Hourglass Capital, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Hourglass Capital, LLC reported 106 stock positions worth $404.5 million. Its top holding was Goldman Sachs (GS) at 3.0% of the portfolio, followed by Cisco Systems (CSCO, 2.8%) and Oracle (ORCL, 2.7%). Compared with Q1 2025, it opened 2 new positions, sold out of 6, added to 35 and reduced 34. The biggest buy was Lyondellbasell Indu Class A (LYB, shares +69%) and the biggest sale Dow (DOW, shares −75%).

Most Recent 13F
Q2 2026
Location
HOUSTON, TX
CIK
0001442573
Portfolio Value
$404.5M (Q2 2025)
SEC Filing
0001062993-25-013216 ↗ filed Jul 29, 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 Q1 2025 Q2 2025: $404.5M $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 106 stocks · $404.5M
GS Goldman Sachs Group Inc. 3.02% 17,269 $12.2M Reduce -1.7%
CSCO Cisco Systems Inc. 2.76% 161,027 $11.2M Add +7.6%
ORCL Oracle Corp. 2.73% 50,468 $11.0M Reduce -1.9%
NEM Newmont Corp. 2.68% 185,750 $10.8M Reduce -12.8%
LYB Lyondellbasell Indu Class A 2.64% 184,568 $10.7M Add +68.9%
PFE Pfizer Inc. 2.62% 436,440 $10.6M Add +9.0%
C Citigroup Inc. 2.59% 123,274 $10.5M Reduce -0.9%
MS Morgan Stanley 2.53% 72,785 $10.3M Reduce -1.6%
PM Philip Morris International 2.44% 54,255 $9.9M Reduce -19.7%
GOOGL Alphabet Inc. Class A 2.24% 51,320 $9.0M Add +25.7%
KMI Kinder Morgan Inc. 2.13% 292,960 $8.6M Reduce -2.6%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 1.95% 233,015 $7.9M Reduce -5.1%
WMB Williams Cos Inc. 1.92% 123,340 $7.7M Add +1.3%
HCA HCA Healthcare Inc. 1.89% 19,990 $7.7M Reduce -5.7%
WMT Walmart Inc. 1.84% 76,093 $7.4M Reduce -1.7%
HD Home Depot Inc. 1.81% 20,021 $7.3M Add +30.2%
MAIN Main Street Capital Corp. 1.81% 123,646 $7.3M Add +2.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.81% 24,780 $7.3M Add +4.5%
FCX Freeport-McMoran Inc. 1.67% 155,833 $6.8M Reduce -4.8%
MSFT Microsoft Corp. 1.66% 13,470 $6.7M Reduce -4.4%
NVDA Nvidia Corp. 1.61% 41,180 $6.5M Add +15.1%
CNR Core Natural Resources Inc. 1.57% 91,025 $6.3M Add +4.5%
CVX Chevron Corp. 1.55% 43,669 $6.3M Add +0.7%
NRG NRG Energy Inc. 1.54% 38,820 $6.2M Reduce -39.4%
FHI Federated Hermes Inc. 1.53% 140,075 $6.2M Reduce -25.8%
XOM Exxon Mobil Corp. 1.45% 54,457 $5.9M Add +1.1%
T AT&T Inc. 1.44% 200,970 $5.8M Add +3.2%
AVGO Broadcom Inc. 1.43% 21,045 $5.8M Add +3.2%
AAPL Apple Inc. 1.43% 28,194 $5.8M Reduce -18.6%
KEX Kirby Corp. 1.43% 50,960 $5.8M Add +8.1%
BKR Baker Hughes Co. 1.43% 150,430 $5.8M Reduce -1.6%
LAMR Lamar Advertising Co. Class A 1.43% 47,513 $5.8M Add +64.2%
ZBH Zimmer Biomet Holdings Inc. 1.42% 62,930 $5.7M Reduce -6.7%
VICI Vici Properties Inc. filed as VICI PPTYS INC 1.42% 175,924 $5.7M Reduce -1.1%
DAL Delta Air Lines Inc. 1.41% 116,344 $5.7M Add +9.7%
ABBV Abbvie Inc. 1.38% 29,986 $5.6M Reduce -8.8%
SJM The JM Smucker Co. filed as SMUCKER J M CO 1.24% 51,110 $5.0M Add +7.1%
GSK GSK PLC-Spon ADR 1.24% 130,589 $5.0M Add +10.5%
WDS Woodside Energy Group-ADR 1.19% 310,814 $4.8M Add +15.1%
VLO Valero Energy Corp. 1.14% 34,345 $4.6M No change
MCK McKesson Corp. 1.11% 6,113 $4.5M No change
KHC The Kraft Heinz Co. 1.07% 167,380 $4.3M Add +3.3%
RF Regions Financial Corp. 1.06% 182,189 $4.3M Add +12.6%
QCOM Qualcomm Inc. 1.03% 26,060 $4.2M Add +2.4%
BHP BHP Group Ltd.-Spon ADR 1.02% 85,746 $4.1M Add +3.6%
VLY Valley National Bancorp 1.02% 460,716 $4.1M Add +3.6%
GM General Motors Co. 1.01% 83,197 $4.1M No change
UPS United Parcel Service Class B 0.97% 38,835 $3.9M Add +14.4%
HPQ HP Inc. 0.93% 154,115 $3.8M Add +5.3%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.86% 34,060 $3.5M Add +2.0%
MMM 3M Co. 0.86% 22,840 $3.5M No change
BRK.B Berkshire Hathaway Inc. Class B 0.86% 7,135 $3.5M Reduce -1.6%
CXW Corecivic Inc. 0.85% 163,170 $3.4M No change
UGI Ugi Corp. 0.80% 89,110 $3.2M No change
HPE Hewlett Packard Enterprise 0.74% 146,550 $3.0M No change
LNG Cheniere Energy Inc. 0.71% 11,815 $2.9M No change
OI O-I Glass Inc. 0.65% 179,370 $2.6M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.62% 52,687 $2.5M No change
JEPI JPMorgan Equity Premium Inco 0.59% 42,150 $2.4M No change
CPRI Capri Holdings Ltd. 0.59% 133,980 $2.4M Add +29.4%
BIIB Biogen Inc. 0.56% 17,970 $2.3M New
MAN Manpowergroup Inc. 0.55% 55,070 $2.2M New
VZ Verizon Communications Inc. 0.54% 50,195 $2.2M Add +3.2%
CMCSA Comcast Corp. Class A 0.53% 60,080 $2.1M Reduce -0.3%
TNL Travel + Leisure Co. 0.51% 40,255 $2.1M No change
FITB Fifth Third Bancorp 0.46% 45,100 $1.9M Add +7.4%
SYY Sysco Corp. 0.41% 22,120 $1.7M Reduce -69.4%
NVO Novo-Nordisk A/S-Spons ADR 0.39% 23,130 $1.6M Add +11.1%
VTI VG Morningstar TS MKT ETF-US 0.38% 5,059 $1.5M Add +18.8%
FSLR First Solar Inc. 0.37% 8,950 $1.5M Add +20.1%
SDY SS SPDR S&P Dividend ETF 0.35% 10,545 $1.4M Reduce -3.6%
JNJ Johnson & Johnson 0.34% 8,910 $1.4M Reduce -1.1%
TAP Molson Coors Beverage Co. Class B 0.33% 27,645 $1.3M No change
XLK SS Technology Select Sector 0.31% 4,930 $1.2M Reduce -7.5%
MOS The Mosaic Co. 0.30% 33,100 $1.2M Reduce -39.9%
JPM JPMorgan Chase & Co. 0.25% 3,506 $1.0M No change
DOW Dow Inc. 0.23% 35,499 $940K Reduce -74.8%
LIN Linde PLC 0.23% 2,002 $939K Reduce -0.3%
DHI D.R. Horton Inc. 0.23% 7,060 $910K No change
ETN Eaton Corp. PLC 0.21% 2,400 $857K No change
CLF Cleveland-Cliffs Inc. 0.18% 93,400 $710K Add +24.5%
FLG Flagstar Bank NA 0.17% 65,833 $698K Reduce -5.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.16% 1,049 $648K No change
LMT Lockheed Martin Corp. 0.11% 1,000 $463K No change
SOFI Sofi Technologies Inc. 0.11% 25,000 $455K Reduce -7.4%
RTX RTX Corp. 0.11% 3,000 $438K No change
XLC SS Comm Select Sector SPDR 0.11% 4,000 $434K No change
AMGN Amgen Inc. 0.09% 1,347 $376K No change
OEF iShares S&P 100 ETF 0.09% 1,200 $365K Reduce -45.0%
COST Costco Wholesale Corp. 0.09% 366 $362K No change
CL Colgate-Palmolive Co. 0.08% 3,700 $336K No change
MPC Marathon Petroleum Corp. 0.08% 2,000 $332K No change
ROST Ross Stores Inc. 0.08% 2,600 $332K No change
PG The Procter & Gamble Co. 0.08% 2,020 $322K Reduce -3.7%
GOOG Alphabet Inc. Class C 0.07% 1,650 $293K No change
CAT Caterpillar Inc. 0.07% 747 $290K No change
GD General Dynamics Corp. 0.07% 920 $268K No change
LH Labcorp Holdings Inc. 0.06% 1,000 $263K No change
TM Toyota Motor Corp. -Spon ADR 0.06% 1,400 $241K No change
COP Conocophillips 0.06% 2,510 $225K No change
PSX Phillips 66 0.05% 1,770 $211K No change
IWD iShares Russell 1000 Value E 0.05% 1,069 $208K No change
UBER Uber Technologies Inc. 0.05% 2,204 $206K Reduce -61.4%
BMY Bristol-Myers Squibb Co. 0.05% 4,330 $200K No change
F Ford Motor Co. filed as FORD MTR CO 0.03% 10,000 $109K Reduce -1.5%
UEC Uranium Energy Corp. 0.02% 10,000 $68K No change

Portfolio Sells Q1 2025 → Q2 2025
DOW Dow Inc. Reduce -74.8% 0.23% −1.06
SYY Sysco Corp. Reduce -69.4% 0.41% −1.00
SLB SLB Ltd. Reduce -5.1% 1.95% −0.74
AAPL Apple Inc. Reduce -18.6% 1.43% −0.58
ZBH Zimmer Biomet Holdings Inc. Reduce -6.7% 1.42% −0.58
FHI Federated Hermes Inc. Reduce -25.8% 1.53% −0.48
ABBV Abbvie Inc. Reduce -8.8% 1.38% −0.43
PM Philip Morris International Reduce -19.7% 2.44% −0.36
BKR Baker Hughes Co. Reduce -1.6% 1.43% −0.33
EXP Eagle Materials Inc. Sold out 0.00% −0.21
CTRA Coterra Energy Inc. Sold out 0.00% −0.19
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.6% 0.86% −0.15
KMI Kinder Morgan Inc. Reduce -2.6% 2.13% −0.12
ARLP Alliance Resource Partners Sold out 0.00% −0.11
VICI Vici Properties Inc. Reduce -1.1% 1.42% −0.10
FISV Fiserv Inc. Sold out 0.00% −0.09
MOS The Mosaic Co. Reduce -39.9% 0.30% −0.09
OEF iShares S&P 100 ETF Reduce -45.0% 0.09% −0.06
NRG NRG Energy Inc. Reduce -39.4% 1.54% −0.06
UBER Uber Technologies Inc. Reduce -61.4% 0.05% −0.06
HON Honeywell International Inc. Sold out 0.00% −0.06
JNJ Johnson & Johnson Reduce -1.1% 0.34% −0.05
PAAS Pan American Silver Corp. Sold out 0.00% −0.05
CMCSA Comcast Corp. Class A Reduce -0.3% 0.53% −0.05
FLG Flagstar Bank NA Reduce -5.7% 0.17% −0.04
SDY SS SPDR S&P Dividend ETF Reduce -3.6% 0.35% −0.03
HCA HCA Healthcare Inc. Reduce -5.7% 1.89% −0.02
NEM Newmont Corp. Reduce -12.8% 2.68% −0.01
PG The Procter & Gamble Co. Reduce -3.7% 0.08% −0.01
LIN Linde PLC Reduce -0.3% 0.23% −0.01
F Ford Motor Co. Reduce -1.5% 0.03% +0.00
XLK SS Technology Select Sector Reduce -7.5% 0.31% +0.02
SOFI Sofi Technologies Inc. Reduce -7.4% 0.11% +0.03
FCX Freeport-McMoran Inc. Reduce -4.8% 1.67% +0.05
WMT Walmart Inc. Reduce -1.7% 1.84% +0.06
MSFT Microsoft Corp. Reduce -4.4% 1.66% +0.27
MS Morgan Stanley Reduce -1.6% 2.53% +0.28
C Citigroup Inc. Reduce -0.9% 2.59% +0.28
GS Goldman Sachs Group Inc. Reduce -1.7% 3.02% +0.51
ORCL Oracle Corp. Reduce -1.9% 2.73% +0.85

Portfolio Buys Q1 2025 → Q2 2025
LYB Lyondellbasell Indu Class A Add +68.9% 2.64% +0.63
NVDA Nvidia Corp. Add +15.1% 1.61% +0.59
GOOGL Alphabet Inc. Class A Add +25.7% 2.24% +0.58
LAMR Lamar Advertising Co. Class A Add +64.2% 1.43% +0.56
BIIB Biogen Inc. New 0.56% +0.56
MAN Manpowergroup Inc. New 0.55% +0.55
AVGO Broadcom Inc. Add +3.2% 1.43% +0.54
CSCO Cisco Systems Inc. Add +7.6% 2.76% +0.34
HD Home Depot Inc. Add +30.2% 1.81% +0.34
IBM Intl Business Machines Corp. Add +4.5% 1.81% +0.26
DAL Delta Air Lines Inc. Add +9.7% 1.41% +0.20
KEX Kirby Corp. Add +8.1% 1.43% +0.18
WDS Woodside Energy Group-ADR Add +15.1% 1.19% +0.16
RF Regions Financial Corp. Add +12.6% 1.06% +0.14
FSLR First Solar Inc. Add +20.1% 0.37% +0.12
IRM Iron Mountain Inc. Add +2.0% 0.86% +0.11
VTI VG Morningstar TS MKT ETF-US Add +18.8% 0.38% +0.07
CPRI Capri Holdings Ltd. Add +29.4% 0.59% +0.05
GSK GSK PLC-Spon ADR Add +10.5% 1.24% +0.04
FITB Fifth Third Bancorp Add +7.4% 0.46% +0.03
MAIN Main Street Capital Corp. Add +2.5% 1.81% +0.02
NVO Novo-Nordisk A/S-Spons ADR Add +11.1% 0.39% +0.02
CLF Cleveland-Cliffs Inc. Add +24.5% 0.18% +0.01
WMB Williams Cos Inc. Add +1.3% 1.92% +0.01
QCOM Qualcomm Inc. Add +2.4% 1.03% +0.00
T AT&T Inc. Add +3.2% 1.44% −0.00
UPS United Parcel Service Class B Add +14.4% 0.97% −0.01
VLY Valley National Bancorp Add +3.6% 1.02% −0.02
BHP BHP Group Ltd.-Spon ADR Add +3.6% 1.02% −0.03
PFE Pfizer Inc. Add +9.0% 2.62% −0.04
VZ Verizon Communications Inc. Add +3.2% 0.54% −0.04
HPQ HP Inc. Add +5.3% 0.93% −0.13
CNR Core Natural Resources Inc. Add +4.5% 1.57% −0.19
KHC The Kraft Heinz Co. Add +3.3% 1.07% −0.22
XOM Exxon Mobil Corp. Add +1.1% 1.45% −0.23
SJM The JM Smucker Co. Add +7.1% 1.24% −0.24
CVX Chevron Corp. Add +0.7% 1.55% −0.35

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