Hill City Capital, LP

Sector-focusedMomentum followerQuality / disciplined sizing

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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Personality snowflake

Concentration: 46.65
Portfolio Stability: 27.85
Momentum/Contrarian: 100
Sector conviction: 100
Diversification: 46
Sizing Uniformity: 86.74

Recent moves

Add MTZ
0.0%　$224.9M
Trim FSLR
+4.2%　-$116.5M
Add IP
+72.8%　$54.2M
Trim ENS
-59.4%　-$35.6M
Trim ARRY
0.0%　-$25.7M
Add WMS
+131.3%　$27.6M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
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

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	23	$2.8B	28	1MTZ 2FSLR 3DY Top holdings2026-03-31 1.MTZ 2.FSLR 3.DY 4.IP 5.GVA 6.CX 7.CTRI 8.CRH 9.BA 10.JHX
2025-12-31	23	$2.6B	20	1FSLR 2MTZ 3DY Top holdings2025-12-31 1.FSLR 2.MTZ 3.DY 4.CRH 5.GVA 6.CX 7.ARRY 8.BA 9.JHX 10.CTRI
2025-09-30	22	$2.4B	58	1FSLR 2MTZ 3DY Top holdings2025-09-30 1.FSLR 2.MTZ 3.DY 4.CRH 5.GVA 6.ARRY 7.S9Q 8.CX 9.IP 10.CTRI
2025-06-30	20	$2.0B	0	1FSLR 2MTZ 3DY Top holdings2025-06-30 1.FSLR 2.MTZ 3.DY 4.S9Q 5.GVA 6.CRH 7.IP 8.ARRY 9.CTRI 10.MMM
2025-03-31	17	$1.3B	100	1MTZ 2S9Q 3FSLR Top holdings2025-03-31 1.MTZ 2.S9Q 3.FSLR 4.DY 5.CRH 6.IP 7.GVA 8.ARRY 9.MMM 10.CNM
2024-12-31	19	$1.6B	0	1MTZ 2S9Q 3FSLR Top holdings2024-12-31 1.MTZ 2.S9Q 3.FSLR 4.DY 5.TG7 6.CRH 7.GVA 8.ARRY 9.IP 10.MMM
2024-09-30	22	$1.5B	0	1MTZ 2S9Q 3DY Top holdings2024-09-30 1.MTZ 2.S9Q 3.DY 4.FSLR 5.CRH 6.ARRY 7.GVA 8.TG7 9.IP 10.ENS
2024-06-30	24	$1.4B	0	1MTZ 2S9Q 3ARRY Top holdings2024-06-30 1.MTZ 2.S9Q 3.ARRY 4.DY 5.FSLR 6.TG7 7.CRH 8.ENS 9.ATKR 10.GVA
2024-03-31	22	$1.4B	0	1S9Q 2MTZ 3ARRY Top holdings2024-03-31 1.S9Q 2.MTZ 3.ARRY 4.CRH 5.DY 6.TG7 7.ATKR 8.FSLR 9.BLDR 10.ENS
2023-12-31	20	$1.1B	0	1S9Q 2MTZ 3ARRY Top holdings2023-12-31 1.S9Q 2.MTZ 3.ARRY 4.TG7 5.FSLR 6.ATKR 7.CRH 8.DY 9.ENS 10.BLDR
2023-09-30	21	$745.1M	0	1ARRY 2S9Q 3MTZ Top holdings2023-09-30 1.ARRY 2.S9Q 3.MTZ 4.ATKR 5.ENS 6.CRH 7.DY 8.TG7 9.BLDR 10.FSLR
2023-06-30	20	$653.9M	0	1ARRY 2DY 3ATKR Top holdings2023-06-30 1.ARRY 2.DY 3.ATKR 4.ENS 5.MTZ 6.S9Q 7.FSLR 8.BLDR 9.TG7 10.SABR
2023-03-31	23	$509.1M	0	1ARRY 2DY 3ENS Top holdings2023-03-31 1.ARRY 2.DY 3.ENS 4.MTZ 5.ATKR 6.TG7 7.BLDR 8.FANG 9.SABR 10.TFII
2022-12-31	23	$574.4M	0	1AAWWUSD 2ARRY 3DY Top holdings2022-12-31 1.AAWWUSD 2.ARRY 3.DY 4.ENS 5.ATKR 6.MTZ 7.FANG 8.SABR 9.BLDR 10.TG7
2022-09-30	21	$500.0M	0	1AAWWUSD 2ARRY 3DY Top holdings2022-09-30 1.AAWWUSD 2.ARRY 3.DY 4.S9Q 5.ENS 6.TG7 7.FANG 8.BLDR 9.SABR 10.TFII
2022-06-30	21	$434.1M	0	1AAWWUSD 2DY 3S9Q Top holdings2022-06-30 1.AAWWUSD 2.DY 3.S9Q 4.ARRY 5.TG7 6.FANG 7.CARG 8.SABR 9.BLDR 10.ENS
2022-03-31	23	$524.4M	0	1AAWWUSD 2DY 3S9Q Top holdings2022-03-31 1.AAWWUSD 2.DY 3.S9Q 4.TG7 5.SABR 6.CARG 7.FANG 8.ENS 9.BLDR 10.ARRY
2021-12-31	19	$439.0M	0	1AAWWUSD 2DY 3S9Q Top holdings2021-12-31 1.AAWWUSD 2.DY 3.S9Q 4.TG7 5.SABR 6.BLDR 7.ENS 8.FANG 9.TFII 10.CARG
2021-09-30	24	$394.1M	0	1AAWWUSD 2DY 3SABR Top holdings2021-09-30 1.AAWWUSD 2.DY 3.SABR 4.TG7 5.S9Q 6.ENS 7.BLDR 8.SM 9.FANG 10.TFII
2021-06-30	18	$329.9M	84	1AAWWUSD 2DY 3TG7 Top holdings2021-06-30 1.AAWWUSD 2.DY 3.TG7 4.SABR 5.ENS 6.TFII 7.BLDR 8.CARG 9.ROG 10.SM
2021-03-31	17	$241.0M	52	1DY 2AAWWUSD 3SABR Top holdings2021-03-31 1.DY 2.AAWWUSD 3.SABR 4.ENS 5.TG7 6.BLDR 7.TFII 8.CARG 9.ROG 10.SM
2020-12-31	18	$184.4M	0	1DY 2ENS 3SABR Top holdings2020-12-31 1.DY 2.ENS 3.SABR 4.AAWWUSD 5.CARG 6.BLDR 7.WEX 8.ROG 9.DOORUSD 10.OPLN

Holding changes this quarter

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).

Position changes disclosed by Hill City Capital, LP for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	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

FAQ

What is Hill City Capital, LP and what type of investor is it?

Hill City Capital, LP is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $2.8B, spread across 23 disclosed positions.

What are Hill City Capital, LP's largest equity positions?

Based on the latest 13F filing, Hill City Capital, LP's top holdings by market value are: 1. Mastec INC (MTZ) — $693.3M (24.8%) 2. First Solar INC (FSLR) — $429.5M (15.3%) 3. Dycom Industries INC (DY) — $342.1M (12.2%) 4. International Paper Co (IP) — $149.9M (5.4%) 5. Granite Construction INC (GVA) — $133.1M (4.8%)

What changes did Hill City Capital, LP make in its most recent portfolio filing?

In the latest reported quarter, Hill City Capital, LP made 17 notable position adjustments: 4 new positions were initiated, 7 existing holdings were added to, 2 positions were partially reduced, and 4 were completely exited. The largest of these moves: 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)

What sectors does Hill City Capital, LP focus on?

Hill City Capital, LP is concentrated in the following sectors based on its current disclosed equity portfolio: • Industrials: 64.9% • Information Technology: 23.2% • Consumer Discretionary: 6.8% • Materials: 5.2%