Gates Capital Management, Inc. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Gates Capital Management, Inc. reported 29 stock positions worth $3.3 billion . Its top holding was Darling Ingredients (DAR) at 8.0% of the portfolio, followed by Carrier Global (CARR, 6.5% ) and Atkore (ATKR, 5.6% ). Compared with Q1 2025, it opened 1 new position, sold out of 2, added to 10 and reduced 13. The biggest buy was a new position in Amrize (AMRZ) and the biggest sale an exit from Yeti (YETI).
Location New York, NY
CIK 0001312908
Portfolio Value $3.3B (Q2 2025) Holdings 29 stocks · $3.3B 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 DAR Darling Ingredients Inc. 6,953,973 $263.8M Reduce -12.2% CARR Carrier Global Corp. 2,927,506 $214.3M Reduce -0.3% ATKR Atkore Inc. 2,628,189 $185.4M Reduce -19.5% FTV Fortive Corp. 3,380,969 $176.2M Add +31.8% GTLS Chart Industries Inc. 1,013,128 $166.8M Add +30.4% DVA Davita Inc. 1,098,980 $156.5M Add +52.2% SPGI S&P Global Inc. 287,554 $151.6M No change ESI Element Solutions Inc. 6,670,826 $151.1M Add +23.0% RTO Rentokil Initial PLC-SP ADR 6,146,928 $147.5M Reduce -7.1% MBC Masterbrand Inc. 12,024,816 $131.4M Add +24.4% PNR Pentair PLC 1,216,715 $124.9M Reduce -18.3% NVST Envista Holdings Corp. 6,328,183 $123.7M Add +22.6% CRH CRH PLC 1,333,065 $122.4M Reduce -21.8% GLPI Gaming and Leisure Propertie 2,588,022 $120.8M Add +23.4% VLTO Veralto Corp. 1,134,524 $114.5M Reduce -12.9% AMRZ Amrize Ltd. 1,976,759 $97.9M New AWI Armstrong World Industries 559,576 $90.9M No change TKO Tko Group Holdings Inc. 488,590 $88.9M Reduce -17.9% APG Api Group Corp. 1,714,040 $87.5M Reduce -57.9% VICI Vici Properties Inc. filed as VICI PPTYS INC 2,669,160 $87.0M No change TIC Tic Solutions Inc. filed as ACUREN CORP 7,771,068 $85.8M Add +12.3% LW Lamb Weston Holdings Inc. 1,470,125 $76.2M Reduce -27.1% OTIS Otis Worldwide Corp. 761,748 $75.4M No change GTX Garrett Motion Inc. 6,479,417 $68.1M Reduce -4.7% NEOG Neogen Corp. 12,793,941 $61.2M Add +39.7% RAL Ralliant Corp. 1,163,656 $56.4M Add +36.2% WH Wyndham Hotels & Resorts Inc. 630,278 $51.2M No change CCSI Consensus Cloud Solution 1,455,990 $33.6M Reduce -13.9% MERC Mercer International Inc. 1,003,824 $3.5M Reduce -56.2%
Options reported separately and not counted above: XLI puts ($958.9M), XLI calls ($885.1M), XLB puts ($307.3M), XLB calls ($241.5M), CARR puts ($91.5M).
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 ▲ YETI Yeti Holdings Inc. Sold out 0.00% −2.38 APG Api Group Corp. Reduce -57.9% 2.64% −1.88 ENTG Entegris Inc. Sold out 0.00% −1.38 LW Lamb Weston Holdings Inc. Reduce -27.1% 2.30% −1.04 CRH CRH PLC Reduce -21.8% 3.69% −0.96 ATKR Atkore Inc. Reduce -19.5% 5.59% −0.48 VLTO Veralto Corp. Reduce -12.9% 3.46% −0.48 MERC Mercer International Inc. Reduce -56.2% 0.11% −0.33 PNR Pentair PLC Reduce -18.3% 3.77% −0.27 RTO Rentokil Initial PLC-SP ADR Reduce -7.1% 4.45% −0.25 CCSI Consensus Cloud Solution Reduce -13.9% 1.01% −0.20 TKO Tko Group Holdings Inc. Reduce -17.9% 2.68% −0.14 DAR Darling Ingredients Inc. Reduce -12.2% 7.96% +0.29 GTX Garrett Motion Inc. Reduce -4.7% 2.05% +0.29 CARR Carrier Global Corp. Reduce -0.3% 6.46% +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 ▼ AMRZ Amrize Ltd. New 2.95% +2.95 GTLS Chart Industries Inc. Add +30.4% 5.03% +1.55 DVA Davita Inc. Add +52.2% 4.72% +1.29 NVST Envista Holdings Corp. Add +22.6% 3.73% +0.96 ESI Element Solutions Inc. Add +23.0% 4.56% +0.75 RAL Ralliant Corp. Add +36.2% 1.70% +0.42 GLPI Gaming and Leisure Propertie Add +23.4% 3.64% +0.33 TIC Tic Solutions Inc. Add +12.3% 2.59% +0.20 MBC Masterbrand Inc. Add +24.4% 3.97% +0.05 FTV Fortive Corp. Add +31.8% 5.32% −0.51 NEOG Neogen Corp. Add +39.7% 1.84% −0.62
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ XLI SS Industrial Select Sector put Add +8.3% 6,500,000 $958.9M XLI SS Industrial Select Sector call Add +9.1% 6,000,000 $885.1M XLB SS Materials Select Sector put Add +40.0% 3,500,000 $307.3M XLB SS Materials Select Sector call Add +57.1% 2,750,000 $241.5M CARR Carrier Global Corp. put New 1,250,000 $91.5M
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