Mountain Lake Investment Management LLC
Sector Allocation
- Energy28.3%$45.4M
- Financials23.1%$37.1M
- Industrials22.7%$36.4M
- Consumer Discretionary9.3%$15.0M
- Healthcare8.3%$13.4M
- Consumer Staples3.5%$5.5M
- Materials2.8%$4.5M
- Technology1.6%$2.6M
- Other0.5%$759,974
AUM History
13fpro.ai/research/fund/mountain-lake-investment-management-llc-1308555
Conviction and streaks
Diversifying · top 10 = 70.2%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
PHYS
$13.8MBLDR
$13.2MSGOL
$12.4MMOH
$12.2MALSN
$12.0MDHI
$11.2MAN
$10.8MVNOM
$10.7MNRP
$8.3MRRC
$8.1MTFPM
$5.7MNE
$5.6MCALM
$5.5MBNO
$3.9MHP
$3.9MAR
$3.5MOPLN
$3.3MUBER
$2.3MET
$1.8MPAA
$1.8M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/mountain-lake-investment-management-llc-1308555
Mountain Lake Investment Management LLC 13F holdings — Q2 2026
$160.6M portfolio (+3.7% QoQ) · 31 holdings · Q2 2026 13F · top 10 are 70% of the stock portfolio
$13.8M
8.6% of stocks
+1%This quarter-8.7%Since filed10+ qtrsHeld$13.2M
8.2% of stocks
+41%This quarter-22.5%Since filed10+ qtrsHeldAIQuality46.1#1,850Est. buyEstimated buy price is Pro: unlock with a free trialAdded 3 qtrs in a row$12.4M
7.7% of stocks
-0.2%This quarter-8.4%Since filed10+ qtrsHeld$12.2M
7.6% of stocks
+5%This quarter-3.6%Since filed2 qtrsHeldAIQuality53.8#1,374Est. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row$12.0M
7.5% of stocks
-5%This quarter-14.8%Since filed5 qtrsHeld$11.2M
7.0% of stocks
+5%This quarter-1.5%Since filed5 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row$10.8M
6.7% of stocks
+3%This quarter-23.5%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row$10.7M
6.7% of stocks
-1%This quarter+11.5%Since filed4 qtrsHeld$8.3M
5.2% of stocks
+11%This quarter+11.5%Since filed7 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 7 qtrs in a row$8.1M
5.1% of stocks
+2%This quarter+32.8%Since filed2 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row
All holdings — Mountain Lake Investment Management LLC (Q2 2026)
31 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | Triple Flag Precious Metals Corp. | Financials | $5.7M | 3.5% | 189K | +110% | 6 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | Noble Corp plc | Energy | $5.6M | 3.5% | 149K | -28% | 10+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | CAL-MAINE FOODS INC | Consumer Staples | $5.5M | 3.5% | 69K | +292% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | United States Brent Oil Fund, LPlp unit | Financials | $3.9M | 2.4% | 96K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | Helmerich & Payne, Inc. | Energy | $3.9M | 2.4% | 118K | — | 4 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | ANTERO RESOURCES Corp | Energy | $3.5M | 2.2% | 100K | +1.0% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | OPENLANE, Inc. | Consumer Discretionary | $3.3M | 2.0% | 80K | — | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | Uber Technologies, Inc | Technology | $2.3M | 1.4% | 32K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | Energy Transfer LP | Energy | $1.8M | 1.1% | 96K | -3% | 6 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | PLAINS ALL AMERICAN PIPELINE LPlp unit | Energy | $1.8M | 1.1% | 82K | -5% | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | COMPASS MINERALS INTERNATIONAL INC | Materials | $1.7M | 1.1% | 56K | +0.2% | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | SEADRILL Ltd | Energy | $1.4M | 0.9% | 37K | -29% | 10+ qtrsTrimmed 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | INSTEEL INDUSTRIES INC | Materials | $1.3M | 0.8% | 44K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | Sprott Physical Silver Trust | Financials | $1.3M | 0.8% | 67K | +0.7% | 9 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | DAVITA INC. | Healthcare | $1.2M | 0.7% | 5,312 | -26% | 3 qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $WS | Worthington Steel, Inc. | Materials | $1.2M | 0.7% | 34K | +359% | |||
| 27 | $SBH | Sally Beauty Holdings, Inc. | Consumer Discretionary | $899K | 0.6% | 64K | New | |||
| 28 | — | AMPLIFY ETF TR - JR SILV MINE ETF | — | $760K | 0.5% | 29K | -3% | |||
| 29 | $GOOGL | Alphabet Inc. | Technology | $268K | 0.2% | 750 | — | |||
| 30 | $SLB | SLB LIMITED/NV | Energy | $252K | 0.2% | 5,425 | — | |||
| 31 | $AGI | ALAMOS GOLD INC | Materials | $243K | 0.1% | 8,000 | — |
What changed in Q2 2026
Against the previous quarter's 13F: 4 new, 13 added to, 9 trimmed, 2 sold out. Share-count changes; largest moves by dollar size first.
New positions (4)
Added to (13)
now $5.5M · held 2 qtrs, 2 adds in a row
now $13.2M · held 10+ qtrs, 3 adds in a row
now $5.7M · held 6 qtrs, 2 adds in a row
$WSWorthington Steel, Inc.+359%
now $1.2M · held 2 qtrs, 2 adds in a row
now $8.3M · held 7 qtrs, 7 adds in a row
now $12.2M · held 2 qtrs, 2 adds in a row
+7 more in the Excel export
Trimmed (9)
now $5.6M · held 10+ qtrs, 2 trims in a row
now $12.0M · held 5 qtrs
$SDRLSEADRILL Ltd-29%
now $1.4M · held 10+ qtrs, 4 trims in a row
$DVADAVITA INC.-26%
now $1.2M · held 3 qtrs, 2 trims in a row
now $10.7M · held 4 qtrs
now $1.8M · held 5 qtrs
+3 more in the Excel export
Holdings by quarter
Every 13F Mountain Lake Investment Management LLC has filed, 39 earlier quarters. Pick one to see what it held then.
Is it too late to follow Mountain Lake Investment Management?
Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of Mountain Lake Investment Management's top 20 holdings: 58/100 (our AI quality score, weighted by position size; 15 of the 20 are scored)
Top 10 since filing
-4.7%
Value-weighted move of the 10 largest stock positions
Turnover
7%
Last quarter; 52% over the last 4
Top 10 weight
70%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
76%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
Mountain Lake Investment Management LLC disclosed 31 positions worth $160.6M in its Form 13F-HR for Q2 2026, led by $PHYS (Sprott Physical Gold Trust) at 8.6% of the equity portfolio, followed by $BLDR and $SGOL. During the quarter the fund opened 4 new positions and exited 2 — including a new stake in $BNO and a full exit from $AGM. The portfolio is most concentrated in Energy (28.3% of disclosed assets). All figures are sourced directly from Mountain Lake Investment Management LLC’s Form 13F-HR filing with the SEC under CIK 1308555.
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AI-Powered Hedge Fund Analysis: Mountain Lake Investment Management LLC
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Every holding in Mountain Lake Investment Management LLC's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.