Mountain Lake Investment Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Mountain Lake Investment Management LLC reported 26 stock positions worth $134.3 million. Its top holding was Abrdn Physical Gold Shares (SGOL) at 12.6% of the portfolio, followed by Sprott Physical Gold Trust (PHYS, 10.2%) and Autonation (AN, 7.9%). Compared with Q2 2025, it opened 5 new positions, sold out of 6, added to 7 and reduced 13. The biggest buy was a new position in Viper Energy Class A (VNOM) and the biggest sale an exit from Sitio Royalties Class A (STR).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001308555
- Portfolio Value
- $134.3M (Q3 2025)
- SEC Filing
- 0001754960-25-000797 ↗ filed Nov 14, 2025
Holdings Value
Holdings 26 stocks · $134.3M
| SGOL Abrdn Physical Gold Shares | 12.59% | 459,101 | $16.9M | Reduce -11.0% |
| PHYS Sprott Physical Gold Trust | 10.19% | 462,140 | $13.7M | Reduce -5.8% |
| AN Autonation Inc. | 7.93% | 48,684 | $10.7M | Reduce -7.2% |
| DHI D.R. Horton Inc. | 7.76% | 61,503 | $10.4M | Reduce -16.6% |
| VNOM Viper Energy Inc. Class A | 7.34% | 257,808 | $9.9M | New |
| BLDR Builders Firstsource Inc. | 6.91% | 76,562 | $9.3M | Reduce -5.7% |
| ALSN Allison Transmission Holding | 6.31% | 99,823 | $8.5M | Add +927.7% |
| ALGT Allegiant Travel Co. | 6.19% | 136,702 | $8.3M | Reduce -7.5% |
| NE Noble Corp. PLC | 4.78% | 226,853 | $6.4M | Add +9.5% |
| EOG EOG Resources Inc. | 4.17% | 49,988 | $5.6M | Add +1.9% |
| NRP Natural Resource Partners LP | 3.57% | 45,622 | $4.8M | Add +21.5% |
| SDRL Seadrill Limited | 3.27% | 145,436 | $4.4M | Reduce -39.6% |
| AR Antero Resources Corp. | 2.54% | 101,608 | $3.4M | Add +25.9% |
| HP Helmerich & Payne | 2.24% | 136,393 | $3.0M | New |
| CNC Centene Corp. | 2.22% | 83,402 | $3.0M | New |
| TFPM Triple Flag Precious Met | 1.62% | 74,516 | $2.2M | Reduce -4.4% |
| PPLT Abrdn Physical Platinum SHRS | 1.43% | 13,440 | $1.9M | Reduce -3.7% |
| ET Energy Transfer LP | 1.40% | 109,774 | $1.9M | Reduce -5.0% |
| PSLV Sprott Physical Silver Trust | 1.17% | 99,908 | $1.6M | Add +57.4% |
| VAL Valaris Ltd. | 1.16% | 31,974 | $1.6M | Reduce -5.8% |
| PAA Plains All Amer Pipeline LP | 1.12% | 88,281 | $1.5M | No change |
| CI The Cigna Group | 1.10% | 5,144 | $1.5M | New |
| CNR Core Natural Resources Inc. | 1.10% | 17,643 | $1.5M | Add +11.9% |
| OPLN Openlane Inc. | 0.95% | 44,493 | $1.3M | Reduce -31.6% |
| BTU Peabody Energy Corp. | 0.68% | 34,420 | $913K | Reduce -42.0% |
| WES Western Midstream Partners L | 0.24% | 8,363 | $329K | New |
Portfolio Sells Q2 2025 → Q3 2025
| STR Sitio Royalties Corp. Class A | Sold out | 0.00% | −6.60 |
| PDS Precision Drilling Corp. | Sold out | 0.00% | −2.43 |
| SDRL Seadrill Limited | Reduce -39.6% | 3.27% | −1.99 |
| FRPH FRP Holdings Inc. | Sold out | 0.00% | −1.49 |
| OZK Bank Ozk | Sold out | 0.00% | −1.37 |
| BLDR Builders Firstsource Inc. | Reduce -5.7% | 6.91% | −0.97 |
| SGOL Abrdn Physical Gold Shares | Reduce -11.0% | 12.59% | −0.96 |
| JOE The St Joe Co. | Sold out | 0.00% | −0.74 |
| AN Autonation Inc. | Reduce -7.2% | 7.93% | −0.74 |
| ALGT Allegiant Travel Co. | Reduce -7.5% | 6.19% | −0.57 |
| OPLN Openlane Inc. | Reduce -31.6% | 0.95% | −0.37 |
| ET Energy Transfer LP | Reduce -5.0% | 1.40% | −0.34 |
| ALCO Alico Inc. | Sold out | 0.00% | −0.28 |
| PHYS Sprott Physical Gold Trust | Reduce -5.8% | 10.19% | −0.15 |
| DHI D.R. Horton Inc. | Reduce -16.6% | 7.76% | −0.15 |
| VAL Valaris Ltd. | Reduce -5.8% | 1.16% | −0.03 |
| PPLT Abrdn Physical Platinum SHRS | Reduce -3.7% | 1.43% | +0.00 |
| BTU Peabody Energy Corp. | Reduce -42.0% | 0.68% | +0.02 |
| TFPM Triple Flag Precious Met | Reduce -4.4% | 1.62% | +0.09 |
Portfolio Buys Q2 2025 → Q3 2025
| VNOM Viper Energy Inc. Class A | New | 7.34% | +7.34 |
| ALSN Allison Transmission Holding | Add +927.7% | 6.31% | +5.54 |
| HP Helmerich & Payne | New | 2.24% | +2.24 |
| CNC Centene Corp. | New | 2.22% | +2.22 |
| CI The Cigna Group | New | 1.10% | +1.10 |
| NRP Natural Resource Partners LP | Add +21.5% | 3.57% | +0.58 |
| PSLV Sprott Physical Silver Trust | Add +57.4% | 1.17% | +0.52 |
| WES Western Midstream Partners L | New | 0.24% | +0.24 |
| NE Noble Corp. PLC | Add +9.5% | 4.78% | +0.20 |
| CNR Core Natural Resources Inc. | Add +11.9% | 1.10% | +0.18 |
| AR Antero Resources Corp. | Add +25.9% | 2.54% | −0.17 |
| EOG EOG Resources Inc. | Add +1.9% | 4.17% | −0.71 |
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 |