Candelo Capital Management LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Candelo Capital Management LP reported 26 stock positions worth $109.6 million. Its top holding was Ati (ATI) at 6.6% of the portfolio, followed by Teledyne Technologies (TDY, 6.2%) and Union Pacific (UNP, 5.2%). Compared with Q3 2025, it opened 13 new positions, sold out of 13, added to 5 and reduced 8. The biggest buy was a new position in Granite Construction (GVA) and the biggest sale an exit from TC Energy (TRP).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001845660
Portfolio Value
$109.6M (Q4 2025)
SEC Filing
0001845660-26-000002 ↗ filed Feb 17, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $136.4M Q1 2024 Q2 2024: $135.0M Q2 2024 Q3 2024: $155.4M Q3 2024 Q4 2024: $158.7M Q4 2024 Q1 2025: $104.3M Q1 2025 Q2 2025: $104.4M Q2 2025 Q3 2025: $111.8M Q3 2025 Q4 2025: $109.6M $109.6M Q4 2025 Q1 2026: $99.4M Q1 2026 Q2 2026: $136.2M Q2 2026

Holdings 26 stocks · $109.6M
ATI Ati Inc. 6.64% 63,396 $7.3M Add +4.1%
TDY Teledyne Technologies Inc. 6.15% 13,202 $6.7M Reduce -14.3%
UNP Union Pacific Corp. 5.25% 24,850 $5.7M Add +1.0%
GVA Granite Construction Inc. 5.17% 49,088 $5.7M New
MKSI MKS Inc. 5.12% 35,107 $5.6M New
ESI Element Solutions Inc. 4.77% 209,000 $5.2M Add +0.6%
DHR Danaher Corp. 4.43% 21,200 $4.9M New
TLN Talen Energy Corp. 4.31% 12,600 $4.7M Add +41.6%
SEI Solaris Energy Infrastructur 4.30% 102,600 $4.7M New
MRCY Mercury Systems Inc. 4.28% 64,226 $4.7M Add +319.8%
ATRO Astronics Corp. 4.14% 83,642 $4.5M New
ADI Analog Devices Inc. 4.13% 16,700 $4.5M New
TSM Taiwan Semiconductor-SP ADR 4.05% 14,600 $4.4M Reduce -13.1%
BDC Belden Inc. 3.92% 36,871 $4.3M Reduce -12.6%
MOD Modine Manufacturing Co. 3.84% 31,511 $4.2M Reduce -19.3%
SHC Sotera Health Co. 3.72% 230,801 $4.1M New
GLW Corning Inc. 3.60% 45,089 $3.9M Reduce -23.6%
WWD Woodward Inc. 3.35% 12,150 $3.7M Reduce -29.8%
CTRI Centuri Holdings Inc. 3.30% 143,133 $3.6M New
CHRW C.H. Robinson Worldwide Inc. 3.11% 21,201 $3.4M New
AMAT Applied Materials Inc. 3.07% 13,100 $3.4M New
PWR Quanta Services Inc. 2.75% 7,138 $3.0M Reduce -45.2%
ECHO Echostar Corp. Class A 2.21% 22,300 $2.4M New
KNX Knight-Swift Transportation 2.20% 46,194 $2.4M New
CW Curtiss-Wright Corp. 1.55% 3,079 $1.7M Reduce -65.6%
ATS Ats Corp. 0.62% 24,700 $680K New

Options reported separately and not counted above: SMH puts ($2.5M).

Portfolio Sells Q3 2025 → Q4 2025
TRP TC Energy Corp. Sold out 0.00% −6.53
LHX L3HARRIS Technologies Inc. Sold out 0.00% −4.65
CVNA Carvana Co. Sold out 0.00% −3.84
VMC Vulcan Materials Co. Sold out 0.00% −3.67
FTAI Ftai Aviation Ltd. Sold out 0.00% −3.61
PTC PTC Inc. Sold out 0.00% −3.49
PRIM Primoris Services Corp. Sold out 0.00% −3.44
CEG Constellation Energy Sold out 0.00% −3.16
SHW The Sherwin-Williams Co. Sold out 0.00% −3.10
CW Curtiss-Wright Corp. Reduce -65.6% 1.55% −2.80
POWL Powell Industries Inc. Sold out 0.00% −2.34
VRT Vertiv Holdings Co. Class A Sold out 0.00% −2.09
PWR Quanta Services Inc. Reduce -45.2% 2.75% −2.08
TDY Teledyne Technologies Inc. Reduce -14.3% 6.15% −1.92
RIOT Riot Platforms Inc. Sold out 0.00% −1.61
MOD Modine Manufacturing Co. Reduce -19.3% 3.84% −1.13
GLW Corning Inc. Reduce -23.6% 3.60% −0.72
BDC Belden Inc. Reduce -12.6% 3.92% −0.61
WWD Woodward Inc. Reduce -29.8% 3.35% −0.56
KRMN Karman Holdings Inc. Sold out 0.00% −0.52
TSM Taiwan Semiconductor-SP ADR Reduce -13.1% 4.05% −0.15

Portfolio Buys Q3 2025 → Q4 2025
GVA Granite Construction Inc. New 5.17% +5.17
MKSI MKS Inc. New 5.12% +5.12
DHR Danaher Corp. New 4.43% +4.43
SEI Solaris Energy Infrastructur New 4.30% +4.30
ATRO Astronics Corp. New 4.14% +4.14
ADI Analog Devices Inc. New 4.13% +4.13
SHC Sotera Health Co. New 3.72% +3.72
CTRI Centuri Holdings Inc. New 3.30% +3.30
MRCY Mercury Systems Inc. Add +319.8% 4.28% +3.22
CHRW C.H. Robinson Worldwide Inc. New 3.11% +3.11
AMAT Applied Materials Inc. New 3.07% +3.07
ECHO Echostar Corp. Class A New 2.21% +2.21
ATI Ati Inc. Add +4.1% 6.64% +2.21
KNX Knight-Swift Transportation New 2.20% +2.20
TLN Talen Energy Corp. Add +41.6% 4.31% +0.92
ATS Ats Corp. New 0.62% +0.62
ESI Element Solutions Inc. Add +0.6% 4.77% +0.09
UNP Union Pacific Corp. Add +1.0% 5.25% +0.05

Options Activity Q3 2025 → Q4 2025
XLB SS Materials Select Sector put Sold out 60,000 $2.7Mbefore exit
SMH Vaneck Semiconductor ETF put New 7,000 $2.5M
LII Lennox International Inc. put Sold out 1,500 $794Kbefore exit
F Ford Motor Co. put Sold out 60,000 $718Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 27$136.2MTDY, GVA, CTRI, PH, MRCY
Q1 2026 22$99.4MKGS, CTRI, LIN, GVA, TDY
Q4 2025 26$109.6MATI, TDY, UNP, GVA, MKSI
Q3 2025 26$111.8MTDY, TRP, UNP, MOD, PWR
Q2 2025 22$104.4MPTC, TRP, ATI, TDY, DTM
Q1 2025 18$104.3MTDY, PWR, CW, LNG, PTC
Q4 2024 29$158.7MTRP, CW, GLW, ADSK, LNG
Q3 2024 25$155.4MESI, BLDR, MMM, CSX, PTC
Q2 2024 21$135.0MESI, AER, PTC, ENTG, WAB
Q1 2024 20$136.4MBLDR, GE, CRH, ESI, TEL