Gates Capital Management, Inc.

Portfolio Overview

Gates Capital Management, Inc. disclosed 35 positions worth $4.2B in its Form 13F-HR for Q2 2026 — $3.0B in common stock plus $1.1B of put/call option positions (reported at underlying notional value, not premium at risk). During the quarter the fund opened 3 new positions and exited 2 and a full exit from $VSNT. The portfolio is most concentrated in Technology (24.3% of disclosed assets). All figures are sourced directly from Gates Capital Management, Inc.’s Form 13F-HR filing with the SEC under CIK 1312908.

• SELECT SECTOR SPDR TR - ST STR INDL ETF PUT

  —

  Quality

  $370.5M2,000,000 sh

• ISHARES TR - IBOXX HI YD ETF PUT

  —

  Quality

  $299.9M3,750,000 sh

• SELECT SECTOR SPDR TR - ST STR MATER ETF PUT

  —

  Quality

  $228.7M4,500,000 sh

• ISHARES TR - 20 YR TR BD ETF PUT

  —

  Quality

  $216.1M2,500,000 sh
• 

  DARLING INGREDIENTS INC.

  $DAR

  63.5

  Quality

  $158.5M2,902,582 sh
• 

  TIC Solutions, Inc.

  $TIC

  49.7

  Quality

  $157.8M19,501,621 sh
• 

  DAVITA INC.

  $DVA

  60.4

  Quality

  $153.1M688,136 sh
• 

  RENTOKIL INITIAL PLC /FI

  $RTO

  —

  Quality

  $148.0M5,173,407 sh
• 

  S&P Global Inc.

  $SPGI

  76.1

  Quality

  $147.1M361,186 sh
• 

  Envista Holdings Corp

  $NVST

  54.9

  Quality

  $146.3M5,552,383 sh

Company	Quality	Value	Shares
SELECT SECTOR SPDR TR - ST STR INDL ETF PUT	—	$370.5M	2,000,000
ISHARES TR - IBOXX HI YD ETF PUT	—	$299.9M	3,750,000
SELECT SECTOR SPDR TR - ST STR MATER ETF PUT	—	$228.7M	4,500,000
ISHARES TR - 20 YR TR BD ETF PUT	—	$216.1M	2,500,000
DARLING INGREDIENTS INC.$DAR	63.5	$158.5M	2,902,582
TIC Solutions, Inc.$TIC	49.7	$157.8M	19,501,621
DAVITA INC.$DVA	60.4	$153.1M	688,136
RENTOKIL INITIAL PLC /FI$RTO	—	$148.0M	5,173,407
S&P Global Inc.$SPGI	76.1	$147.1M	361,186
Envista Holdings Corp$NVST	54.9	$146.3M	5,552,383

Showing top 10 of 35 holdings.

Full Holdings — Gates Capital Management, Inc. (Q2 2026)

All 35 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	—	SELECT SECTOR SPDR TR - ST STR INDL ETF	$370.5M	—	-17%	—
2	—	ISHARES TR - IBOXX HI YD ETF	$299.9M	—	+76%	—
3	—	SELECT SECTOR SPDR TR - ST STR MATER ETF	$228.7M	—	+11%	—
4	—	ISHARES TR - 20 YR TR BD ETF	$216.1M	—	NEW	—
5	$DAR	DARLING INGREDIENTS INC.	$158.5M	5.2%	+23%	63.5
6	$TIC	TIC Solutions, Inc.	$157.8M	5.2%	-11%	49.7
7	$DVA	DAVITA INC.	$153.1M	5.0%	-5%	60.4
8	$RTO	RENTOKIL INITIAL PLC /FI	$148.0M	4.9%	+19%	—
9	$SPGI	S&P Global Inc.	$147.1M	4.8%	+10%	76.1
10	$NVST	Envista Holdings Corp	$146.3M	4.8%	+4%	54.9
11	$CARR	CARRIER GLOBAL Corp	$146.1M	4.8%	-20%	56.6
12	$MBC	MasterBrand, Inc.	$135.7M	4.5%	+27%	38.7
13	$SIRI	SIRIUS XM HOLDINGS INC.	$134.1M	4.4%	+66%	61.5
14	$ATKR	Atkore Inc.	$130.0M	4.3%	-36%	33.3
15	$PNR	PENTAIR plc	$128.4M	4.2%	+86%	—
16	$COO	COOPER COMPANIES, INC.	$121.1M	4.0%	NEW	57
17	$FTV	Fortive Corp	$111.3M	3.6%	-13%	57
18	$VICI	VICI PROPERTIES INC.	$94.2M	3.1%	+10%	65.8
19	$GLPI	Gaming & Leisure Properties, Inc.	$91.5M	3.0%	-0%	64
20	$GTX	Garrett Motion Inc.	$89.8M	3.0%	-58%	56.8
21	$AMRZ	Amrize Ltd	$84.3M	2.8%	-34%	—
22	$TKO	TKO Group Holdings, Inc.	$82.9M	2.7%	-4%	68.1
23	$AWI	ARMSTRONG WORLD INDUSTRIES INC	$82.3M	2.7%	+3%	65.7
24	$RAL	Ralliant Corp	$81.8M	2.7%	-20%	37.1
25	$CRH	CRH PUBLIC LTD CO	$79.1M	2.6%	-32%	—
26	$VLTO	Veralto Corp	$78.9M	2.6%	-18%	65.5
27	$NEOG	NEOGEN CORP	$78.6M	2.6%	+40%	44.9
28	$ESI	Element Solutions Inc	$76.9M	2.5%	-47%	46.2
29	$AOS	SMITH A O CORP	$64.6M	2.1%	-5%	60
30	$CCSI	Consensus Cloud Solutions, Inc.	$62.7M	2.1%	-11%	54.4
31	$OTIS	Otis Worldwide Corp	$62.1M	2.0%	+18%	61.3
32	$APG	APi Group Corp	$60.3M	2.0%	-11%	65.4
33	$KBR	KBR, INC.	$49.1M	1.6%	-32%	56.2
34	$XBP	XBP Global Holdings, Inc.	$7.4M	0.2%	+0%	30
35	$MBGL	Mobility Global Inc.	$1.4M	0.0%	NEW	—