Maple Rock Capital Partners Inc. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Maple Rock Capital Partners Inc. reported 39 stock positions worth $2.0 billion . Its top holding was Western Digital (WDC) at 11.9% of the portfolio, followed by Seagate Technology (STX, 8.2% ) and Tfi International (TFII, 5.1% ). Compared with Q1 2025, it opened 9 new positions, sold out of 5, added to 18 and reduced 12. The biggest buy was Seagate Technology (STX, shares +85% ) and the biggest sale an exit from Baidu Inc. - Spon ADR (BIDU).
Location Toronto, A6
CIK 0001658363
Portfolio Value $2.0B (Q2 2025) Holdings 39 stocks · $2.0B 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 WDC Western Digital Corp. 3,735,296 $239.0M Add +17.1% STX Seagate Technology Holdings 1,131,752 $163.3M Add +85.3% TFII Tfi International Inc. 1,147,662 $102.9M Add +1.5% EQX Equinox Gold Corp. 14,308,748 $82.4M Add +102.1% PDD PDD Holdings Inc. 762,541 $79.8M Add +30.9% TLN Talen Energy Corp. 263,251 $76.5M Reduce -33.5% CAR Avis Budget Group Inc. 415,584 $70.3M Add +31.7% LYFT LYFT Inc. Class A 4,297,041 $67.7M Reduce -8.4% RUN Sunrun Inc. 8,132,648 $66.5M Add +95.6% CLF Cleveland-Cliffs Inc. 8,385,600 $63.7M New BTI British American Tob-SP ADR 1,346,400 $63.7M New JD Jd.com Inc.-ADR 1,849,324 $60.4M Add +101.3% ASTL Algoma Steel Group Inc. 8,396,800 $57.9M Add +18.3% GT Goodyear Tire & Rubber Co. 5,561,846 $57.7M Add +215.6% WHR Whirlpool Corp. 533,655 $54.1M Add +357.3% BHC Bausch Health Cos Inc. 7,808,487 $52.0M Add +14.9% SEE Sealed Air Corp. 1,674,956 $52.0M Add +12.7% HCC Warrior Met Coal Inc. 1,112,338 $51.0M Reduce -14.8% BABA Alibaba Group Holding-SP ADR 425,230 $48.2M Reduce -29.5% BKD Brookdale Senior Living Inc. 6,581,048 $45.8M New LVS Las Vegas Sands Corp. 1,003,880 $43.7M Add +124.4% KD Kyndryl Holdings Inc. 1,000,832 $42.0M Reduce -39.1% W Wayfair Inc. Class A 743,491 $38.0M Reduce -26.1% RKT Rocket Cos Inc. Class A 2,326,100 $33.0M New JBS JBS NV-A 2,213,706 $32.3M New BMBL Bumble Inc. Class A 4,571,614 $30.1M New NGVT Ingevity Corp. 653,516 $28.2M Add +21.7% HUM Humana Inc. 104,544 $25.6M Reduce -6.9% SNDK Sandisk Corp. 552,000 $25.0M Add +122.3% UMC United Microelectron-SP ADR 3,140,443 $24.0M New TDOC Teladoc Health Inc. 2,688,278 $23.4M Reduce -19.7% ILMN Illumina Inc. 220,855 $21.1M Reduce -10.6% TPB Turning Point Brands Inc. 243,600 $18.5M New THO Thor Industries Inc. 183,664 $16.3M Add +53.8% LPX Louisiana-Pacific Corp. 144,168 $12.4M Reduce -10.6% WGO Winnebago Industries 322,099 $9.3M Add +83.7% MHK Mohawk Industries Inc. 84,975 $8.9M New LKQ LKQ Corp. 227,975 $8.4M Reduce -10.6% AAP Advance Auto Parts Inc. 156,500 $7.3M Reduce -28.2%
Options reported separately and not counted above: INTC calls ($38.1M).
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 ▲ BIDU Baidu Inc. - Spon ADR Sold out 0.00% −4.20 INTC Intel Corp. Sold out 0.00% −3.49 BABA Alibaba Group Holding-SP ADR Reduce -29.5% 2.41% −3.42 TMF Dir DLY 20+YR TR BL3X ETF-Ui Sold out 0.00% −3.04 KMX Carmax Inc. Sold out 0.00% −2.47 BLCO Bausch + Lomb Corp. Sold out 0.00% −2.09 HCC Warrior Met Coal Inc. Reduce -14.8% 2.55% −2.00 TLN Talen Energy Corp. Reduce -33.5% 3.82% −1.94 KD Kyndryl Holdings Inc. Reduce -39.1% 2.10% −1.67 HUM Humana Inc. Reduce -6.9% 1.28% −0.89 TDOC Teladoc Health Inc. Reduce -19.7% 1.17% −0.78 LYFT LYFT Inc. Class A Reduce -8.4% 3.38% −0.68 LPX Louisiana-Pacific Corp. Reduce -10.6% 0.62% −0.46 W Wayfair Inc. Class A Reduce -26.1% 1.90% −0.45 ILMN Illumina Inc. Reduce -10.6% 1.05% −0.38 LKQ LKQ Corp. Reduce -10.6% 0.42% −0.37 AAP Advance Auto Parts Inc. Reduce -28.2% 0.36% −0.26
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 ▼ STX Seagate Technology Holdings Add +85.3% 8.16% +4.37 CLF Cleveland-Cliffs Inc. New 3.18% +3.18 BTI British American Tob-SP ADR New 3.18% +3.18 WDC Western Digital Corp. Add +17.1% 11.94% +2.52 BKD Brookdale Senior Living Inc. New 2.29% +2.29 WHR Whirlpool Corp. Add +357.3% 2.70% +1.93 CAR Avis Budget Group Inc. Add +31.7% 3.51% +1.76 GT Goodyear Tire & Rubber Co. Add +215.6% 2.88% +1.69 RKT Rocket Cos Inc. Class A New 1.65% +1.65 JBS JBS NV-A New 1.62% +1.62 RUN Sunrun Inc. Add +95.6% 3.32% +1.54 BMBL Bumble Inc. Class A New 1.50% +1.50 UMC United Microelectron-SP ADR New 1.20% +1.20 TPB Turning Point Brands Inc. New 0.92% +0.92 LVS Las Vegas Sands Corp. Add +124.4% 2.18% +0.92 EQX Equinox Gold Corp. Add +102.1% 4.11% +0.56 MHK Mohawk Industries Inc. New 0.44% +0.44 SNDK Sandisk Corp. Add +122.3% 1.25% +0.39 JD Jd.com Inc.-ADR Add +101.3% 3.01% +0.26 THO Thor Industries Inc. Add +53.8% 0.81% +0.15 ASTL Algoma Steel Group Inc. Add +18.3% 2.89% +0.08 WGO Winnebago Industries Add +83.7% 0.47% +0.03 NGVT Ingevity Corp. Add +21.7% 1.41% −0.15 SEE Sealed Air Corp. Add +12.7% 2.60% −0.54 BHC Bausch Health Cos Inc. Add +14.9% 2.60% −0.61 PDD PDD Holdings Inc. Add +30.9% 3.99% −1.05 TFII Tfi International Inc. Add +1.5% 5.14% −1.25
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Sold out 1,000,000 $468.9Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Sold out 700,000 $391.6Mbefore exit NVDA Nvidia Corp. put Sold out 2,000,000 $216.8Mbefore exit TSLA Tesla Inc. put Sold out 500,000 $129.6Mbefore exit LNG Cheniere Energy Inc. put Sold out 500,000 $115.7Mbefore 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