In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Luminus Management LLC reported 21 stock positions worth $108.4 million . Its top holding was O-I Glass (OI) at 21.4% of the portfolio, followed by Venture Global Class A (VG, 17.0% ) and Sealed Air (SEE, 13.7% ). Compared with Q3 2025, it opened 9 new positions, sold out of 8, added to 7 and reduced 4. The biggest buy was Venture Global Class A (VG, shares −0% ) and the biggest sale Chemours (CC, shares −80% ).
Location HOUSTON, TX
CIK 0001279151
Portfolio Value $108.4M (Q4 2025) Holdings 21 stocks · $108.4M 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 Q3 2025 OI O-I Glass Inc. 1,573,001 $23.2M Reduce -23.1% VG Venture Global Inc. Class A 2,700,000 $18.4M Add +0.0% SEE Sealed Air Corp. 358,980 $14.9M Reduce -28.1% KWR Quaker Chemical Corporation 77,527 $10.6M Add +28.2% BATL Battalion Oil Corp. 6,151,448 $7.0M No change AXTA Axalta Coating Systems Ltd. 198,612 $6.4M New AVNT Avient Corp. 197,828 $6.2M Add +326.1% GXO Gxo Logistics Inc. 108,169 $5.7M Add +87.3% SOLS Solstice Adv Materials Inc. 98,119 $4.8M New CC The Chemours Co. 358,069 $4.2M Reduce -79.7% WLK Westlake Corp. 35,189 $2.6M New VXX Ipath Series B S&P 500 Vix filed as BARCLAYS BANK PLC 55,000 $1.5M Add +30.9% ACET Adicet Bio Inc. 59,558 $501K New SGMOQ Sangamo Therapeutics Inc. 1,158,761 $487K Add +363.5% DHX Dhi Group Inc. 263,098 $408K New LUCD Lucid Diagnostics Inc. 370,969 $404K Reduce -59.4% MXCT Maxcyte Inc. 236,495 $367K Add +5.1% FRMI Fermi Inc. 40,000 $320K New VTGN Vistagen Therapeutics Inc. 350,000 $232K New MREO Mereo Biopharma Group PL-ADR 395,000 $165K New CRCL Circle Internet Group Inc. 1,000 $79K New
Options reported separately and not counted above: VENTURE GLOBAL INC calls ($5.8M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ CC The Chemours Co. Reduce -79.7% 3.89% −21.24 KEX Kirby Corp. Sold out 0.00% −8.77 OI O-I Glass Inc. Reduce -23.1% 21.42% −2.42 SEE Sealed Air Corp. Reduce -28.1% 13.72% −2.14 FUL H.B. Fuller Co. Sold out 0.00% −1.95 SOC Sable Offshore Corp. Sold out 0.00% −1.57 DQ Daqo New Energy Corp.-ADR Sold out 0.00% −1.01 LUCD Lucid Diagnostics Inc. Reduce -59.4% 0.37% −0.46 REKR Rekor Systems Inc. Sold out 0.00% −0.39 MERSANA THERAPEUTICS INC Sold out 0.00% −0.35 FBLG Fibrobiologics Inc. Sold out 0.00% −0.31 STARDUST PWR INC Sold out 0.00% −0.29
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ VG Venture Global Inc. Class A Add +0.0% 16.99% +16.99 AXTA Axalta Coating Systems Ltd. New 5.92% +5.92 SOLS Solstice Adv Materials Inc. New 4.40% +4.40 AVNT Avient Corp. Add +326.1% 5.70% +4.33 KWR Quaker Chemical Corporation Add +28.2% 9.82% +2.66 GXO Gxo Logistics Inc. Add +87.3% 5.25% +2.51 WLK Westlake Corp. New 2.40% +2.40 ACET Adicet Bio Inc. New 0.46% +0.46 DHX Dhi Group Inc. New 0.38% +0.38 SGMOQ Sangamo Therapeutics Inc. Add +363.5% 0.45% +0.30 FRMI Fermi Inc. New 0.30% +0.30 VTGN Vistagen Therapeutics Inc. New 0.21% +0.21 MREO Mereo Biopharma Group PL-ADR New 0.15% +0.15 VXX Ipath Series B S&P 500 Vix Add +30.9% 1.34% +0.09 CRCL Circle Internet Group Inc. New 0.07% +0.07 MXCT Maxcyte Inc. Add +5.1% 0.34% +0.02
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ VENTURE GLOBAL INC call New 850,000 $5.8M
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