Mountain Lake Investment Management LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Mountain Lake Investment Management LLC reported 26 stock positions worth $95.4 million. Its top holding was Abrdn Physical Gold Shares (SGOL) at 14.8% of the portfolio, followed by Sitio Royalties Class A (STR, 9.3%) and Seadrill (SDRL, 8.4%). Compared with Q1 2024, it opened 7 new positions, sold out of 2, added to 8 and reduced 8. The biggest buy was a new position in Avis Budget (CAR) and the biggest sale an exit from Asbury Automotive (ABG).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001308555
- Portfolio Value
- $95.4M (Q2 2024)
- SEC Filing
- 0001308555-24-000003 ↗ filed Aug 14, 2024
Holdings Value
Holdings 26 stocks · $95.4M
| SGOL Abrdn Physical Gold Shares | 14.78% | 635,000 | $14.1M | Add +1.6% |
| STR Sitio Royalties Corp. Class A | 9.28% | 375,000 | $8.9M | No change |
| SDRL Seadrill Limited | 8.36% | 155,000 | $8.0M | Reduce -4.9% |
| ALGT Allegiant Travel Co. | 7.47% | 142,000 | $7.1M | Add +20.3% |
| NE Noble Corp. PLC | 7.25% | 155,000 | $6.9M | Reduce -5.2% |
| NXE Nexgen Energy Ltd. | 6.95% | 950,000 | $6.6M | Reduce -6.4% |
| PHYS Sprott Physical Gold Trust | 6.91% | 365,000 | $6.6M | Add +4.3% |
| CAR Avis Budget Group Inc. | 4.93% | 45,000 | $4.7M | New |
| AR Antero Resources Corp. | 4.91% | 143,500 | $4.7M | Reduce -28.6% |
| BLDR Builders Firstsource Inc. | 4.79% | 33,000 | $4.6M | Add +178.5% |
| AN Autonation Inc. | 4.76% | 28,500 | $4.5M | Add +256.3% |
| TFPM Triple Flag Precious Met | 4.14% | 255,000 | $4.0M | Reduce -7.3% |
| URNJ Sprott Jr Uranium Miners ETF | 2.56% | 102,300 | $2.4M | No change |
| PDS Precision Drilling Corp. | 2.21% | 30,000 | $2.1M | Reduce -59.5% |
| OPLN Openlane Inc. | 2.09% | 120,000 | $2.0M | Add +140.0% |
| HTZ Hertz Global Hldgs Inc. | 1.85% | 500,000 | $1.8M | New |
| GDXJ Vaneck Junior Gold Miners | 1.19% | 27,000 | $1.1M | Add +8.0% |
| SII Sprott Inc. | 1.00% | 23,000 | $952K | Add +53.3% |
| OKLO Oklo Inc. | 0.89% | 100,551 | $852K | New |
| PPLT Abrdn Physical Platinum SHRS | 0.81% | 8,500 | $777K | New |
| VSTO Vista Outdoor Inc. | 0.78% | 19,720 | $742K | Reduce -85.4% |
| SA Seabridge Gold Inc. | 0.76% | 53,000 | $726K | Reduce -5.4% |
| EWBC East West Bancorp Inc. | 0.65% | 8,500 | $622K | New |
| FRPH FRP Holdings Inc. filed as FRP HLDGS INC | 0.30% | 10,000 | $285K | No change |
| ALCO Alico Inc. | 0.22% | 8,000 | $207K | New |
| PSLV Sprott Physical Silver Trust | 0.16% | 15,000 | $149K | New |
Portfolio Sells Q1 2024 → Q2 2024
| ABG Asbury Automotive Group | Sold out | 0.00% | −4.52 |
| VSTO Vista Outdoor Inc. | Reduce -85.4% | 0.78% | −3.81 |
| PDS Precision Drilling Corp. | Reduce -59.5% | 2.21% | −2.95 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −1.50 |
| NXE Nexgen Energy Ltd. | Reduce -6.4% | 6.95% | −1.23 |
| AR Antero Resources Corp. | Reduce -28.6% | 4.91% | −1.14 |
| NE Noble Corp. PLC | Reduce -5.2% | 7.25% | −0.97 |
| SDRL Seadrill Limited | Reduce -4.9% | 8.36% | −0.14 |
| SA Seabridge Gold Inc. | Reduce -5.4% | 0.76% | −0.12 |
| TFPM Triple Flag Precious Met | Reduce -7.3% | 4.14% | +0.02 |
Portfolio Buys Q1 2024 → Q2 2024
| CAR Avis Budget Group Inc. | New | 4.93% | +4.93 |
| AN Autonation Inc. | Add +256.3% | 4.76% | +3.39 |
| BLDR Builders Firstsource Inc. | Add +178.5% | 4.79% | +2.22 |
| HTZ Hertz Global Hldgs Inc. | New | 1.85% | +1.85 |
| OPLN Openlane Inc. | Add +140.0% | 2.09% | +1.19 |
| SGOL Abrdn Physical Gold Shares | Add +1.6% | 14.78% | +1.02 |
| OKLO Oklo Inc. | New | 0.89% | +0.89 |
| PPLT Abrdn Physical Platinum SHRS | New | 0.81% | +0.81 |
| EWBC East West Bancorp Inc. | New | 0.65% | +0.65 |
| PHYS Sprott Physical Gold Trust | Add +4.3% | 6.91% | +0.63 |
| SII Sprott Inc. | Add +53.3% | 1.00% | +0.42 |
| ALCO Alico Inc. | New | 0.22% | +0.22 |
| GDXJ Vaneck Junior Gold Miners | Add +8.0% | 1.19% | +0.19 |
| PSLV Sprott Physical Silver Trust | New | 0.16% | +0.16 |
| ALGT Allegiant Travel Co. | Add +20.3% | 7.47% | −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 |