Maple Rock Capital Partners Inc. In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Maple Rock Capital Partners Inc. reported 38 stock positions worth $3.0 billion . Its top holding was Western Digital (WDC) at 13.6% of the portfolio, followed by Equinox Gold (EQX, 9.4% ) and Seagate Technology (STX, 6.1% ). Compared with Q3 2025, it opened 5 new positions, sold out of 7, added to 17 and reduced 15. The biggest buy was a new position in Alcoa (AA) and the biggest sale an exit from Tfi International (TFII).
Location Toronto, A6
CIK 0001658363
Portfolio Value $3.0B (Q4 2025) Holdings 38 stocks · $3.0B 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 Q3 2025 WDC Western Digital Corp. 2,381,525 $410.3M Reduce -8.0% EQX Equinox Gold Corp. 20,234,048 $284.2M Add +21.6% STX Seagate Technology Holdings 665,852 $183.4M Reduce -10.1% AA Alcoa Corp. 3,263,300 $173.4M New CLF Cleveland-Cliffs Inc. 12,358,230 $164.1M Add +90.1% HCC Warrior Met Coal Inc. 1,637,238 $144.4M Add +12.0% SNDK Sandisk Corp. 488,300 $115.9M Reduce -34.2% RUN Sunrun Inc. 5,322,948 $97.9M Reduce -28.4% BTI British American Tob-SP ADR 1,655,300 $93.7M Add +41.5% BKD Brookdale Senior Living Inc. 8,497,048 $91.7M Add +34.9% LVS Las Vegas Sands Corp. 1,380,847 $89.9M Add +71.9% SEE Sealed Air Corp. 2,105,556 $87.2M Add +51.5% B Barrick Mining Corp. 1,991,400 $86.7M New LYFT LYFT Inc. Class A 4,296,603 $83.2M Add +22.4% MT Arcelormittal-NY Registered 1,630,600 $74.3M Add +42.4% TECK Teck Resources Ltd.-CLS B 1,393,516 $66.7M Reduce -31.0% CVS CVS Health Corp. 816,400 $64.8M New ASTL Algoma Steel Group Inc. 14,430,818 $59.2M Add +38.4% JD Jd.com Inc.-ADR 1,920,162 $55.1M Reduce -14.4% AAP Advance Auto Parts Inc. 1,352,240 $53.1M Add +42.1% LPX Louisiana-Pacific Corp. 588,868 $47.6M Add +143.9% HUM Humana Inc. 172,700 $44.2M Reduce -39.0% TPB Turning Point Brands Inc. 399,300 $43.3M Add +74.1% CNC Centene Corp. 1,011,199 $41.6M Reduce -24.4% NGVT Ingevity Corp. 674,716 $39.9M No change MOH Molina Healthcare Inc. 226,200 $39.3M Add +176.5% RKT Rocket Cos Inc. Class A 1,819,500 $35.2M Reduce -31.3% GT Goodyear Tire & Rubber Co. 3,972,546 $34.8M Reduce -38.6% PDD PDD Holdings Inc. 306,641 $34.8M Reduce -40.9% PAGS Pagseguro Digital Ltd. Class A 3,365,400 $32.4M Add +20.1% LKQ LKQ Corp. 1,047,100 $31.6M Add +259.9% WHR Whirlpool Corp. 404,000 $29.1M Add +119.1% WERN Werner Enterprises Inc. 793,500 $23.8M New UNH Unitedhealth Group Inc. 55,000 $18.2M Reduce -6.9% THO Thor Industries Inc. 170,764 $17.5M Reduce -7.0% JBS JBS NV-A 985,106 $14.2M Reduce -7.0% ARCB Arcbest Corp. 143,750 $10.7M New UWMC Uwm Holdings Corp. 2,204,100 $9.7M Reduce -7.0%
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 ▲ TFII Tfi International Inc. Sold out 0.00% −3.90 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −2.94 RUN Sunrun Inc. Reduce -28.4% 3.24% −1.96 INTC Intel Corp. Sold out 0.00% −1.82 TLN Talen Energy Corp. Sold out 0.00% −1.69 PDD PDD Holdings Inc. Reduce -40.9% 1.15% −1.62 HUM Humana Inc. Reduce -39.0% 1.46% −1.51 TECK Teck Resources Ltd.-CLS B Reduce -31.0% 2.20% −1.37 JD Jd.com Inc.-ADR Reduce -14.4% 1.82% −1.35 NUE Nucor Corp. Sold out 0.00% −1.24 STX Seagate Technology Holdings Reduce -10.1% 6.06% −1.00 WGO Winnebago Industries Sold out 0.00% −0.92 RKT Rocket Cos Inc. Class A Reduce -31.3% 1.16% −0.91 GT Goodyear Tire & Rubber Co. Reduce -38.6% 1.15% −0.80 BHC Bausch Health Cos Inc. Sold out 0.00% −0.56 CNC Centene Corp. Reduce -24.4% 1.37% −0.55 UWMC Uwm Holdings Corp. Reduce -7.0% 0.32% −0.26 UNH Unitedhealth Group Inc. Reduce -6.9% 0.60% −0.22 THO Thor Industries Inc. Reduce -7.0% 0.58% −0.19 JBS JBS NV-A Reduce -7.0% 0.47% −0.17 SNDK Sandisk Corp. Reduce -34.2% 3.83% +0.47 WDC Western Digital Corp. Reduce -8.0% 13.55% +1.00
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 ▼ AA Alcoa Corp. New 5.73% +5.73 B Barrick Mining Corp. New 2.86% +2.86 CLF Cleveland-Cliffs Inc. Add +90.1% 5.42% +2.22 CVS CVS Health Corp. New 2.14% +2.14 EQX Equinox Gold Corp. Add +21.6% 9.39% +1.85 LVS Las Vegas Sands Corp. Add +71.9% 2.97% +1.22 HCC Warrior Met Coal Inc. Add +12.0% 4.77% +1.01 SEE Sealed Air Corp. Add +51.5% 2.88% +0.90 BKD Brookdale Senior Living Inc. Add +34.9% 3.03% +0.88 WERN Werner Enterprises Inc. New 0.79% +0.79 MT Arcelormittal-NY Registered Add +42.4% 2.45% +0.78 LPX Louisiana-Pacific Corp. Add +143.9% 1.57% +0.70 LKQ LKQ Corp. Add +259.9% 1.04% +0.69 MOH Molina Healthcare Inc. Add +176.5% 1.30% +0.66 BTI British American Tob-SP ADR Add +41.5% 3.10% +0.59 TPB Turning Point Brands Inc. Add +74.1% 1.43% +0.51 ASTL Algoma Steel Group Inc. Add +38.4% 1.95% +0.46 WHR Whirlpool Corp. Add +119.1% 0.96% +0.38 ARCB Arcbest Corp. New 0.35% +0.35 PAGS Pagseguro Digital Ltd. Class A Add +20.1% 1.07% −0.06 LYFT LYFT Inc. Class A Add +22.4% 2.75% −0.37 AAP Advance Auto Parts Inc. Add +42.1% 1.76% −0.60
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ INTC Intel Corp. call Sold out 1,700,000 $57.0Mbefore 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