In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 10, 2024), Walnut Level Capital LLC reported 27 stock positions worth $119.0 million . Its top holding was Methanex (MEOH) at 12.5% of the portfolio, followed by Air Products & Chemicals (APD, 11.4% ) and Orion (OEC, 9.7% ). Compared with Q4 2023, it opened 3 new positions, sold out of 3, added to 9 and reduced 5. The biggest buy was Methanex (MEOH, shares +40% ) and the biggest sale Ingredion (INGR, shares −63% ).
Location DENVER, CO
CIK 0001803088
Portfolio Value $119.0M (Q1 2024) Holdings 27 stocks · $119.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 MEOH Methanex Corp. 333,503 $14.9M Add +39.6% APD Air Products & Chemicals Inc. 55,995 $13.6M Add +10.6% OEC Orion SA 488,811 $11.5M Add +51.6% DD Dupont DE Nemours Inc. 126,526 $9.7M Add +12.6% HUN Huntsman Corp. 339,991 $8.8M Add +25.9% EMN Eastman Chemical Co. 80,887 $8.1M Reduce -1.3% PPG PPG Industries Inc. 48,766 $7.1M Add +30.5% PPC Pilgrim's Pride Corp. 178,735 $6.1M Reduce -38.5% INGR Ingredion Inc. 50,522 $5.9M Reduce -62.6% FCX Freeport-McMoran Inc. 91,340 $4.3M Add +92.7% AGRO Adecoagro SA 323,317 $3.6M Add +63.0% TROX Tronox Holdings PLC 201,500 $3.5M Add +11.9% REX Rex American Resources Corp. 48,086 $2.8M Reduce -53.3% BG Bunge Global SA 25,000 $2.6M No change OLN Olin Corp. 40,000 $2.4M No change CTVA Corteva Inc. 40,000 $2.3M Reduce -2.6% STKL Sunopta Inc. 325,000 $2.2M No change ECL Ecolab Inc. 7,523 $1.7M No change ERO Ero Copper Corp. 75,575 $1.5M New AVO Mission Produce Inc. 115,000 $1.4M New CE Celanese Corp. 7,500 $1.3M No change CNH CNH Industrial NV 80,000 $1.0M No change CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 10,000 $832K No change AXTA Axalta Coating Systems Ltd. 17,500 $602K No change MP MP Materials Corp. 40,000 $572K No change IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 6,614 $569K No change IE Ivanhoe Electric Inc. / US 21,500 $211K New
Options reported separately and not counted above: MEOH calls ($14.5M), IWM puts ($10.5M), REX calls ($8.8M), OEC calls ($7.6M), INGR calls ($5.8M), FCX puts ($4.7M).
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ INGR Ingredion Inc. Reduce -62.6% 4.96% −8.18 PPC Pilgrim's Pride Corp. Reduce -38.5% 5.15% −2.05 REX Rex American Resources Corp. Reduce -53.3% 2.37% −1.99 LIN Linde PLC Sold out 0.00% −0.02 GIS General Mills Inc. Sold out 0.00% −0.01 ANDE The Andersons Inc. Sold out 0.00% −0.01 CTVA Corteva Inc. Reduce -2.6% 1.94% +0.18 EMN Eastman Chemical Co. Reduce -1.3% 6.81% +0.22
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ MEOH Methanex Corp. Add +39.6% 12.51% +2.38 FCX Freeport-McMoran Inc. Add +92.7% 3.61% +1.80 OEC Orion SA Add +51.6% 9.66% +1.65 HUN Huntsman Corp. Add +25.9% 7.44% +1.36 ERO Ero Copper Corp. New 1.22% +1.22 AVO Mission Produce Inc. New 1.15% +1.15 AGRO Adecoagro SA Add +63.0% 2.99% +1.02 PPG PPG Industries Inc. Add +30.5% 5.94% +0.93 TROX Tronox Holdings PLC Add +11.9% 2.94% +0.66 DD Dupont DE Nemours Inc. Add +12.6% 8.15% +0.41 IE Ivanhoe Electric Inc. / US New 0.18% +0.18 APD Air Products & Chemicals Inc. Add +10.6% 11.40% −1.02
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ MEOH Methanex Corp. call Add +160.0% 325,000 $14.5M IWM iShares Russell 2000 ETF put New 50,000 $10.5M REX Rex American Resources Corp. call Add +200.0% 150,000 $8.8M OEC Orion SA call Add +160.0% 325,000 $7.6M INGR Ingredion Inc. call Add +100.0% 50,000 $5.8M FCX Freeport-McMoran Inc. put New 100,000 $4.7M ADM Archer-Daniels-Midland Co. put Sold out 50,000 $3.6Mbefore exit DAR Darling Ingredients Inc. call Sold out 50,000 $2.5Mbefore exit AVO Mission Produce Inc. call Sold out 200,000 $2.0Mbefore exit PPC Pilgrim's Pride Corp. call Sold out 50,000 $1.4Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 0 $0 Q1 2026 35 $87.6M DAR, MEOH, BG, ANDE, CE Q4 2025 32 $125.3M ANDE, MEOH, DAR, BG, AVO Q3 2025 31 $141.1M ANDE, MEOH, AVO, BG, DAR Q2 2025 34 $124.9M BG, AVO, ADM, MEOH, OEC Q1 2025 33 $125.2M HUN, OEC, MEOH, AVO, AVNT Q4 2024 36 $182.3M MEOH, PPG, EMN, HUN, OEC Q3 2024 27 $166.1M MEOH, EMN, HUN, APD, HRL Q2 2024 34 $147.4M MEOH, APD, PPG, OEC, EMN Q1 2024 27 $119.0M MEOH, APD, OEC, DD, HUN