CIK: 0001803088
Total reported value
$117.8M
Reporting period: 2026-03-31 · Number of holdings: 39
Walnut Level Capital LLC disclosed 39 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $117.8M and a quarterly turnover rate of 80.7%.
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Walnut Level Capital LLC's disclosed holdings carry a Herfindahl concentration index of 0.134 — mathematically equivalent to about 7 equally-sized positions, well below its 39 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 1.95), 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 4.0 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 68% 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.
Add DAR
+10.0% $17.7M
Trim ANDE
-76.0% -$14.9M
Trim AVO
-98.0% -$8.9M
Trim BG
-62.0% -$10.6M
Trim SFD
-86.6% -$7.1M
Add CE
+833.3% $4.3M
Showing top 35 holdings (of 39 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | DAR | Darling Ingredients INC | Stock-Consumer Staples | 32.01% | +18.41% | +9.95% | |
| 2 | BG | Bunge Global SA | Stock-Consumer Staples | 10.70% | -5.13% | -62.00% | |
| 3 | MEOH | Methanex CORP | Stock-Other | 8.78% | -2.12% | -56.84% | |
| 4 | ANDE | Andersons Inc/the | Stock-Other | 6.09% | -8.98% | -75.96% | |
| 5 | CE | Celanese CORP | Stock-Materials | 3.91% | +3.69% | +833.33% | |
| 6 | APD | Air Products & Chemicals INC | Stock-Materials | 3.33% | +1.90% | +58.86% | |
| 7 | CTVA | Corteva INC | Stock-Materials | 2.84% | +1.01% | — | |
| 8 | REX | Rex American Resources CORP | Stock-Other | 2.75% | +1.18% | — | |
| 9 | GPRE | Green Plains INC | Stock-Other | 2.65% | +2.65% | NEW | |
| 10 | ✓ | Adecoagro SA | Stock-Other | 2.53% | +1.46% | — | |
| 11 | PPC | Pilgrim's Pride CORP | Stock-Consumer Staples | 2.08% | +0.35% | — | |
| 12 | ASIX | Advansix INC | Stock-Other | 2.07% | +2.07% | NEW | |
| 13 | EMN | Eastman Chemical Co | Stock-Materials | 1.94% | -0.36% | -43.19% | |
| 14 | STKL | Sunopta INC | Stock-Other | 1.79% | +0.95% | — | |
| 15 | ECL | Ecolab INC | Stock-Materials | 1.70% | +0.35% | — | |
| 16 | MP | Mp Materials CORP | Stock-Materials | 1.64% | +0.26% | — | |
| 17 | TROX | Tronox Holdings plc | Stock-Other | 1.49% | +0.98% | — | |
| 18 | SFD | Smithfield Foods INC | Stock-Other | 1.21% | -4.59% | -86.63% | |
| 19 | 6D8 | Dupont De Nemours INC | Stock-Other | 1.17% | +0.35% | — | |
| 20 | CF | Cf Industries Holdings INC | Stock-Materials | 1.10% | +0.57% | — | |
| 21 | OLN | Olin CORP | Stock-Materials | 1.01% | -0.10% | -48.73% | |
| 22 | WLK | Westlake CORP | Stock-Materials | 0.99% | +0.42% | -12.31% | |
| 23 | HUN | Huntsman CORP | Stock-Materials | 0.96% | +0.38% | — | |
| 24 | TITN | Titan Machinery INC | Stock-Other | 0.92% | +0.92% | NEW | |
| 25 | PPG | Ppg Industries INC | Stock-Materials | 0.68% | -0.38% | -50.33% | |
| 26 | SHW | Sherwin-williams Co/the | Stock-Materials | 0.67% | +0.67% | NEW | |
| 27 | RYAM | Rayonier Advanced Materials | Stock-Other | 0.57% | +0.57% | NEW | |
| 28 | INGR | Ingredion INC | Stock-Consumer Staples | 0.48% | +0.10% | — | |
| 29 | AXTA | Axalta Coating Systems Ltd. | Stock-Materials | 0.41% | +0.02% | — | |
| 30 | IFF | Intl Flavors & Fragrances | Stock-Materials | 0.41% | +0.11% | — | |
| 31 | DOW | Dow INC | Stock-Materials | 0.35% | +0.35% | NEW | |
| 32 | ESI | Element Solutions INC | Stock-Materials | 0.29% | +0.07% | -23.29% | |
| 33 | MOS | Mosaic Co/the | Stock-Materials | 0.22% | +0.22% | NEW | |
| 34 | AVO | Mission Produce INC | Stock-Other | 0.19% | -6.06% | -97.98% | |
| 35 | CNH | CNH Industrial N.V. | Stock-Industrials | 0.07% | +0.02% | — |
Performance for Q3 2026
-6.5%
Performance Last 4 Quarters
+23.1%
Based on 44% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 39 | $117.8M | 81 | |
| 2025-12-31 | 37 | $146.7M | 41 | |
| 2025-09-30 | 37 | $167.2M | 100 | |
| 2025-06-30 | 41 | $184.9M | 0 | |
| 2025-03-31 | 43 | $200.4M | 0 | |
| 2024-12-31 | 45 | $262.3M | 0 | |
| 2024-09-30 | 35 | $239.0M | 0 | |
| 2024-06-30 | 45 | $225.1M | 0 | |
| 2024-03-31 | 33 | $171.0M | 0 | |
| 2023-12-31 | 35 | $135.7M | 0 |
Walnut Level Capital LLC's most significant position changes for 2026-03-31: Sold out: Avient CORP (AVNT); Sold out: United States Oil Fund LP (USO); Sold out: H.b. Fuller Co. (FUL); New buy: Green Plains INC (GPRE); New buy: Advansix INC (ASIX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | DAR | Darling Ingredients INC | +18.4% | +9.95% | Add |
| 2 | CE | Celanese CORP | +3.7% | +833.33% | Add |
| 3 | APD | Air Products & Chemicals INC | +1.9% | +58.86% | Add |
| 4 | ✓ | Adecoagro SA | +1.5% | — | Unchanged |
| 5 | REX | Rex American Resources CORP | +1.2% | — | Unchanged |
| 6 | CTVA | Corteva INC | +1% | — | Unchanged |
| 7 | TROX | Tronox Holdings plc | +1% | — | Unchanged |
| 8 | STKL | Sunopta INC | +1% | — | Unchanged |
| 9 | CF | Cf Industries Holdings INC | +0.6% | — | Unchanged |
| 10 | WLK | Westlake CORP | +0.4% | -12.31% | Trim |
| 11 | HUN | Huntsman CORP | +0.4% | — | Unchanged |
| 12 | 6D8 | Dupont De Nemours INC | +0.4% | — | Unchanged |
| 13 | PPC | Pilgrim's Pride CORP | +0.4% | — | Unchanged |
| 14 | ECL | Ecolab INC | +0.4% | — | Unchanged |
| 15 | MP | Mp Materials CORP | +0.3% | — | Unchanged |
| 16 | IFF | Intl Flavors & Fragrances | +0.1% | — | Unchanged |
| 17 | INGR | Ingredion INC | +0.1% | — | Unchanged |
| 18 | ESI | Element Solutions INC | +0.1% | -23.29% | Trim |
| 19 | AXTA | Axalta Coating Systems Ltd. | 0% | — | Unchanged |
| 20 | CNH | CNH Industrial N.V. | 0% | — | Unchanged |
| 21 | OLN | Olin CORP | -0.1% | -48.73% | Trim |
| 22 | EMN | Eastman Chemical Co | -0.4% | -43.19% | Trim |
| 23 | PPG | Ppg Industries INC | -0.4% | -50.33% | Trim |
| 24 | MEOH | Methanex CORP | -2.1% | -56.84% | Trim |
| 25 | SFD | Smithfield Foods INC | -4.6% | -86.63% | Trim |
| 26 | BG | Bunge Global SA | -5.1% | -62.00% | Trim |
| 27 | AVO | Mission Produce INC | -6.1% | -97.98% | Trim |
| 28 | ANDE | Andersons Inc/the | -9% | -75.96% | Trim |
| 29 | AVNT | Avient CORP | — | EXIT | Sold out |
| 30 | USO | United States Oil Fund LP | — | EXIT | Sold out |
| 31 | FUL | H.b. Fuller Co. | — | EXIT | Sold out |
| 32 | GPRE | Green Plains INC | — | NEW | New buy |
| 33 | ASIX | Advansix INC | — | NEW | New buy |
| 34 | JBS | Jbs N.v. | — | EXIT | Sold out |
| 35 | SW | Smurfit Westrock Plc | — | EXIT | Sold out |
| 36 | TITN | Titan Machinery INC | — | NEW | New buy |
| 37 | SHW | Sherwin-williams Co/the | — | NEW | New buy |
| 38 | ONL | Orion Properties Inc. | — | EXIT | Sold out |
| 39 | RYAM | Rayonier Advanced Materials | — | NEW | New buy |
| 40 | DOW | Dow INC | — | NEW | New buy |
| 41 | MOS | Mosaic Co/the | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-11 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
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