Impala Asset Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Impala Asset Management LLC reported 20 stock positions worth $161.1 million. Its top holding was Ero Copper (ERO) at 19.6% of the portfolio, followed by Century Aluminum (CENX, 12.6%) and Academy Sports & Outdoors (ASO, 12.3%). Compared with Q2 2025, it opened 7 new positions, sold out of 10, added to 4 and reduced 9. The biggest buy was a new position in Westlake (WLK) and the biggest sale an exit from Teck Resources Ltd.-CLS B (TECK).
- Most Recent 13F
- Q2 2026
- Location
- Palm Beach, FL
- CIK
- 0001317679
- Portfolio Value
- $161.1M (Q3 2025)
- SEC Filing
- 0001104659-25-110409 ↗ filed Nov 12, 2025
Holdings Value
Holdings 20 stocks · $161.1M
| ERO Ero Copper Corp. | 19.64% | 1,707,400 | $31.6M | Add +0.5% |
| CENX Century Aluminum Company | 12.56% | 689,000 | $20.2M | Reduce -14.3% |
| ASO Academy Sports & Outdoors Inc. | 12.33% | 397,115 | $19.9M | Reduce -17.6% |
| HUN Huntsman Corp. | 9.65% | 1,731,000 | $15.5M | Add +49.8% |
| BKE The Buckle Inc. | 8.67% | 238,000 | $14.0M | Reduce -33.3% |
| WLK Westlake Corp. | 5.50% | 115,000 | $8.9M | New |
| ANF Abercrombie & Fitch Co. Class A | 4.33% | 81,500 | $7.0M | Reduce -17.7% |
| NGD New Gold Inc. | 4.01% | 900,000 | $6.5M | Reduce -4.3% |
| IVANHOE MINES LTD COM CL A | 3.55% | 539,900 | $5.7M | Add +259.9% |
| TROX Tronox Holdings PLC | 3.06% | 1,227,600 | $4.9M | Add +5.4% |
| ARCELORMITTAL SA | 2.92% | 131,000 | $4.7M | Reduce -29.4% |
| ARCB Arcbest Corp. | 2.86% | 66,000 | $4.6M | Reduce -7.0% |
| TRONOX HOLDINGS PLC | 2.65% | 10,615 | $4.3M | Reduce -98.4% |
| OLN Olin Corp. | 1.86% | 120,000 | $3.0M | New |
| SBLK Star Bulk Carriers Corp. | 1.38% | 120,000 | $2.2M | New |
| FLR Fluor Corp. | 1.32% | 50,718 | $2.1M | New |
| HAL Halliburton Co. | 1.30% | 85,000 | $2.1M | New |
| FXI iShares China Large-Cap ETF | 1.28% | 50,000 | $2.1M | New |
| NTDOY Nintendo Co. Ltd.-Unspons ADR | 0.73% | 55,000 | $1.2M | Reduce -23.2% |
| CE Celanese Corp. | 0.39% | 15,000 | $631K | New |
Portfolio Sells Q2 2025 → Q3 2025
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −7.35 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −2.11 |
| SLB SLB Ltd. | Sold out | 0.00% | −1.93 |
| BKE The Buckle Inc. | Reduce -33.3% | 8.67% | −1.58 |
| VIK Viking Holdings Ltd. | Sold out | 0.00% | −1.52 |
| ASO Academy Sports & Outdoors Inc. | Reduce -17.6% | 12.33% | −1.35 |
| COP Conocophillips | Sold out | 0.00% | −1.28 |
| AMR Alpha Metallurgical Resource | Sold out | 0.00% | −1.00 |
| CVX Chevron Corp. | Sold out | 0.00% | −0.91 |
| ANF Abercrombie & Fitch Co. Class A | Reduce -17.7% | 4.33% | −0.86 |
| ARCELORMITTAL SA | Reduce -29.4% | 2.92% | −0.80 |
| NEU Newmarket Corp. | Sold out | 0.00% | −0.74 |
| EWZ iShares MSCI Brazil ETF | Sold out | 0.00% | −0.62 |
| ARCB Arcbest Corp. | Reduce -7.0% | 2.86% | −0.60 |
| HBM Hudbay Minerals Inc. | Sold out | 0.00% | −0.48 |
| NTDOY Nintendo Co. Ltd.-Unspons ADR | Reduce -23.2% | 0.73% | −0.36 |
| TRONOX HOLDINGS PLC | Reduce -98.4% | 2.65% | +0.56 |
| NGD New Gold Inc. | Reduce -4.3% | 4.01% | +1.07 |
| CENX Century Aluminum Company | Reduce -14.3% | 12.56% | +3.39 |
Portfolio Buys Q2 2025 → Q3 2025
| WLK Westlake Corp. | New | 5.50% | +5.50 |
| IVANHOE MINES LTD COM CL A | Add +259.9% | 3.55% | +2.84 |
| OLN Olin Corp. | New | 1.86% | +1.86 |
| HUN Huntsman Corp. | Add +49.8% | 9.65% | +1.65 |
| ERO Ero Copper Corp. | Add +0.5% | 19.64% | +1.60 |
| SBLK Star Bulk Carriers Corp. | New | 1.38% | +1.38 |
| FLR Fluor Corp. | New | 1.32% | +1.32 |
| HAL Halliburton Co. | New | 1.30% | +1.30 |
| FXI iShares China Large-Cap ETF | New | 1.28% | +1.28 |
| CE Celanese Corp. | New | 0.39% | +0.39 |
| TROX Tronox Holdings PLC | Add +5.4% | 3.06% | −0.68 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 20 | $176.4M | CENX, ERO, BKE, DOW, TROX |
| Q1 2026 | 26 | $214.6M | CENX, ERO, BKE, TRONOX HOLDINGS PLC, EMN |
| Q4 2025 | 23 | $158.7M | CENX, ERO, BKE, HUN, WHR |
| Q3 2025Amended | 20 | $161.1M | ERO, CENX, ASO, HUN, BKE |
| Q2 2025Amended | 23 | $158.0M | ERO, ASO, BKE, CENX, HUN |
| Q1 2025Amended | 19 | $130.2M | ERO, CENX, BKE, TECK, ASO |
| Q4 2024 | 14 | $123.7M | ERO, ASO, BKE, CENX, WFG |
| Q3 2024 | 16 | $164.5M | ERO, BKE, WFG, CENX, GUSH |
| Q2 2024 | 15 | $110.6M | ERO, CENX, WFG, BKE, GUSH |
| Q1 2024 | 18 | $110.9M | ERO, CENX, BKE, GUSH, DAL |