Mountain Lake Investment Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Mountain Lake Investment Management LLC reported 27 stock positions worth $120.2 million. Its top holding was Abrdn Physical Gold Shares (SGOL) at 13.5% of the portfolio, followed by Sprott Physical Gold Trust (PHYS, 10.3%) and Autonation (AN, 8.7%). Compared with Q1 2025, it opened 4 new positions, sold out of 7, added to 13 and reduced 6. The biggest buy was a new position in D.R. Horton (DHI) and the biggest sale an exit from Avis Budget (CAR).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001308555
- Portfolio Value
- $120.2M (Q2 2025)
- SEC Filing
- 0001754960-25-000610 ↗ filed Aug 14, 2025
Holdings Value
Holdings 27 stocks · $120.2M
| SGOL Abrdn Physical Gold Shares | 13.54% | 515,933 | $16.3M | Reduce -2.5% |
| PHYS Sprott Physical Gold Trust | 10.35% | 490,593 | $12.4M | No change |
| AN Autonation Inc. | 8.67% | 52,458 | $10.4M | Add +6.6% |
| DHI D.R. Horton Inc. | 7.92% | 73,790 | $9.5M | New |
| BLDR Builders Firstsource Inc. | 7.88% | 81,145 | $9.5M | Add +46.8% |
| ALGT Allegiant Travel Co. | 6.75% | 147,702 | $8.1M | Add +13.7% |
| STR Sitio Royalties Corp. Class A | 6.60% | 431,746 | $7.9M | Add +12.8% |
| SDRL Seadrill Limited | 5.26% | 240,960 | $6.3M | Add +21.9% |
| EOG EOG Resources Inc. | 4.88% | 49,035 | $5.9M | Add +26.7% |
| NE Noble Corp. PLC | 4.58% | 207,123 | $5.5M | Reduce -4.4% |
| NRP Natural Resource Partners LP | 2.98% | 37,550 | $3.6M | Add +69.9% |
| AR Antero Resources Corp. | 2.71% | 80,720 | $3.3M | Reduce -32.0% |
| PDS Precision Drilling Corp. | 2.43% | 61,712 | $2.9M | No change |
| ET Energy Transfer LP | 1.74% | 115,617 | $2.1M | Add +175.0% |
| TFPM Triple Flag Precious Met | 1.54% | 77,979 | $1.8M | Add +60.1% |
| FRPH FRP Holdings Inc. filed as FRP HLDGS INC | 1.49% | 66,799 | $1.8M | Add +72.4% |
| PPLT Abrdn Physical Platinum SHRS | 1.43% | 13,960 | $1.7M | No change |
| OZK Bank Ozk | 1.37% | 35,026 | $1.6M | Reduce -1.1% |
| PAA Plains All Amer Pipeline LP | 1.35% | 88,281 | $1.6M | New |
| OPLN Openlane Inc. | 1.32% | 65,036 | $1.6M | Reduce -35.1% |
| VAL Valaris Ltd. | 1.19% | 33,925 | $1.4M | Add +48.1% |
| CNR Core Natural Resources Inc. | 0.92% | 15,766 | $1.1M | Add +37.1% |
| ALSN Allison Transmission Holding | 0.77% | 9,713 | $923K | New |
| JOE The St Joe Co. | 0.74% | 18,708 | $892K | No change |
| BTU Peabody Energy Corp. | 0.66% | 59,345 | $796K | Reduce -48.2% |
| PSLV Sprott Physical Silver Trust | 0.65% | 63,476 | $777K | Add +111.6% |
| ALCO Alico Inc. | 0.28% | 10,236 | $335K | New |
Portfolio Sells Q1 2025 → Q2 2025
| CAR Avis Budget Group Inc. | Sold out | 0.00% | −7.73 |
| HTZ Hertz Global Hldgs Inc. | Sold out | 0.00% | −1.89 |
| AR Antero Resources Corp. | Reduce -32.0% | 2.71% | −1.81 |
| SGOL Abrdn Physical Gold Shares | Reduce -2.5% | 13.54% | −1.32 |
| SYY Sysco Corp. | Sold out | 0.00% | −0.85 |
| BTU Peabody Energy Corp. | Reduce -48.2% | 0.66% | −0.80 |
| GDX Vaneck Gold Miners ETF | Sold out | 0.00% | −0.51 |
| OPLN Openlane Inc. | Reduce -35.1% | 1.32% | −0.50 |
| MTN Vail Resorts Inc. | Sold out | 0.00% | −0.30 |
| GDXJ Vaneck Junior Gold Miners | Sold out | 0.00% | −0.27 |
| NE Noble Corp. PLC | Reduce -4.4% | 4.58% | −0.26 |
| OZK Bank Ozk | Reduce -1.1% | 1.37% | −0.08 |
| UROY Uranium Royalty Corp. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| DHI D.R. Horton Inc. | New | 7.92% | +7.92 |
| BLDR Builders Firstsource Inc. | Add +46.8% | 7.88% | +1.38 |
| PAA Plains All Amer Pipeline LP | New | 1.35% | +1.35 |
| AN Autonation Inc. | Add +6.6% | 8.67% | +1.17 |
| ET Energy Transfer LP | Add +175.0% | 1.74% | +1.01 |
| NRP Natural Resource Partners LP | Add +69.9% | 2.98% | +0.82 |
| ALSN Allison Transmission Holding | New | 0.77% | +0.77 |
| TFPM Triple Flag Precious Met | Add +60.1% | 1.54% | +0.66 |
| SDRL Seadrill Limited | Add +21.9% | 5.26% | +0.61 |
| FRPH FRP Holdings Inc. | Add +72.4% | 1.49% | +0.45 |
| ALGT Allegiant Travel Co. | Add +13.7% | 6.75% | +0.44 |
| VAL Valaris Ltd. | Add +48.1% | 1.19% | +0.34 |
| PSLV Sprott Physical Silver Trust | Add +111.6% | 0.65% | +0.32 |
| ALCO Alico Inc. | New | 0.28% | +0.28 |
| EOG EOG Resources Inc. | Add +26.7% | 4.88% | +0.21 |
| CNR Core Natural Resources Inc. | Add +37.1% | 0.92% | +0.08 |
| STR Sitio Royalties Corp. Class A | Add +12.8% | 6.60% | −0.56 |
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 |