Covalis Capital LLP

LONDON, X0 · CIK 1698819 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 2026 · limited liability partnership

Assets managed$4.8bn
Staff25 · 17 in investment roles
Main clients (by assets)Private funds 100%
Private funds2 (2 hedge) · $3.2bn gross assets
Form ADV · 2026-06-30SEC adviser record

Legal entityCOVALIS CAPITAL LLP (GB)

Kindhedge funds, futures, FCA fund manager
Others nearbyLondon

As an employer

Offices in1 country
Private fundshedge 4

In the UK

FCA-authorised companies1
Manages investmentsyes
Runs fundsyes
Retail clientsno, professional only

Company	Town	Staff	Pay gap report	FCA register
COVALIS CAPITAL LLP Limited Liability PartnershipFCA: Authorised · manages investments, manages AIFs, advises, deals	London			Authorisedmanages investments, manages AIFs, advises, deals

Sources: Companies House (accounts filed electronically; the largest groups often file on paper, so their staff numbers can be missing), the UK gender pay gap service (employers with 250+ staff) and the FCA's Financial Services Register. Contains public sector information licensed under the Open Government Licence v3.0.

$1.8bn reported value +9.0% vs Q1 2026

100positions

41.8%in top 10

52 new 20 added 28 reduced 74 sold out vs Q1 2026

Options: 1 call positions ($737.0k notional), 0 put positions (— notional) – listed below, not included above.

This report includes the holdings of 1 other manager that shares the investment decisions:

Covalis (Gibraltar) Ltd – files its own report too

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	PG&E CORP COM PCG	PCG	8,772,024	$147.5m8.33%	8.33%	Added +858.6k	+858,647 10.8%
2	BLACK HILLS CORP COM BKH	BKH	1,481,404	$110.2m6.22%	6.22%	Reduced -271.4k	-271,442 -15.5%
3	ANTERO RESOURCES CORP COM AR	AR	2,634,969	$92.6m5.23%	5.23%	Added +1.7m	+1,711,161 185.2%
4	AMEREN CORP COM AEE	AEE	629,746	$71.2m4.02%	4.02%	New
5	ANTERO MIDSTREAM CORP COM AM	AM	3,031,515	$69.0m3.89%	3.89%	Added +2.0m	+2,046,353 207.7%
6	PPL CORP COM PPL	PPL	1,788,306	$65.0m3.67%	3.67%	Added +1.5m	+1,468,012 458.3%
7	EQT CORP COM EQT	EQT	956,598	$50.9m2.87%	2.87%	Added +636.7k	+636,679 199.0%
8	AMERICAN ELEC PWR CO INC COM AEP	AEP	350,872	$48.0m2.71%	2.71%	New
9	CHENIERE ENERGY INC COM NEW LNG	LNG	188,557	$45.1m2.54%	2.54%	New
10	COREWEAVE INC COM CL A CRWV	CRWV	410,049	$40.8m2.30%	2.30%	New
11	CORE SCIENTIFIC INC NEW COM CORZ	CORZ	1,563,413	$40.0m2.26%	2.26%	Reduced -1.9m	-1,908,616 -55.0%
12	EMERA INC COM EMA	EMA	734,477	$38.9m2.20%	2.20%	New
13	BKV CORP COM BKV	BKV	1,414,178	$38.7m2.18%	2.18%	Added +810.0k	+809,967 134.1%
14	GENERAL MTRS CO COM GM	GM	482,202	$37.2m2.10%	2.10%	Added +132.4k	+132,425 37.9%
15	BORGWARNER INC COM BWA	BWA	514,287	$34.1m1.93%	1.93%	Added +361.6k	+361,586 236.8%
16	APA CORPORATION COM APA	APA	1,006,739	$32.8m1.85%	1.85%	New
17	GENERAC HLDGS INC COM GNRC	GNRC	100,729	$29.5m1.66%	1.66%	Reduced -12.3k	-12,322 -10.9%
18	DANA INC COM DAN	DAN	1,066,246	$29.0m1.64%	1.64%	Reduced -132.9k	-132,892 -11.1%
19	CLEANSPARK INC COM NEW CLSK	CLSK	1,973,047	$28.7m1.62%	1.62%	New
20	INNIO NV ORDINARY SHARES INIO	INIO	712,960	$28.2m1.59%	1.59%	New
21	O-I GLASS INC COM OI	OI	2,816,191	$27.1m1.53%	1.53%	Added +1.8m	+1,776,558 170.9%
22	SPACE EXPLORATION TECHN CORP CLASS A COM STK SPCX	SPCX	155,000	$26.5m1.49%	1.49%	New
23	DTE ENERGY CO COM DTE	DTE	155,703	$23.7m1.34%	1.34%	Reduced -106.2k	-106,152 -40.5%
24	CATERPILLAR INC COM CAT	CAT	20,906	$22.3m1.26%	1.26%	Reduced -13.2k	-13,153 -38.6%
25	DIGITAL RLTY TR INC COM DLR	DLR	122,000	$21.9m1.24%	1.24%	New
26	VERSIGENT PLC ORDINARY SHARES VGNT	VGNT	499,633	$21.0m1.18%	1.18%	New
27	AUTONATION INC COM AN	AN	112,291	$20.9m1.18%	1.18%	New
28	TC ENERGY CORP COM TRP	TRP	303,624	$20.1m1.14%	1.14%	Added +2.9k	+2,924 1.0%
29	FORGENT POWER SOLUTIONS INC COM SHS CL A FPS	FPS	350,000	$19.6m1.10%	1.10%	Added +24.3k	+24,259 7.5%
30	GROUP 1 AUTOMOTIVE INC COM GPI	GPI	64,293	$18.7m1.06%	1.06%	Reduced -57.8k	-57,834 -47.4%
31	LIBERTY GLOBAL LTD COM CL A LBTYA	LBTYA	1,645,963	$18.7m1.06%	1.06%	New
32	CIPHER MINING INC COM CIFR	CIFR	751,077	$18.4m1.04%	1.04%	New
33	WILLIAMS COS INC COM WMB	WMB	236,367	$17.6m0.99%	0.99%	Reduced -316.1k	-316,139 -57.2%
34	ALLISON TRANSMISSION HLDGS I COM ALSN	ALSN	146,525	$16.5m0.93%	0.93%	New
35	XCEL ENERGY INC COM XEL	XEL	186,000	$14.9m0.84%	0.84%	Reduced -214.8k	-214,817 -53.6%
36	LITHIA MTRS INC COM LAD	LAD	49,710	$14.4m0.82%	0.82%	Reduced -30.2k	-30,158 -37.8%
37	IREN LIMITED ORDINARY SHARES IREN	IREN	308,405	$14.1m0.80%	0.80%	New
38	CRH PLC ORD CRH	CRH	128,114	$13.7m0.77%	0.77%	New
39	SOLV ENERGY INC COM SHS CL A MWH	MWH	400,000	$13.6m0.77%	0.77%	Reduced -297.1k	-297,110 -42.6%
40	VALE S A SPONSORED ADS VALE	VALE	905,082	$13.6m0.77%	0.77%	Added +348.1k	+348,108 62.5%
41	OCCIDENTAL PETE CORP COM OXY	OXY	270,898	$13.2m0.74%	0.74%	New
42	RB GLOBAL INC COM RBA	RBA	112,449	$13.1m0.74%	0.74%	Reduced -246.8k	-246,832 -68.7%
43	WHIRLPOOL CORP 8.5 DEP SR A CNV WHR 8.5 02.15.29 A	WHR 8.5 02.15.29 A	369,000	$13.0m0.73%	0.73%	Added +54.0k	+54,000 17.1%
44	MASTEC INC COM MTZ	MTZ	30,842	$12.8m0.72%	0.72%	New
45	WYNDHAM HOTELS & RESORTS INC COM WH	WH	137,295	$11.6m0.65%	0.65%	New
46	FLUOR CORP NEW COM FLR	FLR	207,907	$10.9m0.61%	0.61%	Added +85.1k	+85,108 69.3%
47	ELDORADO GOLD CORP NEW COM EGO	EGO	332,575	$10.3m0.58%	0.58%	Added +102.0k	+102,000 44.2%
48	VISTRA CORP COM VST	VST	63,683	$10.1m0.57%	0.57%	New
49	NRG ENERGY INC COM NEW NRG	NRG	68,264	$10.0m0.56%	0.56%	Reduced -21.7k	-21,736 -24.1%
50	TARGA RES CORP COM TRGP	TRGP	36,231	$9.7m0.55%	0.55%	Reduced -40.4k	-40,386 -52.7%
51	PRIMORIS SVCS CORP COM PRIM	PRIM	91,093	$9.0m0.51%	0.51%	New
52	KNIGHT-SWIFT TRANSN HLDGS IN CL A KNX	KNX	113,215	$8.8m0.50%	0.50%	Reduced -52.5k	-52,524 -31.7%
53	TECK RESOURCES LTD CL B TECK	TECK	143,805	$8.6m0.48%	0.48%	Added +9.6k	+9,553 7.1%
54	C H ROBINSON WORLDWIDE INC COM NEW CHRW	CHRW	44,663	$8.4m0.47%	0.47%	New
55	TEREX CORP NEW COM TEX	TEX	110,239	$8.0m0.45%	0.45%	New
56	SEMPRA COM SRE	SRE	85,265	$7.9m0.45%	0.45%	Added +70.9k	+70,916 494.2%
57	FERVO ENERGY CO CL A COM FRVO	FRVO	250,000	$7.3m0.41%	0.41%	New
58	WHIRLPOOL CORP COM WHR	WHR	175,813	$6.9m0.39%	0.39%	Reduced -1.1m	-1,136,491 -86.6%
59	MDU RES GROUP INC COM MDU	MDU	320,176	$6.8m0.38%	0.38%	Added +120.2k	+120,176 60.1%
60	KINETIK HOLDINGS INC COM NEW CL A KNTK	KNTK	135,983	$6.6m0.37%	0.37%	New
61	LEGENCE CORP CL A LGN	LGN	75,000	$6.4m0.36%	0.36%	Reduced -5.0k	-5,000 -6.2%
62	MODINE MFG CO COM MOD	MOD	23,391	$6.2m0.35%	0.35%	New
63	WARNER MUSIC GROUP CORP COM CL A WMG	WMG	213,949	$5.8m0.33%	0.33%	Reduced -557.4k	-557,358 -72.3%
64	EAGLEROCK LD LLC CL A SHS REP LTD EROK	EROK	271,486	$5.8m0.33%	0.33%	New
65	ADIENT PLC ORD SHS ADNT	ADNT	304,226	$5.6m0.32%	0.32%	New
66	X-ENERGY INC COM CL A XE	XE	301,185	$5.5m0.31%	0.31%	New
67	ITRON INC COM ITRI	ITRI	63,311	$5.5m0.31%	0.31%	New
68	DPC HOLDINGS PLC ORDINARY SHARES DPC	DPC	110,000	$5.4m0.30%	0.30%	New
69	EXXON MOBIL CORP COM XOM	XOM	36,975	$5.1m0.29%	0.29%	New
70	FREEPORT-MCMORAN INC CL B FCX	FCX	79,560	$5.0m0.28%	0.28%	New
71	NATIONAL FUEL GAS CO COM NFG	NFG	64,082	$4.9m0.28%	0.28%	Reduced -118.1k	-118,135 -64.8%
72	HALLIBURTON CO COM HAL	HAL	134,457	$4.6m0.26%	0.26%	Reduced -49.5k	-49,521 -26.9%
73	SENSATA TECHNOLOGIES HLDG PL SHS ST	ST	93,417	$4.5m0.25%	0.25%	New
74	KODIAK GAS SVCS INC COM KGS	KGS	59,220	$4.4m0.25%	0.25%	New
75	FIRST SOLAR INC COM FSLR	FSLR	16,983	$4.0m0.23%	0.23%	New
76	VISTEON CORP COM NEW VC	VC	37,282	$3.7m0.21%	0.21%	Reduced -182.9k	-182,882 -83.1%
77	ASBURY AUTOMOTIVE GROUP INC COM ABG	ABG	16,466	$3.3m0.19%	0.19%	Reduced -35.3k	-35,253 -68.2%
78	QUANTINUUM INC CL A COM QNT	QNT	40,000	$3.3m0.18%	0.18%	New
79	STANDARDAERO INC COM SARO	SARO	100,000	$3.0m0.17%	0.17%	Reduced -50.0k	-50,000 -33.3%
80	CEMEX SAB DE CV SPON ADR NEW CX	CX	228,398	$2.7m0.15%	0.15%	New
81	CEREBRAS SYSTEMS INC COM CL A CBRS	CBRS	10,000	$2.2m0.12%	0.12%	New
82	NEXTRACKER INC CLASS A COM NXT	NXT	17,419	$2.1m0.12%	0.12%	New
83	CUMMINS INC COM CMI	CMI	2,892	$2.1m0.12%	0.12%	Reduced -38.1k	-38,116 -93.0%
84	NOUVEAU MONDE GRAPHITE INC COM NEW NMG	NMG	1,363,226	$2.0m0.12%	0.12%	New
85	SOUTHWEST GAS HLDGS INC COM SWX	SWX	22,898	$2.0m0.11%	0.11%	Added +4.3k	+4,272 22.9%
86	CARMAX INC COM KMX	KMX	38,003	$2.0m0.11%	0.11%	New
87	HUDBAY MINERALS INC COM HBM	HBM	84,691	$2.0m0.11%	0.11%	New
88	DT MIDSTREAM INC COMMON STOCK DTM	DTM	13,280	$1.9m0.11%	0.11%	Reduced -2.5k	-2,534 -16.0%
89	SABLE OFFSHORE CORP COM SHS SOC	SOC	595,911	$1.8m0.10%	0.10%	New
90	ECHOSTAR CORP CL A ECHO	ECHO	16,861	$1.7m0.10%	0.10%	New
91	HONEYWELL AEROSPACE INC COM HONA	HONA	6,000	$1.3m0.07%	0.07%	New
92	MADISON AIR SOLUTIONS CORP COM SHS CL A MAIR	MAIR	30,000	$1.2m0.07%	0.07%	New
93	DARLING INGREDIENTS INC COM DAR	DAR	21,319	$1.2m0.07%	0.07%	Reduced -37.3k	-37,333 -63.6%
94	XPO INC COM XPO	XPO	5,011	$1.0m0.06%	0.06%	New
95	TESLA INC COM TSLA	TSLA	2,428	$1.0m0.06%	0.06%	New
96	MURPHY OIL CORP COM MUR	MUR	29,117	$948.0k0.05%	0.05%	New
97	JAGUAR URANIUM CORP CL A COM SHS JAGU	JAGU	520,201	$868.7k0.05%	0.05%	Reduced -179.8k	-179,797 -25.7%
98	OCTAVE INTELLIGENCE PLC ORD SHS CL B OCTV	OCTV	48,201	$785.7k0.04%	0.04%	New
99	WOLFSPEED INC COMMON STOCK WOLF	WOLF	10,000	$482.5k0.03%	0.03%	Reduced -10.0k	-10,000 -50.0%
100	POWERBANK CORP COM SHS PBK	PBK	509,005	$351.2k0.02%	0.02%	Added +159.0k	+159,005 45.4%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
UNITED RENTALS INC URI	URI	108,487	$79.0m108.5k shares
EATON CORP PLC ETN	ETN	203,223	$72.7m203.2k shares
DIAMONDBACK ENERGY INC FANG	FANG	128,110	$25.3m128.1k shares
OGE ENERGY CORP OGE	OGE	508,422	$24.4m508.4k shares
TALEN ENERGY CORP TLN	TLN	76,237	$24.3m76.2k shares
VIPER ENERGY INC VNOM	VNOM	400,000	$18.8m400.0k shares
FERRARI N V RACE	RACE	53,740	$18.2m53.7k shares
APTIV PLC APTV	APTV	252,462	$17.5m252.5k shares
APPLIED DIGITAL CORP APLD	APLD	738,143	$17.5m738.1k shares
MYR GROUP INC DEL MYRG	MYRG	53,546	$15.1m53.5k shares
STELLANTIS N.V STLA	STLA	1,784,868	$12.6m1.8m shares
FIRSTENERGY CORP FE	FE	246,147	$12.5m246.1k shares
STEEL DYNAMICS INC STLD	STLD	63,385	$11.4m63.4k shares
SHELL PLC SHEL	SHEL	106,629	$9.9m106.6k shares
VIKING HOLDINGS LTD VIK	VIK	125,000	$9.2m125.0k shares
CLEVELAND-CLIFFS INC NEW CLF	CLF	1,080,308	$9.1m1.1m shares
CARVANA CO CVNA	CVNA	144,105	$9.1m144.1k shares
OMNICOM GROUP INC OMC	OMC	119,608	$9.0m119.6k shares
KOSMOS ENERGY LTD KOS	KOS	3,162,820	$8.8m3.2m shares
NVENT ELECTRIC PLC NVT	NVT	73,461	$8.7m73.5k shares
UL SOLUTIONS INC ULS	ULS	100,000	$8.6m100.0k shares
KAISER ALUMINUM CORP KALU	KALU	69,667	$8.4m69.7k shares
RIVIAN AUTOMOTIVE INC RIVN	RIVN	540,918	$8.1m540.9k shares
SMURFIT WESTROCK PLC SW	SW	203,407	$8.1m203.4k shares
PEABODY ENERGY CORP BTU	BTU	196,963	$6.5m197.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
STELLANTIS N.V STLA · Call	STLA	Call	148,000	$737.0k148.0k shares	Unchanged