Hourglass Capital, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 14, 2026), Hourglass Capital, LLC reported 114 stock positions worth $463.7 million. Its top holding was Newmont (NEM) at 3.3% of the portfolio, followed by Alphabet Class A (GOOGL, 3.3%) and Citigroup (C, 2.9%). Compared with Q3 2025, it opened 10 new positions, sold out of 2, added to 31 and reduced 51. The biggest buy was Iron Mountain (IRM, shares +136%) and the biggest sale an exit from Manpowergroup (MAN).

Most Recent 13F
Q2 2026
Location
HOUSTON, TX
CIK
0001442573
Portfolio Value
$463.7M (Q4 2025)
SEC Filing
0001062993-26-000236 ↗ filed Jan 14, 2026

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 Q3 2025 Q4 2025: $463.7M $463.7M Q4 2025 Q1 2026: $480.5M Q1 2026 Q2 2026: $508.4M Q2 2026

Holdings 114 stocks · $463.7M
NEM Newmont Corp. 3.35% 155,434 $15.5M Reduce -3.5%
GOOGL Alphabet Inc. Class A 3.26% 48,280 $15.1M Reduce -5.3%
C Citigroup Inc. 2.92% 116,222 $13.6M Reduce -0.6%
MS Morgan Stanley 2.69% 70,150 $12.5M Reduce -1.4%
GS Goldman Sachs Group Inc. 2.67% 14,094 $12.4M Reduce -2.1%
CSCO Cisco Systems Inc. 2.47% 148,822 $11.5M Reduce -6.1%
CNR Core Natural Resources Inc. 2.39% 125,195 $11.1M Add +7.1%
PFE Pfizer Inc. 2.35% 438,148 $10.9M Reduce -6.9%
ORCL Oracle Corp. 2.07% 49,294 $9.6M Add +4.5%
SLB SLB Ltd. filed as SLB LIMITED 1.94% 234,915 $9.0M Reduce -1.8%
ABBV Abbvie Inc. 1.92% 38,916 $8.9M Reduce -9.2%
PM Philip Morris International 1.85% 53,405 $8.6M Add +0.8%
HCA HCA Healthcare Inc. 1.82% 18,105 $8.5M Reduce -3.4%
WMT Walmart Inc. 1.82% 75,593 $8.4M Reduce -0.3%
KEX Kirby Corp. 1.78% 75,080 $8.3M Add +1.8%
DAL Delta Air Lines Inc. 1.70% 113,814 $7.9M Reduce -2.0%
FCX Freeport-McMoran Inc. 1.70% 155,193 $7.9M Reduce -4.4%
KMI Kinder Morgan Inc. 1.66% 279,219 $7.7M Reduce -0.5%
NVDA Nvidia Corp. 1.65% 40,975 $7.6M Reduce -0.3%
AAPL Apple Inc. 1.64% 27,982 $7.6M Reduce -0.7%
MAIN Main Street Capital Corp. 1.63% 124,860 $7.5M Add +2.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.59% 24,964 $7.4M Add +1.1%
WMB Williams Cos Inc. 1.56% 120,210 $7.2M Reduce -1.5%
AVGO Broadcom Inc. 1.56% 20,840 $7.2M Add +0.2%
CVX Chevron Corp. 1.52% 46,239 $7.0M Add +6.7%
ZBH Zimmer Biomet Holdings Inc. 1.52% 78,150 $7.0M Reduce -2.5%
HD Home Depot Inc. 1.50% 20,157 $6.9M Add +0.6%
BKR Baker Hughes Co. 1.47% 149,260 $6.8M Reduce -0.3%
GSK GSK PLC-Spon ADR 1.46% 138,409 $6.8M Add +5.4%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 1.43% 80,060 $6.6M Add +136.4%
GM General Motors Co. 1.43% 81,377 $6.6M Reduce -2.1%
XOM Exxon Mobil Corp. 1.40% 54,016 $6.5M Add +0.0%
MSFT Microsoft Corp. 1.38% 13,205 $6.4M Reduce -0.7%
VLY Valley National Bancorp 1.32% 522,136 $6.1M Add +1.4%
LAMR Lamar Advertising Co. Class A 1.31% 48,163 $6.1M Add +1.4%
NRG NRG Energy Inc. 1.30% 37,940 $6.0M Reduce -2.4%
VICI Vici Properties Inc. filed as VICI PPTYS INC 1.27% 209,257 $5.9M Add +19.4%
BHP BHP Group Ltd.-Spon ADR 1.23% 94,706 $5.7M Add +10.7%
RF Regions Financial Corp. 1.22% 208,359 $5.6M Add +14.3%
HPQ HP Inc. 1.19% 247,869 $5.5M Add +5.6%
VLO Valero Energy Corp. 1.18% 33,655 $5.5M Reduce -2.0%
T AT&T Inc. 1.12% 208,950 $5.2M Add +3.1%
MCK McKesson Corp. 1.06% 5,990 $4.9M Reduce -2.3%
SJM The JM Smucker Co. filed as SMUCKER J M CO 1.04% 49,370 $4.8M Reduce -3.9%
KHC The Kraft Heinz Co. 1.04% 199,090 $4.8M Reduce -16.1%
WDS Woodside Energy Group-ADR 1.04% 309,310 $4.8M Reduce -1.1%
QCOM Qualcomm Inc. 1.00% 27,115 $4.6M Add +4.5%
LYB Lyondellbasell Indu Class A 0.95% 101,543 $4.4M Reduce -17.4%
UPS United Parcel Service Class B 0.88% 41,065 $4.1M Add +2.1%
DOW Dow Inc. 0.85% 169,153 $4.0M Add +1.7%
MMM 3M Co. 0.77% 22,390 $3.6M Reduce -2.2%
BRK.B Berkshire Hathaway Inc. Class B 0.76% 7,045 $3.5M Add +1.1%
HPE Hewlett Packard Enterprise 0.74% 143,110 $3.4M Reduce -2.4%
CMCSA Comcast Corp. Class A 0.74% 114,140 $3.4M Add +90.0%
UGI Ugi Corp. 0.70% 87,030 $3.3M Reduce -2.3%
FHI Federated Hermes Inc. 0.70% 62,218 $3.2M Reduce -1.6%
CPRI Capri Holdings Ltd. 0.69% 131,230 $3.2M Reduce -2.0%
BIIB Biogen Inc. 0.67% 17,550 $3.1M Reduce -2.3%
CXW Corecivic Inc. 0.66% 159,890 $3.1M Reduce -2.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.61% 51,787 $2.8M Reduce -1.7%
TNL Travel + Leisure Co. 0.60% 39,395 $2.8M Reduce -2.1%
OI O-I Glass Inc. 0.56% 175,000 $2.6M Reduce -2.4%
VZ Verizon Communications Inc. 0.54% 62,018 $2.5M Add +0.6%
CAG Conagra Brands Inc. 0.54% 144,240 $2.5M Reduce -2.1%
LNG Cheniere Energy Inc. 0.48% 11,565 $2.2M Reduce -2.1%
FSLR First Solar Inc. 0.47% 8,355 $2.2M Reduce -3.3%
FITB Fifth Third Bancorp 0.45% 44,849 $2.1M Reduce -0.3%
JNJ Johnson & Johnson 0.40% 8,860 $1.8M Reduce -0.6%
FFIN First Finl Bankshares Inc. 0.37% 57,000 $1.7M No change
VTI VG Morningstar TS MKT ETF-US 0.37% 5,059 $1.7M No change
XLK SS Technology Select Sector 0.35% 11,240 $1.6M Reduce -0.2%
FLG Flagstar Bank NA 0.34% 127,000 $1.6M Add +13.4%
UNP Union Pacific Corp. 0.33% 6,555 $1.5M New
SYY Sysco Corp. 0.32% 20,120 $1.5M Reduce -8.6%
SDY SS SPDR S&P Dividend ETF 0.29% 9,605 $1.3M Reduce -2.9%
IWD iShares Russell 1000 Value E 0.29% 6,339 $1.3M Add +493.0%
ABT Abbott Laboratories 0.27% 10,000 $1.3M No change
TAP Molson Coors Beverage Co. Class B 0.26% 25,775 $1.2M Reduce -6.8%
JEPI JPMorgan Equity Premium Inco 0.25% 20,150 $1.2M Reduce -33.2%
CLF Cleveland-Cliffs Inc. 0.24% 85,000 $1.1M Add +88.9%
DHI D.R. Horton Inc. 0.22% 7,060 $1.0M No change
MOS The Mosaic Co. 0.22% 42,100 $1.0M Add +49.8%
JPM JPMorgan Chase & Co. 0.20% 2,906 $936K Reduce -17.1%
LIN Linde PLC 0.18% 2,002 $854K No change
ETN Eaton Corp. PLC 0.16% 2,400 $764K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.14% 984 $671K Add +0.5%
MO Altria Group Inc. 0.12% 9,900 $571K New
RTX RTX Corp. 0.12% 3,000 $550K No change
GOOG Alphabet Inc. Class C 0.11% 1,648 $517K No change
LMT Lockheed Martin Corp. 0.10% 1,000 $484K No change
XLC SS Comm Select Sector SPDR 0.10% 4,000 $471K No change
ROST Ross Stores Inc. 0.10% 2,600 $468K No change
AMGN Amgen Inc. 0.10% 1,347 $441K No change
CAT Caterpillar Inc. 0.09% 747 $428K No change
UBER Uber Technologies Inc. 0.08% 4,654 $380K New
COST Costco Wholesale Corp. 0.08% 436 $376K Add +19.1%
BA The Boeing Co. 0.07% 1,500 $326K New
MPC Marathon Petroleum Corp. 0.07% 2,000 $325K No change
OEF iShares S&P 100 ETF 0.07% 940 $322K Reduce -1.1%
GD General Dynamics Corp. 0.07% 919 $309K No change

Show all 114 holdings

Portfolio Sells Q3 2025 → Q4 2025
MAN Manpowergroup Inc. Sold out 0.00% −0.63
LYB Lyondellbasell Indu Class A Reduce -17.4% 0.95% −0.40
KHC The Kraft Heinz Co. Reduce -16.1% 1.04% −0.35
PFE Pfizer Inc. Reduce -6.9% 2.35% −0.34
ABBV Abbvie Inc. Reduce -9.2% 1.92% −0.31
ZBH Zimmer Biomet Holdings Inc. Reduce -2.5% 1.52% −0.26
SJM The JM Smucker Co. Reduce -3.9% 1.04% −0.21
WMB Williams Cos Inc. Reduce -1.5% 1.56% −0.18
BKR Baker Hughes Co. Reduce -0.3% 1.47% −0.17
MSFT Microsoft Corp. Reduce -0.7% 1.38% −0.17
LNG Cheniere Energy Inc. Reduce -2.1% 0.48% −0.14
JEPI JPMorgan Equity Premium Inco Reduce -33.2% 0.25% −0.14
VLO Valero Energy Corp. Reduce -2.0% 1.18% −0.13
KMI Kinder Morgan Inc. Reduce -0.5% 1.66% −0.13
NRG NRG Energy Inc. Reduce -2.4% 1.30% −0.11
SYY Sysco Corp. Reduce -8.6% 0.32% −0.09
CXW Corecivic Inc. Reduce -2.0% 0.66% −0.09
NVDA Nvidia Corp. Reduce -0.3% 1.65% −0.07
NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −0.07
CAG Conagra Brands Inc. Reduce -2.1% 0.54% −0.07
HPE Hewlett Packard Enterprise Reduce -2.4% 0.74% −0.07
JPM JPMorgan Chase & Co. Reduce -17.1% 0.20% −0.05
FHI Federated Hermes Inc. Reduce -1.6% 0.70% −0.04
MMM 3M Co. Reduce -2.2% 0.77% −0.02
SDY SS SPDR S&P Dividend ETF Reduce -2.9% 0.29% −0.02
TAP Molson Coors Beverage Co. Class B Reduce -6.8% 0.26% −0.02
CL Colgate-Palmolive Co. Reduce -24.3% 0.05% −0.02
WDS Woodside Energy Group-ADR Reduce -1.1% 1.04% −0.02
XLK SS Technology Select Sector Reduce -0.2% 0.35% −0.01
MCK McKesson Corp. Reduce -2.3% 1.06% −0.00
OEF iShares S&P 100 ETF Reduce -1.1% 0.07% −0.00
FITB Fifth Third Bancorp Reduce -0.3% 0.45% +0.00
BAC Bank of America Corp. Reduce -1.7% 0.61% +0.00
JNJ Johnson & Johnson Reduce -0.6% 0.40% +0.02
HCA HCA Healthcare Inc. Reduce -3.4% 1.82% +0.03
AAPL Apple Inc. Reduce -0.7% 1.64% +0.03
OI O-I Glass Inc. Reduce -2.4% 0.56% +0.03
CSCO Cisco Systems Inc. Reduce -6.1% 2.47% +0.04
UGI Ugi Corp. Reduce -2.3% 0.70% +0.04
FSLR First Solar Inc. Reduce -3.3% 0.47% +0.04
TNL Travel + Leisure Co. Reduce -2.1% 0.60% +0.06
WMT Walmart Inc. Reduce -0.3% 1.82% +0.06
CPRI Capri Holdings Ltd. Reduce -2.0% 0.69% +0.09
GS Goldman Sachs Group Inc. Reduce -2.1% 2.67% +0.10
SLB SLB Ltd. Reduce -1.8% 1.94% +0.10
BIIB Biogen Inc. Reduce -2.3% 0.67% +0.10
MS Morgan Stanley Reduce -1.4% 2.69% +0.15
DAL Delta Air Lines Inc. Reduce -2.0% 1.70% +0.22
C Citigroup Inc. Reduce -0.6% 2.92% +0.26
FCX Freeport-McMoran Inc. Reduce -4.4% 1.70% +0.27

Portfolio Buys Q3 2025 → Q4 2025
IRM Iron Mountain Inc. Add +136.4% 1.43% +0.66
KEX Kirby Corp. Add +1.8% 1.78% +0.40
UNP Union Pacific Corp. New 0.33% +0.33
CMCSA Comcast Corp. Class A Add +90.0% 0.74% +0.31
IWD iShares Russell 1000 Value E Add +493.0% 0.29% +0.24
CNR Core Natural Resources Inc. Add +7.1% 2.39% +0.20
GSK GSK PLC-Spon ADR Add +5.4% 1.46% +0.19
BHP BHP Group Ltd.-Spon ADR Add +10.7% 1.23% +0.16
RF Regions Financial Corp. Add +14.3% 1.22% +0.14
UPS United Parcel Service Class B Add +2.1% 0.88% +0.12
MO Altria Group Inc. New 0.12% +0.12
CLF Cleveland-Cliffs Inc. Add +88.9% 0.24% +0.12
VLY Valley National Bancorp Add +1.4% 1.32% +0.09
UBER Uber Technologies Inc. New 0.08% +0.08
BA The Boeing Co. New 0.07% +0.07
BABA Alibaba Group Holding-SP ADR New 0.06% +0.06
CTRA Coterra Energy Inc. New 0.06% +0.06
VWO Vanguard Ftse Emerging Marke New 0.06% +0.06
SOFI Sofi Technologies Inc. New 0.06% +0.06
FLG Flagstar Bank NA Add +13.4% 0.34% +0.05
TGT Target Corp. New 0.05% +0.05
BMY Bristol-Myers Squibb Co. New 0.05% +0.05
XOM Exxon Mobil Corp. Add +0.0% 1.40% +0.03
QCOM Qualcomm Inc. Add +4.5% 1.00% +0.03
IBM Intl Business Machines Corp. Add +1.1% 1.59% +0.03
AVGO Broadcom Inc. Add +0.2% 1.56% +0.02
LAMR Lamar Advertising Co. Class A Add +1.4% 1.31% +0.01
CVX Chevron Corp. Add +6.7% 1.52% +0.01
COST Costco Wholesale Corp. Add +19.1% 0.08% +0.01
MOS The Mosaic Co. Add +49.8% 0.22% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Add +0.5% 0.14% −0.00
DOW Dow Inc. Add +1.7% 0.85% −0.00
VICI Vici Properties Inc. Add +19.4% 1.27% −0.01
BRK.B Berkshire Hathaway Inc. Class B Add +1.1% 0.76% −0.02
VZ Verizon Communications Inc. Add +0.6% 0.54% −0.06
PM Philip Morris International Add +0.8% 1.85% −0.08
MAIN Main Street Capital Corp. Add +2.0% 1.63% −0.12
T AT&T Inc. Add +3.1% 1.12% −0.17
HPQ HP Inc. Add +5.6% 1.19% −0.24
HD Home Depot Inc. Add +0.6% 1.50% −0.33
ORCL Oracle Corp. Add +4.5% 2.07% −0.91

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