Mountain Lake Investment Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Mountain Lake Investment Management LLC reported 23 stock positions worth $131.6 million. Its top holding was Abrdn Physical Gold Shares (SGOL) at 11.3% of the portfolio, followed by Sprott Physical Gold Trust (PHYS, 11.3%) and Allegiant Travel (ALGT, 8.2%). Compared with Q3 2025, it opened 2 new positions, sold out of 5, added to 6 and reduced 15. The biggest buy was Allison Transmission (ALSN, shares +10%) and the biggest sale an exit from Centene (CNC).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001308555
- Portfolio Value
- $131.6M (Q4 2025)
- SEC Filing
- 0001754960-26-000189 ↗ filed Feb 17, 2026
Holdings Value
Holdings 23 stocks · $131.6M
| SGOL Abrdn Physical Gold Shares | 11.32% | 362,721 | $14.9M | Reduce -21.0% |
| PHYS Sprott Physical Gold Trust | 11.32% | 451,183 | $14.9M | Reduce -2.4% |
| ALGT Allegiant Travel Co. | 8.20% | 126,494 | $10.8M | Reduce -7.5% |
| ALSN Allison Transmission Holding | 8.17% | 109,791 | $10.7M | Add +10.0% |
| VNOM Viper Energy Inc. Class A | 7.38% | 251,563 | $9.7M | Reduce -2.4% |
| AN Autonation Inc. | 7.38% | 47,032 | $9.7M | Reduce -3.4% |
| BLDR Builders Firstsource Inc. | 6.56% | 83,944 | $8.6M | Add +9.6% |
| DHI D.R. Horton Inc. | 6.55% | 59,850 | $8.6M | Reduce -2.7% |
| NRP Natural Resource Partners LP | 5.18% | 65,330 | $6.8M | Add +43.2% |
| NE Noble Corp. PLC | 4.97% | 231,491 | $6.5M | Add +2.0% |
| SDRL Seadrill Limited | 3.35% | 127,463 | $4.4M | Reduce -12.4% |
| EOG EOG Resources Inc. | 3.30% | 41,348 | $4.3M | Reduce -17.3% |
| AR Antero Resources Corp. | 2.60% | 99,192 | $3.4M | Reduce -2.4% |
| HP Helmerich & Payne | 2.58% | 118,197 | $3.4M | Reduce -13.3% |
| PSLV Sprott Physical Silver Trust | 1.89% | 105,376 | $2.5M | Add +5.5% |
| TFPM Triple Flag Precious Met | 1.84% | 72,712 | $2.4M | Reduce -2.4% |
| PPLT Abrdn Physical Platinum SHRS | 1.61% | 11,383 | $2.1M | Reduce -15.3% |
| ET Energy Transfer LP | 1.24% | 99,285 | $1.6M | Reduce -9.6% |
| VAL Valaris Ltd. | 1.19% | 31,192 | $1.6M | Reduce -2.5% |
| PAA Plains All Amer Pipeline LP | 1.18% | 86,237 | $1.5M | Reduce -2.3% |
| OPLN Openlane Inc. | 1.09% | 48,036 | $1.4M | Add +8.0% |
| DVA Davita Inc. | 0.74% | 8,547 | $971K | New |
| CMP Compass Minerals Internation | 0.36% | 23,905 | $469K | New |
Portfolio Sells Q3 2025 → Q4 2025
| CNC Centene Corp. | Sold out | 0.00% | −2.22 |
| SGOL Abrdn Physical Gold Shares | Reduce -21.0% | 11.32% | −1.26 |
| DHI D.R. Horton Inc. | Reduce -2.7% | 6.55% | −1.21 |
| CI The Cigna Group | Sold out | 0.00% | −1.10 |
| CNR Core Natural Resources Inc. | Sold out | 0.00% | −1.10 |
| EOG EOG Resources Inc. | Reduce -17.3% | 3.30% | −0.87 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −0.68 |
| AN Autonation Inc. | Reduce -3.4% | 7.38% | −0.55 |
| WES Western Midstream Partners L | Sold out | 0.00% | −0.24 |
| ET Energy Transfer LP | Reduce -9.6% | 1.24% | −0.16 |
| VAL Valaris Ltd. | Reduce -2.5% | 1.19% | +0.03 |
| VNOM Viper Energy Inc. Class A | Reduce -2.4% | 7.38% | +0.05 |
| PAA Plains All Amer Pipeline LP | Reduce -2.3% | 1.18% | +0.06 |
| AR Antero Resources Corp. | Reduce -2.4% | 2.60% | +0.06 |
| SDRL Seadrill Limited | Reduce -12.4% | 3.35% | +0.08 |
| PPLT Abrdn Physical Platinum SHRS | Reduce -15.3% | 1.61% | +0.18 |
| TFPM Triple Flag Precious Met | Reduce -2.4% | 1.84% | +0.21 |
| HP Helmerich & Payne | Reduce -13.3% | 2.58% | +0.33 |
| PHYS Sprott Physical Gold Trust | Reduce -2.4% | 11.32% | +1.13 |
| ALGT Allegiant Travel Co. | Reduce -7.5% | 8.20% | +2.01 |
Portfolio Buys Q3 2025 → Q4 2025
| ALSN Allison Transmission Holding | Add +10.0% | 8.17% | +1.86 |
| NRP Natural Resource Partners LP | Add +43.2% | 5.18% | +1.62 |
| DVA Davita Inc. | New | 0.74% | +0.74 |
| PSLV Sprott Physical Silver Trust | Add +5.5% | 1.89% | +0.73 |
| CMP Compass Minerals Internation | New | 0.36% | +0.36 |
| NE Noble Corp. PLC | Add +2.0% | 4.97% | +0.19 |
| OPLN Openlane Inc. | Add +8.0% | 1.09% | +0.13 |
| BLDR Builders Firstsource Inc. | Add +9.6% | 6.56% | −0.35 |
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 |