Q1 2026 13F · SEC CIK 1837343
Hill City Capital, LP
Hedge fundFiled 2026-05-15 for Q1 2026. Open the filing ↗ · All SEC filings ↗
- Reported 13F value
- $2.8B
- Reported positions
- 23
- Top holdings a year, 3 yrs
- +21.0%
- Assets under management
- $4.9B
Hill City Capital, LP is a hedge fund that reported 23 positions worth $2.8B in its Q1 2026 13F, filed 2026-05-15. Its largest holdings were Mastec Inc (MTZ, 24.8%), First Solar Inc Com (FSLR, 15.3%), Dycom Industries Inc (DY, 12.2%). A portfolio copying its top holdings returned 21.0% a year over the last 3 years, against 20.4% for the S&P 500.
Hill City Capital, LP holdings all 23 positions.
Weights are shares of the filer's total reported 13F value, compared with Q4 2025. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.
| Stock | % of 13F value | Share change | Reported value |
|---|---|---|---|
| MTZMastec Inc | 24.8% | +0.0% | $693.3M |
| FSLRFirst Solar Inc Com | 15.3% | +4.2% | $429.5M |
| DYDycom Industries Inc | 12.2% | +0.0% | $342.1M |
| IPInternational Paper Co | 5.4% | +72.8% | $149.9M |
| GVAGranite Construction Inc Com | 4.8% | +0.0% | $133.1M |
| CXCemex SA Euro Mtn Be 144a | 4.4% | +0.0% | $123.6M |
| CTRICenturi Holdings Inc | 4.2% | +0.0% | $117.7M |
| CRHCrh PLC | 4.0% | +2.9% | $113.2M |
| BABoeing Co | 3.9% | +6.4% | $109.8M |
| JHXJames Hardie Inds PLC | 3.8% | +9.8% | $106.5M |
| ARRYArray Technologies Inc | 3.3% | +0.0% | $93.2M |
| STMStmicroelectronics N V Ny Registry | 2.8% | — | $79.5M |
| WMSAdvanced Drainage Systems Inc | 1.8% | +131.3% | $50.7M |
| ATSAts Corporation | 1.7% | +0.0% | $46.5M |
| ATKRAtkore Inc | 1.5% | +0.0% | $42.9M |
| CNMCore & Main Inc | 1.5% | +8.9% | $42.9M |
| ENSEnerSys | 1.2% | -59.4% | $33.0M |
| TREXTrex Company, Inc. | 0.7% | -0.4% | $20.0M |
| WBIWaterbridge Infrastructure L | 0.7% | +0.0% | $18.8M |
| TFIITfi International Inc | 0.6% | +0.0% | $15.8M |
| EQPTEquipmentshare.com | 0.5% | — | $15.3M |
| WOLFWolfspeed Inc | 0.5% | — | $14.4M |
| MWHSolv Energy Inc | 0.3% | — | $7.5M |
What Hill City Capital, LP bought and sold in Q1 2026, against Q4 2025.
New positions
- STM Stmicroelectronics N V Ny Registry2.8% of 13F
- EQPT Equipmentshare.com0.5% of 13F
- WOLF Wolfspeed Inc0.5% of 13F
- MWH Solv Energy Inc0.3% of 13F
Added to
- WMS Advanced Drainage Systems Inc+131.3% shares
- IP International Paper Co+72.8% shares
- JHX James Hardie Inds PLC+9.8% shares
- CNM Core & Main Inc+8.9% shares
- BA Boeing Co+6.4% shares
Reduced
- ENS EnerSys-59.4% shares
Sold out
- MMM 3m Co Comwas 2.2%
- BLDR Builders Firstsource Incwas 0.9%
- SITE Siteone Landscape Supply Incwas 0.5%
- SABR Sabre Corpwas 0.2%
Share counts compared with the Q4 2025 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- +27.8% /yr
- S&P 500 +20.1%
- 3 years
- +21.0% /yr
- S&P 500 +20.4%
- 5 years
- +16.8% /yr
- S&P 500 +11.6%
A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Reported 13F value by quarter.
| Quarter | 13F value | Positions |
|---|---|---|
| Q1 2026 | $2.8B | 23 |
| Q4 2025 | $2.6B | 23 |
| Q3 2025 | $2.4B | 22 |
| Q2 2025 | $1.9B | 19 |
| Q1 2025 | $1.3B | 17 |
| Q4 2024 | $1.6B | 19 |
| Q3 2024 | $1.5B | 22 |
| Q2 2024 | $1.4B | 24 |
| Q1 2024 | $1.4B | 22 |
| Q4 2023 | $1.1B | 20 |
| Q3 2023 | $745.1M | 21 |
| Q2 2023 | $653.9M | 20 |
Questions about Hill City Capital, LP's portfolio
What stocks does Hill City Capital, LP own?
Hill City Capital, LP's latest 13F, for Q1 2026 and filed May 15, 2026, lists 23 positions worth $2.8B. The largest are Mastec Inc (MTZ) at 24.8%, First Solar Inc Com (FSLR) at 15.3%, Dycom Industries Inc (DY) at 12.2%, International Paper Co (IP) at 5.4% and Granite Construction Inc Com (GVA) at 4.8%.
What did Hill City Capital, LP buy last quarter?
In Q1 2026, Hill City Capital, LP added a new position in Stmicroelectronics N V Ny Registry (STM), a new position in Equipmentshare.com (EQPT), a new position in Wolfspeed Inc (WOLF), a new position in Solv Energy Inc (MWH), Advanced Drainage Systems Inc (WMS) (+131.3% shares), International Paper Co (IP) (+72.8% shares) and James Hardie Inds PLC (JHX) (+9.8% shares), compared with its Q4 2025 filing.
What did Hill City Capital, LP sell last quarter?
In Q1 2026, Hill City Capital, LP sold all of 3m Co Com (MMM), sold all of Builders Firstsource Inc (BLDR), sold all of Siteone Landscape Supply Inc (SITE), sold all of Sabre Corp (SABR) and EnerSys (ENS) (-59.4% shares), compared with its Q4 2025 filing.
How has Hill City Capital, LP's portfolio performed?
A portfolio copying Hill City Capital, LP's 20 largest 13F holdings each quarter, from the day each filing was public, returned +21.0% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +27.8% against +20.1%. Over 5 years: +16.8% a year against +11.6%.
When is Hill City Capital, LP's next 13F filing due?
13F filings are due 45 days after each quarter ends. Hill City Capital, LP's filing for the quarter ending Jun 30, 2026 was due by Aug 14, 2026; this page updates once it is processed.
How much money does Hill City Capital, LP manage?
Hill City Capital, LP reported $4.9B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $2.8B.