In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Luminus Management LLC reported 17 stock positions worth $299.2 million . Its top holding was Venture Global Class A (VG) at 63.1% of the portfolio, followed by O-I Glass (OI, 12.2% ) and Chemours (CC, 8.6% ). Compared with Q4 2024, it opened 10 new positions, sold out of 5, added to 5 and reduced 1. The biggest buy was a new position in Venture Global Class A (VG) and the biggest sale an exit from Avient (AVNT).
Location HOUSTON, TX
CIK 0001279151
Portfolio Value $299.2M (Q1 2025) Holdings 17 stocks · $299.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 VG Venture Global Inc. Class A 18,325,483 $188.8M New OI O-I Glass Inc. 3,179,526 $36.5M Add +90.3% CC The Chemours Co. 1,902,574 $25.7M Add +216.3% SEE Sealed Air Corp. 323,125 $9.3M Add +2592.7% BATL Battalion Oil Corp. 6,151,448 $8.0M No change BERY Berry Global Group Inc. 92,983 $6.5M Add +58.6% KWR Quaker Chemical Corporation 47,482 $5.9M New KEX Kirby Corp. 42,100 $4.3M New KRO Kronos Worldwide Inc. 549,865 $4.1M Add +111.2% KNX Knight-Swift Transportation 87,413 $3.8M New FLYW Flywire Corp.-Voting 197,000 $1.9M New PPG PPG Industries Inc. 8,700 $951K New REKR Rekor Systems Inc. 1,068,207 $947K New VXX Ipath Series B S&P 500 Vix filed as BARCLAYS BANK PLC 15,100 $777K New HUMA Humacyte Inc. 408,868 $697K New LUCD Lucid Diagnostics Inc. 456,644 $680K Reduce -55.1% STARDUST PWR INC 853,086 $402K New
Options reported separately and not counted above: CHEMOURS CO calls ($3.5M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ AVNT Avient Corp. Sold out 0.00% −3.61 APD Air Products & Chemicals Inc. Sold out 0.00% −2.76 ESI Element Solutions Inc. Sold out 0.00% −2.25 FMC FMC Corp. Sold out 0.00% −1.89 LUCD Lucid Diagnostics Inc. Reduce -55.1% 0.23% −1.36 TROX Tronox Holdings PLC Sold out 0.00% −0.98
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ VG Venture Global Inc. Class A New 63.10% +63.10 SEE Sealed Air Corp. Add +2592.7% 3.12% +2.35 KWR Quaker Chemical Corporation New 1.96% +1.96 KEX Kirby Corp. New 1.42% +1.42 KNX Knight-Swift Transportation New 1.27% +1.27 FLYW Flywire Corp.-Voting New 0.63% +0.63 PPG PPG Industries Inc. New 0.32% +0.32 REKR Rekor Systems Inc. New 0.32% +0.32 VXX Ipath Series B S&P 500 Vix New 0.26% +0.26 HUMA Humacyte Inc. New 0.23% +0.23 STARDUST PWR INC New 0.13% +0.13 KRO Kronos Worldwide Inc. Add +111.2% 1.37% −3.46 BERY Berry Global Group Inc. Add +58.6% 2.17% −5.06 CC The Chemours Co. Add +216.3% 8.60% −10.78 OI O-I Glass Inc. Add +90.3% 12.19% −22.33
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ CHEMOURS CO call Reduce -85.9% 261,200 $3.5M O-I GLASS INC call Sold out 246,000 $2.7Mbefore exit ELEMENT SOLUTIONS INC call Sold out 2,200 $56Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 30 $146.3M AVNT, OI, CC, SLGN, GXO Q1 2026 24 $165.5M OI, CC, FUL, KWR, AVNT Q4 2025 21 $108.4M OI, VG, SEE, KWR, BATL Q3 2025 19 $111.3M CC, OI, SEE, KEX, KWR Q2 2025 19 $384.2M VG, OI, CC, SEE, KWR Q1 2025 17 $299.2M VG, OI, CC, SEE, BATL Q4 2024 12 $52.5M OI, BATL, CC, BERY, KRO Q3 2024 18 $176.5M BATL, OI, CC, TROX, BERY Q2 2024 23 $153.6M OI, CC, BATL, TROX, BERY Q1 2024 25 $219.8M CHEMOURS CO, TROX, BATL, OI, OLN