ML
Mountain Lake Investment Management LLC 13F Filings Tracker & Latest Positions (Q2 2026)
Mountain Lake Investment Management LLCCIK: 0001308555
Momentum followerQuality / disciplined sizingDiversified strategy
Total reported value
$160.6M
Reporting period: 2026-06-30 · Number of holdings: 31
Mountain Lake Investment Management LLC disclosed 31 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $160.6M and a quarterly turnover rate of 34.2%.
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Personality snowflake
- Concentration
- 22.89
- Portfolio Stability
- 34.24
- Momentum
- 100
- Sector conviction
- 71.85
- Diversification
- 62
- Sizing Uniformity
- 91.06
Mountain Lake Investment Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.057 — mathematically equivalent to about 17 equally-sized positions, well below its 31 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.89), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.8 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 69% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out AGM
Add MOH
+5.5% $5.5M
Trim NE
-28.3% -$4.6M
Add BLDR
+41.3% $4.6M
Add CALM
+292.4% $4.1M
New buy BNO
Holdings Map
New buyAddUnchangedTrim
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PHYS | Sprott Physical Gold Trust | Stock-Other | 8.58% | -1.73% | +1.44% | |
| 2 | BLDR | Builders Firstsource Inc | Stock-Industrials | 8.24% | +2.67% | +41.31% | |
| 3 | SGOL | Abrdn Physical Gold Shares | ETF-Commodities | 7.72% | -1.65% | -0.17% | |
| 4 | MOH | Molina Healthcare Inc | Stock-Healthcare | 7.60% | +3.24% | +5.48% | |
| 5 | ALSN | Allison Transmission Holding | Stock-Consumer Disc | 7.48% | -0.97% | -4.71% | |
| 6 | DHI | Dr Horton Inc | Stock-Consumer Disc | 6.96% | +1.15% | +4.60% | |
| 7 | AN | Autonation Inc | Stock-Consumer Disc | 6.74% | -0.38% | +3.21% | |
| 8 | VNOM | Viper Energy Inc-cl A | Stock-Energy | 6.66% | -1.11% | -1.50% | |
| 9 | NRP | Natural Resource Partners LP | Stock-Other | 5.16% | -0.83% | +11.47% | |
| 10 | RRC | Range Resources CORP | Stock-Energy | 5.06% | -1.20% | +1.87% | |
| 11 | TFPM | Triple Flag Precious Met | Stock-Materials | 3.54% | +1.52% | +110.07% | |
| 12 | NE | Noble Corporation plc | Stock-Energy | 3.46% | -3.13% | -28.28% | |
| 13 | CALM | Cal-maine Foods Inc | Stock-Consumer Staples | 3.45% | +2.55% | +292.37% | |
| 14 | BNO | United States Brent Oil Fund | ETF-Other | 2.44% | +2.44% | NEW | |
| 15 | HP | Helmerich & Payne | Stock-Energy | 2.41% | -0.34% | — | |
| 16 | AR | Antero Resources CORP | Stock-Energy | 2.19% | -0.53% | +0.95% | |
| 17 | OPLN | Openlane Inc | Stock-Other | 2.04% | +0.54% | — | |
| 18 | UBER | Uber Technologies Inc | Stock-Industrials | 1.44% | +1.44% | NEW | |
| 19 | ET | Energy Transfer LP | Stock-Energy | 1.15% | -0.09% | -3.12% | |
| 20 | PAA | Plains All Amer Pipeline LP | Stock-Energy | 1.14% | -0.10% | -4.96% | |
| 21 | CMP | Compass Minerals Internation | Stock-Other | 1.08% | +0.24% | +0.22% | |
| 22 | SDRL | Seadrill Limited | Stock-Other | 0.86% | -0.66% | -29.45% | |
| 23 | IIIN | Insteel Industries Inc | Stock-Other | 0.83% | +0.83% | NEW | |
| 24 | PSLV | Sprott Physical Silver Trust | Stock-Other | 0.79% | -0.26% | +0.67% | |
| 25 | DVA | Davita Inc | Stock-Healthcare | 0.74% | +0.03% | -25.74% | |
| 26 | WS | Worthington Steel Inc | Stock-Other | 0.72% | +0.57% | +359.03% | |
| 27 | SBH | Sally Beauty Holdings Inc | Stock-Other | 0.56% | +0.56% | NEW | |
| 28 | SILJ | Amplify Junior Silver Miners | ETF-Commodities | 0.47% | -0.11% | -3.07% | |
| 29 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.17% | +0.03% | — | |
| 30 | SLB | Slb LTD | Stock-Energy | 0.16% | -0.02% | — | |
| 31 | AGI | Alamos Gold Inc-class A | Stock-Materials | 0.15% | -0.08% | — |
Portfolio Performance
Performance for Q3 2026
+3.8%
Performance Last 4 Quarters
+23.3%
- Stdev
- +18.6%
- Beta
- +0.62
- Alpha
- +6.7%
- Max Drawdown
- -14.2%
- Annualized Perf
- +18.9%
- Batting Avg vs S&P
- +55.6%
- Sortino
- +1.8
- Stutzer
- +0.3
- Treynor
- +0.31
- Sterling
- +0.93
- Calmar
- +1.33
- Information Ratio
- -0.05
- Tracking Error
- +17.5%
- Stdev Down
- +10.6%
- Winning Months %
- +61.1%
- Losing Months %
- +38.9%
- Best 12 Months
- +56.3%
- Worst 12 Months
- -3%
- Efficiency Ratio
- +0.41
- Sharpe
- +1.03
- Stdev Sectors
- +11.8%
- Skewness
- -0.3
- Kurtosis
- -0.45
- Upside Potential
- +3.49
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 31 | $160.6M | 34 | ||
| 2026 Q1 | 29 | $154.8M | 46 | ||
| 2025 Q4 | 23 | $131.6M | 19 | ||
| 2025 Q3 | 26 | $134.3M | 68 | ||
| 2025 Q2 | 27 | $120.2M | 0 | ||
| 2025 Q1 | 30 | $106.2M | 100 | ||
| 2024 Q4 | 29 | $86.8M | 0 | ||
| 2024 Q3 | 25 | $95.1M | 0 | ||
| 2024 Q2 | 26 | $95.4M | 0 | ||
| 2024 Q1 | 21 | $96.4M | 0 | ||
| 2023 Q4 | 17 | $97.8M | 0 | ||
| 2023 Q3 | 16 | $124.6M | 0 | ||
| 2023 Q2 | 16 | $160.1M | 0 | ||
| 2023 Q1 | 23 | $109.6M | 0 | ||
| 2022 Q4 | 31 | $131.6M | 0 | ||
| 2022 Q3 | 32 | $117.5M | 0 | ||
| 2022 Q2 | 26 | $116.9M | 0 | ||
| 2022 Q1 | 27 | $165.7M | 0 | ||
| 2021 Q4 | 24 | $209.3M | 0 | ||
| 2021 Q3 | 29 | $230.9M | 0 | ||
| 2021 Q2 | 29 | $205.0M | 41 | ||
| 2021 Q1 | 28 | $178.6M | 46 | ||
| 2020 Q4 | 25 | $151.7M | 36 | ||
| 2020 Q3 | 26 | $147.4M | 12 | ||
| 2020 Q2 | 23 | $139.0M | 72 | ||
| 2020 Q1 | 30 | $103.0M | 90 | ||
| 2019 Q4 | 17 | $132.4M | 40 | ||
| 2019 Q3 | 19 | $197.7M | 19 | ||
| 2019 Q2 | 21 | $212.9M | 33 | ||
| 2019 Q1 | 23 | $272.7M | 62 | ||
| 2018 Q4 | 19 | $182.4M | 44 | ||
| 2018 Q3 | 20 | $197.8M | 25 | ||
| 2018 Q2 | 21 | $197.6M | 51 | ||
| 2018 Q1 | 22 | $192.6M | 65 | ||
| 2017 Q4 | 26 | $279.3M | 58 | ||
| 2017 Q3 | 32 | $298.8M | 43 | ||
| 2017 Q2 | 28 | $254.3M | 91 | ||
| 2017 Q1 | 35 | $241.0M | 43 | ||
| 2016 Q4 | 38 | $270.1M | 55 | ||
| 2016 Q3 | 34 | $273.0M | 88 | ||
| 2016 Q2 | 33 | $165.9M | 49 | ||
| 2016 Q1 | 29 | $145.6M | 26 | ||
| 2015 Q4 | 27 | $139.3M | 27 | ||
| 2015 Q3 | 26 | $124.1M | 44 | ||
| 2015 Q2 | 23 | $114.5M | 48 | ||
| 2015 Q1 | 19 | $97.0M | 60 | ||
| 2014 Q4 | 27 | $109.9M | 85 | ||
| 2014 Q3 | 45 | $154.1M | 38 | ||
| 2014 Q2 | 48 | $158.9M | 37 | ||
| 2014 Q1 | 39 | $137.7M | 52 | ||
| 2013 Q4 | 34 | $145.1M | 61 | ||
| 2013 Q3 | 38 | $144.1M | 62 | ||
| 2013 Q2 | 31 | $133.8M | 0 |
Holding changes this quarter
Mountain Lake Investment Management LLC's most significant position changes for 2026-06-30: Sold out: Federal Agric Mtg Corp-cl C (AGM); New buy: United States Brent Oil Fund (BNO); New buy: Uber Technologies Inc (UBER); New buy: Insteel Industries Inc (IIIN); New buy: Sally Beauty Holdings Inc (SBH).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MOH | Molina Healthcare Inc | +3.2% | +5.48% | Add |
| 2 | BLDR | Builders Firstsource Inc | +2.7% | +41.31% | Add |
| 3 | CALM | Cal-maine Foods Inc | +2.6% | +292.37% | Add |
| 4 | BNO | United States Brent Oil Fund | +2.4% | NEW | New buy |
| 5 | TFPM | Triple Flag Precious Met | +1.5% | +110.07% | Add |
| 6 | UBER | Uber Technologies Inc | +1.4% | NEW | New buy |
| 7 | DHI | Dr Horton Inc | +1.2% | +4.60% | Add |
| 8 | IIIN | Insteel Industries Inc | +0.8% | NEW | New buy |
| 9 | WS | Worthington Steel Inc | +0.6% | +359.03% | Add |
| 10 | SBH | Sally Beauty Holdings Inc | +0.6% | NEW | New buy |
| 11 | OPLN | Openlane Inc | +0.5% | — | Unchanged |
| 12 | CMP | Compass Minerals Internation | +0.2% | +0.22% | Add |
| 13 | DVA | Davita Inc | 0% | -25.74% | Trim |
| 14 | GOOGL | Alphabet Inc-cl A | 0% | — | Unchanged |
| 15 | SLB | Slb LTD | 0% | — | Unchanged |
| 16 | AGI | Alamos Gold Inc-class A | -0.1% | — | Unchanged |
| 17 | ET | Energy Transfer LP | -0.1% | -3.12% | Trim |
| 18 | PAA | Plains All Amer Pipeline LP | -0.1% | -4.96% | Trim |
| 19 | SILJ | Amplify Junior Silver Miners | -0.1% | -3.07% | Trim |
| 20 | PSLV | Sprott Physical Silver Trust | -0.3% | +0.67% | Add |
| 21 | HP | Helmerich & Payne | -0.3% | — | Unchanged |
| 22 | AN | Autonation Inc | -0.4% | +3.21% | Add |
| 23 | VAL | Valaris Limited | -0.5% | EXIT | Sold out |
| 24 | AR | Antero Resources CORP | -0.5% | +0.95% | Add |
| 25 | SDRL | Seadrill Limited | -0.7% | -29.45% | Trim |
| 26 | NRP | Natural Resource Partners LP | -0.8% | +11.47% | Add |
| 27 | ALSN | Allison Transmission Holding | -1% | -4.71% | Trim |
| 28 | VNOM | Viper Energy Inc-cl A | -1.1% | -1.50% | Trim |
| 29 | RRC | Range Resources CORP | -1.2% | +1.87% | Add |
| 30 | SGOL | Abrdn Physical Gold Shares | -1.7% | -0.17% | Trim |
| 31 | PHYS | Sprott Physical Gold Trust | -1.7% | +1.44% | Add |
| 32 | NE | Noble Corporation plc | -3.1% | -28.28% | Trim |
| 33 | AGM | Federal Agric Mtg Corp-cl C | -4.1% | EXIT | Sold out |
Filing History
FAQ
What is Mountain Lake Investment Management LLC and what type of investor is it?
Mountain Lake Investment Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $160.6M, spread across 31 disclosed positions.
What are Mountain Lake Investment Management LLC's largest equity positions?
Based on the latest 13F filing, Mountain Lake Investment Management LLC's top holdings by market value are:
1. Sprott Physical Gold Trust (PHYS) — $13.8M (8.6%)
2. Builders Firstsource Inc (BLDR) — $13.2M (8.2%)
3. Abrdn Physical Gold Shares (SGOL) — $12.4M (7.7%)
4. Molina Healthcare Inc (MOH) — $12.2M (7.6%)
5. Allison Transmission Holding (ALSN) — $12.0M (7.5%)
What changes did Mountain Lake Investment Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Mountain Lake Investment Management LLC made 28 notable position adjustments: 4 new positions were initiated, 13 existing holdings were added to, 9 positions were partially reduced, and 2 were completely exited. The largest of these moves: Sold out: Federal Agric Mtg Corp-cl C (AGM); New buy: United States Brent Oil Fund (BNO); New buy: Uber Technologies Inc (UBER); New buy: Insteel Industries Inc (IIIN); New buy: Sally Beauty Holdings Inc (SBH)
What sectors does Mountain Lake Investment Management LLC focus on?
Mountain Lake Investment Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 32.3%
• Consumer Discretionary: 30.8%
• Industrials: 14.1%
• Health Care: 12.1%
• Materials: 5.4%
• Consumer Staples: 5.0%
Investment Profile
Mountain Lake Investment Management LLC returned an annualized 18.9% over the trailing 36 months — outperforming the S&P 500 by 6.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.62 (less volatile than the market) and a 56% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 32.3% of the portfolio concentrated in Energy.
Its turnover score has risen from 0 to 34 over the past 4 quarters — a shift toward more active trading.
It has added to its TFPM position over the past two quarters (+$3.3M, now $5.7M), while trimming SDRL over the same stretch (-$3.0M, still holding $1.4M).
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Developer Access
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