Maple Rock Capital Partners Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Maple Rock Capital Partners Inc. reported 40 stock positions worth $2.5 billion. Its top holding was Western Digital (WDC) at 12.6% of the portfolio, followed by Equinox Gold (EQX, 7.5%) and Seagate Technology (STX, 7.1%). Compared with Q2 2025, it opened 9 new positions, sold out of 8, added to 13 and reduced 17. The biggest buy was a new position in Teck Resources Ltd.-CLS B (TECK) and the biggest sale an exit from Avis Budget (CAR).

Most Recent 13F
Q2 2026
Location
Toronto, A6
CIK
0001658363
Portfolio Value
$2.5B (Q3 2025)
SEC Filing
0001658363-25-000005 ↗ filed Nov 14, 2025

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $1.6B Q1 2024 Q2 2024: $1.5B Q2 2024 Q3 2024: $1.8B Q3 2024 Q4 2024: $1.4B Q4 2024 Q1 2025: $1.4B Q1 2025 Q2 2025: $2.0B Q2 2025 Q3 2025: $2.5B $2.5B Q3 2025 Q4 2025: $3.0B Q4 2025 Q1 2026: $3.1B Q1 2026 Q2 2026: $5.1B Q2 2026

Holdings 40 stocks · $2.5B
WDC Western Digital Corp. 12.55% 2,589,325 $310.9M Reduce -30.7%
EQX Equinox Gold Corp. 7.54% 16,644,848 $186.7M Add +16.3%
STX Seagate Technology Holdings 7.06% 740,352 $174.8M Reduce -34.6%
RUN Sunrun Inc. 5.19% 7,439,848 $128.6M Reduce -8.5%
TFII Tfi International Inc. 3.90% 1,098,362 $96.7M Reduce -4.3%
HCC Warrior Met Coal Inc. 3.76% 1,461,738 $93.0M Add +31.4%
TECK Teck Resources Ltd.-CLS B 3.58% 2,018,700 $88.6M New
SNDK Sandisk Corp. 3.36% 742,500 $83.3M Add +34.5%
CLF Cleveland-Cliffs Inc. 3.20% 6,502,400 $79.3M Reduce -22.5%
JD Jd.com Inc.-ADR 3.17% 2,244,062 $78.5M Add +21.3%
LYFT LYFT Inc. Class A 3.12% 3,509,633 $77.2M Reduce -18.3%
HUM Humana Inc. 2.98% 283,300 $73.7M Add +171.0%
BABA Alibaba Group Holding-SP ADR 2.94% 406,930 $72.7M Reduce -4.3%
PDD PDD Holdings Inc. 2.77% 518,941 $68.6M Reduce -31.9%
BTI British American Tob-SP ADR 2.51% 1,169,800 $62.1M Reduce -13.1%
AAP Advance Auto Parts Inc. 2.36% 951,790 $58.4M Add +508.2%
BKD Brookdale Senior Living Inc. 2.15% 6,298,048 $53.3M Reduce -4.3%
RKT Rocket Cos Inc. Class A 2.07% 2,650,000 $51.4M Add +13.9%
SEE Sealed Air Corp. 1.98% 1,389,556 $49.1M Reduce -17.0%
GT Goodyear Tire & Rubber Co. 1.95% 6,471,446 $48.4M Add +16.4%
CNC Centene Corp. 1.93% 1,338,299 $47.8M New
INTC Intel Corp. 1.82% 1,346,800 $45.2M New
LVS Las Vegas Sands Corp. 1.74% 803,280 $43.2M Reduce -20.0%
TLN Talen Energy Corp. 1.69% 98,175 $41.8M Reduce -62.7%
MT Arcelormittal-NY Registered 1.67% 1,145,200 $41.4M New
NGVT Ingevity Corp. 1.50% 674,716 $37.2M Add +3.2%
ASTL Algoma Steel Group Inc. 1.50% 10,430,818 $37.1M Add +24.2%
NUE Nucor Corp. 1.24% 226,200 $30.6M New
PAGS Pagseguro Digital Ltd. Class A 1.13% 2,801,100 $28.0M New
WGO Winnebago Industries 0.92% 680,199 $22.7M Add +111.2%
TPB Turning Point Brands Inc. 0.92% 229,300 $22.7M Reduce -5.9%
LPX Louisiana-Pacific Corp. 0.87% 241,468 $21.5M Add +67.5%
UNH Unitedhealth Group Inc. 0.82% 59,100 $20.4M New
THO Thor Industries Inc. 0.77% 183,664 $19.0M No change
JBS JBS NV-A 0.64% 1,059,306 $15.8M Reduce -52.1%
MOH Molina Healthcare Inc. 0.63% 81,800 $15.7M New
WHR Whirlpool Corp. 0.59% 184,400 $14.5M Reduce -65.5%
UWMC Uwm Holdings Corp. 0.58% 2,370,000 $14.4M New
BHC Bausch Health Cos Inc. 0.56% 2,133,887 $13.8M Reduce -72.7%
LKQ LKQ Corp. 0.36% 290,900 $8.9M Add +27.6%

Options reported separately and not counted above: INTC calls ($57.0M).

Portfolio Sells Q2 2025 → Q3 2025
CAR Avis Budget Group Inc. Sold out 0.00% −3.51
TLN Talen Energy Corp. Reduce -62.7% 1.69% −2.14
WHR Whirlpool Corp. Reduce -65.5% 0.59% −2.12
KD Kyndryl Holdings Inc. Sold out 0.00% −2.10
BHC Bausch Health Cos Inc. Reduce -72.7% 0.56% −2.04
W Wayfair Inc. Class A Sold out 0.00% −1.90
BMBL Bumble Inc. Class A Sold out 0.00% −1.50
TFII Tfi International Inc. Reduce -4.3% 3.90% −1.23
PDD PDD Holdings Inc. Reduce -31.9% 2.77% −1.22
UMC United Microelectron-SP ADR Sold out 0.00% −1.20
TDOC Teladoc Health Inc. Sold out 0.00% −1.17
STX Seagate Technology Holdings Reduce -34.6% 7.06% −1.10
ILMN Illumina Inc. Sold out 0.00% −1.05
JBS JBS NV-A Reduce -52.1% 0.64% −0.98
BTI British American Tob-SP ADR Reduce -13.1% 2.51% −0.68
SEE Sealed Air Corp. Reduce -17.0% 1.98% −0.61
MHK Mohawk Industries Inc. Sold out 0.00% −0.44
LVS Las Vegas Sands Corp. Reduce -20.0% 1.74% −0.44
LYFT LYFT Inc. Class A Reduce -18.3% 3.12% −0.26
BKD Brookdale Senior Living Inc. Reduce -4.3% 2.15% −0.13
TPB Turning Point Brands Inc. Reduce -5.9% 0.92% −0.01
CLF Cleveland-Cliffs Inc. Reduce -22.5% 3.20% +0.02
BABA Alibaba Group Holding-SP ADR Reduce -4.3% 2.94% +0.53
WDC Western Digital Corp. Reduce -30.7% 12.55% +0.61
RUN Sunrun Inc. Reduce -8.5% 5.19% +1.87

Portfolio Buys Q2 2025 → Q3 2025
TECK Teck Resources Ltd.-CLS B New 3.58% +3.58
EQX Equinox Gold Corp. Add +16.3% 7.54% +3.42
SNDK Sandisk Corp. Add +34.5% 3.36% +2.11
AAP Advance Auto Parts Inc. Add +508.2% 2.36% +2.00
CNC Centene Corp. New 1.93% +1.93
INTC Intel Corp. New 1.82% +1.82
HUM Humana Inc. Add +171.0% 2.98% +1.70
MT Arcelormittal-NY Registered New 1.67% +1.67
NUE Nucor Corp. New 1.24% +1.24
HCC Warrior Met Coal Inc. Add +31.4% 3.76% +1.21
PAGS Pagseguro Digital Ltd. Class A New 1.13% +1.13
UNH Unitedhealth Group Inc. New 0.82% +0.82
MOH Molina Healthcare Inc. New 0.63% +0.63
UWMC Uwm Holdings Corp. New 0.58% +0.58
WGO Winnebago Industries Add +111.2% 0.92% +0.45
RKT Rocket Cos Inc. Class A Add +13.9% 2.07% +0.43
LPX Louisiana-Pacific Corp. Add +67.5% 0.87% +0.25
JD Jd.com Inc.-ADR Add +21.3% 3.17% +0.15
NGVT Ingevity Corp. Add +3.2% 1.50% +0.10
LKQ LKQ Corp. Add +27.6% 0.36% −0.06
GT Goodyear Tire & Rubber Co. Add +16.4% 1.95% −0.93
ASTL Algoma Steel Group Inc. Add +24.2% 1.50% −1.39

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 51$5.1BWDC, STX, UNH, HUM, ICLR
Q1 2026 44$3.1BWDC, EQX, STX, CLF, TFII
Q4 2025 38$3.0BWDC, EQX, STX, AA, CLF
Q3 2025 40$2.5BWDC, EQX, STX, RUN, TFII
Q2 2025 39$2.0BWDC, STX, TFII, EQX, PDD
Q1 2025 35$1.4BWDC, TFII, BABA, TLN, PDD
Q4 2024 29$1.4BWDC, TEVA, TLN, LYFT, TFII
Q3 2024 28$1.8BWDC, VST, JD, TLN, BABA
Q2 2024 27$1.5BWDC, SPR, VST, JD, BABA
Q1 2024 29$1.6BWDC, SPR, VST, JD, ARCH