Walnut Level Capital LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Walnut Level Capital LLC reported 32 stock positions worth $125.3 million. Its top holding was Andersons (ANDE) at 14.8% of the portfolio, followed by Methanex (MEOH, 12.8%) and Darling Ingredients (DAR, 12.2%). Compared with Q3 2025, it opened 3 new positions, sold out of 2, added to 5 and reduced 7. The biggest buy was a new position in Smithfield Foods (SFD) and the biggest sale PPG Industries (PPG, shares −81%).

Most Recent 13F
Q2 2026
Location
DENVER, CO
CIK
0001803088
Portfolio Value
$125.3M (Q4 2025)
SEC Filing
0001803088-26-000002 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $125.3M $125.3M Q4 2025 Q1 2026: $87.6M Q1 2026 Q2 2026: $0 Q2 2026

Holdings 32 stocks · $125.3M
ANDE The Andersons Inc. 14.80% 348,913 $18.6M Reduce -39.3%
MEOH Methanex Corp. 12.76% 402,532 $16.0M Add +1.4%
DAR Darling Ingredients Inc. 12.15% 423,056 $15.2M Add +10.9%
BG Bunge Global SA 11.42% 160,661 $14.3M Add +1.3%
AVO Mission Produce Inc. 7.32% 790,381 $9.2M Reduce -26.5%
SFD Smithfield Foods Inc. 6.79% 380,915 $8.5M New
AVNT Avient Corp. 5.33% 213,749 $6.7M Reduce -28.7%
FUL H.B. Fuller Co. filed as FULLER H B CO 2.73% 57,505 $3.4M Add +283.4%
EMN Eastman Chemical Co. 2.69% 52,807 $3.4M Reduce -33.8%
CTVA Corteva Inc. 2.14% 40,000 $2.7M No change
PPC Pilgrim's Pride Corp. 2.02% 65,000 $2.5M No change
REX Rex American Resources Corp. 1.84% 71,172 $2.3M No change
JBS JBS NV-A 1.75% 152,048 $2.2M New
APD Air Products & Chemicals Inc. 1.67% 8,495 $2.1M No change
MP MP Materials Corp. 1.61% 40,000 $2.0M No change
ECL Ecolab Inc. 1.58% 7,523 $2.0M No change
OLN Olin Corp. 1.30% 78,012 $1.6M Add +95.0%
SW Smurfit Westrock PLC 1.29% 41,813 $1.6M New
AGRO Adecoagro SA 1.25% 198,317 $1.6M No change
PPG PPG Industries Inc. 1.24% 15,107 $1.5M Reduce -80.6%
STKL Sunopta Inc. 0.99% 325,000 $1.2M No change
DD Dupont DE Nemours Inc. 0.96% 30,000 $1.2M No change
HUN Huntsman Corp. 0.68% 85,000 $850K No change
WLK Westlake Corp. 0.67% 11,404 $843K Reduce -80.2%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.62% 10,000 $773K No change
TROX Tronox Holdings PLC 0.60% 180,000 $751K No change
AXTA Axalta Coating Systems Ltd. 0.45% 17,500 $565K No change
INGR Ingredion Inc. 0.44% 5,000 $551K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.36% 6,614 $446K No change
ESI Element Solutions Inc. 0.26% 13,036 $326K Reduce -90.9%
CE Celanese Corp. 0.25% 7,500 $317K No change
CNH CNH Industrial NV 0.06% 80,000 $80K No change

Options reported separately and not counted above: BG puts ($8.9M), DAR puts ($4.7M), ANDE calls ($3.6M), USO puts ($3.5M), OEC calls ($722K).

Portfolio Sells Q3 2025 → Q4 2025
PPG PPG Industries Inc. Reduce -80.6% 1.24% −4.58
OEC Orion SA Sold out 0.00% −3.20
WLK Westlake Corp. Reduce -80.2% 0.67% −2.48
ESI Element Solutions Inc. Reduce -90.9% 0.26% −2.30
AVO Mission Produce Inc. Reduce -26.5% 7.32% −1.85
HRL Hormel Foods Corp. Sold out 0.00% −1.84
AVNT Avient Corp. Reduce -28.7% 5.33% −1.67
ANDE The Andersons Inc. Reduce -39.3% 14.80% −1.41
EMN Eastman Chemical Co. Reduce -33.8% 2.69% −0.88

Portfolio Buys Q3 2025 → Q4 2025
SFD Smithfield Foods Inc. New 6.79% +6.79
DAR Darling Ingredients Inc. Add +10.9% 12.15% +3.81
BG Bunge Global SA Add +1.3% 11.42% +2.29
FUL H.B. Fuller Co. Add +283.4% 2.73% +2.10
JBS JBS NV-A New 1.75% +1.75
MEOH Methanex Corp. Add +1.4% 12.76% +1.57
SW Smurfit Westrock PLC New 1.29% +1.29
OLN Olin Corp. Add +95.0% 1.30% +0.59

Options Activity Q3 2025 → Q4 2025
DAR Darling Ingredients Inc. call Sold out 200,000 $6.2Mbefore exit
DAR Darling Ingredients Inc. put Add +31.3% 131,300 $4.7M
ANDE The Andersons Inc. call Reduce -33.0% 67,000 $3.6M
USO United States Oil Fund LP put New 50,000 $3.5M
AVO Mission Produce Inc. call Sold out 200,000 $2.4Mbefore exit
OEC Orion SA call Reduce -54.4% 136,700 $722K

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