In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Walnut Level Capital LLC reported 34 stock positions worth $124.9 million . Its top holding was Bunge Global (BG) at 10.9% of the portfolio, followed by Mission Produce (AVO, 9.9% ) and Archer-Daniels-Midland (ADM, 8.3% ). Compared with Q1 2025, it opened 6 new positions, sold out of 5, added to 5 and reduced 9. The biggest buy was Bunge Global (BG, shares +581% ) and the biggest sale Huntsman (HUN, shares −90% ).
Location DENVER, CO
CIK 0001803088
Portfolio Value $124.9M (Q2 2025) Holdings 34 stocks · $124.9M 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 2025 BG Bunge Global SA 170,218 $13.7M Add +580.9% AVO Mission Produce Inc. 1,056,373 $12.4M Add +5.7% ADM Archer-Daniels-Midland Co. 196,708 $10.4M New MEOH Methanex Corp. 292,066 $9.7M Reduce -16.7% OEC Orion SA 828,829 $8.7M Reduce -18.2% DAR Darling Ingredients Inc. 193,255 $7.3M Add +48.0% PPG PPG Industries Inc. 62,754 $7.1M Add +46.8% ANDE The Andersons Inc. 190,168 $7.0M New EMN Eastman Chemical Co. 91,061 $6.8M Reduce -2.2% AVNT Avient Corp. 179,201 $5.8M Reduce -28.8% DD Dupont DE Nemours Inc. 55,500 $3.8M Reduce -43.0% CTVA Corteva Inc. 40,000 $3.0M No change PPC Pilgrim's Pride Corp. 65,000 $2.9M Reduce -13.3% SFD Smithfield Foods Inc. 114,800 $2.7M Add +129.6% APD Air Products & Chemicals Inc. 8,495 $2.4M No change HRL Hormel Foods Corp. 75,000 $2.3M New ECL Ecolab Inc. 7,523 $2.0M No change STKL Sunopta Inc. 325,000 $1.9M No change AGRO Adecoagro SA 198,317 $1.8M No change ESI Element Solutions Inc. 80,000 $1.8M New REX Rex American Resources Corp. 35,586 $1.7M No change MP MP Materials Corp. 40,000 $1.3M No change JBS JBS NV-A 75,000 $1.1M New FMC FMC Corp. 25,000 $1.0M New CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 10,000 $920K No change TROX Tronox Holdings PLC 180,000 $913K Reduce -41.0% HUN Huntsman Corp. 85,000 $886K Reduce -90.3% OLN Olin Corp. 40,000 $804K No change INGR Ingredion Inc. 5,000 $678K No change NTR Nutrien Ltd. 10,000 $582K Reduce -66.3% AXTA Axalta Coating Systems Ltd. 17,500 $520K No change IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 6,614 $486K No change CE Celanese Corp. 7,500 $415K No change CNH CNH Industrial NV 80,000 $80K No change
Options reported separately and not counted above: MEOH calls ($14.9M), BG puts ($12.0M), DAR puts ($11.4M), OEC calls ($9.4M), ADM puts ($5.3M), CF puts ($4.6M), AVO calls ($2.3M).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ HUN Huntsman Corp. Reduce -90.3% 0.71% −10.36 WLK Westlake Corp. Sold out 0.00% −7.39 OEC Orion SA Reduce -18.2% 6.96% −3.51 AVNT Avient Corp. Reduce -28.8% 4.63% −2.83 DD Dupont DE Nemours Inc. Reduce -43.0% 3.05% −2.76 DOW Dow Inc. Sold out 0.00% −2.12 MEOH Methanex Corp. Reduce -16.7% 7.74% −2.09 EMN Eastman Chemical Co. Reduce -2.2% 5.44% −1.11 TROX Tronox Holdings PLC Reduce -41.0% 0.73% −0.99 PPC Pilgrim's Pride Corp. Reduce -13.3% 2.34% −0.93 MOS The Mosaic Co. Sold out 0.00% −0.72 NTR Nutrien Ltd. Reduce -66.3% 0.47% −0.71 TREX Trex Company Inc. Sold out 0.00% −0.61 MHK Mohawk Industries Inc. Sold out 0.00% −0.46
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ BG Bunge Global SA Add +580.9% 10.94% +9.41 ADM Archer-Daniels-Midland Co. New 8.31% +8.31 ANDE The Andersons Inc. New 5.59% +5.59 DAR Darling Ingredients Inc. Add +48.0% 5.87% +2.61 PPG PPG Industries Inc. Add +46.8% 5.71% +1.98 HRL Hormel Foods Corp. New 1.82% +1.82 AVO Mission Produce Inc. Add +5.7% 9.91% +1.54 ESI Element Solutions Inc. New 1.45% +1.45 SFD Smithfield Foods Inc. Add +129.6% 2.16% +1.35 JBS JBS NV-A New 0.88% +0.88 FMC FMC Corp. New 0.84% +0.84
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ MEOH Methanex Corp. call Reduce -55.0% 450,000 $14.9M BG Bunge Global SA put New 150,000 $12.0M DAR Darling Ingredients Inc. put New 300,000 $11.4M OEC Orion SA call Add +350.0% 900,000 $9.4M MEOH Methanex Corp. put Sold out 200,000 $7.0Mbefore exit DAR Darling Ingredients Inc. call Sold out 200,000 $6.2Mbefore exit ADM Archer-Daniels-Midland Co. put New 100,000 $5.3M WLK Westlake Corp. put Sold out 50,000 $5.0Mbefore exit HUN Huntsman Corp. put Sold out 300,000 $4.7Mbefore exit CF CF Industries Holdings Inc. put New 50,000 $4.6M EMN Eastman Chemical Co. put Sold out 50,000 $4.4Mbefore exit TROX Tronox Holdings PLC call Sold out 400,000 $2.8Mbefore exit AVO Mission Produce Inc. call Reduce -60.0% 200,000 $2.3M AVO Mission Produce Inc. put Sold out 200,000 $2.1Mbefore 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