Candelo Capital Management LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Candelo Capital Management LP reported 22 stock positions worth $104.4 million . Its top holding was PTC (PTC) at 7.2% of the portfolio, followed by TC Energy (TRP, 7.2% ) and Ati (ATI, 6.6% ). Compared with Q1 2025, it opened 11 new positions, sold out of 7, added to 2 and reduced 9. The biggest buy was a new position in Ati (ATI) and the biggest sale an exit from 3M (MMM).
Location NEW YORK, NY
CIK 0001845660
Portfolio Value $104.4M (Q2 2025) Holdings 22 stocks · $104.4M 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 PTC PTC Inc. 43,500 $7.5M Add +0.3% TRP TC Energy Corp. 153,648 $7.5M Add +8.9% ATI Ati Inc. 80,273 $6.9M New TDY Teledyne Technologies Inc. 12,106 $6.2M Reduce -26.6% DTM DT Midstream Inc. 53,538 $5.9M Reduce -0.0% PWR Quanta Services Inc. 14,670 $5.5M Reduce -54.4% SHW The Sherwin-Williams Co. 15,835 $5.4M New CP Canadian Pacific Kansas City 67,800 $5.4M New LHX L3HARRIS Technologies Inc. 21,200 $5.3M New TLN Talen Energy Corp. 17,654 $5.1M Reduce -34.6% CW Curtiss-Wright Corp. 9,338 $4.6M Reduce -61.7% CVNA Carvana Co. 13,050 $4.4M New MIR Mirion Technologies Inc. 203,161 $4.4M New XPO Xpo Inc. 32,102 $4.1M New VRT Vertiv Holdings Co. Class A 31,568 $4.1M New WWD Woodward Inc. 16,167 $4.0M New VMC Vulcan Materials Co. 15,000 $3.9M Reduce -18.5% EQT Eqt Corp. 65,030 $3.8M Reduce -4.9% POWL Powell Industries Inc. 17,600 $3.7M Reduce -26.7% CEG Constellation Energy 9,900 $3.2M New LNG Cheniere Energy Inc. 11,000 $2.7M Reduce -65.1% KRMN Karman Holdings Inc. 18,400 $927K New
Options reported separately and not counted above: JETS puts ($2.3M), XLE puts ($2.1M), KNF puts ($816K), BKR puts ($767K).
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 ▲ MMM 3M Co. Sold out 0.00% −6.14 ADSK Autodesk Inc. Sold out 0.00% −5.82 APD Air Products & Chemicals Inc. Sold out 0.00% −5.54 ANSS Ansys Inc. Sold out 0.00% −5.34 NOC Northrop Grumman Corp. Sold out 0.00% −5.25 LNG Cheniere Energy Inc. Reduce -65.1% 2.56% −4.43 ENTG Entegris Inc. Sold out 0.00% −3.86 GEV GE Vernova Inc. Sold out 0.00% −3.43 CW Curtiss-Wright Corp. Reduce -61.7% 4.37% −3.04 PWR Quanta Services Inc. Reduce -54.4% 5.31% −2.53 TDY Teledyne Technologies Inc. Reduce -26.6% 5.94% −1.94 POWL Powell Industries Inc. Reduce -26.7% 3.55% −0.38 VMC Vulcan Materials Co. Reduce -18.5% 3.75% −0.37 TLN Talen Energy Corp. Reduce -34.6% 4.92% −0.25 EQT Eqt Corp. Reduce -4.9% 3.63% +0.13 DTM DT Midstream Inc. Reduce -0.0% 5.63% +0.68
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 ▼ ATI Ati Inc. New 6.64% +6.64 SHW The Sherwin-Williams Co. New 5.21% +5.21 CP Canadian Pacific Kansas City New 5.15% +5.15 LHX L3HARRIS Technologies Inc. New 5.09% +5.09 CVNA Carvana Co. New 4.21% +4.21 MIR Mirion Technologies Inc. New 4.19% +4.19 XPO Xpo Inc. New 3.88% +3.88 VRT Vertiv Holdings Co. Class A New 3.88% +3.88 WWD Woodward Inc. New 3.79% +3.79 CEG Constellation Energy New 3.06% +3.06 KRMN Karman Holdings Inc. New 0.89% +0.89 TRP TC Energy Corp. Add +8.9% 7.18% +0.79 PTC PTC Inc. Add +0.3% 7.18% +0.74
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ OIH Vaneck Oil Services ETF put Sold out 12,000 $3.1Mbefore exit JETS US Global Jets ETF put New 100,000 $2.3M XLE SS Energy Select Sector put New 25,000 $2.1M APD Air Products & Chemicals Inc. put Sold out 7,000 $2.1Mbefore exit IGV iShares Expanded Tech-Softwa put Sold out 20,000 $1.8Mbefore exit EXE Expand Energy Corp. put Sold out 15,000 $1.7Mbefore exit CTVA Corteva Inc. put Sold out 15,000 $944Kbefore exit SLB SLB Ltd. put Sold out 20,000 $836Kbefore exit KNF Knife River Corp. put New 10,000 $816K HWM Howmet Aerospace Inc. put Sold out 6,000 $778Kbefore exit BKR Baker Hughes Co. put New 20,000 $767K EMR Emerson Electric Co. put Sold out 5,000 $548Kbefore 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 27 $136.2M TDY, GVA, CTRI, PH, MRCY Q1 2026 22 $99.4M KGS, CTRI, LIN, GVA, TDY Q4 2025 26 $109.6M ATI, TDY, UNP, GVA, MKSI Q3 2025 26 $111.8M TDY, TRP, UNP, MOD, PWR Q2 2025 22 $104.4M PTC, TRP, ATI, TDY, DTM Q1 2025 18 $104.3M TDY, PWR, CW, LNG, PTC Q4 2024 29 $158.7M TRP, CW, GLW, ADSK, LNG Q3 2024 25 $155.4M ESI, BLDR, MMM, CSX, PTC Q2 2024 21 $135.0M ESI, AER, PTC, ENTG, WAB Q1 2024 20 $136.4M BLDR, GE, CRH, ESI, TEL