Hill City Capital, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Hill City Capital, LP reported 22 stock positions worth $2.4 billion. Its top holding was First Solar (FSLR) at 19.5% of the portfolio, followed by Mastec (MTZ, 19.4%) and Dycom Industries (DY, 12.5%). Compared with Q2 2025, it opened 4 new positions, sold out of 1, added to 6 and reduced 5. The biggest buy was a new position in James Hardie Ind (JHX) and the biggest sale Spirit Aerosystems Hold Class A (SPR, shares −33%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001837343
Portfolio Value
$2.4B (Q3 2025)
SEC Filing
0001837343-25-000009 ↗ filed Nov 13, 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 Q2 2025 Q3 2025: $2.4B $2.4B Q3 2025 Q4 2025: $2.6B Q4 2025 Q1 2026: $2.8B Q1 2026 Q2 2026: $4.3B Q2 2026

Holdings 22 stocks · $2.4B
FSLR First Solar Inc. 19.49% 2,090,000 $460.9M Reduce -2.8%
MTZ Mastec Inc. 19.39% 2,155,000 $458.6M No change
DY Dycom Industries Inc. 12.46% 1,009,784 $294.6M No change
CRH CRH PLC 5.30% 1,046,000 $125.4M Reduce -4.7%
GVA Granite Construction Inc. 5.15% 1,110,048 $121.7M Reduce -0.1%
ARRY Array Technologies Inc. 4.44% 12,891,300 $105.1M Reduce -9.6%
SPR Spirit Aerosystems Hold Class A 4.33% 2,652,093 $102.4M Reduce -32.9%
CX Cemex Sab-Spons ADR Part Cer 4.11% 10,802,750 $97.1M Add +154.0%
IP International Paper Co. 3.98% 2,030,000 $94.2M Add +5.2%
CTRI Centuri Holdings Inc. 3.43% 3,830,000 $81.1M Add +26.4%
JHX James Hardie Ind PLC 3.43% 4,218,500 $81.0M New
MMM 3M Co. 2.43% 370,000 $57.4M No change
ENS Enersys 2.23% 467,500 $52.8M Add +4.5%
ATKR Atkore Inc. 1.93% 728,206 $45.7M New
ATS Ats Corp. 1.83% 1,649,857 $43.2M Add +34.7%
CNM Core & Main Inc. Class A 1.77% 775,500 $41.7M Add +0.2%
BLDR Builders Firstsource Inc. 1.23% 240,000 $29.1M No change
WMS Advanced Drainage Systems Inc. 0.88% 150,000 $20.8M New
WBI Waterbridge Infrastruc Class A 0.75% 700,000 $17.7M New
SITE Siteone Landscape Supply Inc. 0.55% 100,250 $12.9M No change
TFII Tfi International Inc. 0.54% 145,000 $12.8M No change
SABR Sabre Corp. 0.36% 4,667,000 $8.5M No change

Portfolio Sells Q2 2025 → Q3 2025
SPR Spirit Aerosystems Hold Class A Reduce -32.9% 4.33% −3.78
WEX Wex Inc. Sold out 0.00% −0.67
GVA Granite Construction Inc. Reduce -0.1% 5.15% −0.44
CRH CRH PLC Reduce -4.7% 5.30% −0.12
ARRY Array Technologies Inc. Reduce -9.6% 4.44% −0.09
FSLR First Solar Inc. Reduce -2.8% 19.49% +0.34

Portfolio Buys Q2 2025 → Q3 2025
JHX James Hardie Ind PLC New 3.43% +3.43
CX Cemex Sab-Spons ADR Part Cer Add +154.0% 4.11% +2.52
ATKR Atkore Inc. New 1.93% +1.93
WMS Advanced Drainage Systems Inc. New 0.88% +0.88
WBI Waterbridge Infrastruc Class A New 0.75% +0.75
ENS Enersys Add +4.5% 2.23% +0.17
CTRI Centuri Holdings Inc. Add +26.4% 3.43% −0.23
ATS Ats Corp. Add +34.7% 1.83% −0.27
CNM Core & Main Inc. Class A Add +0.2% 1.77% −0.75
IP International Paper Co. Add +5.2% 3.98% −0.88

Options Activity Q2 2025 → Q3 2025
FSLR First Solar Inc. call Sold out 990,000 $163.9Mbefore exit

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