Mountain Lake Investment Management LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Mountain Lake Investment Management LLC reported 31 stock positions worth $160.6 million. Its top holding was Sprott Physical Gold Trust (PHYS) at 8.6% of the portfolio, followed by Builders Firstsource (BLDR, 8.2%) and Abrdn Physical Gold Shares (SGOL, 7.7%). Compared with Q1 2026, it opened 4 new positions, sold out of 2, added to 13 and reduced 9. The biggest buy was Molina Healthcare (MOH, shares +5%) and the biggest sale an exit from Federal Agric MTG Class C (AGM).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001308555
- Portfolio Value
- $160.6M (Q2 2026)
- SEC Filing
- 0001754960-26-000773 ↗ filed Aug 14, 2026
Holdings Value
Holdings 31 stocks · $160.6M
| PHYS Sprott Physical Gold Trust | 8.58% | 456,819 | $13.8M | Add +1.4% |
| BLDR Builders Firstsource Inc. | 8.24% | 147,867 | $13.2M | Add +41.3% |
| SGOL Abrdn Physical Gold Shares | 7.72% | 324,355 | $12.4M | Reduce -0.2% |
| MOH Molina Healthcare Inc. | 7.60% | 53,394 | $12.2M | Add +5.5% |
| ALSN Allison Transmission Holding | 7.48% | 106,541 | $12.0M | Reduce -4.7% |
| DHI D.R. Horton Inc. | 6.96% | 68,606 | $11.2M | Add +4.6% |
| AN Autonation Inc. | 6.74% | 58,257 | $10.8M | Add +3.2% |
| VNOM Viper Energy Inc. Class A | 6.66% | 252,304 | $10.7M | Reduce -1.5% |
| NRP Natural Resource Partners LP | 5.16% | 85,464 | $8.3M | Add +11.5% |
| RRC Range Resources Corp. | 5.06% | 218,523 | $8.1M | Add +1.9% |
| TFPM Triple Flag Precious Met | 3.54% | 189,488 | $5.7M | Add +110.1% |
| NE Noble Corp. PLC | 3.46% | 149,036 | $5.6M | Reduce -28.3% |
| CALM Cal-Maine Foods Inc. | 3.45% | 68,685 | $5.5M | Add +292.4% |
| BNO United States Brent Oil Fund | 2.44% | 96,318 | $3.9M | New |
| HP Helmerich & Payne | 2.41% | 118,197 | $3.9M | No change |
| AR Antero Resources Corp. | 2.19% | 100,137 | $3.5M | Add +0.9% |
| OPLN Openlane Inc. | 2.04% | 79,537 | $3.3M | No change |
| UBER Uber Technologies Inc. | 1.44% | 32,098 | $2.3M | New |
| ET Energy Transfer LP | 1.15% | 96,190 | $1.8M | Reduce -3.1% |
| PAA Plains All Amer Pipeline LP | 1.14% | 81,960 | $1.8M | Reduce -5.0% |
| CMP Compass Minerals Internation | 1.08% | 55,756 | $1.7M | Add +0.2% |
| SDRL Seadrill Limited | 0.86% | 36,555 | $1.4M | Reduce -29.4% |
| IIIN Insteel Industries Inc. | 0.83% | 44,260 | $1.3M | New |
| PSLV Sprott Physical Silver Trust | 0.79% | 67,321 | $1.3M | Add +0.7% |
| DVA Davita Inc. | 0.74% | 5,312 | $1.2M | Reduce -25.7% |
| WS Worthington Steel Inc. | 0.72% | 34,427 | $1.2M | Add +359.0% |
| SBH Sally Beauty Holdings Inc. | 0.56% | 63,552 | $899K | New |
| SILJ Amplify Junior Silver Miners | 0.47% | 29,320 | $760K | Reduce -3.1% |
| GOOGL Alphabet Inc. Class A | 0.17% | 750 | $268K | No change |
| SLB SLB Ltd. filed as SLB LIMITED | 0.16% | 5,425 | $252K | No change |
| AGI Alamos Gold Inc. Class A | 0.15% | 8,000 | $243K | No change |
Portfolio Sells Q1 2026 → Q2 2026
| AGM Federal Agric MTG Corp. Class C | Sold out | 0.00% | −4.11 |
| NE Noble Corp. PLC | Reduce -28.3% | 3.46% | −3.12 |
| SGOL Abrdn Physical Gold Shares | Reduce -0.2% | 7.72% | −1.64 |
| VNOM Viper Energy Inc. Class A | Reduce -1.5% | 6.66% | −1.11 |
| ALSN Allison Transmission Holding | Reduce -4.7% | 7.48% | −0.97 |
| SDRL Seadrill Limited | Reduce -29.4% | 0.86% | −0.66 |
| VAL Valaris Ltd. | Sold out | 0.00% | −0.52 |
| PAA Plains All Amer Pipeline LP | Reduce -5.0% | 1.14% | −0.11 |
| SILJ Amplify Junior Silver Miners | Reduce -3.1% | 0.47% | −0.11 |
| ET Energy Transfer LP | Reduce -3.1% | 1.15% | −0.09 |
| DVA Davita Inc. | Reduce -25.7% | 0.74% | +0.03 |
Portfolio Buys Q1 2026 → Q2 2026
| MOH Molina Healthcare Inc. | Add +5.5% | 7.60% | +3.25 |
| BLDR Builders Firstsource Inc. | Add +41.3% | 8.24% | +2.67 |
| CALM Cal-Maine Foods Inc. | Add +292.4% | 3.45% | +2.55 |
| BNO United States Brent Oil Fund | New | 2.44% | +2.44 |
| TFPM Triple Flag Precious Met | Add +110.1% | 3.54% | +1.51 |
| UBER Uber Technologies Inc. | New | 1.44% | +1.44 |
| DHI D.R. Horton Inc. | Add +4.6% | 6.96% | +1.15 |
| IIIN Insteel Industries Inc. | New | 0.83% | +0.83 |
| WS Worthington Steel Inc. | Add +359.0% | 0.72% | +0.57 |
| SBH Sally Beauty Holdings Inc. | New | 0.56% | +0.56 |
| CMP Compass Minerals Internation | Add +0.2% | 1.08% | +0.24 |
| PSLV Sprott Physical Silver Trust | Add +0.7% | 0.79% | −0.26 |
| AN Autonation Inc. | Add +3.2% | 6.74% | −0.38 |
| AR Antero Resources Corp. | Add +0.9% | 2.19% | −0.53 |
| NRP Natural Resource Partners LP | Add +11.5% | 5.16% | −0.83 |
| RRC Range Resources Corp. | Add +1.9% | 5.06% | −1.20 |
| PHYS Sprott Physical Gold Trust | Add +1.4% | 8.58% | −1.73 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 31 | $160.6M | PHYS, BLDR, SGOL, MOH, ALSN |
| Q1 2026 | 29 | $154.8M | PHYS, SGOL, ALSN, VNOM, AN |
| Q4 2025 | 23 | $131.6M | SGOL, PHYS, ALGT, ALSN, VNOM |
| Q3 2025 | 26 | $134.3M | SGOL, PHYS, AN, DHI, VNOM |
| Q2 2025 | 27 | $120.2M | SGOL, PHYS, AN, DHI, BLDR |
| Q1 2025 | 30 | $106.2M | SGOL, PHYS, CAR, AN, STR |
| Q4 2024 | 29 | $86.8M | SGOL, ALGT, PHYS, STR, SDRL |
| Q3 2024 | 25 | $95.1M | SGOL, ALGT, STR, PHYS, BLDR |
| Q2 2024 | 26 | $95.4M | SGOL, STR, SDRL, ALGT, NE |
| Q1 2024 | 21 | $96.4M | SGOL, STR, ALGT, SDRL, NE |