $22.1M | 1.4% | -17.7% |
| MWH SOLV ENERGY INC-CL A | Industrials | 697.1K | $20.9M | 1.3% | New |
| EQT EQT CORP | Energy | 319.9K | $20.4M | 1.3% | New |
| VC VISTEON CORP | Industrials | 220.2K | $20.1M | 1.2% | -14.9% |
| LAD LITHIA MOTORS INC | Consumer discretionary | 79.9K | $19.9M | 1.2% | New |
| WMG WARNER MUSIC GROUP CORP-CL A | Services media | 771.3K | $19.7M | 1.2% | +32.8% |
| TRGP TARGA RESOURCES CORP | Utilities | 76.6K | $19.2M | 1.2% | +941.8% |
| VNOM VIPER ENERGY INC-CL A | Energy | 400.0K | $18.8M | 1.2% | New |
| TRP TC ENERGY CORP | Utilities | 300.7K | $18.8M | 1.2% | +8.9% |
| RACE FERRARI NV | Industrials | 53.7K | $18.2M | 1.1% | New |
| APTV APTIV PLC | Industrials | 252.5K | $17.5M | 1.1% | +57.1% |
| APLD APPLIED DIGITAL CORP | Technology | 738.1K | $17.5M | 1.1% | New |
| BKV BKV CORPORATION | Energy | 604.2K | $17.2M | 1.1% | +705.6% |
| NFG NATIONAL FUEL GAS CO | Utilities | 182.2K | $17.1M | 1.1% | +86.8% |
| MYRG MYR GROUP INC/DELAWARE | Industrials | 53.5K | $15.1M | 0.9% | New |
| NRG NRG ENERGY INC | Utilities | 90.0K | $13.2M | 0.8% | New |
| WHR 8.5 02/15/29 A WHIRLPOOL CORP | — | 315.0K | $12.9M | 0.8% | New |
| STLA STELLANTIS NV | Industrials | 1.8M | $12.6M | 0.8% | +31.1% |
| FE FIRSTENERGY CORP | Utilities | 246.1K | $12.5M | 0.8% | New |
| PPL PPL CORP | Utilities | 320.3K | $12.2M | 0.8% | New |
| STLD STEEL DYNAMICS INC | Industrials | 63.4K | $11.4M | 0.7% | New |
| OI O-I GLASS INC | Industrials | 1.0M | $10.9M | 0.7% | New |
| ABG ASBURY AUTOMOTIVE GROUP | Consumer discretionary | 51.7K | $10.1M | 0.6% | +2.0% |
| KNX KNIGHT-SWIFT TRANSPORTATION | Industrials | 165.7K | $9.5M | 0.6% | New |
| FPS FORGENT POWER SOLUTIONS-CL A | Industrials | 325.7K | $9.5M | 0.6% | New |
| VIK VIKING HOLDINGS LTD | Industrials | 125.0K | $9.2M | 0.6% | -50.0% |
| CLF CLEVELAND-CLIFFS INC | Materials | 1.1M | $9.1M | 0.6% | New |
| CVNA CARVANA CO | Consumer discretionary | 28.8K | $9.1M | 0.6% | New |
| OMC OMNICOM GROUP | Services media | 119.6K | $9.0M | 0.6% | -28.5% |
| KOS KOSMOS ENERGY LTD | Energy | 3.2M | $8.8M | 0.5% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 123 | $1.63B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 76 | $1.42B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR/ARESTATEMENT | Nov 14, 2025 | 54 | $858.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 54 | $887.9M | SEC ↗ | |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 57 | $822.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 53 | $528.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 61 | $684.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 51 | $710.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 61 | $735.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 52 | $810.4M | canonical | SEC ↗ |
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