Hill City Capital, LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Hill City Capital, LP reported 19 stock positions worth $1.9 billion. Its top holding was Mastec (MTZ) at 19.8% of the portfolio, followed by First Solar (FSLR, 19.2%) and Dycom Industries (DY, 13.3%). Compared with Q1 2025, it opened 2 new positions, added to 7 and reduced 2. The biggest buy was First Solar (FSLR, shares +59%) and the biggest sale Spirit Aerosystems Hold Class A (SPR, shares −34%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001837343
Portfolio Value
$1.9B (Q2 2025)
SEC Filing
0001837343-25-000005 ↗ filed Aug 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $1.4B Q1 2024 Q2 2024: $1.4B Q2 2024 Q3 2024: $1.5B Q3 2024 Q4 2024: $1.6B Q4 2024 Q1 2025: $1.3B Q1 2025 Q2 2025: $1.9B $1.9B Q2 2025 Q3 2025: $2.4B Q3 2025 Q4 2025: $2.6B Q4 2025 Q1 2026: $2.8B Q1 2026 Q2 2026: $4.3B Q2 2026

Holdings 19 stocks · $1.9B
MTZ Mastec Inc. 19.77% 2,155,000 $367.3M Add +0.5%
FSLR First Solar Inc. 19.16% 2,150,000 $355.9M Add +58.7%
DY Dycom Industries Inc. 13.28% 1,009,784 $246.8M Add +4.1%
SPR Spirit Aerosystems Hold Class A 8.11% 3,949,299 $150.7M Reduce -33.9%
GVA Granite Construction Inc. 5.59% 1,110,548 $103.8M Add +4.8%
CRH CRH PLC 5.42% 1,097,000 $100.7M No change
IP International Paper Co. 4.86% 1,930,000 $90.4M Add +7.2%
ARRY Array Technologies Inc. 4.53% 14,265,335 $84.2M No change
CTRI Centuri Holdings Inc. 3.66% 3,030,000 $68.0M New
MMM 3M Co. 3.03% 370,000 $56.3M No change
CNM Core & Main Inc. Class A 2.51% 774,200 $46.7M No change
ATS Ats Corp. 2.10% 1,224,857 $39.0M Reduce -5.8%
ENS Enersys 2.07% 447,500 $38.4M Add +40.9%
CX Cemex Sab-Spons ADR Part Cer 1.59% 4,252,500 $29.5M New
BLDR Builders Firstsource Inc. 1.51% 240,000 $28.0M No change
SABR Sabre Corp. 0.79% 4,667,000 $14.7M No change
TFII Tfi International Inc. 0.70% 145,000 $13.0M No change
WEX Wex Inc. 0.67% 85,000 $12.5M No change
SITE Siteone Landscape Supply Inc. 0.65% 100,250 $12.1M Add +137.3%

Options reported separately and not counted above: FSLR calls ($163.9M).

Portfolio Sells Q1 2025 → Q2 2025
SPR Spirit Aerosystems Hold Class A Reduce -33.9% 8.11% −7.22
ATS Ats Corp. Reduce -5.8% 2.10% −0.31

Portfolio Buys Q1 2025 → Q2 2025
FSLR First Solar Inc. Add +58.7% 19.16% +6.40
CTRI Centuri Holdings Inc. New 3.66% +3.66
DY Dycom Industries Inc. Add +4.1% 13.28% +2.28
CX Cemex Sab-Spons ADR Part Cer New 1.59% +1.59
MTZ Mastec Inc. Add +0.5% 19.77% +1.13
SITE Siteone Landscape Supply Inc. Add +137.3% 0.65% +0.27
ENS Enersys Add +40.9% 2.07% −0.10
GVA Granite Construction Inc. Add +4.8% 5.59% −0.36
IP International Paper Co. Add +7.2% 4.86% −2.28

Options Activity Q1 2025 → Q2 2025
FSLR First Solar Inc. call New 990,000 $163.9M

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 2026Amended 28$4.3BMTZ, FSLR, DY, DPC, STM
Q1 2026 23$2.8BMTZ, FSLR, DY, IP, GVA
Q4 2025 23$2.6BFSLR, MTZ, DY, CRH, GVA
Q3 2025 22$2.4BFSLR, MTZ, DY, CRH, GVA
Q2 2025 19$1.9BMTZ, FSLR, DY, SPR, GVA
Q1 2025 17$1.3BMTZ, SPR, FSLR, DY, CRH
Q4 2024 19$1.6BMTZ, SPR, FSLR, DY, TGI
Q3 2024 22$1.5BMTZ, SPR, DY, FSLR, CRH
Q2 2024 24$1.4BMTZ, SPR, ARRY, DY, FSLR
Q1 2024 22$1.4BSPR, MTZ, ARRY, CRH, DY