Atlas FRM LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Atlas FRM LLC reported 12 stock positions worth $1.0 billion. Its top holding was Sylvamo (SLVM) at 29.7% of the portfolio, followed by Packaging Corp. of America (PKG, 19.9%) and International Paper (IP, 19.2%). Compared with Q3 2025, it opened 4 new positions, sold out of 1, added to 4 and reduced 1. The biggest buy was Packaging Corp. of America (PKG, shares +45%) and the biggest sale an exit from Odp (ODP).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001879898
- Portfolio Value
- $1.0B (Q4 2025)
- SEC Filing
- 0001879898-26-000002 ↗ filed Feb 12, 2026
Holdings Value
Holdings 12 stocks · $1.0B
| SLVM Sylvamo Corp. | 29.69% | 6,312,454 | $303.9M | No change |
| PKG Packaging Corp. of America | 19.94% | 990,000 | $204.2M | Add +44.5% |
| IP International Paper Co. | 19.24% | 5,000,000 | $196.9M | Add +56.3% |
| SUZ Suzano SA - Spon ADR | 15.80% | 17,320,000 | $161.8M | No change |
| SEE Sealed Air Corp. | 7.61% | 1,880,500 | $77.9M | Add +36.4% |
| MHK Mohawk Industries Inc. | 1.76% | 165,000 | $18.0M | Reduce -19.5% |
| FND Floor & Decor Holdings Inc. Class A | 1.73% | 291,000 | $17.7M | New |
| AMWD American Woodmark Corp. | 1.56% | 296,000 | $16.0M | Add +51.8% |
| FCFS Firstcash Holdings Inc. | 0.78% | 50,000 | $8.0M | New |
| SLGN Silgan Holdings Inc. | 0.67% | 170,000 | $6.9M | New |
| EZPW Ezcorp Inc. Class A | 0.62% | 325,000 | $6.3M | New |
| MERC Mercer International Inc. | 0.61% | 3,150,000 | $6.2M | No change |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| PKG Packaging Corp. of America | Add +44.5% | 19.94% | +2.56 |
| IP International Paper Co. | Add +56.3% | 19.24% | +1.95 |
| SEE Sealed Air Corp. | Add +36.4% | 7.61% | +1.93 |
| FND Floor & Decor Holdings Inc. Class A | New | 1.73% | +1.73 |
| FCFS Firstcash Holdings Inc. | New | 0.78% | +0.78 |
| SLGN Silgan Holdings Inc. | New | 0.67% | +0.67 |
| EZPW Ezcorp Inc. Class A | New | 0.62% | +0.62 |
| AMWD American Woodmark Corp. | Add +51.8% | 1.56% | +0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 25 | $2.3B | IP, PKG, WCN, SLVM, SUZ |
| Q1 2026 | 23 | $1.5B | PKG, IP, SLVM, SUZ, FBIN |
| Q4 2025 | 12 | $1.0B | SLVM, PKG, IP, SUZ, SEE |
| Q3 2025 | 9 | $858.8M | SLVM, SUZ, PKG, IP, SEE |
| Q2 2025 | 9 | $858.8M | SLVM, SUZ, IP, PKG, MHK |
| Q1 2025 | 9 | $933.1M | SLVM, IP, SUZ, PKG, MHK |
| Q4 2024 | 10 | $1.1B | SLVM, IP, SUZ, PKG, MHK |
| Q3 2024 | 8 | $1.0B | SLVM, IP, SUZ, MHK, PKG |
| Q2 2024 | 7 | $754.6M | SLVM, IP, SUZ, MERC, PKG |
| Q1 2024 | 7 | $739.9M | SLVM, IP, SUZ, PKG, MERC |