In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Walnut Level Capital LLC reported 36 stock positions worth $182.3 million . Its top holding was Methanex (MEOH) at 17.3% of the portfolio, followed by PPG Industries (PPG, 8.2% ) and Eastman Chemical (EMN, 8.1% ). Compared with Q3 2024, it opened 13 new positions, sold out of 4, added to 10 and reduced 6. The biggest buy was PPG Industries (PPG, shares +116% ) and the biggest sale Air Products & Chemicals (APD, shares −45% ).
Location DENVER, CO
CIK 0001803088
Portfolio Value $182.3M (Q4 2024) Holdings 36 stocks · $182.3M 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 Q3 2024 MEOH Methanex Corp. 631,102 $31.5M Add +7.7% PPG PPG Industries Inc. 124,954 $14.9M Add +115.6% EMN Eastman Chemical Co. 161,042 $14.7M Add +4.9% HUN Huntsman Corp. 679,719 $12.3M Reduce -2.7% OEC Orion SA 724,113 $11.4M Add +57.1% DD Dupont DE Nemours Inc. 115,674 $8.8M Add +65.3% AVO Mission Produce Inc. 587,970 $8.4M Add +56.0% WLK Westlake Corp. 72,285 $8.3M Add +60.6% HRL Hormel Foods Corp. 260,000 $8.2M Reduce -21.9% APD Air Products & Chemicals Inc. 27,892 $8.1M Reduce -44.6% DOW Dow Inc. 157,500 $6.3M New TROX Tronox Holdings PLC 455,742 $4.6M Add +49.4% CCK Crown Holdings Inc. 50,000 $4.1M New OLN Olin Corp. 111,000 $3.8M Reduce -41.1% SW Smurfit Westrock PLC 65,000 $3.5M New AVNT Avient Corp. 85,000 $3.5M New DAR Darling Ingredients Inc. 100,000 $3.4M New PPC Pilgrim's Pride Corp. 65,000 $3.0M No change STKL Sunopta Inc. 325,000 $2.5M No change ENTG Entegris Inc. 23,500 $2.3M New CTVA Corteva Inc. 40,000 $2.3M No change BG Bunge Global SA 25,000 $1.9M No change AGRO Adecoagro SA 198,317 $1.9M No change ECL Ecolab Inc. 7,523 $1.8M New NGVT Ingevity Corp. 40,000 $1.6M New REX Rex American Resources Corp. 35,586 $1.5M Reduce -61.3% MP MP Materials Corp. 95,000 $1.5M Add +2.7% CC The Chemours Co. 80,000 $1.4M Add +60.0% SSD Simpson Manufacturing Co. Inc. 7,500 $1.2M New CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 10,000 $853K New INGR Ingredion Inc. 5,000 $688K New AXTA Axalta Coating Systems Ltd. 17,500 $599K No change IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 6,614 $559K New CE Celanese Corp. 7,500 $519K Reduce -86.4% CX Cemex Sab-Spons ADR Part Cer 75,000 $423K New CNH CNH Industrial NV 80,000 $80K No change
Options reported separately and not counted above: METHANEX CORP calls ($25.0M), SPY puts ($14.7M), IWM puts ($11.0M), ORION S.A. calls ($9.5M), HORMEL FOODS CORP calls ($9.4M), AVO calls ($4.3M), HUNTSMAN CORP calls ($3.6M), TRONOX HOLDINGS PLC calls ($2.0M), DARLING INGREDIENTS INC calls ($505K).
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ APD Air Products & Chemicals Inc. Reduce -44.6% 4.44% −4.60 CE Celanese Corp. Reduce -86.4% 0.28% −4.22 HUN Huntsman Corp. Reduce -2.7% 6.72% −3.46 OLN Olin Corp. Reduce -41.1% 2.06% −3.38 FCX Freeport-McMoran Inc. Sold out 0.00% −2.40 HRL Hormel Foods Corp. Reduce -21.9% 4.47% −1.88 REX Rex American Resources Corp. Reduce -61.3% 0.81% −1.75 TECK Teck Resources Ltd.-CLS B Sold out 0.00% −1.49 CMP Compass Minerals Internation Sold out 0.00% −0.43 IE Ivanhoe Electric Inc. / US Sold out 0.00% −0.41
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ PPG PPG Industries Inc. Add +115.6% 8.19% +3.56 DOW Dow Inc. New 3.47% +3.47 MEOH Methanex Corp. Add +7.7% 17.29% +2.70 CCK Crown Holdings Inc. New 2.27% +2.27 SW Smurfit Westrock PLC New 1.92% +1.92 AVNT Avient Corp. New 1.90% +1.90 DAR Darling Ingredients Inc. New 1.85% +1.85 AVO Mission Produce Inc. Add +56.0% 4.63% +1.72 OEC Orion SA Add +57.1% 6.27% +1.33 ENTG Entegris Inc. New 1.28% +1.28 DD Dupont DE Nemours Inc. Add +65.3% 4.84% +1.08 ECL Ecolab Inc. New 0.97% +0.97 NGVT Ingevity Corp. New 0.89% +0.89 SSD Simpson Manufacturing Co. Inc. New 0.68% +0.68 WLK Westlake Corp. Add +60.6% 4.55% +0.47 CF CF Industries Holdings Inc. New 0.47% +0.47 INGR Ingredion Inc. New 0.38% +0.38 IFF Intl Flavors & Fragrances New 0.31% +0.31 CX Cemex Sab-Spons ADR Part Cer New 0.23% +0.23 CC The Chemours Co. Add +60.0% 0.74% +0.13 TROX Tronox Holdings PLC Add +49.4% 2.52% −0.17 MP MP Materials Corp. Add +2.7% 0.81% −0.17 EMN Eastman Chemical Co. Add +4.9% 8.07% −2.28
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ METHANEX CORP call New 500,000 $25.0M MEOH Methanex Corp. call Sold out 550,000 $22.7Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put New 25,000 $14.7M PPG PPG Industries Inc. put Sold out 100,000 $13.2Mbefore exit HUN Huntsman Corp. put Sold out 500,000 $12.1Mbefore exit IWM iShares Russell 2000 ETF put New 50,000 $11.0M ORION S.A. call New 600,000 $9.5M HORMEL FOODS CORP call New 300,000 $9.4M OEC Orion SA call Sold out 500,000 $8.9Mbefore exit DAR Darling Ingredients Inc. call Sold out 200,000 $7.4Mbefore exit AVO Mission Produce Inc. call Add +50.0% 300,000 $4.3M HUNTSMAN CORP call New 200,000 $3.6M OEC Orion SA put Sold out 200,000 $3.6Mbefore exit REX Rex American Resources Corp. call Sold out 50,000 $2.3Mbefore exit TRONOX HOLDINGS PLC call New 200,000 $2.0M DARLING INGREDIENTS INC call New 15,000 $505K
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