Hourglass Capital, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 4, 2026), Hourglass Capital, LLC reported 130 stock positions worth $480.5 million. Its top holding was Core Natural Resources (CNR) at 2.7% of the portfolio, followed by Alphabet Class A (GOOGL, 2.7%) and Newmont (NEM, 2.6%). Compared with Q4 2025, it opened 52 new positions, sold out of 36, added to 32 and reduced 41. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +1644%) and the biggest sale an exit from General Motors (GM).

Most Recent 13F
Q2 2026
Location
HOUSTON, TX
CIK
0001442573
Portfolio Value
$480.5M (Q1 2026)
SEC Filing
0001442573-26-000001 ↗ filed May 4, 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 Q4 2025 Q1 2026: $480.5M $480.5M Q1 2026 Q2 2026: $508.4M Q2 2026

Holdings 130 stocks · $480.5M
CNR Core Natural Resources Inc. 2.71% 124,376 $13.0M Reduce -0.7%
GOOGL Alphabet Inc. Class A 2.71% 45,246 $13.0M Reduce -6.3%
NEM Newmont Corp. 2.65% 117,620 $12.7M Reduce -24.3%
C Citigroup Inc. 2.61% 110,717 $12.6M Reduce -4.7%
SPY SS SPDR S&P 500 ETF Trust-US 2.32% 17,164 $11.2M Add +1644.3%
GS Goldman Sachs Group Inc. 2.32% 13,179 $11.1M Reduce -6.5%
NVDA Nvidia Corp. 2.32% 63,875 $11.1M Add +55.9%
CSCO Cisco Systems Inc. 2.27% 140,292 $10.9M Reduce -5.7%
MS Morgan Stanley 2.20% 64,100 $10.5M Reduce -8.6%
XOM Exxon Mobil Corp. 2.13% 60,413 $10.2M Add +11.8%
FCX Freeport-McMoran Inc. 2.12% 173,688 $10.2M Add +11.9%
UBER Uber Technologies Inc. 2.12% 141,335 $10.2M Add +2936.8%
LYB Lyondellbasell Indu Class A 2.03% 121,273 $9.8M Add +19.4%
PFE Pfizer Inc. 2.03% 347,598 $9.8M Reduce -20.7%
MSFT Microsoft Corp. 1.87% 24,261 $9.0M Add +83.7%
SLB SLB Ltd. filed as SLB LIMITED 1.85% 172,680 $8.9M Reduce -26.5%
KEX Kirby Corp. 1.81% 65,565 $8.7M Reduce -12.7%
CVX Chevron Corp. 1.81% 42,014 $8.7M Reduce -9.1%
WMT Walmart Inc. 1.79% 69,145 $8.6M Reduce -8.5%
KMI Kinder Morgan Inc. 1.75% 250,519 $8.4M Reduce -10.3%
WMB Williams Cos Inc. 1.71% 112,890 $8.2M Reduce -6.1%
GSK GSK PLC-Spon ADR 1.66% 144,213 $8.0M Add +4.2%
HCA HCA Healthcare Inc. 1.64% 16,665 $7.9M Reduce -8.0%
AVGO Broadcom Inc. 1.62% 25,190 $7.8M Add +20.9%
WDS Woodside Energy Group-ADR 1.61% 324,360 $7.7M Add +4.9%
HD Home Depot Inc. 1.57% 22,890 $7.5M Add +13.6%
ABBV Abbvie Inc. 1.54% 34,070 $7.4M Reduce -12.4%
KHC The Kraft Heinz Co. 1.54% 328,800 $7.4M Add +65.2%
ORCL Oracle Corp. 1.51% 49,306 $7.3M Add +0.0%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 1.48% 69,700 $7.1M Reduce -12.9%
ZBH Zimmer Biomet Holdings Inc. 1.47% 78,055 $7.1M Reduce -0.1%
BHP BHP Group Ltd.-Spon ADR filed as BHP BILLITON LIMITED 1.46% 96,140 $7.0M Add +1.5%
UNP Union Pacific Corp. 1.42% 28,081 $6.8M Add +328.4%
AAPL Apple Inc. 1.39% 26,307 $6.7M Reduce -6.0%
MAIN Main Street Capital Corp. 1.36% 123,550 $6.5M Reduce -1.1%
VLY Valley National Bancorp 1.33% 520,116 $6.4M Reduce -0.4%
UPS United Parcel Service Class B 1.31% 63,855 $6.3M Add +55.5%
PM Philip Morris International 1.31% 37,994 $6.3M Reduce -28.9%
T AT&T Inc. 1.30% 214,790 $6.2M Add +2.8%
LAMR Lamar Advertising Co. Class A 1.28% 48,660 $6.2M Add +1.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.27% 25,264 $6.1M Add +1.2%
VICI Vici Properties Inc. filed as VICI PPTYS INC 1.26% 221,558 $6.1M Add +5.9%
VZ Verizon Communications Inc. 1.24% 118,458 $5.9M Add +91.0%
RF Regions Financial Corp. 1.09% 200,390 $5.2M Reduce -3.8%
SJM The JM Smucker Co. filed as SMUCKER J M CO 1.03% 51,430 $5.0M Add +4.2%
HPQ HP Inc. 1.01% 252,139 $4.8M Add +1.7%
AMZN Amazon.com Inc. 0.82% 18,820 $3.9M New
MO Altria Group Inc. 0.80% 58,483 $3.9M Add +490.7%
QCOM Qualcomm Inc. 0.76% 28,265 $3.6M Add +4.2%
PANW Palo Alto Networks Inc. 0.75% 22,625 $3.6M New
IGSB iShares 1-5Y Inv Grade Corp. 0.68% 61,800 $3.2M New
BKR Baker Hughes Co. 0.66% 51,750 $3.2M Reduce -65.3%
FLG Flagstar Bank NA 0.63% 230,000 $3.0M Add +81.1%
SOFI Sofi Technologies Inc. 0.56% 169,800 $2.7M Add +1598.0%
DOW Dow Inc. filed as DOW HLDGS INC 0.55% 63,251 $2.6M Reduce -62.6%
QQQ Invesco QQQ Trust Series 1 0.54% 4,511 $2.6M New
RSP Invesco S&P 500 Equal Weight 0.50% 12,620 $2.4M New
BRK.B Berkshire Hathaway Inc. Class B 0.46% 4,590 $2.2M Reduce -34.9%
FHI Federated Hermes Inc. 0.44% 37,050 $2.1M Reduce -40.5%
JNJ Johnson & Johnson 0.43% 8,400 $2.1M Reduce -5.2%
DAL Delta Air Lines Inc. 0.42% 30,550 $2.0M Reduce -73.2%
VWO Vanguard Ftse Emerging Marke 0.42% 37,045 $2.0M Add +640.9%
FITB Fifth Third Bancorp 0.37% 38,350 $1.8M Reduce -14.5%
META Meta Platforms Inc. Class A 0.36% 3,025 $1.7M New
XLK SS Technology Select Sector 0.35% 12,644 $1.7M Add +12.5%
FSLR First Solar Inc. 0.35% 8,435 $1.7M Add +1.0%
VTI VG Morningstar TS MKT ETF-US 0.34% 5,059 $1.6M No change
JFR Nuveen Floating Rate Income 0.31% 197,523 $1.5M New
MPLX MPLX LP 0.31% 25,872 $1.5M New
NFLX Netflix Inc. 0.30% 15,000 $1.4M New
EPD Enterprise Products Partners 0.29% 37,447 $1.4M New
SDY SS SPDR S&P Dividend ETF 0.29% 9,435 $1.4M Reduce -1.8%
MSD Morgan Stanley Emrg MKT Debt 0.29% 195,600 $1.4M New
PWR Quanta Services Inc. 0.29% 2,500 $1.4M New
VB Vanguard Most SM-Cap ETF-Usd 0.27% 4,925 $1.3M New
TBF Proshares Short 20+ Treasury 0.27% 53,100 $1.3M New
TSLA Tesla Inc. 0.27% 3,450 $1.3M New
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.26% 4,410 $1.3M New
TRGP Targa Resources Corp. 0.26% 4,998 $1.3M New
CRM Salesforce Inc. 0.25% 6,450 $1.2M New
FFIN First Finl Bankshares Inc. 0.25% 40,000 $1.2M Reduce -29.8%
XAWFX Alliancebernstein GL Hi Inc. 0.23% 109,380 $1.1M New
ET Energy Transfer LP 0.23% 57,141 $1.1M New
FCT First Trust SNR FL RT Inc. II 0.23% 113,800 $1.1M New
PLTR Palantir Technologies Inc. Class A 0.22% 7,250 $1.1M New
XEFRX Eaton Vance Sr FLTG Rate TR 0.21% 96,500 $1.0M New
DHI D.R. Horton Inc. 0.20% 7,060 $969K No change
LMT Lockheed Martin Corp. 0.20% 1,570 $949K Add +57.0%
JNK SS SPDR BB High Yield Bond 0.19% 9,500 $909K New
MOS The Mosaic Co. 0.19% 35,100 $895K Reduce -16.6%
COST Costco Wholesale Corp. 0.18% 880 $877K Add +101.8%
HEDJ Wisdomtree Europe Hedged Equ 0.17% 16,010 $837K New
APO Apollo Global Management Inc. 0.16% 6,900 $769K New
MSDL Morgan Stanley Direct Lendin 0.14% 48,672 $679K New
AIRR First Trust Rba American Ind 0.14% 6,000 $665K New
SGIOY Shionogi & Co. Ltd.-Unspon ADR 0.12% 50,900 $564K New
WES Western Midstream Partners L 0.11% 13,308 $548K New
ETN Eaton Corp. PLC 0.11% 1,500 $537K Reduce -37.5%
ABT Abbott Laboratories 0.11% 5,000 $513K Reduce -50.0%
CEG Constellation Energy 0.10% 1,750 $489K New
TRP TC Energy Corp. 0.10% 7,760 $486K New
CLF Cleveland-Cliffs Inc. 0.09% 53,200 $450K Reduce -37.4%
XLC SS Comm Select Sector SPDR 0.09% 4,000 $443K No change
NEXT Nextdecade Corp. 0.09% 55,814 $428K New
ANET Arista Networks Inc. 0.08% 3,250 $399K New
SNOW Snowflake Inc. 0.08% 2,600 $392K New
CRWD CrowdStrike Holdings Inc. Class A 0.08% 1,000 $390K New
ENB Enbridge Inc. 0.08% 7,204 $390K New
GLD SPDR Gold Shares 0.08% 850 $366K New
SPMO Invesco S&P 500 Momentum ETF 0.07% 3,000 $336K New
CAT Caterpillar Inc. 0.06% 437 $310K Reduce -41.5%
OEF iShares S&P 100 ETF 0.06% 940 $299K No change
PAGP Plains GP Holdings LP 0.06% 12,255 $298K New
DDOG Datadog Inc. Class A 0.06% 2,500 $295K New
BLK BlackRock Inc. 0.06% 300 $289K New
OKE Oneok Inc. 0.06% 2,961 $268K New
HYT BlackRock Corp. Hi YLD 0.05% 29,918 $255K New
SHEL Shell PLC-ADR 0.05% 2,650 $246K New
XLF SS Financial Select Sector 0.05% 4,937 $244K New
WFC Wells Fargo & Co. 0.05% 3,000 $239K New
CL Colgate-Palmolive Co. 0.05% 2,800 $239K No change
CQP Cheniere Energy Partners LP 0.05% 3,653 $236K New
TYBT Trinity Bank NA/Texas 0.05% 2,400 $230K New
GOOG Alphabet Inc. Class C 0.05% 798 $229K Reduce -51.6%
CTRA Coterra Energy Inc. 0.05% 6,500 $228K Reduce -37.5%
IWD iShares Russell 1000 Value E 0.05% 1,039 $222K Reduce -83.6%
VLO Valero Energy Corp. 0.04% 869 $215K Reduce -97.4%
HESM Hess Midstream LP Class A 0.04% 5,276 $205K New
TBT Proshares Ultrashort 20+Y TR 0.04% 5,700 $200K New
EGY Vaalco Energy Inc. 0.03% 25,000 $159K New

Portfolio Sells Q4 2025 → Q1 2026
GM General Motors Co. Sold out 0.00% −1.43
NRG NRG Energy Inc. Sold out 0.00% −1.30
DAL Delta Air Lines Inc. Reduce -73.2% 0.42% −1.28
VLO Valero Energy Corp. Reduce -97.4% 0.04% −1.14
MCK McKesson Corp. Sold out 0.00% −1.06
BKR Baker Hughes Co. Reduce -65.3% 0.66% −0.81
MMM 3M Co. Sold out 0.00% −0.77
HPE Hewlett Packard Enterprise Sold out 0.00% −0.74
CMCSA Comcast Corp. Class A Sold out 0.00% −0.74
UGI Ugi Corp. Sold out 0.00% −0.70
NEM Newmont Corp. Reduce -24.3% 2.65% −0.70
CPRI Capri Holdings Ltd. Sold out 0.00% −0.69
BIIB Biogen Inc. Sold out 0.00% −0.67
CXW Corecivic Inc. Sold out 0.00% −0.66
BAC Bank of America Corp. Sold out 0.00% −0.61
TNL Travel + Leisure Co. Sold out 0.00% −0.60
OI O-I Glass Inc. Sold out 0.00% −0.56
GOOGL Alphabet Inc. Class A Reduce -6.3% 2.71% −0.55
PM Philip Morris International Reduce -28.9% 1.31% −0.54
CAG Conagra Brands Inc. Sold out 0.00% −0.54
MS Morgan Stanley Reduce -8.6% 2.20% −0.49
LNG Cheniere Energy Inc. Sold out 0.00% −0.48
ABBV Abbvie Inc. Reduce -12.4% 1.54% −0.38
GS Goldman Sachs Group Inc. Reduce -6.5% 2.32% −0.35
PFE Pfizer Inc. Reduce -20.7% 2.03% −0.32
SYY Sysco Corp. Sold out 0.00% −0.32
C Citigroup Inc. Reduce -4.7% 2.61% −0.31
BRK.B Berkshire Hathaway Inc. Class B Reduce -34.9% 0.46% −0.31
DOW Dow Inc. Reduce -62.6% 0.55% −0.30
MAIN Main Street Capital Corp. Reduce -1.1% 1.36% −0.26
FHI Federated Hermes Inc. Reduce -40.5% 0.44% −0.26
TAP Molson Coors Beverage Co. Class B Sold out 0.00% −0.26
AAPL Apple Inc. Reduce -6.0% 1.39% −0.25
JEPI JPMorgan Equity Premium Inco Sold out 0.00% −0.25
IWD iShares Russell 1000 Value E Reduce -83.6% 0.05% −0.24
CSCO Cisco Systems Inc. Reduce -5.7% 2.27% −0.21
JPM JPMorgan Chase & Co. Sold out 0.00% −0.20
LIN Linde PLC Sold out 0.00% −0.18
HCA HCA Healthcare Inc. Reduce -8.0% 1.64% −0.18
ABT Abbott Laboratories Reduce -50.0% 0.11% −0.16
CLF Cleveland-Cliffs Inc. Reduce -37.4% 0.09% −0.15
RF Regions Financial Corp. Reduce -3.8% 1.09% −0.13
FFIN First Finl Bankshares Inc. Reduce -29.8% 0.25% −0.12
RTX RTX Corp. Sold out 0.00% −0.12
ROST Ross Stores Inc. Sold out 0.00% −0.10
SLB SLB Ltd. Reduce -26.5% 1.85% −0.10
AMGN Amgen Inc. Sold out 0.00% −0.10
FITB Fifth Third Bancorp Reduce -14.5% 0.37% −0.08
BA The Boeing Co. Sold out 0.00% −0.07
MPC Marathon Petroleum Corp. Sold out 0.00% −0.07

Portfolio Buys Q4 2025 → Q1 2026
SPY SS SPDR S&P 500 ETF Trust-US Add +1644.3% 2.32% +2.18
UBER Uber Technologies Inc. Add +2936.8% 2.12% +2.03
UNP Union Pacific Corp. Add +328.4% 1.42% +1.09
LYB Lyondellbasell Indu Class A Add +19.4% 2.03% +1.08
AMZN Amazon.com Inc. New 0.82% +0.82
PANW Palo Alto Networks Inc. New 0.75% +0.75
XOM Exxon Mobil Corp. Add +11.8% 2.13% +0.73
VZ Verizon Communications Inc. Add +91.0% 1.24% +0.69
MO Altria Group Inc. Add +490.7% 0.80% +0.68
IGSB iShares 1-5Y Inv Grade Corp. New 0.68% +0.68
NVDA Nvidia Corp. Add +55.9% 2.32% +0.67
WDS Woodside Energy Group-ADR Add +4.9% 1.61% +0.57
QQQ Invesco QQQ Trust Series 1 New 0.54% +0.54
SOFI Sofi Technologies Inc. Add +1598.0% 0.56% +0.50
RSP Invesco S&P 500 Equal Weight New 0.50% +0.50
KHC The Kraft Heinz Co. Add +65.2% 1.54% +0.50
MSFT Microsoft Corp. Add +83.7% 1.87% +0.49
UPS United Parcel Service Class B Add +55.5% 1.31% +0.43
FCX Freeport-McMoran Inc. Add +11.9% 2.12% +0.42
META Meta Platforms Inc. Class A New 0.36% +0.36
VWO Vanguard Ftse Emerging Marke Add +640.9% 0.42% +0.36
JFR Nuveen Floating Rate Income New 0.31% +0.31
MPLX MPLX LP New 0.31% +0.31
NFLX Netflix Inc. New 0.30% +0.30
EPD Enterprise Products Partners New 0.29% +0.29
MSD Morgan Stanley Emrg MKT Debt New 0.29% +0.29
PWR Quanta Services Inc. New 0.29% +0.29
FLG Flagstar Bank NA Add +81.1% 0.63% +0.29
VB Vanguard Most SM-Cap ETF-Usd New 0.27% +0.27
TBF Proshares Short 20+ Treasury New 0.27% +0.27
TSLA Tesla Inc. New 0.27% +0.27
VO Vngrd Mrngstr MD-Cap ETF-Usd New 0.26% +0.26
TRGP Targa Resources Corp. New 0.26% +0.26
CRM Salesforce Inc. New 0.25% +0.25
XAWFX Alliancebernstein GL Hi Inc. New 0.23% +0.23
ET Energy Transfer LP New 0.23% +0.23
FCT First Trust SNR FL RT Inc. II New 0.23% +0.23
BHP BHP Group Ltd.-Spon ADR Add +1.5% 1.46% +0.22
PLTR Palantir Technologies Inc. Class A New 0.22% +0.22
XEFRX Eaton Vance Sr FLTG Rate TR New 0.21% +0.21
GSK GSK PLC-Spon ADR Add +4.2% 1.66% +0.19
JNK SS SPDR BB High Yield Bond New 0.19% +0.19
T AT&T Inc. Add +2.8% 1.30% +0.18
HEDJ Wisdomtree Europe Hedged Equ New 0.17% +0.17
APO Apollo Global Management Inc. New 0.16% +0.16
MSDL Morgan Stanley Direct Lendin New 0.14% +0.14
AIRR First Trust Rba American Ind New 0.14% +0.14
SGIOY Shionogi & Co. Ltd.-Unspon ADR New 0.12% +0.12
WES Western Midstream Partners L New 0.11% +0.11
CEG Constellation Energy New 0.10% +0.10

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