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Q2 2026 13F · SEC CIK 1308555

Mountain Lake Investment Management LLC

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value
$160.6M
Reported positions
31
Top holdings a year, 3 yrs
+13.6%
Assets under management
$199.3M

Mountain Lake Investment Management LLC is a hedge fund that reported 31 positions worth $160.6M in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Sprott Asset Management LP (PHYS, 8.6%), Builders Firstsource Inc (BLDR, 8.2%), Etfs Gold Tr (SGOL, 7.7%). A portfolio copying its top holdings returned 13.6% a year over the last 3 years, against 20.4% for the S&P 500.

Mountain Lake Investment Management LLC holdings all 31 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. 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.

Mountain Lake Investment Management LLC 13F holdings
Stock% of 13F valueShare changeReported value
PHYSSprott Asset Management LP8.6%+1.4%$13.8M
BLDRBuilders Firstsource Inc8.2%+41.3%$13.2M
SGOLEtfs Gold Tr7.7%-0.2%$12.4M
MOHMolina Healthcare Inc7.6%+5.5%$12.2M
ALSNAllison Transmission7.5%-4.7%$12.0M
DHIDR Horton Inc7.0%+4.6%$11.2M
ANAutonation Inc6.7%+3.2%$10.8M
VNOMViper Energy Inc6.7%-1.5%$10.7M
NRPNatural Resource Partners LP5.2%+11.5%$8.3M
RRCRange Res Corp5.1%+1.9%$8.1M
TFPMTriple Flag Precious M3.5%+110.1%$5.7M
NENoble Corporation PLC Class A3.5%-28.3%$5.6M
CALMCal Maine Foods Inc3.4%+292.4%$5.5M
BNOUnited Sts Brent Oil Fd LP2.4%—$3.9M
HPHelmerich & Payne Inc2.4%+0.0%$3.9M
ARAntero Resources Corp2.2%+1.0%$3.5M
KAROpenlane Inc2.0%+0.0%$3.3M
UBERUber Technologies Inc1.4%—$2.3M
ETPCEnergy Transfer L P1.1%-3.1%$1.8M
PAAPlains All American Pipeline LP1.1%-5.0%$1.8M
CMPCompass Minerals Intl Inc1.1%+0.2%$1.7M
SDRLSeadrill Ltd0.9%-29.4%$1.4M
IIINInsteel Industries Inc0.8%—$1.3M
PSLVSprott Asset Management LP0.8%+0.7%$1.3M
DVADavita Inc0.7%-25.7%$1.2M
WSWorthington Stl Inc0.7%+359.0%$1.2M
SBHSally Beauty Hldgs Inc0.6%—$899K
SILJAmplify ETF Tr0.5%-3.1%$760K
GOOGLAlphabet Inc0.2%+0.0%$268K
SLBSlb Limited0.2%+0.0%$252K
AGIAlamos Gold Inc0.2%+0.0%$243K

What Mountain Lake Investment Management LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Added to

Reduced

Sold out

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year
+24.8% /yr
S&P 500 +20.1%
3 years
+13.6% /yr
S&P 500 +20.4%
5 years
+15.7% /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.

13F value by quarter
Quarter13F valuePositions
Q2 2026$160.6M31
Q1 2026$154.8M29
Q4 2025$131.6M23
Q3 2025$134.3M26
Q2 2025$120.2M27
Q1 2025$106.2M30
Q4 2024$86.8M29
Q3 2024$95.1M25
Q2 2024$95.4M26
Q1 2024$96.4M21
Q4 2023$97.8M17
Q3 2023$105.7M14

Questions about Mountain Lake Investment Management LLC's portfolio

What stocks does Mountain Lake Investment Management LLC own?

Mountain Lake Investment Management LLC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 31 positions worth $160.6M. The largest are Sprott Asset Management LP (PHYS) at 8.6%, Builders Firstsource Inc (BLDR) at 8.2%, Etfs Gold Tr (SGOL) at 7.7%, Molina Healthcare Inc (MOH) at 7.6% and Allison Transmission (ALSN) at 7.5%.

What did Mountain Lake Investment Management LLC buy last quarter?

In Q2 2026, Mountain Lake Investment Management LLC added a new position in United Sts Brent Oil Fd LP (BNO), a new position in Uber Technologies Inc (UBER), a new position in Insteel Industries Inc (IIIN), a new position in Sally Beauty Hldgs Inc (SBH), Worthington Stl Inc (WS) (+359.0% shares), Cal Maine Foods Inc (CALM) (+292.4% shares) and Triple Flag Precious M (TFPM) (+110.1% shares), compared with its Q1 2026 filing.

What did Mountain Lake Investment Management LLC sell last quarter?

In Q2 2026, Mountain Lake Investment Management LLC sold all of Federal Agric Mtg Corp Cl C (AGM), sold all of Valaris Ltd (VAL), Seadrill Ltd (SDRL) (-29.4% shares), Noble Corporation PLC Class A (NE) (-28.3% shares) and Davita Inc (DVA) (-25.7% shares), compared with its Q1 2026 filing.

How has Mountain Lake Investment Management LLC's portfolio performed?

A portfolio copying Mountain Lake Investment Management LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +13.6% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +24.8% against +20.1%. Over 5 years: +15.7% a year against +11.6%.

When is Mountain Lake Investment Management LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Mountain Lake Investment Management LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Mountain Lake Investment Management LLC manage?

Mountain Lake Investment Management LLC reported $199.3M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $160.6M.