Mountain Lake Investment Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Mountain Lake Investment Management LLC reported 29 stock positions worth $154.8 million. Its top holding was Sprott Physical Gold Trust (PHYS) at 10.3% of the portfolio, followed by Abrdn Physical Gold Shares (SGOL, 9.4%) and Allison Transmission (ALSN, 8.5%). Compared with Q4 2025, it opened 9 new positions, sold out of 3, added to 9 and reduced 7. The biggest buy was a new position in Range Resources (RRC) and the biggest sale an exit from Allegiant Travel (ALGT).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001308555
- Portfolio Value
- $154.8M (Q1 2026)
- SEC Filing
- 0001754960-26-000390 ↗ filed May 15, 2026
Holdings Value
Holdings 29 stocks · $154.8M
| PHYS Sprott Physical Gold Trust | 10.31% | 450,344 | $16.0M | Reduce -0.2% |
| SGOL Abrdn Physical Gold Shares | 9.37% | 324,918 | $14.5M | Reduce -10.4% |
| ALSN Allison Transmission Holding | 8.45% | 111,803 | $13.1M | Add +1.8% |
| VNOM Viper Energy Inc. Class A | 7.77% | 256,139 | $12.0M | Add +1.8% |
| AN Autonation Inc. | 7.12% | 56,445 | $11.0M | Add +20.0% |
| NE Noble Corp. PLC | 6.59% | 207,795 | $10.2M | Reduce -10.2% |
| RRC Range Resources Corp. | 6.26% | 214,515 | $9.7M | New |
| NRP Natural Resource Partners LP | 5.99% | 76,673 | $9.3M | Add +17.4% |
| DHI D.R. Horton Inc. | 5.81% | 65,590 | $9.0M | Add +9.6% |
| BLDR Builders Firstsource Inc. | 5.57% | 104,641 | $8.6M | Add +24.7% |
| MOH Molina Healthcare Inc. | 4.36% | 50,618 | $6.7M | New |
| AGM Federal Agric MTG Corp. Class C | 4.11% | 42,844 | $6.4M | New |
| HP Helmerich & Payne | 2.75% | 118,197 | $4.3M | No change |
| AR Antero Resources Corp. | 2.72% | 99,192 | $4.2M | No change |
| TFPM Triple Flag Precious Met | 2.02% | 90,203 | $3.1M | Add +24.1% |
| SDRL Seadrill Limited | 1.52% | 51,812 | $2.4M | Reduce -59.4% |
| OPLN Openlane Inc. | 1.50% | 79,537 | $2.3M | Add +65.6% |
| PAA Plains All Amer Pipeline LP | 1.24% | 86,237 | $1.9M | No change |
| ET Energy Transfer LP | 1.24% | 99,285 | $1.9M | No change |
| PSLV Sprott Physical Silver Trust | 1.05% | 66,874 | $1.6M | Reduce -36.5% |
| CALM Cal-Maine Foods Inc. | 0.90% | 17,505 | $1.4M | New |
| CMP Compass Minerals Internation | 0.84% | 55,636 | $1.3M | Add +132.7% |
| DVA Davita Inc. | 0.71% | 7,153 | $1.1M | Reduce -16.3% |
| SILJ Amplify Junior Silver Miners | 0.58% | 30,250 | $899K | New |
| VAL Valaris Ltd. | 0.52% | 8,270 | $811K | Reduce -73.5% |
| AGI Alamos Gold Inc. Class A | 0.23% | 8,000 | $355K | New |
| SLB SLB Ltd. filed as SLB LIMITED | 0.18% | 5,425 | $279K | New |
| WS Worthington Steel Inc. | 0.15% | 7,500 | $228K | New |
| GOOGL Alphabet Inc. Class A | 0.14% | 750 | $216K | New |
Portfolio Sells Q4 2025 → Q1 2026
| ALGT Allegiant Travel Co. | Sold out | 0.00% | −8.20 |
| EOG EOG Resources Inc. | Sold out | 0.00% | −3.30 |
| SGOL Abrdn Physical Gold Shares | Reduce -10.4% | 9.37% | −1.96 |
| SDRL Seadrill Limited | Reduce -59.4% | 1.52% | −1.83 |
| PPLT Abrdn Physical Platinum SHRS | Sold out | 0.00% | −1.61 |
| PHYS Sprott Physical Gold Trust | Reduce -0.2% | 10.31% | −1.01 |
| PSLV Sprott Physical Silver Trust | Reduce -36.5% | 1.05% | −0.84 |
| VAL Valaris Ltd. | Reduce -73.5% | 0.52% | −0.67 |
| DVA Davita Inc. | Reduce -16.3% | 0.71% | −0.03 |
| NE Noble Corp. PLC | Reduce -10.2% | 6.59% | +1.62 |
Portfolio Buys Q4 2025 → Q1 2026
| RRC Range Resources Corp. | New | 6.26% | +6.26 |
| MOH Molina Healthcare Inc. | New | 4.36% | +4.36 |
| AGM Federal Agric MTG Corp. Class C | New | 4.11% | +4.11 |
| CALM Cal-Maine Foods Inc. | New | 0.90% | +0.90 |
| NRP Natural Resource Partners LP | Add +17.4% | 5.99% | +0.81 |
| SILJ Amplify Junior Silver Miners | New | 0.58% | +0.58 |
| CMP Compass Minerals Internation | Add +132.7% | 0.84% | +0.48 |
| OPLN Openlane Inc. | Add +65.6% | 1.50% | +0.41 |
| VNOM Viper Energy Inc. Class A | Add +1.8% | 7.77% | +0.39 |
| ALSN Allison Transmission Holding | Add +1.8% | 8.45% | +0.29 |
| AGI Alamos Gold Inc. Class A | New | 0.23% | +0.23 |
| TFPM Triple Flag Precious Met | Add +24.1% | 2.02% | +0.19 |
| SLB SLB Ltd. | New | 0.18% | +0.18 |
| WS Worthington Steel Inc. | New | 0.15% | +0.15 |
| GOOGL Alphabet Inc. Class A | New | 0.14% | +0.14 |
| AN Autonation Inc. | Add +20.0% | 7.12% | −0.26 |
| DHI D.R. Horton Inc. | Add +9.6% | 5.81% | −0.74 |
| BLDR Builders Firstsource Inc. | Add +24.7% | 5.57% | −1.00 |
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 |