In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Walnut Level Capital LLC reported 34 stock positions worth $147.4 million . Its top holding was Methanex (MEOH) at 14.1% of the portfolio, followed by Air Products & Chemicals (APD, 12.8% ) and PPG Industries (PPG, 9.6% ). Compared with Q1 2024, it opened 10 new positions, sold out of 3, added to 10 and reduced 6. The biggest buy was a new position in Hormel Foods (HRL) and the biggest sale Dupont DE Nemours (DD, shares −57% ).
Location DENVER, CO
CIK 0001803088
Portfolio Value $147.4M (Q2 2024) Holdings 34 stocks · $147.4M 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 Q1 2024 MEOH Methanex Corp. 430,126 $20.8M Add +29.0% APD Air Products & Chemicals Inc. 73,268 $18.9M Add +30.9% PPG PPG Industries Inc. 111,954 $14.1M Add +129.6% OEC Orion SA 626,982 $13.8M Add +28.3% EMN Eastman Chemical Co. 132,659 $13.0M Add +64.0% HUN Huntsman Corp. 470,100 $10.7M Add +38.3% HRL Hormel Foods Corp. 195,000 $5.9M New DAR Darling Ingredients Inc. 148,633 $5.5M New DD Dupont DE Nemours Inc. 55,000 $4.4M Reduce -56.5% AVO Mission Produce Inc. 335,004 $3.3M Add +191.3% OLN Olin Corp. 70,000 $3.3M Add +75.0% LW Lamb Weston Holdings Inc. 34,584 $2.9M New TROX Tronox Holdings PLC 180,000 $2.8M Reduce -10.7% BG Bunge Global SA 25,000 $2.7M No change PPC Pilgrim's Pride Corp. 65,000 $2.5M Reduce -63.6% AGRO Adecoagro SA 241,317 $2.3M Reduce -25.4% SHW The Sherwin-Williams Co. 7,500 $2.2M New CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 30,000 $2.2M Add +200.0% CTVA Corteva Inc. 40,000 $2.2M No change MP MP Materials Corp. 165,500 $2.1M Add +313.8% ECL Ecolab Inc. 7,523 $1.8M No change STKL Sunopta Inc. 325,000 $1.8M No change REX Rex American Resources Corp. 35,586 $1.6M Reduce -26.0% TSN Tyson Foods Inc. Class A 25,000 $1.4M New MOS The Mosaic Co. 42,500 $1.2M New CE Celanese Corp. 7,500 $1.0M No change CC The Chemours Co. 42,788 $966K New IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 6,614 $630K No change AXTA Axalta Coating Systems Ltd. 17,500 $598K No change INGR Ingredion Inc. 5,000 $574K Reduce -90.1% CNH CNH Industrial NV 80,000 $80K No change LIN Linde PLC 54 $24K New GIS General Mills Inc. 162 $10K New ANDE The Andersons Inc. 163 $8K New
Options reported separately and not counted above: MEOH calls ($16.9M), OEC calls ($11.5M), BG puts ($10.7M), IWM puts ($10.1M), ADM puts ($8.3M), DAR calls ($7.3M), REX calls ($4.6M), MP calls ($2.5M), CC puts ($2.5M), HUN calls ($2.3M), AVO calls ($988K).
Portfolio Sells Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▲ DD Dupont DE Nemours Inc. Reduce -56.5% 3.00% −5.15 INGR Ingredion Inc. Reduce -90.1% 0.39% −4.57 FCX Freeport-McMoran Inc. Sold out 0.00% −3.61 PPC Pilgrim's Pride Corp. Reduce -63.6% 1.70% −3.46 AGRO Adecoagro SA Reduce -25.4% 1.59% −1.40 REX Rex American Resources Corp. Reduce -26.0% 1.10% −1.27 ERO Ero Copper Corp. Sold out 0.00% −1.22 TROX Tronox Holdings PLC Reduce -10.7% 1.92% −1.02 IE Ivanhoe Electric Inc. / US Sold out 0.00% −0.18
Portfolio Buys Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▼ HRL Hormel Foods Corp. New 4.03% +4.03 DAR Darling Ingredients Inc. New 3.71% +3.71 PPG PPG Industries Inc. Add +129.6% 9.56% +3.63 EMN Eastman Chemical Co. Add +64.0% 8.82% +2.01 LW Lamb Weston Holdings Inc. New 1.97% +1.97 MEOH Methanex Corp. Add +29.0% 14.09% +1.58 SHW The Sherwin-Williams Co. New 1.52% +1.52 APD Air Products & Chemicals Inc. Add +30.9% 12.83% +1.43 AVO Mission Produce Inc. Add +191.3% 2.25% +1.10 TSN Tyson Foods Inc. Class A New 0.97% +0.97 MP MP Materials Corp. Add +313.8% 1.43% +0.95 MOS The Mosaic Co. New 0.83% +0.83 CF CF Industries Holdings Inc. Add +200.0% 1.51% +0.81 CC The Chemours Co. New 0.66% +0.66 OLN Olin Corp. Add +75.0% 2.24% +0.26 LIN Linde PLC New 0.02% +0.02 GIS General Mills Inc. New 0.01% +0.01 ANDE The Andersons Inc. New 0.01% +0.01 HUN Huntsman Corp. Add +38.3% 7.26% −0.17 OEC Orion SA Add +28.3% 9.33% −0.33
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ MEOH Methanex Corp. call Add +7.7% 350,000 $16.9M OEC Orion SA call Add +61.5% 525,000 $11.5M BG Bunge Global SA put New 100,000 $10.7M ADM Archer-Daniels-Midland Co. put New 137,500 $8.3M DAR Darling Ingredients Inc. call New 200,000 $7.3M INGR Ingredion Inc. call Sold out 50,000 $5.8Mbefore exit FCX Freeport-McMoran Inc. put Sold out 100,000 $4.7Mbefore exit REX Rex American Resources Corp. call Reduce -33.3% 100,000 $4.6M MP MP Materials Corp. call New 200,000 $2.5M CC The Chemours Co. put New 110,000 $2.5M HUN Huntsman Corp. call New 100,000 $2.3M AVO Mission Produce Inc. call New 100,000 $988K
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