Appian Way Asset Management LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Appian Way Asset Management LP reported 26 stock positions worth $422.2 million . Its top holding was Golar LNG (GLNG) at 13.7% of the portfolio, followed by Sigma Lithium (SGML, 12.2% ) and Purecycle Technologies (PCT, 12.1% ). Compared with Q4 2024, it opened 12 new positions, sold out of 16, added to 6 and reduced 8. The biggest buy was Ftai Aviation (FTAI, shares +602% ) and the biggest sale an exit from Spirit Aerosystems Hold Class A (SPR).
Location NEW YORK, NY
CIK 0001795816
Portfolio Value $422.2M (Q1 2025) Holdings 26 stocks · $422.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 GLNG Golar LNG Ltd. 1,524,621 $57.9M Add +15.9% SGML Sigma Lithium Corp. 4,963,006 $51.6M Add +5.3% PCT Purecycle Technologies Inc. 7,351,348 $50.9M Add +51.1% FTAI Ftai Aviation Ltd. 450,780 $50.1M Add +601.8% SEE Sealed Air Corp. 1,487,747 $43.0M Reduce -1.8% CC The Chemours Co. 2,471,288 $33.4M Reduce -2.4% DY Dycom Industries Inc. 189,685 $28.9M Add +108.1% GEO The Geo Group Inc. 604,872 $17.7M Add +20.5% ESI Element Solutions Inc. 697,988 $15.8M Reduce -45.6% TH Target Hospitality Corp. 1,804,184 $11.9M New PKG Packaging Corp. of America 50,880 $10.1M New PSN Parsons Corp. 153,688 $9.1M New AMCR Amcor PLC 933,729 $9.1M Reduce -48.3% BA The Boeing Co. 36,666 $6.3M New FCX Freeport-McMoran Inc. 143,439 $5.4M New ATI Ati Inc. 91,765 $4.8M New CORZ Core Scientific Inc. 539,376 $3.9M New MTZ Mastec Inc. 27,952 $3.3M New KNX Knight-Swift Transportation 72,711 $3.2M New WWD Woodward Inc. 8,044 $1.5M New GEV GE Vernova Inc. 4,000 $1.2M New WFG West Fraser Timber Co. Ltd. 15,131 $1.2M New DRIO Dariohealth Corp. 1,280,880 $784K Reduce -9.2% WLK Westlake Corp. 7,165 $717K Reduce -52.8% AVNT Avient Corp. 17,074 $634K Reduce -65.0% NXE Nexgen Energy Ltd. 11,374 $51K Reduce -97.6%
Options reported separately and not counted above: IWM calls ($11.5M), PCT calls ($8.3M), CC calls ($4.7M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ SPR Spirit Aerosystems Hold Class A Sold out 0.00% −8.87 ESI Element Solutions Inc. Reduce -45.6% 3.74% −3.77 CC The Chemours Co. Reduce -2.4% 7.92% −1.92 PCAR Paccar Inc. Sold out 0.00% −1.91 AMCR Amcor PLC Reduce -48.3% 2.15% −1.76 FMC FMC Corp. Sold out 0.00% −1.61 KBR KBR Inc. Sold out 0.00% −1.61 SEE Sealed Air Corp. Reduce -1.8% 10.18% −1.60 CACI Caci International Inc. Class A Sold out 0.00% −1.15 LW Lamb Weston Holdings Inc. Sold out 0.00% −1.03 NXE Nexgen Energy Ltd. Reduce -97.6% 0.01% −0.69 CMP Compass Minerals Internation Sold out 0.00% −0.60 AA Alcoa Corp. Sold out 0.00% −0.59 UBER Uber Technologies Inc. Sold out 0.00% −0.55 KEX Kirby Corp. Sold out 0.00% −0.41 FDX FedEx Corp. Sold out 0.00% −0.37 HRL Hormel Foods Corp. Sold out 0.00% −0.35 AVNT Avient Corp. Reduce -65.0% 0.15% −0.31 WULF Terawulf Inc. Sold out 0.00% −0.25 WLK Westlake Corp. Reduce -52.8% 0.17% −0.23 IREN Iren Ltd. Sold out 0.00% −0.20 PRIM Primoris Services Corp. Sold out 0.00% −0.11 GGB Gerdau SA -Spon ADR Sold out 0.00% −0.09 DRIO Dariohealth Corp. Reduce -9.2% 0.19% −0.07
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ FTAI Ftai Aviation Ltd. Add +601.8% 11.86% +9.73 DY Dycom Industries Inc. Add +108.1% 6.84% +3.20 TH Target Hospitality Corp. New 2.81% +2.81 PKG Packaging Corp. of America New 2.39% +2.39 PSN Parsons Corp. New 2.16% +2.16 BA The Boeing Co. New 1.48% +1.48 FCX Freeport-McMoran Inc. New 1.29% +1.29 ATI Ati Inc. New 1.13% +1.13 GEO The Geo Group Inc. Add +20.5% 4.19% +0.96 CORZ Core Scientific Inc. New 0.93% +0.93 GLNG Golar LNG Ltd. Add +15.9% 13.72% +0.92 MTZ Mastec Inc. New 0.77% +0.77 KNX Knight-Swift Transportation New 0.75% +0.75 PCT Purecycle Technologies Inc. Add +51.1% 12.05% +0.58 WWD Woodward Inc. New 0.35% +0.35 GEV GE Vernova Inc. New 0.29% +0.29 WFG West Fraser Timber Co. Ltd. New 0.28% +0.28 SGML Sigma Lithium Corp. Add +5.3% 12.23% +0.07
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF call New 57,500 $11.5M CE Celanese Corp. call Sold out 150,000 $10.4Mbefore exit PCT Purecycle Technologies Inc. call New 1,200,000 $8.3M SEE Sealed Air Corp. call Sold out 200,000 $6.8Mbefore exit GLNG Golar LNG Ltd. call Sold out 120,000 $5.1Mbefore exit CC The Chemours Co. call Reduce -68.8% 350,000 $4.7M ESI Element Solutions Inc. call Sold out 167,400 $4.3Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 0 $0 Q1 2026 0 $0 Q4 2025 0 $0 Q3 2025 28 $460.0M GLNG, PCT, KEX, DAR, SEE Q2 2025 23 $398.3M PCT, GLNG, FTAI, CC, AMCR Q1 2025 26 $422.2M GLNG, SGML, PCT, FTAI, SEE Q4 2024 30 $434.9M GLNG, SGML, SEE, PCT, CC Q3 2024 29 $444.7M PCT, SEE, SGML, DY, CC Q2 2024 38 $389.3M SEE, SPR, PSN, SGML, DY Q1 2024 29 $305.0M SEE, SGML, DY, NTR, WLK