Hill City Capital, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Hill City Capital, LP reported 23 stock positions worth $2.6 billion. Its top holding was First Solar (FSLR) at 20.6% of the portfolio, followed by Mastec (MTZ, 17.7%) and Dycom Industries (DY, 12.9%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 6 and reduced 1. The biggest buy was a new position in Boeing (BA) and the biggest sale an exit from Spirit Aerosystems Hold Class A (SPR).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001837343
- Portfolio Value
- $2.6B (Q4 2025)
- SEC Filing
- 0001837343-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 23 stocks · $2.6B
| FSLR First Solar Inc. | 20.61% | 2,090,390 | $546.1M | Add +0.0% |
| MTZ Mastec Inc. | 17.68% | 2,155,000 | $468.4M | No change |
| DY Dycom Industries Inc. | 12.88% | 1,009,784 | $341.2M | No change |
| CRH CRH PLC | 4.93% | 1,046,000 | $130.5M | No change |
| GVA Granite Construction Inc. | 4.83% | 1,110,048 | $128.0M | No change |
| CX Cemex Sab-Spons ADR Part Cer | 4.69% | 10,802,750 | $124.1M | No change |
| ARRY Array Technologies Inc. | 4.49% | 12,891,300 | $118.9M | No change |
| BA The Boeing Co. | 4.25% | 518,483 | $112.6M | New |
| JHX James Hardie Ind PLC | 4.01% | 5,120,200 | $106.2M | Add +21.4% |
| CTRI Centuri Holdings Inc. | 3.84% | 4,030,000 | $101.8M | Add +5.2% |
| IP International Paper Co. | 3.61% | 2,430,000 | $95.7M | Add +19.7% |
| ENS Enersys | 2.59% | 467,500 | $68.6M | No change |
| MMM 3M Co. | 2.24% | 370,000 | $59.2M | No change |
| ATKR Atkore Inc. | 1.74% | 728,206 | $46.1M | No change |
| ATS Ats Corp. | 1.72% | 1,649,857 | $45.4M | No change |
| CNM Core & Main Inc. Class A | 1.56% | 797,000 | $41.4M | Add +2.8% |
| BLDR Builders Firstsource Inc. | 0.93% | 240,000 | $24.7M | No change |
| WMS Advanced Drainage Systems Inc. | 0.87% | 160,000 | $23.2M | Add +6.7% |
| TREX Trex Company Inc. | 0.73% | 552,000 | $19.4M | New |
| TFII Tfi International Inc. | 0.57% | 145,000 | $15.0M | No change |
| WBI Waterbridge Infrastruc Class A | 0.53% | 700,000 | $14.0M | No change |
| SITE Siteone Landscape Supply Inc. | 0.47% | 99,200 | $12.4M | Reduce -1.1% |
| SABR Sabre Corp. | 0.24% | 4,667,000 | $6.3M | No change |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| BA The Boeing Co. | New | 4.25% | +4.25 |
| FSLR First Solar Inc. | Add +0.0% | 20.61% | +1.12 |
| TREX Trex Company Inc. | New | 0.73% | +0.73 |
| JHX James Hardie Ind PLC | Add +21.4% | 4.01% | +0.58 |
| CTRI Centuri Holdings Inc. | Add +5.2% | 3.84% | +0.41 |
| WMS Advanced Drainage Systems Inc. | Add +6.7% | 0.87% | −0.01 |
| CNM Core & Main Inc. Class A | Add +2.8% | 1.56% | −0.20 |
| IP International Paper Co. | Add +19.7% | 3.61% | −0.37 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 28 | $4.3B | MTZ, FSLR, DY, DPC, STM |
| Q1 2026 | 23 | $2.8B | MTZ, FSLR, DY, IP, GVA |
| Q4 2025 | 23 | $2.6B | FSLR, MTZ, DY, CRH, GVA |
| Q3 2025 | 22 | $2.4B | FSLR, MTZ, DY, CRH, GVA |
| Q2 2025 | 19 | $1.9B | MTZ, FSLR, DY, SPR, GVA |
| Q1 2025 | 17 | $1.3B | MTZ, SPR, FSLR, DY, CRH |
| Q4 2024 | 19 | $1.6B | MTZ, SPR, FSLR, DY, TGI |
| Q3 2024 | 22 | $1.5B | MTZ, SPR, DY, FSLR, CRH |
| Q2 2024 | 24 | $1.4B | MTZ, SPR, ARRY, DY, FSLR |
| Q1 2024 | 22 | $1.4B | SPR, MTZ, ARRY, CRH, DY |