Maple Rock Capital Partners Inc. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Maple Rock Capital Partners Inc. reported 29 stock positions worth $1.4 billion . Its top holding was Western Digital (WDC) at 12.9% of the portfolio, followed by Teva Pharmaceutical-SP ADR (TEVA, 6.7% ) and Talen Energy (TLN, 6.4% ). Compared with Q3 2024, it opened 6 new positions, sold out of 5, added to 6 and reduced 12. The biggest buy was a new position in Werner Enterprises (WERN) and the biggest sale Jd.com Inc.-ADR (JD, shares −66% ).
Location Toronto, A6
CIK 0001658363
Portfolio Value $1.4B (Q4 2024) Holdings 29 stocks · $1.4B 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 2024 WDC Western Digital Corp. 2,983,900 $177.9M Reduce -9.2% TEVA Teva Pharmaceutical-SP ADR 4,208,741 $92.8M Reduce -7.7% TLN Talen Energy Corp. 436,730 $88.0M Reduce -32.1% LYFT LYFT Inc. Class A 5,435,000 $70.1M Reduce -12.1% TFII Tfi International Inc. 507,783 $68.6M Add +16.2% BABA Alibaba Group Holding-SP ADR 771,300 $65.4M Reduce -27.5% TGI Triumph Group Inc. 3,323,178 $62.0M No change ASTL Algoma Steel Group Inc. 6,092,091 $59.6M No change VST Vistra Corp. 425,414 $58.7M Reduce -68.1% HCC Warrior Met Coal Inc. 1,080,392 $58.6M Reduce -26.1% BLCO Bausch + Lomb Corp. 3,171,053 $57.3M Reduce -12.3% SEE Sealed Air Corp. 1,630,493 $55.2M Add +7.5% PDD PDD Holdings Inc. 454,000 $44.0M Reduce -17.5% EQX Equinox Gold Corp. 8,753,400 $43.9M Reduce -4.5% BHC Bausch Health Cos Inc. 5,300,000 $42.7M Add +156.7% JD Jd.com Inc.-ADR 1,221,638 $42.4M Reduce -65.8% WERN Werner Enterprises Inc. 981,540 $35.3M New RUN Sunrun Inc. 3,597,600 $33.3M Add +92.8% TDOC Teladoc Health Inc. 3,561,000 $32.4M Add +189.5% KD Kyndryl Holdings Inc. 753,913 $26.1M New BMA Banco Macro SA-ADR 261,400 $25.3M No change LVS Las Vegas Sands Corp. 476,000 $24.4M New STX Seagate Technology Holdings 274,900 $23.7M No change INTC Intel Corp. 909,670 $18.2M Add +305.2% NGVT Ingevity Corp. 429,816 $17.5M New GT Goodyear Tire & Rubber Co. 1,874,961 $16.9M New BIDU Baidu Inc. - Spon ADR 170,200 $14.3M Reduce -58.1% AAP Advance Auto Parts Inc. 232,000 $11.0M No change WHR Whirlpool Corp. 80,500 $9.2M New
Options reported separately and not counted above: SPY puts ($879.1M), QQQ puts ($511.2M), GLD puts ($363.2M), ALB puts ($86.1M), TLN puts ($60.4M), VST puts ($34.5M), SNAP calls ($21.5M).
Portfolio Sells Q3 2024 → Q4 2024 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 2024 % Of Portfolio Change To Portfolio ▲ JD Jd.com Inc.-ADR Reduce -65.8% 3.08% −5.05 VST Vistra Corp. Reduce -68.1% 4.27% −4.70 SPR Spirit Aerosystems Hold Class A Sold out 0.00% −2.76 GDXJ Vaneck Junior Gold Miners Sold out 0.00% −2.17 RNG Ringcentral Inc. Class A Sold out 0.00% −1.79 BABA Alibaba Group Holding-SP ADR Reduce -27.5% 4.76% −1.66 HUYA Huya Inc.-ADR Sold out 0.00% −1.49 BIDU Baidu Inc. - Spon ADR Reduce -58.1% 1.04% −1.39 VIST Vista Energy Sab DE CV Sold out 0.00% −1.28 HCC Warrior Met Coal Inc. Reduce -26.1% 4.26% −1.04 PDD PDD Holdings Inc. Reduce -17.5% 3.20% −1.01 TLN Talen Energy Corp. Reduce -32.1% 6.40% −0.11 EQX Equinox Gold Corp. Reduce -4.5% 3.20% +0.02 WDC Western Digital Corp. Reduce -9.2% 12.94% +0.19 BLCO Bausch + Lomb Corp. Reduce -12.3% 4.17% +0.20 LYFT LYFT Inc. Class A Reduce -12.1% 5.10% +0.62 TEVA Teva Pharmaceutical-SP ADR Reduce -7.7% 6.75% +2.08
Portfolio Buys Q3 2024 → Q4 2024 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 2024 % Of Portfolio Change To Portfolio ▼ WERN Werner Enterprises Inc. New 2.56% +2.56 BHC Bausch Health Cos Inc. Add +156.7% 3.11% +2.15 KD Kyndryl Holdings Inc. New 1.90% +1.90 LVS Las Vegas Sands Corp. New 1.78% +1.78 TDOC Teladoc Health Inc. Add +189.5% 2.35% +1.71 TFII Tfi International Inc. Add +16.2% 4.99% +1.59 NGVT Ingevity Corp. New 1.27% +1.27 GT Goodyear Tire & Rubber Co. New 1.23% +1.23 INTC Intel Corp. Add +305.2% 1.33% +1.03 SEE Sealed Air Corp. Add +7.5% 4.01% +0.88 WHR Whirlpool Corp. New 0.67% +0.67 RUN Sunrun Inc. Add +92.8% 2.42% +0.51
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -25.0% 1,500,000 $879.1M QQQ Invesco QQQ Trust Series 1 put New 1,000,000 $511.2M GLD SPDR Gold Shares put Reduce -25.0% 1,500,000 $363.2M TLN Talen Energy Corp. put New 300,000 $60.4M NFE New Fortress Energy Inc. put Sold out 4,000,000 $36.4Mbefore exit VST Vistra Corp. put New 250,000 $34.5M SNAP Snap Inc. Class A call New 2,000,000 $21.5M MP MP Materials Corp. call Sold out 500,000 $8.8Mbefore 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 51 $5.1B WDC, STX, UNH, HUM, ICLR Q1 2026 44 $3.1B WDC, EQX, STX, CLF, TFII Q4 2025 38 $3.0B WDC, EQX, STX, AA, CLF Q3 2025 40 $2.5B WDC, EQX, STX, RUN, TFII Q2 2025 39 $2.0B WDC, STX, TFII, EQX, PDD Q1 2025 35 $1.4B WDC, TFII, BABA, TLN, PDD Q4 2024 29 $1.4B WDC, TEVA, TLN, LYFT, TFII Q3 2024 28 $1.8B WDC, VST, JD, TLN, BABA Q2 2024 27 $1.5B WDC, SPR, VST, JD, BABA Q1 2024 29 $1.6B WDC, SPR, VST, JD, ARCH