In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Walnut Level Capital LLC reported 33 stock positions worth $125.2 million . Its top holding was Huntsman (HUN) at 11.1% of the portfolio, followed by Orion (OEC, 10.5% ) and Methanex (MEOH, 9.8% ). Compared with Q4 2024, it opened 5 new positions, sold out of 8, added to 7 and reduced 9. The biggest buy was Avient (AVNT, shares +196% ) and the biggest sale Methanex (MEOH, shares −44% ).
Location DENVER, CO
CIK 0001803088
Portfolio Value $125.2M (Q1 2025) Holdings 33 stocks · $125.2M 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 2024 HUN Huntsman Corp. 877,010 $13.8M Add +29.0% OEC Orion SA 1,013,629 $13.1M Add +40.0% MEOH Methanex Corp. 350,433 $12.3M Reduce -44.5% AVO Mission Produce Inc. 999,924 $10.5M Add +70.1% AVNT Avient Corp. 251,517 $9.3M Add +195.9% WLK Westlake Corp. 92,500 $9.3M Add +28.0% EMN Eastman Chemical Co. 93,115 $8.2M Reduce -42.2% DD Dupont DE Nemours Inc. 97,330 $7.3M Reduce -15.9% PPG PPG Industries Inc. 42,754 $4.7M Reduce -65.8% PPC Pilgrim's Pride Corp. 75,000 $4.1M Add +15.4% DAR Darling Ingredients Inc. 130,555 $4.1M Add +30.6% DOW Dow Inc. 75,850 $2.6M Reduce -51.8% CTVA Corteva Inc. 40,000 $2.5M No change APD Air Products & Chemicals Inc. 8,495 $2.5M Reduce -69.5% AGRO Adecoagro SA 198,317 $2.2M No change TROX Tronox Holdings PLC 305,000 $2.1M Reduce -33.1% BG Bunge Global SA 25,000 $1.9M No change ECL Ecolab Inc. 7,523 $1.9M No change STKL Sunopta Inc. 325,000 $1.6M No change NTR Nutrien Ltd. 29,700 $1.5M New REX Rex American Resources Corp. 35,586 $1.3M No change SFD Smithfield Foods Inc. 50,000 $1.0M New MP MP Materials Corp. 40,000 $976K Reduce -57.9% OLN Olin Corp. 40,000 $970K Reduce -64.0% MOS The Mosaic Co. 33,526 $906K New CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 10,000 $782K No change TREX Trex Company Inc. 13,146 $764K New INGR Ingredion Inc. 5,000 $676K No change AXTA Axalta Coating Systems Ltd. 17,500 $580K No change MHK Mohawk Industries Inc. 5,000 $571K New IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 6,614 $513K No change CE Celanese Corp. 7,500 $426K No change CNH CNH Industrial NV 80,000 $80K No change
Options reported separately and not counted above: MEOH calls ($35.1M), MEOH puts ($7.0M), DAR calls ($6.2M), AVO calls ($5.2M), WLK puts ($5.0M), HUN puts ($4.7M), EMN puts ($4.4M), TROX calls ($2.8M), OEC calls ($2.6M), AVO puts ($2.1M).
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ MEOH Methanex Corp. Reduce -44.5% 9.83% −7.46 HRL Hormel Foods Corp. Sold out 0.00% −4.47 PPG PPG Industries Inc. Reduce -65.8% 3.74% −4.45 APD Air Products & Chemicals Inc. Reduce -69.5% 2.00% −2.44 CCK Crown Holdings Inc. Sold out 0.00% −2.27 SW Smurfit Westrock PLC Sold out 0.00% −1.92 EMN Eastman Chemical Co. Reduce -42.2% 6.56% −1.51 DOW Dow Inc. Reduce -51.8% 2.12% −1.35 OLN Olin Corp. Reduce -64.0% 0.77% −1.28 ENTG Entegris Inc. Sold out 0.00% −1.28 NGVT Ingevity Corp. Sold out 0.00% −0.89 TROX Tronox Holdings PLC Reduce -33.1% 1.72% −0.80 CC The Chemours Co. Sold out 0.00% −0.74 SSD Simpson Manufacturing Co. Inc. Sold out 0.00% −0.68 CX Cemex Sab-Spons ADR Part Cer Sold out 0.00% −0.23 MP MP Materials Corp. Reduce -57.9% 0.78% −0.03 DD Dupont DE Nemours Inc. Reduce -15.9% 5.81% +0.97
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ AVNT Avient Corp. Add +195.9% 7.47% +5.56 HUN Huntsman Corp. Add +29.0% 11.07% +4.34 OEC Orion SA Add +40.0% 10.47% +4.20 AVO Mission Produce Inc. Add +70.1% 8.37% +3.74 WLK Westlake Corp. Add +28.0% 7.39% +2.85 PPC Pilgrim's Pride Corp. Add +15.4% 3.27% +1.65 DAR Darling Ingredients Inc. Add +30.6% 3.26% +1.41 NTR Nutrien Ltd. New 1.18% +1.18 SFD Smithfield Foods Inc. New 0.81% +0.81 MOS The Mosaic Co. New 0.72% +0.72 TREX Trex Company Inc. New 0.61% +0.61 MHK Mohawk Industries Inc. New 0.46% +0.46
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ MEOH Methanex Corp. call New 1,000,800 $35.1M METHANEX CORP call Sold out 500,000 $25.0Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Sold out 25,000 $14.7Mbefore exit IWM iShares Russell 2000 ETF put Sold out 50,000 $11.0Mbefore exit ORION S.A. call Sold out 600,000 $9.5Mbefore exit HORMEL FOODS CORP call Sold out 300,000 $9.4Mbefore exit MEOH Methanex Corp. put New 200,000 $7.0M DAR Darling Ingredients Inc. call New 200,000 $6.2M AVO Mission Produce Inc. call Add +66.7% 500,000 $5.2M WLK Westlake Corp. put New 50,000 $5.0M HUN Huntsman Corp. put New 300,000 $4.7M EMN Eastman Chemical Co. put New 50,000 $4.4M HUNTSMAN CORP call Sold out 200,000 $3.6Mbefore exit TROX Tronox Holdings PLC call New 400,000 $2.8M OEC Orion SA call New 200,000 $2.6M AVO Mission Produce Inc. put New 200,000 $2.1M TRONOX HOLDINGS PLC call Sold out 200,000 $2.0Mbefore exit DARLING INGREDIENTS INC call Sold out 15,000 $505Kbefore 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