GMT Capital Corp

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), GMT Capital Corp reported 68 stock positions worth $2.2 billion. Its top holding was Hudbay Minerals (HBM) at 19.3% of the portfolio, followed by Delta Air Lines (DAL, 12.6%) and Ero Copper (ERO, 6.0%). Compared with Q2 2025, it opened 5 new positions, sold out of 8, added to 3 and reduced 21. The biggest buy was Jazz Pharmaceuticals (JAZZ, shares +3%) and the biggest sale Kyndryl (KD, shares −25%).

Most Recent 13F
Q2 2026
Location
ATLANTA, GA
CIK
0001106191
Portfolio Value
$2.2B (Q3 2025)
SEC Filing
0001193125-25-282282 ↗ filed Nov 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $2.5B Q1 2024 Q2 2024: $2.7B Q2 2024 Q3 2024: $2.5B Q3 2024 Q4 2024: $2.1B Q4 2024 Q1 2025: $1.9B Q1 2025 Q2 2025: $2.4B Q2 2025 Q3 2025: $2.2B $2.2B Q3 2025 Q4 2025: $1.9B Q4 2025 Q1 2026: $2.2B Q1 2026 Q2 2026: $1.9B Q2 2026

Holdings 68 stocks · $2.2B
HBM Hudbay Minerals Inc. 19.30% 28,103,620 $425.8M Reduce -11.9%
DAL Delta Air Lines Inc. 12.63% 4,909,600 $278.6M Reduce -11.0%
ERO Ero Copper Corp. 5.98% 6,509,454 $131.9M Reduce -12.8%
CBRL Cracker Barrel Old Country 5.66% 2,833,700 $124.9M No change
UAL United Airlines Holdings Inc. 4.78% 1,091,900 $105.4M Reduce -9.1%
JAZZ Jazz Pharmaceuticals PLC 4.74% 792,800 $104.5M Add +3.2%
TNL Travel + Leisure Co. 4.67% 1,732,941 $103.1M Reduce -29.1%
GOOG Alphabet Inc. Class C 4.26% 386,000 $94.0M Reduce -13.0%
BBWI Bath & Body Works Inc. 4.05% 3,466,500 $89.3M Reduce -14.8%
AGI Alamos Gold Inc. Class A 3.72% 2,354,375 $82.1M Reduce -20.2%
MOS The Mosaic Co. 3.58% 2,278,300 $79.0M Reduce -17.6%
KD Kyndryl Holdings Inc. 3.22% 2,364,860 $71.0M Reduce -25.3%
SSNC Ss&c Technologies Holdings 3.13% 779,000 $69.1M Reduce -26.0%
GOOGL Alphabet Inc. Class A 2.56% 232,240 $56.5M Reduce -6.3%
UBER Uber Technologies Inc. 1.82% 410,400 $40.2M Reduce -57.4%
MGM MGM Resorts International 1.56% 993,900 $34.4M Reduce -19.4%
BIDU Baidu Inc. - Spon ADR 1.54% 258,027 $34.0M Reduce -54.5%
BABA Alibaba Group Holding-SP ADR 1.35% 166,200 $29.7M Reduce -61.9%
C Citigroup Inc. 1.11% 241,400 $24.5M Reduce -52.0%
RBLX Roblox Corp. Class A 0.94% 150,400 $20.8M No change
OSISKO DEVELOPMENT CORP 0.85% 5,500,000 $18.6M Add +575.5%
EQX Equinox Gold Corp. 0.84% 1,658,100 $18.6M New
ITUB Itau Unibanco H-Spon PRF ADR 0.77% 2,324,330 $17.1M Reduce -61.6%
CMPS Compass Pathways PLC 0.74% 2,844,618 $16.3M Add +59.7%
RIOT Riot Platforms Inc. 0.68% 783,900 $14.9M No change
QS Quantumscape Corp. 0.65% 1,163,500 $14.3M No change
CRESY Cresud S.A.-Spons ADR 0.44% 1,063,712 $9.8M Reduce -32.2%
CFLT Confluent Inc. Class A 0.38% 425,100 $8.4M No change
OCGN Ocugen Inc. 0.31% 4,153,798 $6.8M No change
AMSC American Superconductor Corp. 0.29% 108,066 $6.4M No change
KODK Eastman Kodak Co. 0.29% 981,400 $6.3M No change
AMC AMC Entertainment HLDS Class A 0.24% 1,816,151 $5.3M No change
FSLY Fastly Inc. Class A 0.23% 598,800 $5.1M No change
EA Electronic Arts Inc. 0.21% 23,320 $4.7M No change
SMCI Super Micro Computer Inc. 0.20% 92,700 $4.4M New
ESTA Establishment Labs Holdings 0.18% 98,766 $4.0M No change
CLOV Clover Health Investments Co. 0.18% 1,305,200 $4.0M No change
SNOW Snowflake Inc. 0.16% 15,700 $3.5M No change
AKAM Akamai Technologies Inc. 0.14% 41,500 $3.1M Reduce -87.4%
UA Under Armour Inc. Class C 0.14% 617,898 $3.0M No change
TSM Taiwan Semiconductor-SP ADR 0.13% 10,600 $3.0M Reduce -62.0%
U Unity Software Inc. 0.13% 73,100 $2.9M No change
RUN Sunrun Inc. 0.13% 167,900 $2.9M No change
BYND Beyond Meat Inc. 0.12% 1,445,747 $2.7M No change
PGEN Precigen Inc. 0.10% 668,830 $2.2M No change
UAA Under Armour Inc. Class A 0.10% 435,780 $2.2M No change
CLNE Clean Energy Fuels Corp. 0.09% 767,758 $2.0M No change
MARA Mara Holdings Inc. 0.07% 83,800 $1.5M No change
OM Outset Medical Inc. filed as OUSTER INC A 0.06% 98,108 $1.4M New
CIEN Ciena Corp. 0.06% 9,410 $1.4M No change
FLNA Filana Therapeutics Inc. filed as CASSAVA SCIENCES INC 0.06% 450,100 $1.3M No change
MVIS Microvision Inc. 0.06% 1,043,100 $1.3M No change
OBE Obsidian Energy Ltd. 0.05% 180,008 $1.2M No change
CHPT Chargepoint Holdings Inc. 0.05% 101,290 $1.1M No change
LBRT Liberty Energy Inc. 0.05% 89,274 $1.1M No change
KTOS Kratos Defense & Security 0.03% 7,948 $726K No change
GOTU Gaotu Techedu Inc. 0.03% 177,900 $580K No change
MRVL Marvell Technology Inc. 0.02% 5,600 $471K No change
SPCE Virgin Galactic Holdings Inc. 0.02% 119,193 $460K No change
STXS Stereotaxis Inc. 0.02% 126,581 $394K No change
NNOX Nano-X Imaging Ltd. 0.02% 94,850 $351K No change
SENS Senseonics Holdings Inc. 0.01% 729,377 $318K No change
TD Toronto-Dominion Bank 0.01% 3,960 $317K No change
INO Inovio Pharmaceuticals Inc. 0.01% 126,119 $295K No change
WOLF Wolfspeed Inc. 0.01% 10,117 $289K New
CGC Canopy Growth Corp. 0.01% 138,459 $202K New
CAN Canaan Inc. 0.00% 98,400 $87K No change
AWRE Aware Inc. 0.00% 24,600 $59K No change

Portfolio Sells Q2 2025 → Q3 2025
KD Kyndryl Holdings Inc. Reduce -25.3% 3.22% −2.34
UBER Uber Technologies Inc. Reduce -57.4% 1.82% −1.94
BBWI Bath & Body Works Inc. Reduce -14.8% 4.05% −1.05
AKAM Akamai Technologies Inc. Reduce -87.4% 0.14% −0.96
ITUB Itau Unibanco H-Spon PRF ADR Reduce -61.6% 0.77% −0.95
BABA Alibaba Group Holding-SP ADR Reduce -61.9% 1.35% −0.72
C Citigroup Inc. Reduce -52.0% 1.11% −0.68
BDX Becton Dickinson and Co. Sold out 0.00% −0.65
MOS The Mosaic Co. Reduce -17.6% 3.58% −0.64
TNL Travel + Leisure Co. Reduce -29.1% 4.67% −0.61
SSNC Ss&c Technologies Holdings Reduce -26.0% 3.13% −0.51
WCC Wesco International Inc. Sold out 0.00% −0.51
BIDU Baidu Inc. - Spon ADR Reduce -54.5% 1.54% −0.49
ITRG Integra Resources Corp. Sold out 0.00% −0.41
SIG Signet Jewelers Ltd. Sold out 0.00% −0.34
CRESY Cresud S.A.-Spons ADR Reduce -32.2% 0.44% −0.26
MGM MGM Resorts International Reduce -19.4% 1.56% −0.21
SMCI Super Micro Computer Inc. Sold out 0.00% −0.19
TSM Taiwan Semiconductor-SP ADR Reduce -62.0% 0.13% −0.13
OM Outset Medical Inc. Sold out 0.00% −0.08
GTE Gran Tierra Energy Inc. Sold out 0.00% −0.06
WOLF Wolfspeed Inc. Sold out 0.00% −0.02
AGI Alamos Gold Inc. Class A Reduce -20.2% 3.72% +0.44
ERO Ero Copper Corp. Reduce -12.8% 5.98% +0.71
GOOGL Alphabet Inc. Class A Reduce -6.3% 2.56% +0.73
UAL United Airlines Holdings Inc. Reduce -9.1% 4.78% +0.77
GOOG Alphabet Inc. Class C Reduce -13.0% 4.26% +0.97
DAL Delta Air Lines Inc. Reduce -11.0% 12.63% +1.28
HBM Hudbay Minerals Inc. Reduce -11.9% 19.30% +5.16

Portfolio Buys Q2 2025 → Q3 2025
JAZZ Jazz Pharmaceuticals PLC Add +3.2% 4.74% +1.32
EQX Equinox Gold Corp. New 0.84% +0.84
OSISKO DEVELOPMENT CORP Add +575.5% 0.85% +0.77
CMPS Compass Pathways PLC Add +59.7% 0.74% +0.53
SMCI Super Micro Computer Inc. New 0.20% +0.20
OM Outset Medical Inc. New 0.06% +0.06
WOLF Wolfspeed Inc. New 0.01% +0.01
CGC Canopy Growth Corp. New 0.01% +0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 68$1.9BHBM, DAL, JAZZ, UAL, GOOG
Q1 2026 77$2.2BHBM, DAL, JAZZ, ERO, UAL
Q4 2025 38$1.9BHBM, DAL, ERO, JAZZ, UAL
Q3 2025 68$2.2BHBM, DAL, ERO, CBRL, UAL
Q2 2025 71$2.4BHBM, DAL, CBRL, KD, TNL
Q1 2025 69$1.9BDAL, KD, TNL, BBWI, BABA
Q4 2024 56$2.1BDAL, HBM, BBWI, TNL, KD
Q3 2024 72$2.5BHBM, DAL, TNL, ERO, CE
Q2 2024 68$2.7BHBM, DAL, ERO, TNL, BBWI
Q1 2024 53$2.5BDAL, HBM, TNL, CE, BBWI