Covalis Capital LLP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BKH	BLACK HILLS CORP	2,057,160	$142,808	10.0%	$66.47	0.0%	COM	092113109
CORZ	CORE SCIENTIFIC INC NEW	5,341,913	$77,778	5.5%	$17.44	0.0%	COM	21874A106
CORZ	CORE SCIENTIFIC INC NEW	5,299,600	$77,162	5.4%	$17.44	0.0%	CALL	21874A106
GLXY	GALAXY DIGITAL INC.	2,630,100	$58,809	4.1%	—	—	PUT	36317J209
WULF	TERAWULF INC	2,427,296	$27,890	2.0%	$13.40	0.0%	COM	88080T104
OGE	OGE ENERGY CORP	637,124	$27,205	1.9%	$44.60	0.0%	COM	670837103
URI	UNITED RENTALS INC	30,698	$24,845	1.7%	$867.08	0.0%	COM	911363109
VIK	VIKING HOLDINGS LTD	250,000	$17,853	1.3%	$63.81	0.0%	ORD SHS	G93A5A101
WMG	WARNER MUSIC GROUP CORP	580,769	$17,812	1.3%	$30.24	0.0%	COM CL A	934550203
CRC	CALIFORNIA RES CORP	382,350	$17,095	1.2%	$47.17	0.0%	COM STOCK	13057Q305
TEL	TE CONNECTIVITY PLC	72,088	$16,401	1.2%	$231.27	0.0%	ORD SHS	G87052109
GFL	GFL ENVIRONMENTAL INC	350,000	$15,033	1.1%	$44.67	0.0%	SUB VTG SHS	36168Q104
AR	ANTERO RESOURCES CORP	433,075	$14,924	1.0%	$33.87	0.0%	COM	03674X106
STLA	STELLANTIS N.V	1,361,890	$14,831	1.0%	$10.89	—	SHS	N82405106
AHR	AMERICAN HEALTHCARE REIT INC	300,000	$14,118	1.0%	$47.06	—	COM SHS	398182303
OMC	OMNICOM GROUP INC	167,176	$13,499	0.9%	$75.76	0.0%	COM	681919106
ULS	UL SOLUTIONS INC	169,581	$13,373	0.9%	$80.28	0.0%	CLASS A COM SHS	903731107
ITT	ITT INC	60,000	$10,411	0.7%	$179.17	0.0%	COM	45073V108
AGCO	AGCO CORP	95,693	$9,983	0.7%	$105.99	0.0%	COM	001084102
MDU	MDU RES GROUP INC	500,000	$9,760	0.7%	$19.57	0.0%	COM	552690109
TXNM	TXNM ENERGY INC	160,154	$9,430	0.7%	$57.71	0.0%	COM	69349H107
TMUS	T-MOBILE US INC	45,245	$9,187	0.6%	$211.32	0.0%	COM	872590104
EXE	EXPAND ENERGY CORPORATION	77,837	$8,590	0.6%	$110.64	0.0%	COM	165167735
ACHR	ARCHER AVIATION INC	1,125,000	$8,460	0.6%	$9.41	0.0%	COM CL A	03945R102
LGN	LEGENCE CORP	184,400	$7,937	0.6%	$39.53	0.0%	CL A	52476L109
NFG	NATIONAL FUEL GAS CO	97,545	$7,809	0.5%	$82.39	0.0%	COM	636180101
TECK	TECK RESOURCES LTD	160,321	$7,678	0.5%	$43.32	0.0%	CL B	878742204
KGS	KODIAK GAS SVCS INC	200,000	$7,480	0.5%	$35.36	0.0%	COM	50012A108
RIVN	RIVIAN AUTOMOTIVE INC	375,000	$7,391	0.5%	—	—	PUT	76954A103
MOD	MODINE MFG CO	45,404	$6,062	0.4%	$148.95	0.0%	COM	607828100
SRE	SEMPRA	68,308	$6,031	0.4%	$90.54	0.0%	COM	816851109
SAH	SONIC AUTOMOTIVE INC	93,018	$5,754	0.4%	$66.20	0.0%	CL A	83545G102
DTE	DTE ENERGY CO	38,298	$4,940	0.3%	$134.80	0.0%	COM	233331107
AN	AUTONATION INC	20,790	$4,293	0.3%	$208.03	0.0%	COM	05329W102
OKE	ONEOK INC NEW	53,542	$3,935	0.3%	$70.46	0.0%	COM	682680103
HBM	HUDBAY MINERALS INC	130,166	$2,584	0.2%	$16.91	0.0%	COM	443628102
AA	ALCOA CORP	47,148	$2,505	0.2%	$40.88	0.0%	COM	013872106
ROL	ROLLINS INC	35,000	$2,101	0.1%	$58.66	0.0%	COM	775711104
BKV	BKV CORP	75,000	$2,036	0.1%	$25.11	0.0%	COM	05603J108
FLR	FLUOR CORP NEW	49,970	$1,980	0.1%	$44.24	0.0%	COM	343412102
MIAX	MIAMI INTL HLDGS INC	40,000	$1,775	0.1%	$44.60	0.0%	COM	59356Q108
CMS	CMS ENERGY CORP	22,669	$1,585	0.1%	$72.50	0.0%	COM	125896100
ARRY	ARRAY TECHNOLOGIES INC	165,764	$1,528	0.1%	$8.58	0.0%	COM SHS	04271T100
CCI	CROWN CASTLE INC	16,842	$1,497	0.1%	$91.09	0.0%	COM	22822V101
VVX	V2X INC	23,684	$1,292	0.1%	$56.27	0.0%	COM	92242T101
WLTH	WEALTHFRONT CORP	85,593	$1,163	0.1%	$13.20	0.0%	COM	947002101
CTRI	CENTURI HOLDINGS INC	20,000	$505	0.0%	$22.36	0.0%	COM SHS	155923105
ANDG	ANDERSEN GROUP INC	12,000	$311	0.0%	$25.14	0.0%	CL A	033853102
WOLF	WOLFSPEED INC	10,000	$174	0.0%	$22.94	0.0%	COMMON STOCK	97785W106

Increased Positions (14)

ES EVERSOURCE ENERGY 5.4%

Value ($000) $76,825 (+485.4%) Shares 1,141,017 (+518.5%) Est. Cost $67.99 Unrealized +2.3%

PCG PG&E CORP 11.2%

Value ($000) $159,029 (+20.8%) Shares 9,896,033 (+13.4%) Est. Cost $16.08 Unrealized -1.0%

GNTX GENTEX CORP 2.8%

Value ($000) $40,369 (+116.6%) Shares 1,734,804 (+163.4%) Est. Cost $25.04 Unrealized -3.7%

WMB WILLIAMS COS INC 2.7%

Value ($000) $39,058 (+72.9%) Shares 649,774 (+82.2%) Est. Cost $57.55 Unrealized +4.4%

RBA RB GLOBAL INC 2.1%

Value ($000) $30,114 (+100.3%) Shares 292,742 (+111.0%) Est. Cost $94.67 Unrealized +7.3%

DAN DANA INC 2.9%

Value ($000) $41,921 (+47.9%) Shares 1,764,365 (+24.7%) Est. Cost $16.69 Unrealized +26.6%

VC VISTEON CORP 1.7%

Value ($000) $24,596 (+117.3%) Shares 258,628 (+173.9%) Est. Cost $97.35 Unrealized +8.6%

LBTYA LIBERTY GLOBAL LTD 2.2%

Value ($000) $31,297 (+61.7%) Shares 2,809,392 (+66.4%) Est. Cost $10.46 Unrealized +5.9%

ETN EATON CORP PLC 1.9%

Value ($000) $27,241 (+61.7%) Shares 85,526 (+90.0%) Est. Cost $344.68 Unrealized +2.8%

APH AMPHENOL CORP NEW 1.0%

Value ($000) $13,688 (+298.7%) Shares 101,290 (+265.1%) Est. Cost $126.93 Unrealized +5.2%

CNH CNH INDL N V 1.7%

Value ($000) $24,381 (+43.3%) Shares 2,644,387 (+68.6%) Est. Cost $11.31 Unrealized -11.7%

ABG ASBURY AUTOMOTIVE GROUP INC 0.8%

Value ($000) $11,791 (+108.1%) Shares 50,706 (+118.7%) Est. Cost $239.46 Unrealized -1.3%

CVX CHEVRON CORP NEW 0.4%

Value ($000) $6,132 (+533.7%) Shares 40,233 (+545.7%) Est. Cost $151.54 Unrealized -0.1%

BKR BAKER HUGHES COMPANY 0.3%

Value ($000) $4,170 (+68.3%) Shares 91,566 (+80.1%) Est. Cost $45.39 Unrealized +4.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ES	EVERSOURCE ENERGY	1,141,017 (+518.5%)	$76,825 (+485.4%)	5.4%	$67.99	+2.3%	COM	30040W108
PCG	PG&E CORP	9,896,033 (+13.4%)	$159,029 (+20.8%)	11.2%	$16.08	-1.0%	COM	69331C108
GNTX	GENTEX CORP	1,734,804 (+163.4%)	$40,369 (+116.6%)	2.8%	$25.04	-3.7%	COM	371901109
WMB	WILLIAMS COS INC	649,774 (+82.2%)	$39,058 (+72.9%)	2.7%	$57.55	+4.4%	COM	969457100
RBA	RB GLOBAL INC	292,742 (+111.0%)	$30,114 (+100.3%)	2.1%	$94.67	+7.3%	COM	74935Q107
DAN	DANA INC	1,764,365 (+24.7%)	$41,921 (+47.9%)	2.9%	$16.69	+26.6%	COM	235825205
VC	VISTEON CORP	258,628 (+173.9%)	$24,596 (+117.3%)	1.7%	$97.35	+8.6%	COM NEW	92839U206
LBTYA	LIBERTY GLOBAL LTD	2,809,392 (+66.4%)	$31,297 (+61.7%)	2.2%	$10.46	+5.9%	COM CL A	G61188101
ETN	EATON CORP PLC	85,526 (+90.0%)	$27,241 (+61.7%)	1.9%	$344.68	+2.8%	SHS	G29183103
APH	AMPHENOL CORP NEW	101,290 (+265.1%)	$13,688 (+298.7%)	1.0%	$126.93	+5.2%	CL A	032095101
CNH	CNH INDL N V	2,644,387 (+68.6%)	$24,381 (+43.3%)	1.7%	$11.31	-11.7%	SHS	N20944109
ABG	ASBURY AUTOMOTIVE GROUP INC	50,706 (+118.7%)	$11,791 (+108.1%)	0.8%	$239.46	-1.3%	COM	043436104
CVX	CHEVRON CORP NEW	40,233 (+545.7%)	$6,132 (+533.7%)	0.4%	$151.54	-0.1%	COM	166764100
BKR	BAKER HUGHES COMPANY	91,566 (+80.1%)	$4,170 (+68.3%)	0.3%	$45.39	+4.3%	CL A	05722G100

Exited Positions (27)

XEL XCEL ENERGY INC 2.1%

Value ($000) $29,755 Shares 368,943 Est. Cost $71.34 Unrealized +9.7%

GM GENERAL MTRS CO 1.9%

Value ($000) $27,444 Shares 450,119 Est. Cost $46.72 Unrealized +50.7%

EIX EDISON INTL 1.8%

Value ($000) $26,171 Shares 473,431 Est. Cost $53.10 Unrealized +8.0%

NEE NEXTERA ENERGY INC 1.3%

Value ($000) $18,675 Shares 247,384 Est. Cost $72.21 Unrealized +14.2%

OSK OSHKOSH CORP 1.2%

Value ($000) $17,687 Shares 136,369 Est. Cost $97.19 Unrealized +31.6%

ALB ALBEMARLE CORP 1.0%

Value ($000) $13,995 Shares 172,606 Est. Cost $58.33 Unrealized +94.2%

LYB LYONDELLBASELL INDUSTRIES N 0.9%

Value ($000) $12,702 Shares 259,014 Est. Cost $54.04 Unrealized -17.7%

AWK AMERICAN WTR WKS CO INC NEW 0.7%

Value ($000) $10,439 Shares 75,000 Est. Cost $140.03 Unrealized -4.9%

TSLA TESLA INC 0.6%

Value ($000) $8,542 Shares 19,207 Est. Cost $346.84 Unrealized +27.8%

BWA BORGWARNER INC 0.6%

Value ($000) $8,106 Shares 184,406 Est. Cost $30.35 Unrealized +44.0%

FCX FREEPORT-MCMORAN INC 0.5%

Value ($000) $7,700 Shares 196,326 Est. Cost $43.20 Unrealized +0.3%

WBI WATERBRIDGE INFRASTRUCTURE L 0.5%

Value ($000) $7,566 Shares 300,000 Est. Cost $23.45 Unrealized -1.0%

ST SENSATA TECHNOLOGIES HLDG PL 0.4%

Value ($000) $5,793 Shares 189,622 Est. Cost $24.54 Unrealized +30.3%

FLNC FLUENCE ENERGY INC 0.4%

Value ($000) $5,303 Shares 491,039 Est. Cost $8.36 Unrealized +125.5%

NUE NUCOR CORP 0.4%

Value ($000) $5,003 Shares 36,942 Est. Cost $140.51 Unrealized +6.6%

OI O-I GLASS INC 0.3%

Value ($000) $3,941 Shares 303,869 Est. Cost $13.64 Unrealized -3.0%

KNTK KINETIK HOLDINGS INC 0.3%

Value ($000) $3,856 Shares 90,230 Est. Cost $43.90 Unrealized -17.7%

HRI HERC HLDGS INC 0.2%

Value ($000) $3,271 Shares 28,036 Est. Cost $127.39 Unrealized +6.7%

ACDC PROFRAC HLDG CORP 0.1%

Value ($000) $1,960 Shares 529,711 Est. Cost $5.51 Unrealized -25.9%

PONY PONY AI INC 0.1%

Value ($000) $1,450 Shares 64,492 Est. Cost $22.49 Unrealized —

MT ARCELORMITTAL SA LUXEMBOURG 0.1%

Value ($000) $840 Shares 23,372 Est. Cost $31.58 Unrealized —

FIGR FIGURE TECHNOLOGY SOLUTIO 0.1%

Value ($000) $727 Shares 20,000 Est. Cost $38.84 Unrealized +3.0%

IAG IAMGOLD CORP 0.0%

Value ($000) $517 Shares 40,000 Est. Cost $8.76 Unrealized +60.9%

SLB SCHLUMBERGER LTD 0.0%

Value ($000) $363 Shares 10,552 Est. Cost $34.34 Unrealized +5.0%

NVX NOVONIX LIMITED 0.0%

Value ($000) $161 Shares 125,476 Est. Cost $1.28 Unrealized —

OPEN OPENDOOR TECHNOLOGIES INC 0.0%

Value ($000) $120 Shares 15,000 Est. Cost $4.19 Unrealized +74.2%

FFAI FARADAY FUTURE INTLGT ELEC I 0.0%

Value ($000) $13 Shares 10,000 Est. Cost $2.11 Unrealized -41.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XEL	XCEL ENERGY INC	368,943	$29,755	2.1%	$71.34	+9.7%	—	98389B100
GM	GENERAL MTRS CO	450,119	$27,444	1.9%	$46.72	+50.7%	—	37045V100
EIX	EDISON INTL	473,431	$26,171	1.8%	$53.10	+8.0%	—	281020107
NEE	NEXTERA ENERGY INC	247,384	$18,675	1.3%	$72.21	+14.2%	—	65339F101
OSK	OSHKOSH CORP	136,369	$17,687	1.2%	$97.19	+31.6%	—	688239201
ALB	ALBEMARLE CORP	172,606	$13,995	1.0%	$58.33	+94.2%	—	012653101
LYB	LYONDELLBASELL INDUSTRIES N	259,014	$12,702	0.9%	$54.04	-17.7%	—	N53745100
AWK	AMERICAN WTR WKS CO INC NEW	75,000	$10,439	0.7%	$140.03	-4.9%	—	030420103
TSLA	TESLA INC	19,207	$8,542	0.6%	$346.84	+27.8%	—	88160R101
BWA	BORGWARNER INC	184,406	$8,106	0.6%	$30.35	+44.0%	—	099724106
FCX	FREEPORT-MCMORAN INC	196,326	$7,700	0.5%	$43.20	+0.3%	—	35671D857
WBI	WATERBRIDGE INFRASTRUCTURE L	300,000	$7,566	0.5%	$23.45	-1.0%	—	940923105
ST	SENSATA TECHNOLOGIES HLDG PL	189,622	$5,793	0.4%	$24.54	+30.3%	—	G8060N102
FLNC	FLUENCE ENERGY INC	491,039	$5,303	0.4%	$8.36	+125.5%	—	34379V103
NUE	NUCOR CORP	36,942	$5,003	0.4%	$140.51	+6.6%	—	670346105
OI	O-I GLASS INC	303,869	$3,941	0.3%	$13.64	-3.0%	—	67098H104
KNTK	KINETIK HOLDINGS INC	90,230	$3,856	0.3%	$43.90	-17.7%	—	02215L209
HRI	HERC HLDGS INC	28,036	$3,271	0.2%	$127.39	+6.7%	—	42704L104
ACDC	PROFRAC HLDG CORP	529,711	$1,960	0.1%	$5.51	-25.9%	—	74319N100
PONY	PONY AI INC	64,492	$1,450	0.1%	$22.49	—	—	732908108
MT	ARCELORMITTAL SA LUXEMBOURG	23,372	$840	0.1%	$31.58	—	—	03938L203
FIGR	FIGURE TECHNOLOGY SOLUTIO	20,000	$727	0.1%	$38.84	+3.0%	—	349381103
IAG	IAMGOLD CORP	40,000	$517	0.0%	$8.76	+60.9%	—	450913108
SLB	SCHLUMBERGER LTD	10,552	$363	0.0%	$34.34	+5.0%	—	806857108
NVX	NOVONIX LIMITED	125,476	$161	0.0%	$1.28	—	—	67010L100
OPEN	OPENDOOR TECHNOLOGIES INC	15,000	$120	0.0%	$4.19	+74.2%	—	683712103
FFAI	FARADAY FUTURE INTLGT ELEC I	10,000	$13	0.0%	$2.11	-41.3%	—	307359885

Decreased Positions (12)

TRP TC ENERGY CORP 1.1%

Value ($000) $15,232 (-86.3%) Shares 276,247 (-86.5%) Est. Cost $49.04 Unrealized +8.8%

FSLR FIRST SOLAR INC 0.4%

Value ($000) $5,912 (-86.4%) Shares 22,632 (-88.5%) Est. Cost $191.94 Unrealized +31.4%

TRGP TARGA RES CORP 0.1%

Value ($000) $1,357 (-90.3%) Shares 7,354 (-91.2%) Est. Cost $171.89 Unrealized -2.2%

MBLY MOBILEYE GLOBAL INC 0.2%

Value ($000) $3,270 (-76.8%) Shares 313,190 (-68.7%) Est. Cost $14.93 Unrealized -16.3%

APTV APTIV PLC 0.9%

Value ($000) $12,225 (-37.9%) Shares 160,669 (-29.6%) Est. Cost $63.58 Unrealized +26.3%

GPI GROUP 1 AUTOMOTIVE INC 1.4%

Value ($000) $20,494 (-24.4%) Shares 52,107 (-15.9%) Est. Cost $434.62 Unrealized -5.6%

GNRC GENERAC HLDGS INC 0.2%

Value ($000) $2,460 (-71.8%) Shares 18,041 (-65.4%) Est. Cost $175.19 Unrealized -7.9%

DTM DT MIDSTREAM INC 0.7%

Value ($000) $9,915 (-28.7%) Shares 82,845 (-32.6%) Est. Cost $81.10 Unrealized +40.9%

UGI UGI CORP NEW 0.6%

Value ($000) $8,339 (-16.1%) Shares 222,801 (-25.4%) Est. Cost $34.64 Unrealized +2.2%

CMI CUMMINS INC 1.8%

Value ($000) $25,421 (-4.8%) Shares 49,802 (-21.2%) Est. Cost $327.53 Unrealized +42.4%

SW SMURFIT WESTROCK PLC 0.2%

Value ($000) $3,292 (-17.7%) Shares 85,142 (-9.4%) Est. Cost $45.03 Unrealized -15.3%

CAT CATERPILLAR INC 2.2%

Value ($000) $31,550 (+1.0%) Shares 55,074 (-15.9%) Est. Cost $330.84 Unrealized +67.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TRP	TC ENERGY CORP	276,247 (-86.5%)	$15,232 (-86.3%)	1.1%	$49.04	+8.8%	COM	87807B107
FSLR	FIRST SOLAR INC	22,632 (-88.5%)	$5,912 (-86.4%)	0.4%	$191.94	+31.4%	COM	336433107
TRGP	TARGA RES CORP	7,354 (-91.2%)	$1,357 (-90.3%)	0.1%	$171.89	-2.2%	COM	87612G101
MBLY	MOBILEYE GLOBAL INC	313,190 (-68.7%)	$3,270 (-76.8%)	0.2%	$14.93	-16.3%	COMMON CLASS A	60741F104
APTV	APTIV PLC	160,669 (-29.6%)	$12,225 (-37.9%)	0.9%	$63.58	+26.3%	COM SHS	G3265R107
GPI	GROUP 1 AUTOMOTIVE INC	52,107 (-15.9%)	$20,494 (-24.4%)	1.4%	$434.62	-5.6%	COM	398905109
GNRC	GENERAC HLDGS INC	18,041 (-65.4%)	$2,460 (-71.8%)	0.2%	$175.19	-7.9%	COM	368736104
DTM	DT MIDSTREAM INC	82,845 (-32.6%)	$9,915 (-28.7%)	0.7%	$81.10	+40.9%	COMMON STOCK	23345M107
UGI	UGI CORP NEW	222,801 (-25.4%)	$8,339 (-16.1%)	0.6%	$34.64	+2.2%	COM	902681105
CMI	CUMMINS INC	49,802 (-21.2%)	$25,421 (-4.8%)	1.8%	$327.53	+42.4%	COM	231021106
SW	SMURFIT WESTROCK PLC	85,142 (-9.4%)	$3,292 (-17.7%)	0.2%	$45.03	-15.3%	SHS	G8267P108
CAT	CATERPILLAR INC	55,074 (-15.9%)	$31,550 (+1.0%)	2.2%	$330.84	+67.9%	COM	149123101

Unchanged Positions (1)

DAR DARLING INGREDIENTS INC 0.4%

Value ($000) $6,362 Shares 176,716 Est. Cost $36.32 Unrealized -6.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DAR	DARLING INGREDIENTS INC	176,716	$6,362	0.4%	$36.32	-6.8%	COM	237266101