Mountain Lake Investment Management LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Mountain Lake Investment Management LLC reported 25 stock positions worth $95.1 million. Its top holding was Abrdn Physical Gold Shares (SGOL) at 15.2% of the portfolio, followed by Allegiant Travel (ALGT, 9.1%) and Sitio Royalties Class A (STR, 8.2%). Compared with Q2 2024, it opened 1 new position, sold out of 2, added to 12 and reduced 5. The biggest buy was Builders Firstsource (BLDR, shares +3%) and the biggest sale an exit from Triple Flag Precious Met (TFPM).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001308555
- Portfolio Value
- $95.1M (Q3 2024)
- SEC Filing
- 0001308555-24-000004 ↗ filed Nov 14, 2024
Holdings Value
Holdings 25 stocks · $95.1M
| SGOL Abrdn Physical Gold Shares | 15.19% | 575,000 | $14.4M | Reduce -9.4% |
| ALGT Allegiant Travel Co. | 9.09% | 157,000 | $8.6M | Add +10.6% |
| STR Sitio Royalties Corp. Class A | 8.22% | 375,000 | $7.8M | No change |
| PHYS Sprott Physical Gold Trust | 7.82% | 365,000 | $7.4M | No change |
| BLDR Builders Firstsource Inc. | 6.93% | 34,000 | $6.6M | Add +3.0% |
| CAR Avis Budget Group Inc. | 6.91% | 75,000 | $6.6M | Add +66.7% |
| SDRL Seadrill Limited | 6.68% | 160,000 | $6.4M | Add +3.2% |
| NXE Nexgen Energy Ltd. | 6.52% | 950,000 | $6.2M | No change |
| AN Autonation Inc. | 5.93% | 31,500 | $5.6M | Add +10.5% |
| NE Noble Corp. PLC | 5.32% | 140,000 | $5.1M | Reduce -9.7% |
| AR Antero Resources Corp. | 4.88% | 162,000 | $4.6M | Add +12.9% |
| URNJ Sprott Jr Uranium Miners ETF | 2.90% | 125,000 | $2.8M | Add +22.2% |
| OPLN Openlane Inc. | 2.13% | 120,000 | $2.0M | No change |
| HTZ Hertz Global Hldgs Inc. | 1.91% | 550,000 | $1.8M | Add +10.0% |
| GDXJ Vaneck Junior Gold Miners | 1.69% | 33,000 | $1.6M | Add +22.2% |
| PDS Precision Drilling Corp. | 1.62% | 25,000 | $1.5M | Reduce -16.7% |
| SII Sprott Inc. | 1.05% | 23,000 | $996K | No change |
| OKLO Oklo Inc. | 0.98% | 115,000 | $930K | Add +14.4% |
| PPLT Abrdn Physical Platinum SHRS | 0.94% | 10,000 | $898K | Add +17.6% |
| SA Seabridge Gold Inc. | 0.88% | 50,000 | $840K | Reduce -5.7% |
| URNM Sprott Uranium Miners ETF | 0.87% | 18,000 | $826K | New |
| VSTO Vista Outdoor Inc. | 0.77% | 18,781 | $736K | Reduce -4.8% |
| FRPH FRP Holdings Inc. filed as FRP HLDGS INC | 0.31% | 10,000 | $299K | No change |
| ALCO Alico Inc. | 0.24% | 8,000 | $224K | No change |
| PSLV Sprott Physical Silver Trust | 0.22% | 20,000 | $209K | Add +33.3% |
Portfolio Sells Q2 2024 → Q3 2024
| TFPM Triple Flag Precious Met | Sold out | 0.00% | −4.14 |
| NE Noble Corp. PLC | Reduce -9.7% | 5.32% | −1.93 |
| EWBC East West Bancorp Inc. | Sold out | 0.00% | −0.65 |
| PDS Precision Drilling Corp. | Reduce -16.7% | 1.62% | −0.59 |
| VSTO Vista Outdoor Inc. | Reduce -4.8% | 0.77% | −0.00 |
| SA Seabridge Gold Inc. | Reduce -5.7% | 0.88% | +0.12 |
| SGOL Abrdn Physical Gold Shares | Reduce -9.4% | 15.19% | +0.41 |
Portfolio Buys Q2 2024 → Q3 2024
| BLDR Builders Firstsource Inc. | Add +3.0% | 6.93% | +2.14 |
| CAR Avis Budget Group Inc. | Add +66.7% | 6.91% | +1.98 |
| ALGT Allegiant Travel Co. | Add +10.6% | 9.09% | +1.61 |
| AN Autonation Inc. | Add +10.5% | 5.93% | +1.17 |
| URNM Sprott Uranium Miners ETF | New | 0.87% | +0.87 |
| GDXJ Vaneck Junior Gold Miners | Add +22.2% | 1.69% | +0.50 |
| URNJ Sprott Jr Uranium Miners ETF | Add +22.2% | 2.90% | +0.34 |
| PPLT Abrdn Physical Platinum SHRS | Add +17.6% | 0.94% | +0.13 |
| OKLO Oklo Inc. | Add +14.4% | 0.98% | +0.09 |
| PSLV Sprott Physical Silver Trust | Add +33.3% | 0.22% | +0.06 |
| HTZ Hertz Global Hldgs Inc. | Add +10.0% | 1.91% | +0.06 |
| AR Antero Resources Corp. | Add +12.9% | 4.88% | −0.03 |
| SDRL Seadrill Limited | Add +3.2% | 6.68% | −1.68 |
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 |