Gates Capital Management, Inc. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Gates Capital Management, Inc. reported 29 stock positions worth $3.2 billion . Its top holding was Darling Ingredients (DAR) at 7.7% of the portfolio, followed by Atkore (ATKR, 6.1% ) and Fortive (FTV, 5.8% ). Compared with Q4 2024, it opened 2 new positions, sold out of 3, added to 16 and reduced 7. The biggest buy was a new position in Neogen (NEOG) and the biggest sale an exit from Kenvue (KVUE).
Location New York, NY
CIK 0001312908
Portfolio Value $3.2B (Q1 2025) Holdings 29 stocks · $3.2B 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 Q4 2024 DAR Darling Ingredients Inc. 7,915,560 $247.3M Add +18.7% ATKR Atkore Inc. 3,265,061 $195.9M Add +25.2% FTV Fortive Corp. 2,565,459 $187.7M Add +6.3% CARR Carrier Global Corp. 2,937,756 $186.3M Add +0.2% RTO Rentokil Initial PLC-SP ADR 6,615,305 $151.5M Add +5.7% CRH CRH PLC 1,705,365 $150.0M Reduce -2.4% SPGI S&P Global Inc. 287,554 $146.1M No change APG Api Group Corp. 4,069,841 $145.5M Reduce -18.8% PNR Pentair PLC 1,489,233 $130.3M Add +11.8% VLTO Veralto Corp. 1,302,294 $126.9M Add +8.1% MBC Masterbrand Inc. 9,669,562 $126.3M Add +1.9% ESI Element Solutions Inc. 5,424,745 $122.7M Add +101.9% GTLS Chart Industries Inc. 776,636 $112.1M Add +61.5% DVA Davita Inc. 722,205 $110.5M Add +0.7% LW Lamb Weston Holdings Inc. 2,016,142 $107.5M Add +49.8% GLPI Gaming and Leisure Propertie 2,098,022 $106.8M No change TKO Tko Group Holdings Inc. 595,271 $91.0M Reduce -25.4% NVST Envista Holdings Corp. 5,163,745 $89.1M Add +10.0% VICI Vici Properties Inc. filed as VICI PPTYS INC 2,669,160 $87.1M Reduce -11.7% NEOG Neogen Corp. 9,156,922 $79.4M New AWI Armstrong World Industries 559,576 $78.8M Reduce -9.1% OTIS Otis Worldwide Corp. 761,748 $78.6M No change TIC Tic Solutions Inc. filed as ACUREN CORP 6,920,033 $77.0M New YETI Yeti Holdings Inc. filed as YETI HLDGS INC 2,316,279 $76.7M Reduce -34.1% WH Wyndham Hotels & Resorts Inc. 630,278 $57.0M Reduce -14.2% GTX Garrett Motion Inc. 6,795,553 $56.9M Add +53.1% ENTG Entegris Inc. 509,854 $44.6M No change CCSI Consensus Cloud Solution 1,691,368 $39.0M Add +4.8% MERC Mercer International Inc. 2,290,368 $14.1M Add +120.8%
Options reported separately and not counted above: XLI puts ($786.4M), XLI calls ($720.9M), XLB puts ($214.9M), XLB calls ($150.5M).
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ KVUE Kenvue Inc. Sold out 0.00% −3.43 GEAR Revelyst Inc. Sold out 0.00% −2.82 GEHC GE Healthcare Technology Sold out 0.00% −2.08 YETI Yeti Holdings Inc. Reduce -34.1% 2.38% −1.60 APG Api Group Corp. Reduce -18.8% 4.52% −0.79 TKO Tko Group Holdings Inc. Reduce -25.4% 2.82% −0.51 WH Wyndham Hotels & Resorts Inc. Reduce -14.2% 1.77% −0.41 AWI Armstrong World Industries Reduce -9.1% 2.45% −0.11 CRH CRH PLC Reduce -2.4% 4.66% −0.10 VICI Vici Properties Inc. Reduce -11.7% 2.70% +0.11
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ NEOG Neogen Corp. New 2.46% +2.46 TIC Tic Solutions Inc. New 2.39% +2.39 ESI Element Solutions Inc. Add +101.9% 3.81% +1.80 DAR Darling Ingredients Inc. Add +18.7% 7.67% +1.06 GTLS Chart Industries Inc. Add +61.5% 3.48% +0.78 LW Lamb Weston Holdings Inc. Add +49.8% 3.33% +0.69 GTX Garrett Motion Inc. Add +53.1% 1.76% +0.59 FTV Fortive Corp. Add +6.3% 5.83% +0.50 VLTO Veralto Corp. Add +8.1% 3.94% +0.33 DVA Davita Inc. Add +0.7% 3.43% +0.27 MERC Mercer International Inc. Add +120.8% 0.44% +0.24 NVST Envista Holdings Corp. Add +10.0% 2.77% +0.10 PNR Pentair PLC Add +11.8% 4.04% +0.10 CCSI Consensus Cloud Solution Add +4.8% 1.21% +0.08 RTO Rentokil Initial PLC-SP ADR Add +5.7% 4.70% +0.04 CARR Carrier Global Corp. Add +0.2% 5.78% −0.11 MBC Masterbrand Inc. Add +1.9% 3.92% −0.16 ATKR Atkore Inc. Add +25.2% 6.08% −0.32
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ XLI SS Industrial Select Sector put Reduce -7.7% 6,000,000 $786.4M XLI SS Industrial Select Sector call Add +15.8% 5,500,000 $720.9M CARR Carrier Global Corp. put Sold out 793,000 $54.1Mbefore exit GEHC GE Healthcare Technology put Sold out 232,900 $18.2Mbefore exit TKO Tko Group Holdings Inc. put Sold out 100,000 $14.2Mbefore 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 31 $3.0B DAR, TIC, DVA, RTO, SPGI Q1 2026 31 $2.9B ATKR, DAR, TIC, CARR, SPGI Q4 2025 28 $2.9B ATKR, DAR, CARR, SPGI, TIC Q3 2025 29 $3.2B FTV, ATKR, CARR, DAR, DVA Q2 2025 29 $3.3B DAR, CARR, ATKR, FTV, GTLS Q1 2025 29 $3.2B DAR, ATKR, FTV, CARR, RTO Q4 2024 30 $3.4B DAR, ATKR, CARR, FTV, APG Q3 2024 27 $3.5B CARR, DAR, FTV, VSTO, APG Q2 2024 30 $3.3B VSTO, CARR, CRH, RTO, KVUE Q1 2024 31 $3.4B CARR, VSTO, CRH, RTO, MBC