Hourglass Capital, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Hourglass Capital, LLC reported 106 stock positions worth $445.4 million. Its top holding was Newmont (NEM) at 3.0% of the portfolio, followed by Oracle (ORCL, 3.0%) and Alphabet Class A (GOOGL, 2.8%). Compared with Q2 2025, it opened 3 new positions, sold out of 3, added to 25 and reduced 44. The biggest buy was Abbvie (ABBV, shares +43%) and the biggest sale Lyondellbasell Indu Class A (LYB, shares −33%).

Most Recent 13F
Q2 2026
Location
HOUSTON, TX
CIK
0001442573
Portfolio Value
$445.4M (Q3 2025)
SEC Filing
0001062993-25-016584 ↗ filed Nov 10, 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 Q2 2025 Q3 2025: $445.4M $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 · $445.4M
NEM Newmont Corp. 3.05% 161,084 $13.6M Reduce -13.3%
ORCL Oracle Corp. 2.98% 47,196 $13.3M Reduce -6.5%
GOOGL Alphabet Inc. Class A 2.78% 51,010 $12.4M Reduce -0.6%
PFE Pfizer Inc. 2.69% 470,538 $12.0M Add +7.8%
C Citigroup Inc. 2.66% 116,907 $11.9M Reduce -5.2%
GS Goldman Sachs Group Inc. 2.58% 14,403 $11.5M Reduce -16.6%
MS Morgan Stanley 2.54% 71,165 $11.3M Reduce -2.2%
CSCO Cisco Systems Inc. 2.44% 158,512 $10.8M Reduce -1.6%
ABBV Abbvie Inc. 2.23% 42,876 $9.9M Add +43.0%
CNR Core Natural Resources Inc. 2.19% 116,915 $9.8M Add +28.4%
PM Philip Morris International 1.93% 52,965 $8.6M Reduce -2.4%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 1.85% 239,144 $8.2M Add +2.6%
HD Home Depot Inc. 1.82% 20,032 $8.1M Add +0.1%
HCA HCA Healthcare Inc. 1.79% 18,745 $8.0M Reduce -6.2%
KMI Kinder Morgan Inc. 1.78% 280,524 $7.9M Reduce -4.2%
ZBH Zimmer Biomet Holdings Inc. 1.77% 80,152 $7.9M Add +27.4%
WMT Walmart Inc. 1.75% 75,783 $7.8M Reduce -0.4%
MAIN Main Street Capital Corp. 1.75% 122,380 $7.8M Reduce -1.0%
WMB Williams Cos Inc. 1.74% 122,040 $7.7M Reduce -1.1%
NVDA Nvidia Corp. 1.72% 41,080 $7.7M Reduce -0.2%
BKR Baker Hughes Co. 1.64% 149,730 $7.3M Reduce -0.5%
AAPL Apple Inc. 1.61% 28,172 $7.2M Reduce -0.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.57% 24,703 $7.0M Reduce -0.3%
MSFT Microsoft Corp. 1.55% 13,300 $6.9M Reduce -1.3%
AVGO Broadcom Inc. 1.54% 20,795 $6.9M Reduce -1.2%
CVX Chevron Corp. 1.51% 43,357 $6.7M Reduce -0.7%
DAL Delta Air Lines Inc. 1.48% 116,124 $6.6M Reduce -0.2%
HPQ HP Inc. 1.43% 234,689 $6.4M Add +52.3%
FCX Freeport-McMoran Inc. 1.43% 162,383 $6.4M Add +4.2%
NRG NRG Energy Inc. 1.41% 38,880 $6.3M Add +0.1%
KHC The Kraft Heinz Co. 1.39% 237,170 $6.2M Add +41.7%
KEX Kirby Corp. 1.38% 73,730 $6.2M Add +44.7%
XOM Exxon Mobil Corp. 1.37% 54,006 $6.1M Reduce -0.8%
LYB Lyondellbasell Indu Class A 1.35% 122,873 $6.0M Reduce -33.4%
VLO Valero Energy Corp. 1.31% 34,345 $5.8M No change
LAMR Lamar Advertising Co. Class A 1.31% 47,483 $5.8M Reduce -0.1%
T AT&T Inc. 1.28% 202,610 $5.7M Add +0.8%
VICI Vici Properties Inc. filed as VICI PPTYS INC 1.28% 175,177 $5.7M Reduce -0.4%
GSK GSK PLC-Spon ADR 1.27% 131,363 $5.7M Add +0.6%
SJM The JM Smucker Co. filed as SMUCKER J M CO 1.25% 51,360 $5.6M Add +0.5%
VLY Valley National Bancorp 1.23% 515,166 $5.5M Add +11.8%
GM General Motors Co. 1.14% 83,097 $5.1M Reduce -0.1%
RF Regions Financial Corp. 1.08% 182,289 $4.8M Add +0.1%
BHP BHP Group Ltd.-Spon ADR 1.07% 85,546 $4.8M Reduce -0.2%
MCK McKesson Corp. 1.06% 6,128 $4.7M Add +0.3%
WDS Woodside Energy Group-ADR 1.06% 312,814 $4.7M Add +0.6%
QCOM Qualcomm Inc. 0.97% 25,955 $4.3M Reduce -0.4%
DOW Dow Inc. 0.86% 166,348 $3.8M Add +368.6%
HPE Hewlett Packard Enterprise 0.81% 146,550 $3.6M No change
MMM 3M Co. 0.80% 22,900 $3.6M Add +0.3%
BRK.B Berkshire Hathaway Inc. Class B 0.79% 6,965 $3.5M Reduce -2.4%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.78% 33,860 $3.5M Reduce -0.6%
UPS United Parcel Service Class B 0.75% 40,235 $3.4M Add +3.6%
CXW Corecivic Inc. 0.75% 163,170 $3.3M No change
FHI Federated Hermes Inc. 0.74% 63,218 $3.3M Reduce -54.9%
UGI Ugi Corp. 0.67% 89,110 $3.0M No change
MAN Manpowergroup Inc. 0.63% 73,590 $2.8M Add +33.6%
LNG Cheniere Energy Inc. 0.62% 11,815 $2.8M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.61% 52,687 $2.7M No change
VZ Verizon Communications Inc. 0.61% 61,638 $2.7M Add +22.8%
CAG Conagra Brands Inc. 0.61% 147,270 $2.7M New
CPRI Capri Holdings Ltd. 0.60% 133,980 $2.7M No change
BIIB Biogen Inc. 0.57% 17,970 $2.5M No change
TNL Travel + Leisure Co. 0.54% 40,255 $2.4M No change
OI O-I Glass Inc. 0.52% 179,370 $2.3M No change
FITB Fifth Third Bancorp 0.45% 44,999 $2.0M Reduce -0.2%
FFIN First Finl Bankshares Inc. 0.43% 57,000 $1.9M New
FSLR First Solar Inc. 0.43% 8,640 $1.9M Reduce -3.5%
CMCSA Comcast Corp. Class A 0.42% 60,080 $1.9M No change
SYY Sysco Corp. 0.41% 22,020 $1.8M Reduce -0.5%
JEPI JPMorgan Equity Premium Inco 0.39% 30,150 $1.7M Reduce -28.5%
VTI VG Morningstar TS MKT ETF-US 0.37% 5,059 $1.7M No change
JNJ Johnson & Johnson 0.37% 8,910 $1.7M No change
XLK SS Technology Select Sector 0.36% 5,630 $1.6M Add +14.2%
SDY SS SPDR S&P Dividend ETF 0.31% 9,895 $1.4M Reduce -6.2%
ABT Abbott Laboratories 0.30% 10,000 $1.3M New
FLG Flagstar Bank NA 0.29% 112,000 $1.3M Add +70.1%
TAP Molson Coors Beverage Co. Class B 0.28% 27,645 $1.3M No change
DHI D.R. Horton Inc. 0.27% 7,060 $1.2M No change
JPM JPMorgan Chase & Co. 0.25% 3,506 $1.1M No change
MOS The Mosaic Co. 0.22% 28,100 $975K Reduce -15.1%
LIN Linde PLC 0.21% 2,002 $951K No change
ETN Eaton Corp. PLC 0.20% 2,400 $898K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.15% 979 $652K Reduce -6.7%
CLF Cleveland-Cliffs Inc. 0.12% 45,000 $549K Reduce -51.8%
RTX RTX Corp. 0.11% 3,000 $502K No change
LMT Lockheed Martin Corp. 0.11% 1,000 $499K No change
XLC SS Comm Select Sector SPDR 0.11% 4,000 $473K No change
GOOG Alphabet Inc. Class C 0.09% 1,648 $401K Reduce -0.1%
ROST Ross Stores Inc. 0.09% 2,600 $396K No change
MPC Marathon Petroleum Corp. 0.09% 2,000 $385K No change
AMGN Amgen Inc. 0.09% 1,347 $380K No change
CAT Caterpillar Inc. 0.08% 747 $356K No change
COST Costco Wholesale Corp. 0.08% 366 $339K No change
NVO Novo-Nordisk A/S-Spons ADR 0.07% 5,700 $316K Reduce -75.4%
OEF iShares S&P 100 ETF 0.07% 950 $316K Reduce -20.8%
GD General Dynamics Corp. 0.07% 919 $313K Reduce -0.1%
PG The Procter & Gamble Co. 0.07% 2,000 $307K Reduce -1.0%
CL Colgate-Palmolive Co. 0.07% 3,700 $296K No change
LH Labcorp Holdings Inc. 0.06% 1,000 $287K No change

Show all 106 holdings

Portfolio Sells Q2 2025 → Q3 2025
LYB Lyondellbasell Indu Class A Reduce -33.4% 1.35% −1.29
FHI Federated Hermes Inc. Reduce -54.9% 0.74% −0.80
PM Philip Morris International Reduce -2.4% 1.93% −0.51
GS Goldman Sachs Group Inc. Reduce -16.6% 2.58% −0.45
KMI Kinder Morgan Inc. Reduce -4.2% 1.78% −0.35
CSCO Cisco Systems Inc. Reduce -1.6% 2.44% −0.33
NVO Novo-Nordisk A/S-Spons ADR Reduce -75.4% 0.07% −0.32
IBM Intl Business Machines Corp. Reduce -0.3% 1.57% −0.24
JEPI JPMorgan Equity Premium Inco Reduce -28.5% 0.39% −0.21
WMB Williams Cos Inc. Reduce -1.1% 1.74% −0.18
VICI Vici Properties Inc. Reduce -0.4% 1.28% −0.14
LAMR Lamar Advertising Co. Class A Reduce -0.1% 1.31% −0.12
SOFI Sofi Technologies Inc. Sold out 0.00% −0.11
MSFT Microsoft Corp. Reduce -1.3% 1.55% −0.11
HCA HCA Healthcare Inc. Reduce -6.2% 1.79% −0.10
IRM Iron Mountain Inc. Reduce -0.6% 0.78% −0.09
WMT Walmart Inc. Reduce -0.4% 1.75% −0.09
XOM Exxon Mobil Corp. Reduce -0.8% 1.37% −0.08
MOS The Mosaic Co. Reduce -15.1% 0.22% −0.08
BRK.B Berkshire Hathaway Inc. Class B Reduce -2.4% 0.79% −0.07
MAIN Main Street Capital Corp. Reduce -1.0% 1.75% −0.06
QCOM Qualcomm Inc. Reduce -0.4% 0.97% −0.06
CLF Cleveland-Cliffs Inc. Reduce -51.8% 0.12% −0.05
UBER Uber Technologies Inc. Sold out 0.00% −0.05
BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.05
SDY SS SPDR S&P Dividend ETF Reduce -6.2% 0.31% −0.04
CVX Chevron Corp. Reduce -0.7% 1.51% −0.03
OEF iShares S&P 100 ETF Reduce -20.8% 0.07% −0.02
SPY SS SPDR S&P 500 ETF Trust-US Reduce -6.7% 0.15% −0.01
PG The Procter & Gamble Co. Reduce -1.0% 0.07% −0.01
FITB Fifth Third Bancorp Reduce -0.2% 0.45% −0.01
SYY Sysco Corp. Reduce -0.5% 0.41% −0.01
GD General Dynamics Corp. Reduce -0.1% 0.07% +0.00
MS Morgan Stanley Reduce -2.2% 2.54% +0.01
GOOG Alphabet Inc. Class C Reduce -0.1% 0.09% +0.02
BHP BHP Group Ltd.-Spon ADR Reduce -0.2% 1.07% +0.05
FSLR First Solar Inc. Reduce -3.5% 0.43% +0.06
DAL Delta Air Lines Inc. Reduce -0.2% 1.48% +0.07
C Citigroup Inc. Reduce -5.2% 2.66% +0.07
AVGO Broadcom Inc. Reduce -1.2% 1.54% +0.11
NVDA Nvidia Corp. Reduce -0.2% 1.72% +0.11
GM General Motors Co. Reduce -0.1% 1.14% +0.13
AAPL Apple Inc. Reduce -0.1% 1.61% +0.18
BKR Baker Hughes Co. Reduce -0.5% 1.64% +0.21
ORCL Oracle Corp. Reduce -6.5% 2.98% +0.25
NEM Newmont Corp. Reduce -13.3% 3.05% +0.37
GOOGL Alphabet Inc. Class A Reduce -0.6% 2.78% +0.55

Portfolio Buys Q2 2025 → Q3 2025
ABBV Abbvie Inc. Add +43.0% 2.23% +0.85
DOW Dow Inc. Add +368.6% 0.86% +0.62
CNR Core Natural Resources Inc. Add +28.4% 2.19% +0.62
CAG Conagra Brands Inc. New 0.61% +0.61
HPQ HP Inc. Add +52.3% 1.43% +0.50
FFIN First Finl Bankshares Inc. New 0.43% +0.43
ZBH Zimmer Biomet Holdings Inc. Add +27.4% 1.77% +0.35
KHC The Kraft Heinz Co. Add +41.7% 1.39% +0.32
ABT Abbott Laboratories New 0.30% +0.30
VLY Valley National Bancorp Add +11.8% 1.23% +0.21
FLG Flagstar Bank NA Add +70.1% 0.29% +0.12
PFE Pfizer Inc. Add +7.8% 2.69% +0.08
MAN Manpowergroup Inc. Add +33.6% 0.63% +0.08
VZ Verizon Communications Inc. Add +22.8% 0.61% +0.07
XLK SS Technology Select Sector Add +14.2% 0.36% +0.05
GSK GSK PLC-Spon ADR Add +0.6% 1.27% +0.03
RF Regions Financial Corp. Add +0.1% 1.08% +0.02
SJM The JM Smucker Co. Add +0.5% 1.25% +0.01
HD Home Depot Inc. Add +0.1% 1.82% +0.01
MCK McKesson Corp. Add +0.3% 1.06% −0.04
KEX Kirby Corp. Add +44.7% 1.38% −0.05
MMM 3M Co. Add +0.3% 0.80% −0.06
SLB SLB Ltd. Add +2.6% 1.85% −0.10
NRG NRG Energy Inc. Add +0.1% 1.41% −0.13
WDS Woodside Energy Group-ADR Add +0.6% 1.06% −0.13
T AT&T Inc. Add +0.8% 1.28% −0.15
UPS United Parcel Service Class B Add +3.6% 0.75% −0.21
FCX Freeport-McMoran Inc. Add +4.2% 1.43% −0.24

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