CIK: 0001837343
Total reported value
$2.8B
Reporting period: 2026-03-31 · Number of holdings: 23
Hill City Capital, LP disclosed 23 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.8B and a quarterly turnover rate of 27.8%.
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Hill City Capital, LP's disclosed holdings carry a Herfindahl concentration index of 0.117 — mathematically equivalent to about 9 equally-sized positions, well below its 23 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.33), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 4.7 percentage-point tilt) — a pattern consistent with a momentum-following approach.
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| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend | |
|---|---|---|---|---|---|---|---|---|
| 1 | MTZ | Mastec INC | Stock-Industrials | 24.77% | +7.09% | — | ||
| 2 | FSLR | First Solar INC | Stock-Tech | 15.35% | -5.26% | +4.17% | ||
| 3 | DY | Dycom Industries INC | Stock-Industrials | 12.22% | -0.66% | — | ||
| 4 | IP | International Paper Co | Stock-Consumer Disc | 5.36% | +1.75% | +72.84% | ||
| 5 | GVA | Granite Construction INC | Stock-Industrials | 4.75% | -0.08% | — | ||
| 6 | CX | Cemex Sab-spons Adr Part Cer | Stock-Other | 4.41% | -0.27% | — | ||
| 7 | CTRI | Centuri Holdings INC | Stock-Other | 4.21% | +0.37% | — | ||
| 8 | CRH | CRH plc | Stock-Materials | 4.04% | -0.89% | +2.91% | ||
| 9 | BA | Boeing Co/the | Stock-Industrials | 3.92% | -0.33% | +6.36% | ||
| 10 | JHX | James Hardie Industries plc | Stock-Other | 3.80% | -0.21% | +9.79% | ||
| 11 | ARRY | Array Technologies INC | Stock-Other | 3.33% | -1.16% | — | ||
| 12 | STM | Stmicroelectronics Nv-ny Shs | Stock-Tech | 2.84% | +2.84% | NEW | ||
| 13 | WMS | Advanced Drainage Systems In | Stock-Industrials | 1.81% | +0.94% | +131.25% | ||
| 14 | ATS | Ats CORP | Stock-Other | 1.66% | -0.06% | — | ||
| 15 | ATKR | Atkore INC | Stock-Other | 1.53% | -0.21% | — | ||
| 16 | CNM | Core & Main Inc-class A | Stock-Industrials | 1.53% | -0.03% | +8.86% | ||
| 17 | ENS | Enersys | Stock-Industrials | 1.18% | -1.41% | -59.36% | ||
| 18 | TREX | Trex Company INC | Stock-Industrials | 0.72% | -0.01% | -0.36% | ||
| 19 | WBI | Waterbridge Infrastruc-cl A | Stock-Other | 0.67% | +0.14% | — | ||
| 20 | TFII | Tfi International INC | Stock-Other | 0.56% | -0.01% | — | ||
| 21 | EQPT | Equipmentshare.com Inc-a | Stock-Other | 0.55% | +0.55% | NEW | ||
| 22 | WOLF | Wolfspeed INC | Stock-Other | 0.52% | +0.52% | NEW | ||
| 23 | MWH | Solv Energy Inc-cl A | Stock-Other | 0.27% | +0.27% | NEW |
Performance for Q3 2026
-8.2%
Performance Last 4 Quarters
+37.3%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026-03-31 | 23 | $2.8B | 28 | ||
| 2025-12-31 | 23 | $2.6B | 20 | ||
| 2025-09-30 | 22 | $2.4B | 58 | ||
| 2025-06-30 | 20 | $2.0B | 0 | ||
| 2025-03-31 | 17 | $1.3B | 100 | ||
| 2024-12-31 | 19 | $1.6B | 0 | ||
| 2024-09-30 | 22 | $1.5B | 0 | ||
| 2024-06-30 | 24 | $1.4B | 0 | ||
| 2024-03-31 | 22 | $1.4B | 0 | ||
| 2023-12-31 | 20 | $1.1B | 0 | ||
| 2023-09-30 | 21 | $745.1M | 0 | ||
| 2023-06-30 | 20 | $653.9M | 0 | ||
| 2023-03-31 | 23 | $509.1M | 0 | ||
| 2022-12-31 | 23 | $574.4M | 0 | ||
| 2022-09-30 | 21 | $500.0M | 0 | ||
| 2022-06-30 | 21 | $434.1M | 0 | ||
| 2022-03-31 | 23 | $524.4M | 0 | ||
| 2021-12-31 | 19 | $439.0M | 0 | ||
| 2021-09-30 | 24 | $394.1M | 0 | ||
| 2021-06-30 | 18 | $329.9M | 84 | ||
| 2021-03-31 | 17 | $241.0M | 52 | ||
| 2020-12-31 | 18 | $184.4M | 0 |
Hill City Capital, LP's most significant position changes for 2026-03-31: New buy: Stmicroelectronics Nv-ny Shs (STM); Sold out: 3m Co (MMM); Sold out: Builders Firstsource INC (BLDR); New buy: Equipmentshare.com Inc-a (EQPT); New buy: Wolfspeed INC (WOLF).
| # | Ticker | Issuer | Weight Change | Shares Change | Action | |
|---|---|---|---|---|---|---|
| 1 | MTZ | Mastec INC | +7.1% | — | Unchanged | |
| 2 | IP | International Paper Co | +1.8% | +72.84% | Add | |
| 3 | WMS | Advanced Drainage Systems In | +0.9% | +131.25% | Add | |
| 4 | CTRI | Centuri Holdings INC | +0.4% | — | Unchanged | |
| 5 | WBI | Waterbridge Infrastruc-cl A | +0.1% | — | Unchanged | |
| 6 | TFII | Tfi International INC | 0% | — | Unchanged | |
| 7 | TREX | Trex Company INC | 0% | -0.36% | Trim | |
| 8 | CNM | Core & Main Inc-class A | 0% | +8.86% | Add | |
| 9 | ATS | Ats CORP | -0.1% | — | Unchanged | |
| 10 | GVA | Granite Construction INC | -0.1% | — | Unchanged | |
| 11 | ATKR | Atkore INC | -0.2% | — | Unchanged | |
| 12 | JHX | James Hardie Industries plc | -0.2% | +9.79% | Add | |
| 13 | CX | Cemex Sab-spons Adr Part Cer | -0.3% | — | Unchanged | |
| 14 | BA | Boeing Co/the | -0.3% | +6.36% | Add | |
| 15 | DY | Dycom Industries INC | -0.7% | — | Unchanged | |
| 16 | CRH | CRH plc | -0.9% | +2.91% | Add | |
| 17 | ARRY | Array Technologies INC | -1.2% | — | Unchanged | |
| 18 | ENS | Enersys | -1.4% | -59.36% | Trim | |
| 19 | FSLR | First Solar INC | -5.3% | +4.17% | Add | |
| 20 | STM | Stmicroelectronics Nv-ny Shs | — | NEW | New buy | |
| 21 | MMM | 3m Co | — | EXIT | Sold out | |
| 22 | BLDR | Builders Firstsource INC | — | EXIT | Sold out | |
| 23 | EQPT | Equipmentshare.com Inc-a | — | NEW | New buy | |
| 24 | WOLF | Wolfspeed INC | — | NEW | New buy | |
| 25 | SITE | Siteone Landscape Supply INC | — | EXIT | Sold out | |
| 26 | MWH | Solv Energy Inc-cl A | — | NEW | New buy | |
| 27 | SABR | Sabre CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | Amendment | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
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