In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 3, 2025), Luminus Management LLC reported 19 stock positions worth $111.3 million . Its top holding was Chemours (CC) at 25.1% of the portfolio, followed by O-I Glass (OI, 23.8% ) and Sealed Air (SEE, 15.9% ). Compared with Q2 2025, it opened 6 new positions, sold out of 5, added to 6 and reduced 6. The biggest buy was O-I Glass (OI, shares +15% ) and the biggest sale an exit from Kronos Worldwide (KRO).
Location HOUSTON, TX
CIK 0001279151
Portfolio Value $111.3M (Q3 2025) Holdings 19 stocks · $111.3M 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 Q2 2025 CC The Chemours Co. 1,765,089 $28.0M Reduce -14.4% OI O-I Glass Inc. 2,045,251 $26.5M Add +15.1% SEE Sealed Air Corp. 499,161 $17.6M Add +15.1% KEX Kirby Corp. 116,956 $9.8M Add +292.0% KWR Quaker Chemical Corporation 60,466 $8.0M Reduce -41.3% BATL Battalion Oil Corp. 6,151,448 $7.4M No change GXO Gxo Logistics Inc. 57,752 $3.1M Reduce -46.4% FUL H.B. Fuller Co. filed as FULLER H B CO 36,632 $2.2M New SOC Sable Offshore Corp. 100,000 $1.7M Add +3.1% AVNT Avient Corp. 46,425 $1.5M New VXX Ipath Series B S&P 500 Vix filed as BARCLAYS BANK PLC 42,000 $1.4M Add +76.8% DQ Daqo New Energy Corp.-ADR 40,000 $1.1M New LUCD Lucid Diagnostics Inc. 912,805 $922K Add +14.8% REKR Rekor Systems Inc. 275,000 $432K Reduce -46.3% MERSANA THERAPEUTICS INC 50,000 $388K Reduce -95.2% MXCT Maxcyte Inc. 225,000 $356K New FBLG Fibrobiologics Inc. 26,629 $346K New STARDUST PWR INC 105,000 $326K Reduce -90.5% SGMOQ Sangamo Therapeutics Inc. 250,000 $168K New
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ KRO Kronos Worldwide Inc. Sold out 0.00% −0.70 CCK Crown Holdings Inc. Sold out 0.00% −0.66 FLR Fluor Corp. Sold out 0.00% −0.27 CNTX Context Therapeutics Inc. Sold out 0.00% −0.06 ACET Adicet Bio Inc. Sold out 0.00% −0.05 REKR Rekor Systems Inc. Reduce -46.3% 0.39% +0.23 STARDUST PWR INC Reduce -90.5% 0.29% +0.24 MERSANA THERAPEUTICS INC Reduce -95.2% 0.35% +0.27 GXO Gxo Logistics Inc. Reduce -46.4% 2.75% +1.38 KWR Quaker Chemical Corporation Reduce -41.3% 7.16% +4.16 CC The Chemours Co. Reduce -14.4% 25.13% +18.98
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ OI O-I Glass Inc. Add +15.1% 23.84% +17.03 SEE Sealed Air Corp. Add +15.1% 15.86% +12.36 KEX Kirby Corp. Add +292.0% 8.77% +7.89 FUL H.B. Fuller Co. New 1.95% +1.95 AVNT Avient Corp. New 1.37% +1.37 SOC Sable Offshore Corp. Add +3.1% 1.57% +1.01 DQ Daqo New Energy Corp.-ADR New 1.01% +1.01 VXX Ipath Series B S&P 500 Vix Add +76.8% 1.25% +0.95 LUCD Lucid Diagnostics Inc. Add +14.8% 0.83% +0.59 MXCT Maxcyte Inc. New 0.32% +0.32 FBLG Fibrobiologics Inc. New 0.31% +0.31 SGMOQ Sangamo Therapeutics Inc. New 0.15% +0.15
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ VG Venture Global Inc. Class A COM CL A Reduce -100.0% 0 $0
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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