In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Luminus Management LLC reported 19 stock positions worth $384.2 million . Its top holding was Venture Global Class A (VG) at 73.1% of the portfolio, followed by O-I Glass (OI, 6.8% ) and Chemours (CC, 6.1% ). Compared with Q1 2025, it opened 7 new positions, sold out of 5, added to 6 and reduced 5. The biggest buy was a new position in Gxo Logistics (GXO) and the biggest sale O-I Glass (OI, shares −44% ).
Location HOUSTON, TX
CIK 0001279151
Portfolio Value $384.2M (Q2 2025) Holdings 19 stocks · $384.2M 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 Q1 2025 VG Venture Global Inc. Class A 18,027,083 $280.9M Reduce -1.6% OI O-I Glass Inc. 1,776,636 $26.2M Reduce -44.1% CC The Chemours Co. 2,061,790 $23.6M Add +8.4% SEE Sealed Air Corp. 433,804 $13.5M Add +34.3% KWR Quaker Chemical Corporation 103,051 $11.5M Add +117.0% BATL Battalion Oil Corp. 6,151,448 $7.9M No change GXO Gxo Logistics Inc. 107,752 $5.2M New KEX Kirby Corp. 29,836 $3.4M Reduce -29.1% KRO Kronos Worldwide Inc. 435,459 $2.7M Reduce -20.8% CCK Crown Holdings Inc. 24,500 $2.5M New SOC Sable Offshore Corp. 97,000 $2.1M New VXX Ipath Series B S&P 500 Vix filed as BARCLAYS BANK PLC 23,750 $1.1M Add +57.3% FLR Fluor Corp. 20,000 $1.0M New LUCD Lucid Diagnostics Inc. 794,830 $914K Add +74.1% REKR Rekor Systems Inc. 511,622 $593K Reduce -52.1% MERSANA THERAPEUTICS INC 1,039,314 $308K New STARDUST PWR INC 1,101,197 $217K Add +29.1% CNTX Context Therapeutics Inc. 328,222 $215K New ACET Adicet Bio Inc. 289,935 $177K New
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ OI O-I Glass Inc. Reduce -44.1% 6.82% −5.37 BERY Berry Global Group Inc. Sold out 0.00% −2.17 KNX Knight-Swift Transportation Sold out 0.00% −1.27 KRO Kronos Worldwide Inc. Reduce -20.8% 0.70% −0.67 FLYW Flywire Corp.-Voting Sold out 0.00% −0.63 KEX Kirby Corp. Reduce -29.1% 0.88% −0.54 PPG PPG Industries Inc. Sold out 0.00% −0.32 HUMA Humacyte Inc. Sold out 0.00% −0.23 REKR Rekor Systems Inc. Reduce -52.1% 0.15% −0.16 VG Venture Global Inc. Class A Reduce -1.6% 73.11% +10.01
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ GXO Gxo Logistics Inc. New 1.37% +1.37 KWR Quaker Chemical Corporation Add +117.0% 3.00% +1.04 CCK Crown Holdings Inc. New 0.66% +0.66 SOC Sable Offshore Corp. New 0.56% +0.56 SEE Sealed Air Corp. Add +34.3% 3.50% +0.38 FLR Fluor Corp. New 0.27% +0.27 MERSANA THERAPEUTICS INC New 0.08% +0.08 CNTX Context Therapeutics Inc. New 0.06% +0.06 ACET Adicet Bio Inc. New 0.05% +0.05 VXX Ipath Series B S&P 500 Vix Add +57.3% 0.30% +0.04 LUCD Lucid Diagnostics Inc. Add +74.1% 0.24% +0.01 STARDUST PWR INC Add +29.1% 0.06% −0.08 CC The Chemours Co. Add +8.4% 6.15% −2.46
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ CHEMOURS CO call Sold out 261,200 $3.5Mbefore 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