Hourglass Capital, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 30, 2025), Hourglass Capital, LLC reported 110 stock positions worth $382.2 million. Its top holding was Philip Morris International (PM) at 2.8% of the portfolio, followed by Newmont (NEM, 2.7%) and SLB (SLB, 2.7%). Compared with Q4 2024, it opened 8 new positions, sold out of 3, added to 47 and reduced 34. The biggest buy was a new position in Core Natural Resources (CNR) and the biggest sale an exit from Consol Energy.

Most Recent 13F
Q2 2026
Location
HOUSTON, TX
CIK
0001442573
Portfolio Value
$382.2M (Q1 2025)
SEC Filing
0001062993-25-008226 ↗ filed Apr 30, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $331.9M Q1 2024 Q2 2024: $336.4M Q2 2024 Q3 2024: $359.0M Q3 2024 Q4 2024: $362.6M Q4 2024 Q1 2025: $382.2M $382.2M Q1 2025 Q2 2025: $404.5M Q2 2025 Q3 2025: $445.4M Q3 2025 Q4 2025: $463.7M Q4 2025 Q1 2026: $480.5M Q1 2026 Q2 2026: $508.4M Q2 2026

Holdings 110 stocks · $382.2M
PM Philip Morris International 2.81% 67,580 $10.7M Reduce -6.7%
NEM Newmont Corp. 2.69% 212,915 $10.3M Reduce -6.2%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 2.69% 245,565 $10.3M Add +11.9%
PFE Pfizer Inc. 2.66% 400,540 $10.1M Add +0.7%
GS Goldman Sachs Group Inc. 2.51% 17,569 $9.6M Reduce -0.7%
CSCO Cisco Systems Inc. 2.42% 149,687 $9.2M Add +6.3%
C Citigroup Inc. 2.31% 124,374 $8.8M Reduce -1.0%
MS Morgan Stanley 2.26% 73,985 $8.6M Reduce -0.6%
KMI Kinder Morgan Inc. 2.25% 300,760 $8.6M Reduce -0.7%
AAPL Apple Inc. 2.01% 34,634 $7.7M Reduce -1.7%
FHI Federated Hermes Inc. 2.01% 188,675 $7.7M Add +2.3%
LYB Lyondellbasell Indu Class A 2.01% 109,257 $7.7M Add +3.5%
ZBH Zimmer Biomet Holdings Inc. 2.00% 67,430 $7.6M Reduce -0.0%
HCA HCA Healthcare Inc. 1.92% 21,195 $7.3M Reduce -2.0%
WMB Williams Cos Inc. 1.90% 121,810 $7.3M Reduce -13.5%
CVX Chevron Corp. 1.90% 43,389 $7.3M Reduce -0.3%
ORCL Oracle Corp. 1.88% 51,438 $7.2M Reduce -1.6%
ABBV Abbvie Inc. 1.80% 32,888 $6.9M Reduce -7.8%
MAIN Main Street Capital Corp. 1.78% 120,596 $6.8M Reduce -1.2%
WMT Walmart Inc. 1.78% 77,443 $6.8M Reduce -2.6%
BKR Baker Hughes Co. 1.76% 152,900 $6.7M Reduce -9.1%
CNR Core Natural Resources Inc. 1.76% 87,085 $6.7M New
XOM Exxon Mobil Corp. 1.68% 53,882 $6.4M Reduce -0.7%
GOOGL Alphabet Inc. Class A 1.65% 40,840 $6.3M Reduce -1.1%
FCX Freeport-McMoran Inc. 1.62% 163,683 $6.2M Add +3.9%
NRG NRG Energy Inc. 1.60% 64,100 $6.1M Add +9.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.54% 23,725 $5.9M Add +0.9%
VICI Vici Properties Inc. filed as VICI PPTYS INC 1.52% 177,945 $5.8M Add +1.6%
SJM The JM Smucker Co. filed as SMUCKER J M CO 1.48% 47,710 $5.6M Add +57.0%
HD Home Depot Inc. 1.47% 15,376 $5.6M Add +0.3%
T AT&T Inc. 1.44% 194,750 $5.5M Add +1.4%
SYY Sysco Corp. 1.42% 72,245 $5.4M Reduce -0.4%
MSFT Microsoft Corp. 1.38% 14,095 $5.3M Reduce -2.8%
KHC The Kraft Heinz Co. 1.29% 162,110 $4.9M Add +4.2%
DOW Dow Inc. 1.29% 141,070 $4.9M Add +5.2%
KEX Kirby Corp. 1.25% 47,160 $4.8M Add +5.2%
DAL Delta Air Lines Inc. 1.21% 106,044 $4.6M Add +37.1%
GSK GSK PLC-Spon ADR 1.20% 118,169 $4.6M New
VLO Valero Energy Corp. 1.19% 34,345 $4.5M Add +4.6%
MCK McKesson Corp. 1.08% 6,113 $4.1M Add +12.1%
HPQ HP Inc. 1.06% 146,335 $4.1M Add +6.0%
BHP BHP Group Ltd.-Spon ADR 1.05% 82,751 $4.0M Add +4.4%
VLY Valley National Bancorp 1.03% 444,513 $4.0M Add +6.3%
WDS Woodside Energy Group-ADR 1.02% 270,110 $3.9M Add +19.4%
GM General Motors Co. 1.02% 83,197 $3.9M Add +5.1%
QCOM Qualcomm Inc. 1.02% 25,450 $3.9M Reduce -1.8%
NVDA Nvidia Corp. 1.01% 35,780 $3.9M Add +1.1%
BRK.B Berkshire Hathaway Inc. Class B 1.01% 7,255 $3.9M Add +0.4%
UPS United Parcel Service Class B 0.98% 33,955 $3.7M Add +11.1%
RF Regions Financial Corp. 0.92% 161,790 $3.5M New
AVGO Broadcom Inc. 0.89% 20,390 $3.4M Add +3.0%
MMM 3M Co. 0.88% 22,840 $3.4M Add +6.5%
CXW Corecivic Inc. 0.87% 163,170 $3.3M Add +34.4%
LAMR Lamar Advertising Co. Class A 0.86% 28,945 $3.3M Add +7.5%
UGI Ugi Corp. 0.77% 89,110 $2.9M Add +8.0%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.75% 33,400 $2.9M Reduce -0.1%
LNG Cheniere Energy Inc. 0.72% 11,815 $2.7M Add +7.9%
JEPI JPMorgan Equity Premium Inco 0.63% 42,150 $2.4M No change
HPE Hewlett Packard Enterprise 0.59% 146,550 $2.3M Add +6.6%
CMCSA Comcast Corp. Class A 0.58% 60,230 $2.2M Add +8.6%
VZ Verizon Communications Inc. 0.58% 48,655 $2.2M Add +16.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.58% 52,687 $2.2M Add +12.5%
OI O-I Glass Inc. 0.54% 179,370 $2.1M Add +7.1%
CPRI Capri Holdings Ltd. 0.53% 103,550 $2.0M Add +7.2%
TNL Travel + Leisure Co. 0.49% 40,255 $1.9M Add +11.1%
TAP Molson Coors Beverage Co. Class B 0.44% 27,645 $1.7M Add +13.6%
FITB Fifth Third Bancorp 0.43% 42,000 $1.6M Reduce -0.7%
JNJ Johnson & Johnson 0.39% 9,010 $1.5M Add +0.6%
MOS The Mosaic Co. 0.39% 55,100 $1.5M Add +30.9%
SDY SS SPDR S&P Dividend ETF 0.39% 10,945 $1.5M Reduce -1.8%
NVO Novo-Nordisk A/S-Spons ADR 0.38% 20,820 $1.4M Add +9.9%
VTI VG Morningstar TS MKT ETF-US 0.31% 4,259 $1.2M Add +13.6%
XLK SS Technology Select Sector 0.29% 5,330 $1.1M No change
FSLR First Solar Inc. 0.25% 7,450 $942K New
LIN Linde PLC 0.24% 2,008 $935K New
DHI D.R. Horton Inc. 0.23% 7,060 $898K No change
JPM JPMorgan Chase & Co. 0.23% 3,506 $860K Reduce -6.1%
FLG Flagstar Bank NA 0.21% 69,833 $811K Reduce -31.0%
EXP Eagle Materials Inc. 0.21% 3,600 $799K No change
CTRA Coterra Energy Inc. 0.19% 25,350 $733K Reduce -45.3%
ETN Eaton Corp. PLC 0.17% 2,400 $652K No change
CLF Cleveland-Cliffs Inc. 0.16% 75,000 $617K Add +25.0%
OEF iShares S&P 100 ETF 0.15% 2,180 $590K Reduce -6.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.15% 1,049 $587K Reduce -12.5%
LMT Lockheed Martin Corp. 0.12% 1,000 $447K No change
AMGN Amgen Inc. 0.11% 1,347 $420K No change
UBER Uber Technologies Inc. 0.11% 5,704 $416K New
ARLP Alliance Resource Partners 0.11% 15,000 $409K New
RTX RTX Corp. 0.10% 3,000 $397K No change
XLC SS Comm Select Sector SPDR 0.10% 4,000 $386K No change
PG The Procter & Gamble Co. 0.09% 2,097 $357K No change
FISV Fiserv Inc. 0.09% 1,618 $357K No change
CL Colgate-Palmolive Co. 0.09% 3,700 $347K No change
COST Costco Wholesale Corp. 0.09% 366 $346K Add +12.3%
ROST Ross Stores Inc. 0.09% 2,600 $332K No change
SOFI Sofi Technologies Inc. 0.08% 27,000 $314K Reduce -32.5%
MPC Marathon Petroleum Corp. 0.08% 2,000 $291K No change
BMY Bristol-Myers Squibb Co. 0.07% 4,330 $264K Add +2.8%
COP Conocophillips 0.07% 2,510 $264K No change
GOOG Alphabet Inc. Class C 0.07% 1,650 $258K No change

Show all 110 holdings

Portfolio Sells Q4 2024 → Q1 2025
CONSOL ENERGY INC Sold out 0.00% −1.66
ORCL Oracle Corp. Reduce -1.6% 1.88% −0.52
GOOGL Alphabet Inc. Class A Reduce -1.1% 1.65% −0.50
AAPL Apple Inc. Reduce -1.7% 2.01% −0.42
MS Morgan Stanley Reduce -0.6% 2.26% −0.32
MSFT Microsoft Corp. Reduce -2.8% 1.38% −0.30
GS Goldman Sachs Group Inc. Reduce -0.7% 2.51% −0.28
IRM Iron Mountain Inc. Reduce -0.1% 0.75% −0.22
WMT Walmart Inc. Reduce -2.6% 1.78% −0.20
WMB Williams Cos Inc. Reduce -13.5% 1.90% −0.20
MAIN Main Street Capital Corp. Reduce -1.2% 1.78% −0.19
BKR Baker Hughes Co. Reduce -9.1% 1.76% −0.15
CTRA Coterra Energy Inc. Reduce -45.3% 0.19% −0.13
C Citigroup Inc. Reduce -1.0% 2.31% −0.13
ARCH Arch Resources Inc. Sold out 0.00% −0.12
SYY Sysco Corp. Reduce -0.4% 1.42% −0.11
SOFI Sofi Technologies Inc. Reduce -32.5% 0.08% −0.09
QCOM Qualcomm Inc. Reduce -1.8% 1.02% −0.08
FITB Fifth Third Bancorp Reduce -0.7% 0.43% −0.06
FLG Flagstar Bank NA Reduce -31.0% 0.21% −0.05
UNL United States 12 Month Natur Sold out 0.00% −0.05
KMI Kinder Morgan Inc. Reduce -0.7% 2.25% −0.04
SPY SS SPDR S&P 500 ETF Trust-US Reduce -12.5% 0.15% −0.04
OEF iShares S&P 100 ETF Reduce -6.8% 0.15% −0.03
CAT Caterpillar Inc. Reduce -14.3% 0.06% −0.02
JPM JPMorgan Chase & Co. Reduce -6.1% 0.23% −0.02
SDY SS SPDR S&P Dividend ETF Reduce -1.8% 0.39% −0.02
IWD iShares Russell 1000 Value E Reduce -9.8% 0.05% −0.01
PAAS Pan American Silver Corp. Reduce -20.0% 0.05% −0.00
F Ford Motor Co. Reduce -1.0% 0.03% −0.00
ZBH Zimmer Biomet Holdings Inc. Reduce -0.0% 2.00% +0.03
ABBV Abbvie Inc. Reduce -7.8% 1.80% +0.06
XOM Exxon Mobil Corp. Reduce -0.7% 1.68% +0.07
HCA HCA Healthcare Inc. Reduce -2.0% 1.92% +0.13
CVX Chevron Corp. Reduce -0.3% 1.90% +0.16
NEM Newmont Corp. Reduce -6.2% 2.69% +0.36
PM Philip Morris International Reduce -6.7% 2.81% +0.40

Portfolio Buys Q4 2024 → Q1 2025
CNR Core Natural Resources Inc. New 1.76% +1.76
GSK GSK PLC-Spon ADR New 1.20% +1.20
RF Regions Financial Corp. New 0.92% +0.92
SJM The JM Smucker Co. Add +57.0% 1.48% +0.56
SLB SLB Ltd. Add +11.9% 2.69% +0.37
FSLR First Solar Inc. New 0.25% +0.25
LIN Linde PLC New 0.24% +0.24
T AT&T Inc. Add +1.4% 1.44% +0.24
MCK McKesson Corp. Add +12.1% 1.08% +0.22
NRG NRG Energy Inc. Add +9.4% 1.60% +0.14
CXW Corecivic Inc. Add +34.4% 0.87% +0.14
UGI Ugi Corp. Add +8.0% 0.77% +0.13
IBM Intl Business Machines Corp. Add +0.9% 1.54% +0.12
VZ Verizon Communications Inc. Add +16.6% 0.58% +0.12
CSCO Cisco Systems Inc. Add +6.3% 2.42% +0.12
MMM 3M Co. Add +6.5% 0.88% +0.11
UBER Uber Technologies Inc. New 0.11% +0.11
BRK.B Berkshire Hathaway Inc. Class B Add +0.4% 1.01% +0.11
VICI Vici Properties Inc. Add +1.6% 1.52% +0.11
ARLP Alliance Resource Partners New 0.11% +0.11
MOS The Mosaic Co. Add +30.9% 0.39% +0.10
VLO Valero Energy Corp. Add +4.6% 1.19% +0.08
LNG Cheniere Energy Inc. Add +7.9% 0.72% +0.07
LH Labcorp Holdings Inc. New 0.06% +0.06
TAP Molson Coors Beverage Co. Class B Add +13.6% 0.44% +0.06
WDS Woodside Energy Group-ADR Add +19.4% 1.02% +0.05
OI O-I Glass Inc. Add +7.1% 0.54% +0.04
JNJ Johnson & Johnson Add +0.6% 0.39% +0.03
COST Costco Wholesale Corp. Add +12.3% 0.09% +0.01
BAC Bank of America Corp. Add +12.5% 0.58% +0.01
CMCSA Comcast Corp. Class A Add +8.6% 0.58% +0.01
VTI VG Morningstar TS MKT ETF-US Add +13.6% 0.31% +0.01
CLF Cleveland-Cliffs Inc. Add +25.0% 0.16% +0.01
BMY Bristol-Myers Squibb Co. Add +2.8% 0.07% +0.00
VLY Valley National Bancorp Add +6.3% 1.03% −0.01
BHP BHP Group Ltd.-Spon ADR Add +4.4% 1.05% −0.02
TNL Travel + Leisure Co. Add +11.1% 0.49% −0.02
CPRI Capri Holdings Ltd. Add +7.2% 0.53% −0.03
KHC The Kraft Heinz Co. Add +4.2% 1.29% −0.03
FCX Freeport-McMoran Inc. Add +3.9% 1.62% −0.03
LAMR Lamar Advertising Co. Class A Add +7.5% 0.86% −0.04
KEX Kirby Corp. Add +5.2% 1.25% −0.06
NVO Novo-Nordisk A/S-Spons ADR Add +9.9% 0.38% −0.07
FHI Federated Hermes Inc. Add +2.3% 2.01% −0.08
DAL Delta Air Lines Inc. Add +37.1% 1.21% −0.08
UPS United Parcel Service Class B Add +11.1% 0.98% −0.09
GM General Motors Co. Add +5.1% 1.02% −0.14
LYB Lyondellbasell Indu Class A Add +3.5% 2.01% −0.15
HD Home Depot Inc. Add +0.3% 1.47% −0.17
HPQ HP Inc. Add +6.0% 1.06% −0.18

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 127$508.4MGOOGL, C, CSCO, MS, GS
Q1 2026 130$480.5MCNR, GOOGL, NEM, C, SPY
Q4 2025 114$463.7MNEM, GOOGL, C, MS, GS
Q3 2025 106$445.4MNEM, ORCL, GOOGL, PFE, C
Q2 2025 106$404.5MGS, CSCO, ORCL, NEM, LYB
Q1 2025 110$382.2MPM, NEM, SLB, PFE, GS
Q4 2024 105$362.6MPFE, GS, MS, C, AAPL
Q3 2024 106$359.0MORCL, ABBV, NEM, GS, PM
Q2 2024 103$336.4MABBV, NEM, ORCL, GS, SLB
Q1 2024 102$331.9MABBV, NEM, SLB, GS, ORCL