GMT Capital Corp
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), GMT Capital Corp reported 38 stock positions worth $1.9 billion. Its top holding was Hudbay Minerals (HBM) at 25.5% of the portfolio, followed by Delta Air Lines (DAL, 16.1%) and Ero Copper (ERO, 6.6%). Compared with Q3 2025, it opened 2 new positions, sold out of 32 and reduced 22. The biggest buy was a new position in Regal Rexnord (RRX) and the biggest sale Cracker Barrel Old Country (CBRL, shares −21%).
- Most Recent 13F
- Q2 2026
- Location
- ATLANTA, GA
- CIK
- 0001106191
- Portfolio Value
- $1.9B (Q4 2025)
- SEC Filing
- 0001193125-26-050143 ↗ filed Feb 13, 2026
Holdings Value
Holdings 38 stocks · $1.9B
| HBM Hudbay Minerals Inc. | 25.54% | 24,641,220 | $489.9M | Reduce -12.3% |
| DAL Delta Air Lines Inc. | 16.13% | 4,459,100 | $309.5M | Reduce -9.2% |
| ERO Ero Copper Corp. | 6.62% | 4,472,154 | $127.0M | Reduce -31.3% |
| JAZZ Jazz Pharmaceuticals PLC | 5.66% | 638,500 | $108.5M | Reduce -19.5% |
| UAL United Airlines Holdings Inc. | 5.37% | 920,900 | $103.0M | Reduce -15.7% |
| GOOG Alphabet Inc. Class C | 5.23% | 319,600 | $100.3M | Reduce -17.2% |
| TNL Travel + Leisure Co. | 5.13% | 1,395,541 | $98.4M | Reduce -19.5% |
| AGI Alamos Gold Inc. Class A | 4.05% | 2,007,975 | $77.6M | Reduce -14.7% |
| GOOGL Alphabet Inc. Class A | 3.79% | 232,240 | $72.7M | No change |
| BBWI Bath & Body Works Inc. | 3.41% | 3,258,800 | $65.4M | Reduce -6.0% |
| SSNC Ss&c Technologies Holdings | 3.21% | 703,400 | $61.5M | Reduce -9.7% |
| CBRL Cracker Barrel Old Country | 2.97% | 2,240,200 | $56.9M | Reduce -20.9% |
| KD Kyndryl Holdings Inc. | 2.67% | 1,930,860 | $51.3M | Reduce -18.4% |
| MGM MGM Resorts International | 1.48% | 780,100 | $28.5M | Reduce -21.5% |
| MOS The Mosaic Co. | 1.19% | 945,600 | $22.8M | Reduce -58.5% |
| CMPS Compass Pathways PLC | 1.02% | 2,844,618 | $19.6M | No change |
| OSISKO DEVELOPMENT CORP | 1.00% | 5,500,000 | $19.2M | No change |
| UBER Uber Technologies Inc. | 0.87% | 205,300 | $16.8M | Reduce -50.0% |
| EQX Equinox Gold Corp. | 0.81% | 1,110,700 | $15.6M | Reduce -33.0% |
| RIOT Riot Platforms Inc. | 0.52% | 783,900 | $9.9M | No change |
| RRX Regal Rexnord Corp. | 0.47% | 64,333 | $9.0M | New |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.44% | 1,174,334 | $8.4M | Reduce -49.5% |
| KODK Eastman Kodak Co. | 0.43% | 981,400 | $8.3M | No change |
| BIDU Baidu Inc. - Spon ADR | 0.41% | 60,127 | $7.9M | Reduce -76.7% |
| C Citigroup Inc. | 0.40% | 65,000 | $7.6M | Reduce -73.1% |
| EA Electronic Arts Inc. | 0.25% | 23,320 | $4.8M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.24% | 30,800 | $4.5M | Reduce -81.5% |
| SMCI Super Micro Computer Inc. | 0.14% | 92,700 | $2.7M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.11% | 7,000 | $2.1M | Reduce -34.0% |
| CRESY Cresud S.A.-Spons ADR | 0.11% | 164,579 | $2.1M | Reduce -84.5% |
| CINT Ci&t Inc./United States-A | 0.09% | 438,942 | $1.8M | New |
| LBRT Liberty Energy Inc. | 0.09% | 89,274 | $1.6M | No change |
| MVIS Microvision Inc. | 0.04% | 1,043,100 | $864K | No change |
| MARA Mara Holdings Inc. | 0.04% | 83,800 | $753K | No change |
| MRVL Marvell Technology Inc. | 0.02% | 5,600 | $476K | No change |
| GOTU Gaotu Techedu Inc. | 0.02% | 177,900 | $413K | No change |
| OM Outset Medical Inc. filed as OUSTER INC A | 0.02% | 98,108 | $364K | No change |
| SENS Senseonics Holdings Inc. | 0.01% | 36,468 | $201K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| CBRL Cracker Barrel Old Country | Reduce -20.9% | 2.97% | −2.69 |
| MOS The Mosaic Co. | Reduce -58.5% | 1.19% | −2.39 |
| BIDU Baidu Inc. - Spon ADR | Reduce -76.7% | 0.41% | −1.13 |
| BABA Alibaba Group Holding-SP ADR | Reduce -81.5% | 0.24% | −1.11 |
| UBER Uber Technologies Inc. | Reduce -50.0% | 0.87% | −0.95 |
| RBLX Roblox Corp. Class A | Sold out | 0.00% | −0.94 |
| C Citigroup Inc. | Reduce -73.1% | 0.40% | −0.72 |
| QS Quantumscape Corp. | Sold out | 0.00% | −0.65 |
| BBWI Bath & Body Works Inc. | Reduce -6.0% | 3.41% | −0.64 |
| KD Kyndryl Holdings Inc. | Reduce -18.4% | 2.67% | −0.55 |
| CFLT Confluent Inc. Class A | Sold out | 0.00% | −0.38 |
| CRESY Cresud S.A.-Spons ADR | Reduce -84.5% | 0.11% | −0.34 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -49.5% | 0.44% | −0.34 |
| OCGN Ocugen Inc. | Sold out | 0.00% | −0.31 |
| AMSC American Superconductor Corp. | Sold out | 0.00% | −0.29 |
| AMC AMC Entertainment HLDS Class A | Sold out | 0.00% | −0.24 |
| FSLY Fastly Inc. Class A | Sold out | 0.00% | −0.23 |
| ESTA Establishment Labs Holdings | Sold out | 0.00% | −0.18 |
| CLOV Clover Health Investments Co. | Sold out | 0.00% | −0.18 |
| SNOW Snowflake Inc. | Sold out | 0.00% | −0.16 |
| AKAM Akamai Technologies Inc. | Sold out | 0.00% | −0.14 |
| UA Under Armour Inc. Class C | Sold out | 0.00% | −0.14 |
| U Unity Software Inc. | Sold out | 0.00% | −0.13 |
| RUN Sunrun Inc. | Sold out | 0.00% | −0.13 |
| BYND Beyond Meat Inc. | Sold out | 0.00% | −0.12 |
| PGEN Precigen Inc. | Sold out | 0.00% | −0.10 |
| UAA Under Armour Inc. Class A | Sold out | 0.00% | −0.10 |
| CLNE Clean Energy Fuels Corp. | Sold out | 0.00% | −0.09 |
| MGM MGM Resorts International | Reduce -21.5% | 1.48% | −0.08 |
| CIEN Ciena Corp. | Sold out | 0.00% | −0.06 |
| FLNA Filana Therapeutics Inc. | Sold out | 0.00% | −0.06 |
| OBE Obsidian Energy Ltd. | Sold out | 0.00% | −0.05 |
| CHPT Chargepoint Holdings Inc. | Sold out | 0.00% | −0.05 |
| KTOS Kratos Defense & Security | Sold out | 0.00% | −0.03 |
| EQX Equinox Gold Corp. | Reduce -33.0% | 0.81% | −0.03 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -34.0% | 0.11% | −0.02 |
| SPCE Virgin Galactic Holdings Inc. | Sold out | 0.00% | −0.02 |
| STXS Stereotaxis Inc. | Sold out | 0.00% | −0.02 |
| NNOX Nano-X Imaging Ltd. | Sold out | 0.00% | −0.02 |
| TD Toronto-Dominion Bank | Sold out | 0.00% | −0.01 |
| INO Inovio Pharmaceuticals Inc. | Sold out | 0.00% | −0.01 |
| WOLF Wolfspeed Inc. | Sold out | 0.00% | −0.01 |
| CGC Canopy Growth Corp. | Sold out | 0.00% | −0.01 |
| CAN Canaan Inc. | Sold out | 0.00% | −0.00 |
| AWRE Aware Inc. | Sold out | 0.00% | −0.00 |
| SSNC Ss&c Technologies Holdings | Reduce -9.7% | 3.21% | +0.07 |
| AGI Alamos Gold Inc. Class A | Reduce -14.7% | 4.05% | +0.33 |
| TNL Travel + Leisure Co. | Reduce -19.5% | 5.13% | +0.46 |
| UAL United Airlines Holdings Inc. | Reduce -15.7% | 5.37% | +0.59 |
| ERO Ero Copper Corp. | Reduce -31.3% | 6.62% | +0.65 |
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 68 | $1.9B | HBM, DAL, JAZZ, UAL, GOOG |
| Q1 2026 | 77 | $2.2B | HBM, DAL, JAZZ, ERO, UAL |
| Q4 2025 | 38 | $1.9B | HBM, DAL, ERO, JAZZ, UAL |
| Q3 2025 | 68 | $2.2B | HBM, DAL, ERO, CBRL, UAL |
| Q2 2025 | 71 | $2.4B | HBM, DAL, CBRL, KD, TNL |
| Q1 2025 | 69 | $1.9B | DAL, KD, TNL, BBWI, BABA |
| Q4 2024 | 56 | $2.1B | DAL, HBM, BBWI, TNL, KD |
| Q3 2024 | 72 | $2.5B | HBM, DAL, TNL, ERO, CE |
| Q2 2024 | 68 | $2.7B | HBM, DAL, ERO, TNL, BBWI |
| Q1 2024 | 53 | $2.5B | DAL, HBM, TNL, CE, BBWI |