Candelo Capital Management LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Candelo Capital Management LP reported 26 stock positions worth $111.8 million . Its top holding was Teledyne Technologies (TDY) at 8.1% of the portfolio, followed by TC Energy (TRP, 6.5% ) and Union Pacific (UNP, 5.2% ). Compared with Q2 2025, it opened 10 new positions, sold out of 6, added to 3 and reduced 13. The biggest buy was a new position in Union Pacific (UNP) and the biggest sale an exit from DT Midstream (DTM).
Location NEW YORK, NY
CIK 0001845660
Portfolio Value $111.8M (Q3 2025) Holdings 26 stocks · $111.8M 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 TDY Teledyne Technologies Inc. 15,401 $9.0M Add +27.2% TRP TC Energy Corp. 134,195 $7.3M Reduce -12.7% UNP Union Pacific Corp. 24,600 $5.8M New MOD Modine Manufacturing Co. 39,053 $5.6M New PWR Quanta Services Inc. 13,018 $5.4M Reduce -11.3% ESI Element Solutions Inc. 207,830 $5.2M New LHX L3HARRIS Technologies Inc. 17,022 $5.2M Reduce -19.7% BDC Belden Inc. 42,166 $5.1M New ATI Ati Inc. 60,896 $5.0M Reduce -24.1% CW Curtiss-Wright Corp. 8,948 $4.9M Reduce -4.2% GLW Corning Inc. 58,989 $4.8M New TSM Taiwan Semiconductor-SP ADR 16,800 $4.7M New WWD Woodward Inc. 17,300 $4.4M Add +7.0% CVNA Carvana Co. 11,375 $4.3M Reduce -12.8% VMC Vulcan Materials Co. 13,350 $4.1M Reduce -11.0% FTAI Ftai Aviation Ltd. 24,200 $4.0M New PTC PTC Inc. 19,194 $3.9M Reduce -55.9% PRIM Primoris Services Corp. 27,970 $3.8M New TLN Talen Energy Corp. 8,900 $3.8M Reduce -49.6% CEG Constellation Energy 10,726 $3.5M Add +8.3% SHW The Sherwin-Williams Co. 10,022 $3.5M Reduce -36.7% POWL Powell Industries Inc. 8,583 $2.6M Reduce -51.2% VRT Vertiv Holdings Co. Class A 15,500 $2.3M Reduce -50.9% RIOT Riot Platforms Inc. 94,800 $1.8M New MRCY Mercury Systems Inc. 15,300 $1.2M New KRMN Karman Holdings Inc. 8,100 $585K Reduce -56.0%
Options reported separately and not counted above: XLB puts ($2.7M), LII puts ($794K), F puts ($718K).
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 ▲ DTM DT Midstream Inc. Sold out 0.00% −5.63 CP Canadian Pacific Kansas City Sold out 0.00% −5.15 MIR Mirion Technologies Inc. Sold out 0.00% −4.19 XPO Xpo Inc. Sold out 0.00% −3.88 PTC PTC Inc. Reduce -55.9% 3.49% −3.69 EQT Eqt Corp. Sold out 0.00% −3.63 LNG Cheniere Energy Inc. Sold out 0.00% −2.56 ATI Ati Inc. Reduce -24.1% 4.43% −2.21 SHW The Sherwin-Williams Co. Reduce -36.7% 3.10% −2.10 VRT Vertiv Holdings Co. Class A Reduce -50.9% 2.09% −1.79 TLN Talen Energy Corp. Reduce -49.6% 3.39% −1.53 POWL Powell Industries Inc. Reduce -51.2% 2.34% −1.21 TRP TC Energy Corp. Reduce -12.7% 6.53% −0.65 PWR Quanta Services Inc. Reduce -11.3% 4.83% −0.49 LHX L3HARRIS Technologies Inc. Reduce -19.7% 4.65% −0.44 CVNA Carvana Co. Reduce -12.8% 3.84% −0.37 KRMN Karman Holdings Inc. Reduce -56.0% 0.52% −0.36 VMC Vulcan Materials Co. Reduce -11.0% 3.67% −0.07 CW Curtiss-Wright Corp. Reduce -4.2% 4.35% −0.02
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 ▼ UNP Union Pacific Corp. New 5.20% +5.20 MOD Modine Manufacturing Co. New 4.97% +4.97 ESI Element Solutions Inc. New 4.68% +4.68 BDC Belden Inc. New 4.54% +4.54 GLW Corning Inc. New 4.33% +4.33 TSM Taiwan Semiconductor-SP ADR New 4.20% +4.20 FTAI Ftai Aviation Ltd. New 3.61% +3.61 PRIM Primoris Services Corp. New 3.44% +3.44 TDY Teledyne Technologies Inc. Add +27.2% 8.07% +2.13 RIOT Riot Platforms Inc. New 1.61% +1.61 MRCY Mercury Systems Inc. New 1.06% +1.06 WWD Woodward Inc. Add +7.0% 3.91% +0.12 CEG Constellation Energy Add +8.3% 3.16% +0.10
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ XLB SS Materials Select Sector put New 30,000 $2.7M JETS US Global Jets ETF put Sold out 100,000 $2.3Mbefore exit XLE SS Energy Select Sector put Sold out 25,000 $2.1Mbefore exit KNF Knife River Corp. put Sold out 10,000 $816Kbefore exit LII Lennox International Inc. put New 1,500 $794K BKR Baker Hughes Co. put Sold out 20,000 $767Kbefore exit F Ford Motor Co. put New 60,000 $718K
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