Maple Rock Capital Partners Inc. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Maple Rock Capital Partners Inc. reported 35 stock positions worth $1.4 billion . Its top holding was Western Digital (WDC) at 9.4% of the portfolio, followed by Tfi International (TFII, 6.4% ) and Alibaba Group Holding-SP ADR (BABA, 5.8% ). Compared with Q4 2024, it opened 10 new positions, sold out of 5, added to 13 and reduced 12. The biggest buy was Baidu Inc. - Spon ADR (BIDU, shares +267% ) and the biggest sale an exit from Teva Pharmaceutical-SP ADR (TEVA).
Location Toronto, A6
CIK 0001658363
Portfolio Value $1.4B (Q1 2025) Holdings 35 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 Q4 2024 WDC Western Digital Corp. 3,189,796 $129.0M Add +6.9% TFII Tfi International Inc. 1,130,899 $87.6M Add +122.7% BABA Alibaba Group Holding-SP ADR 603,315 $79.8M Reduce -21.8% TLN Talen Energy Corp. 395,674 $79.0M Reduce -9.4% PDD PDD Holdings Inc. 582,424 $68.9M Add +28.3% HCC Warrior Met Coal Inc. 1,305,392 $62.3M Add +20.8% BIDU Baidu Inc. - Spon ADR 625,100 $57.5M Add +267.3% LYFT LYFT Inc. Class A 4,692,480 $55.7M Reduce -13.7% STX Seagate Technology Holdings 610,906 $51.9M Add +122.2% KD Kyndryl Holdings Inc. 1,643,038 $51.6M Add +117.9% EQX Equinox Gold Corp. 7,079,488 $48.7M Reduce -19.1% INTC Intel Corp. 2,106,230 $47.8M Add +131.5% BHC Bausch Health Cos Inc. 6,797,500 $44.0M Add +28.3% SEE Sealed Air Corp. 1,486,133 $42.9M Reduce -8.8% TMF Dir DLY 20+YR TR BL3X ETF-Ui 945,000 $41.6M New ASTL Algoma Steel Group Inc. 7,100,000 $38.5M Add +16.5% JD Jd.com Inc.-ADR 918,510 $37.8M Reduce -24.8% KMX Carmax Inc. 433,528 $33.8M New W Wayfair Inc. Class A 1,006,498 $32.2M New HUM Humana Inc. 112,330 $29.7M New BLCO Bausch + Lomb Corp. 1,971,053 $28.6M Reduce -37.8% TDOC Teladoc Health Inc. 3,347,340 $26.6M Reduce -6.0% RUN Sunrun Inc. 4,158,184 $24.4M Add +15.6% CAR Avis Budget Group Inc. 315,631 $24.0M New NGVT Ingevity Corp. 536,816 $21.3M Add +24.9% ILMN Illumina Inc. 247,000 $19.6M New LVS Las Vegas Sands Corp. 447,440 $17.3M Reduce -6.0% GT Goodyear Tire & Rubber Co. 1,762,463 $16.3M Reduce -6.0% LPX Louisiana-Pacific Corp. 161,210 $14.8M New SNDK Sandisk Corp. 248,355 $11.8M Reduce -75.0% LKQ LKQ Corp. 255,000 $10.8M New WHR Whirlpool Corp. 116,710 $10.5M Add +45.0% THO Thor Industries Inc. 119,455 $9.1M New AAP Advance Auto Parts Inc. 218,080 $8.6M Reduce -6.0% WGO Winnebago Industries 175,310 $6.0M New
Options reported separately and not counted above: QQQ puts ($468.9M), SPY puts ($391.6M), NVDA puts ($216.8M), TSLA puts ($129.6M), LNG puts ($115.7M), INTC calls ($38.6M).
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 ▲ TEVA Teva Pharmaceutical-SP ADR Sold out 0.00% −6.75 TGI Triumph Group Inc. Sold out 0.00% −4.51 VST Vistra Corp. Sold out 0.00% −4.27 SNDK Sandisk Corp. Reduce -75.0% 0.86% −2.58 WERN Werner Enterprises Inc. Sold out 0.00% −2.56 BLCO Bausch + Lomb Corp. Reduce -37.8% 2.09% −2.08 BMA Banco Macro SA-ADR Sold out 0.00% −1.84 LYFT LYFT Inc. Class A Reduce -13.7% 4.07% −1.03 SEE Sealed Air Corp. Reduce -8.8% 3.14% −0.88 TLN Talen Energy Corp. Reduce -9.4% 5.77% −0.63 LVS Las Vegas Sands Corp. Reduce -6.0% 1.26% −0.52 TDOC Teladoc Health Inc. Reduce -6.0% 1.95% −0.41 JD Jd.com Inc.-ADR Reduce -24.8% 2.76% −0.32 AAP Advance Auto Parts Inc. Reduce -6.0% 0.62% −0.17 GT Goodyear Tire & Rubber Co. Reduce -6.0% 1.19% −0.04 EQX Equinox Gold Corp. Reduce -19.1% 3.56% +0.36 BABA Alibaba Group Holding-SP ADR Reduce -21.8% 5.82% +1.07
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 ▼ BIDU Baidu Inc. - Spon ADR Add +267.3% 4.20% +3.16 TMF Dir DLY 20+YR TR BL3X ETF-Ui New 3.04% +3.04 KMX Carmax Inc. New 2.47% +2.47 W Wayfair Inc. Class A New 2.35% +2.35 HUM Humana Inc. New 2.17% +2.17 INTC Intel Corp. Add +131.5% 3.49% +2.16 STX Seagate Technology Holdings Add +122.2% 3.79% +2.06 KD Kyndryl Holdings Inc. Add +117.9% 3.77% +1.87 PDD PDD Holdings Inc. Add +28.3% 5.03% +1.83 CAR Avis Budget Group Inc. New 1.75% +1.75 ILMN Illumina Inc. New 1.43% +1.43 TFII Tfi International Inc. Add +122.7% 6.39% +1.40 LPX Louisiana-Pacific Corp. New 1.08% +1.08 LKQ LKQ Corp. New 0.79% +0.79 THO Thor Industries Inc. New 0.66% +0.66 WGO Winnebago Industries New 0.44% +0.44 HCC Warrior Met Coal Inc. Add +20.8% 4.55% +0.28 NGVT Ingevity Corp. Add +24.9% 1.55% +0.28 BHC Bausch Health Cos Inc. Add +28.3% 3.21% +0.10 WHR Whirlpool Corp. Add +45.0% 0.77% +0.10 RUN Sunrun Inc. Add +15.6% 1.78% −0.64 ASTL Algoma Steel Group Inc. Add +16.5% 2.81% −1.52 WDC Western Digital Corp. Add +6.9% 9.41% −3.53
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -53.3% 700,000 $391.6M GLD SPDR Gold Shares put Sold out 1,500,000 $363.2Mbefore exit NVDA Nvidia Corp. put New 2,000,000 $216.8M TSLA Tesla Inc. put New 500,000 $129.6M LNG Cheniere Energy Inc. put New 500,000 $115.7M ALB Albemarle Corp. put Sold out 1,000,000 $86.1Mbefore exit TLN Talen Energy Corp. put Sold out 300,000 $60.4Mbefore exit INTC Intel Corp. call New 1,700,000 $38.6M VST Vistra Corp. put Sold out 250,000 $34.5Mbefore exit SNAP Snap Inc. Class A call Sold out 2,000,000 $21.5Mbefore 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 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