Walnut Level Capital LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Walnut Level Capital LLC reported 31 stock positions worth $141.1 million. Its top holding was Andersons (ANDE) at 16.2% of the portfolio, followed by Methanex (MEOH, 11.2%) and Mission Produce (AVO, 9.2%). Compared with Q2 2025, it opened 2 new positions, sold out of 5, added to 8 and reduced 4. The biggest buy was Andersons (ANDE, shares +202%) and the biggest sale an exit from Archer-Daniels-Midland (ADM).

Most Recent 13F
Q2 2026
Location
DENVER, CO
CIK
0001803088
Portfolio Value
$141.1M (Q3 2025)
SEC Filing
0001803088-25-000010 ↗ filed Nov 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $119.0M Q1 2024 Q2 2024: $147.4M Q2 2024 Q3 2024: $166.1M Q3 2024 Q4 2024: $182.3M Q4 2024 Q1 2025: $125.2M Q1 2025 Q2 2025: $124.9M Q2 2025 Q3 2025: $141.1M $141.1M Q3 2025 Q4 2025: $125.3M Q4 2025 Q1 2026: $87.6M Q1 2026 Q2 2026: $0 Q2 2026

Holdings 31 stocks · $141.1M
ANDE The Andersons Inc. 16.21% 574,744 $22.9M Add +202.2%
MEOH Methanex Corp. 11.19% 397,001 $15.8M Add +35.9%
AVO Mission Produce Inc. 9.16% 1,075,619 $12.9M Add +1.8%
BG Bunge Global SA 9.13% 158,568 $12.9M Reduce -6.8%
DAR Darling Ingredients Inc. 8.34% 381,372 $11.8M Add +97.3%
AVNT Avient Corp. 7.00% 299,862 $9.9M Add +67.3%
PPG PPG Industries Inc. 5.81% 78,017 $8.2M Add +24.3%
EMN Eastman Chemical Co. 3.57% 79,804 $5.0M Reduce -12.4%
OEC Orion SA 3.20% 596,031 $4.5M Reduce -28.1%
WLK Westlake Corp. 3.15% 57,679 $4.4M New
ESI Element Solutions Inc. 2.56% 143,422 $3.6M Add +79.3%
CTVA Corteva Inc. 1.92% 40,000 $2.7M No change
MP MP Materials Corp. 1.90% 40,000 $2.7M No change
PPC Pilgrim's Pride Corp. 1.88% 65,000 $2.6M No change
HRL Hormel Foods Corp. 1.84% 105,000 $2.6M Add +40.0%
DD Dupont DE Nemours Inc. 1.66% 30,000 $2.3M Reduce -46.0%
APD Air Products & Chemicals Inc. 1.64% 8,495 $2.3M No change
REX Rex American Resources Corp. 1.54% 71,172 $2.2M No change
ECL Ecolab Inc. 1.46% 7,523 $2.1M No change
STKL Sunopta Inc. 1.35% 325,000 $1.9M No change
AGRO Adecoagro SA 1.10% 198,317 $1.6M No change
OLN Olin Corp. 0.71% 40,000 $1000K No change
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.64% 10,000 $897K No change
FUL H.B. Fuller Co. filed as FULLER H B CO 0.63% 15,000 $889K New
HUN Huntsman Corp. 0.54% 85,000 $763K No change
TROX Tronox Holdings PLC 0.51% 180,000 $724K No change
INGR Ingredion Inc. 0.43% 5,000 $611K No change
AXTA Axalta Coating Systems Ltd. 0.35% 17,500 $501K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.29% 6,614 $407K No change
CE Celanese Corp. 0.22% 7,500 $316K No change
CNH CNH Industrial NV 0.06% 80,000 $80K No change

Options reported separately and not counted above: BG puts ($8.1M), DAR calls ($6.2M), ANDE calls ($4.0M), DAR puts ($3.1M), AVO calls ($2.4M), OEC calls ($2.3M).

Portfolio Sells Q2 2025 → Q3 2025
ADM Archer-Daniels-Midland Co. Sold out 0.00% −8.31
OEC Orion SA Reduce -28.1% 3.20% −3.76
SFD Smithfield Foods Inc. Sold out 0.00% −2.16
EMN Eastman Chemical Co. Reduce -12.4% 3.57% −1.88
BG Bunge Global SA Reduce -6.8% 9.13% −1.81
DD Dupont DE Nemours Inc. Reduce -46.0% 1.66% −1.39
JBS JBS NV-A Sold out 0.00% −0.88
FMC FMC Corp. Sold out 0.00% −0.84
NTR Nutrien Ltd. Sold out 0.00% −0.47

Portfolio Buys Q2 2025 → Q3 2025
ANDE The Andersons Inc. Add +202.2% 16.21% +10.62
MEOH Methanex Corp. Add +35.9% 11.19% +3.45
WLK Westlake Corp. New 3.15% +3.15
DAR Darling Ingredients Inc. Add +97.3% 8.34% +2.47
AVNT Avient Corp. Add +67.3% 7.00% +2.37
ESI Element Solutions Inc. Add +79.3% 2.56% +1.11
FUL H.B. Fuller Co. New 0.63% +0.63
PPG PPG Industries Inc. Add +24.3% 5.81% +0.10
HRL Hormel Foods Corp. Add +40.0% 1.84% +0.03
AVO Mission Produce Inc. Add +1.8% 9.16% −0.75

Options Activity Q2 2025 → Q3 2025
MEOH Methanex Corp. call Sold out 450,000 $14.9Mbefore exit
BG Bunge Global SA put Reduce -33.3% 100,000 $8.1M
DAR Darling Ingredients Inc. call New 200,000 $6.2M
ADM Archer-Daniels-Midland Co. put Sold out 100,000 $5.3Mbefore exit
CF CF Industries Holdings Inc. put Sold out 50,000 $4.6Mbefore exit
ANDE The Andersons Inc. call New 100,000 $4.0M
DAR Darling Ingredients Inc. put Reduce -66.7% 100,000 $3.1M
OEC Orion SA call Reduce -66.7% 300,000 $2.3M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 0$0
Q1 2026 35$87.6MDAR, MEOH, BG, ANDE, CE
Q4 2025 32$125.3MANDE, MEOH, DAR, BG, AVO
Q3 2025 31$141.1MANDE, MEOH, AVO, BG, DAR
Q2 2025 34$124.9MBG, AVO, ADM, MEOH, OEC
Q1 2025 33$125.2MHUN, OEC, MEOH, AVO, AVNT
Q4 2024 36$182.3MMEOH, PPG, EMN, HUN, OEC
Q3 2024 27$166.1MMEOH, EMN, HUN, APD, HRL
Q2 2024 34$147.4MMEOH, APD, PPG, OEC, EMN
Q1 2024 27$119.0MMEOH, APD, OEC, DD, HUN