HC
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%.
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 | 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 |
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 | |
| 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 |
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).
| # | 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%