Appian Way Asset Management LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Appian Way Asset Management LP reported 28 stock positions worth $460.0 million . Its top holding was Golar LNG (GLNG) at 14.4% of the portfolio, followed by Purecycle Technologies (PCT, 12.3% ) and Kirby (KEX, 12.3% ). Compared with Q2 2025, it opened 12 new positions, sold out of 7, added to 7 and reduced 9. The biggest buy was Darling Ingredients (DAR, shares +2552% ) and the biggest sale Chemours (CC, shares −76% ).
Location NEW YORK, NY
CIK 0001795816
Portfolio Value $460.0M (Q3 2025) Holdings 28 stocks · $460.0M 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 Q2 2025 GLNG Golar LNG Ltd. 1,633,582 $66.0M Add +34.8% PCT Purecycle Technologies Inc. 4,315,655 $56.8M Add +11.9% KEX Kirby Corp. 675,546 $56.4M Add +335.8% DAR Darling Ingredients Inc. 1,744,864 $53.9M Add +2551.8% SEE Sealed Air Corp. 1,258,601 $44.5M Add +79.0% FTAI Ftai Aviation Ltd. 191,431 $31.9M Reduce -53.9% AMCR Amcor PLC 2,303,717 $18.8M Reduce -39.1% IAG Iamgold Corp. 1,414,929 $18.3M Add +183.1% ESI Element Solutions Inc. 650,872 $16.4M Reduce -56.6% CC The Chemours Co. 922,656 $14.6M Reduce -75.8% TH Target Hospitality Corp. 1,360,609 $11.5M Reduce -28.1% KNX Knight-Swift Transportation 255,978 $10.1M Add +74.2% CE Celanese Corp. 224,589 $9.5M New NXE Nexgen Energy Ltd. 1,055,403 $9.4M New CORZ Core Scientific Inc. 434,661 $7.8M Reduce -12.6% GEO The Geo Group Inc. 239,168 $4.9M Reduce -7.5% SEI Solaris Energy Infrastructur 116,740 $4.7M New JBS JBS NV-A 310,681 $4.6M New OLN Olin Corp. 171,672 $4.3M New CCJ Cameco Corp. 49,259 $4.1M New PKG Packaging Corp. of America 12,784 $2.8M New CALM Cal-Maine Foods Inc. 19,442 $1.8M New FUL H.B. Fuller Co. filed as FULLER H B CO 29,675 $1.8M New GXO Gxo Logistics Inc. 30,186 $1.6M Reduce -76.5% JBHT Hunt (jb) Transprt SVCS Inc. 8,110 $1.1M New DRIO Dariohealth Corp. 56,862 $987K Reduce -11.2% AXTA Axalta Coating Systems Ltd. 25,469 $729K New TROX Tronox Holdings PLC 157,446 $633K New
Options reported separately and not counted above: IWM puts ($79.8M), DAR calls ($18.2M).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ CC The Chemours Co. Reduce -75.8% 3.18% −7.79 SGML Sigma Lithium Corp. Sold out 0.00% −6.06 FTAI Ftai Aviation Ltd. Reduce -53.9% 6.94% −5.04 ESI Element Solutions Inc. Reduce -56.6% 3.56% −4.97 AMCR Amcor PLC Reduce -39.1% 4.10% −4.63 DY Dycom Industries Inc. Sold out 0.00% −1.74 MTZ Mastec Inc. Sold out 0.00% −1.38 GXO Gxo Logistics Inc. Reduce -76.5% 0.35% −1.22 FCX Freeport-McMoran Inc. Sold out 0.00% −1.01 TH Target Hospitality Corp. Reduce -28.1% 2.51% −0.88 CSL Carlisle Cos Inc. Sold out 0.00% −0.80 KTOS Kratos Defense & Security Sold out 0.00% −0.57 JBTM JBT Marel Corp. Sold out 0.00% −0.50 GEO The Geo Group Inc. Reduce -7.5% 1.07% −0.49 CORZ Core Scientific Inc. Reduce -12.6% 1.70% −0.44 DRIO Dariohealth Corp. Reduce -11.2% 0.21% −0.00
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ DAR Darling Ingredients Inc. Add +2551.8% 11.71% +11.08 KEX Kirby Corp. Add +335.8% 12.26% +7.84 SEE Sealed Air Corp. Add +79.0% 9.67% +4.20 IAG Iamgold Corp. Add +183.1% 3.98% +3.06 CE Celanese Corp. New 2.05% +2.05 NXE Nexgen Energy Ltd. New 2.05% +2.05 GLNG Golar LNG Ltd. Add +34.8% 14.35% +1.82 SEI Solaris Energy Infrastructur New 1.01% +1.01 JBS JBS NV-A New 1.01% +1.01 OLN Olin Corp. New 0.93% +0.93 CCJ Cameco Corp. New 0.90% +0.90 PKG Packaging Corp. of America New 0.61% +0.61 KNX Knight-Swift Transportation Add +74.2% 2.20% +0.57 CALM Cal-Maine Foods Inc. New 0.40% +0.40 FUL H.B. Fuller Co. New 0.38% +0.38 JBHT Hunt (jb) Transprt SVCS Inc. New 0.24% +0.24 AXTA Axalta Coating Systems Ltd. New 0.16% +0.16 TROX Tronox Holdings PLC New 0.14% +0.14 PCT Purecycle Technologies Inc. Add +11.9% 12.34% −0.93
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put New 330,000 $79.8M DAR Darling Ingredients Inc. call Reduce -19.2% 590,000 $18.2M CF CF Industries Holdings Inc. call Sold out 90,000 $8.3Mbefore exit MOS The Mosaic Co. call Sold out 225,000 $8.2Mbefore exit PCT Purecycle Technologies Inc. call Sold out 400,000 $5.5Mbefore exit CC The Chemours Co. call Sold out 350,000 $4.0Mbefore 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