Appian Way Asset Management LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Appian Way Asset Management LP reported 23 stock positions worth $398.3 million . Its top holding was Purecycle Technologies (PCT) at 13.3% of the portfolio, followed by Golar LNG (GLNG, 12.5% ) and Ftai Aviation (FTAI, 12.0% ). Compared with Q1 2025, it opened 7 new positions, sold out of 10, added to 7 and reduced 8. The biggest buy was Amcor (AMCR, shares +305% ) and the biggest sale Dycom Industries (DY, shares −85% ).
Location NEW YORK, NY
CIK 0001795816
Portfolio Value $398.3M (Q2 2025) Holdings 23 stocks · $398.3M 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 Q1 2025 PCT Purecycle Technologies Inc. 3,855,979 $52.8M Reduce -47.5% GLNG Golar LNG Ltd. 1,212,207 $49.9M Reduce -20.5% FTAI Ftai Aviation Ltd. 415,049 $47.7M Reduce -7.9% CC The Chemours Co. 3,813,341 $43.7M Add +54.3% AMCR Amcor PLC 3,780,583 $34.7M Add +304.9% ESI Element Solutions Inc. 1,499,532 $34.0M Add +114.8% SGML Sigma Lithium Corp. 5,359,019 $24.1M Add +8.0% SEE Sealed Air Corp. 703,061 $21.8M Reduce -52.7% KEX Kirby Corp. 155,011 $17.6M New TH Target Hospitality Corp. 1,893,133 $13.5M Add +4.9% CORZ Core Scientific Inc. 497,237 $8.5M Reduce -7.8% DY Dycom Industries Inc. 28,435 $6.9M Reduce -85.0% KNX Knight-Swift Transportation 146,955 $6.5M Add +102.1% GXO Gxo Logistics Inc. 128,278 $6.2M New GEO The Geo Group Inc. 258,555 $6.2M Reduce -57.3% MTZ Mastec Inc. 32,147 $5.5M Add +15.0% FCX Freeport-McMoran Inc. 93,167 $4.0M Reduce -35.0% IAG Iamgold Corp. 499,879 $3.7M New CSL Carlisle Cos Inc. 8,548 $3.2M New DAR Darling Ingredients Inc. 65,800 $2.5M New KTOS Kratos Defense & Security 49,255 $2.3M New JBTM JBT Marel Corp. 16,600 $2.0M New DRIO Dariohealth Corp. 1,280,880 $858K No change
Options reported separately and not counted above: DAR calls ($27.7M), CF calls ($8.3M), MOS calls ($8.2M), PCT calls ($5.5M), CC calls ($4.0M).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ DY Dycom Industries Inc. Reduce -85.0% 1.74% −5.10 SEE Sealed Air Corp. Reduce -52.7% 5.48% −4.71 GEO The Geo Group Inc. Reduce -57.3% 1.55% −2.63 PKG Packaging Corp. of America Sold out 0.00% −2.39 PSN Parsons Corp. Sold out 0.00% −2.16 BA The Boeing Co. Sold out 0.00% −1.48 GLNG Golar LNG Ltd. Reduce -20.5% 12.54% −1.18 ATI Ati Inc. Sold out 0.00% −1.13 WWD Woodward Inc. Sold out 0.00% −0.35 GEV GE Vernova Inc. Sold out 0.00% −0.29 WFG West Fraser Timber Co. Ltd. Sold out 0.00% −0.28 FCX Freeport-McMoran Inc. Reduce -35.0% 1.01% −0.27 WLK Westlake Corp. Sold out 0.00% −0.17 AVNT Avient Corp. Sold out 0.00% −0.15 NXE Nexgen Energy Ltd. Sold out 0.00% −0.01 FTAI Ftai Aviation Ltd. Reduce -7.9% 11.99% +0.13 CORZ Core Scientific Inc. Reduce -7.8% 2.13% +1.21 PCT Purecycle Technologies Inc. Reduce -47.5% 13.26% +1.21
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ AMCR Amcor PLC Add +304.9% 8.72% +6.58 ESI Element Solutions Inc. Add +114.8% 8.53% +4.79 KEX Kirby Corp. New 4.41% +4.41 CC The Chemours Co. Add +54.3% 10.96% +3.04 GXO Gxo Logistics Inc. New 1.57% +1.57 IAG Iamgold Corp. New 0.92% +0.92 KNX Knight-Swift Transportation Add +102.1% 1.63% +0.88 CSL Carlisle Cos Inc. New 0.80% +0.80 DAR Darling Ingredients Inc. New 0.63% +0.63 MTZ Mastec Inc. Add +15.0% 1.38% +0.60 KTOS Kratos Defense & Security New 0.57% +0.57 TH Target Hospitality Corp. Add +4.9% 3.38% +0.57 JBTM JBT Marel Corp. New 0.50% +0.50 SGML Sigma Lithium Corp. Add +8.0% 6.06% −6.17
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ DAR Darling Ingredients Inc. call New 730,000 $27.7M IWM iShares Russell 2000 ETF call Sold out 57,500 $11.5Mbefore exit CF CF Industries Holdings Inc. call New 90,000 $8.3M MOS The Mosaic Co. call New 225,000 $8.2M PCT Purecycle Technologies Inc. call Reduce -66.7% 400,000 $5.5M
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