Walnut Level Capital LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Walnut Level Capital LLC reported 35 stock positions worth $87.6 million. Its top holding was Darling Ingredients (DAR) at 16.6% of the portfolio, followed by Methanex (MEOH, 11.8%) and Bunge Global (BG, 10.8%). Compared with Q4 2025, it opened 7 new positions, sold out of 4, added to 2 and reduced 11. The biggest buy was Celanese (CE, shares +833%) and the biggest sale Andersons (ANDE, shares −80%).

Most Recent 13F
Q2 2026
Location
DENVER, CO
CIK
0001803088
Portfolio Value
$87.6M (Q1 2026)
SEC Filing
0001803088-26-000003 ↗ filed May 15, 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 Q4 2025 Q1 2026: $87.6M $87.6M Q1 2026 Q2 2026: $0 Q2 2026

Holdings 35 stocks · $87.6M
DAR Darling Ingredients Inc. 16.56% 234,533 $14.5M Reduce -44.6%
MEOH Methanex Corp. 11.81% 173,725 $10.3M Reduce -56.8%
BG Bunge Global SA 10.75% 74,045 $9.4M Reduce -53.9%
ANDE The Andersons Inc. 5.73% 69,968 $5.0M Reduce -80.0%
CE Celanese Corp. 5.26% 70,000 $4.6M Add +833.3%
APD Air Products & Chemicals Inc. 4.47% 13,495 $3.9M Add +58.9%
CTVA Corteva Inc. 3.82% 40,000 $3.3M No change
REX Rex American Resources Corp. 3.70% 71,172 $3.2M No change
AGRO Adecoagro SA 3.40% 198,317 $3.0M No change
PPC Pilgrim's Pride Corp. 2.80% 65,000 $2.5M No change
ASIX Advansix Inc. 2.79% 100,000 $2.4M New
EMN Eastman Chemical Co. 2.61% 30,000 $2.3M Reduce -43.2%
STKL Sunopta Inc. 2.40% 325,000 $2.1M No change
ECL Ecolab Inc. 2.28% 7,523 $2.0M No change
MP MP Materials Corp. 2.20% 40,000 $1.9M No change
TROX Tronox Holdings PLC 2.01% 180,000 $1.8M No change
GPRE Green Plains Inc. 1.68% 89,731 $1.5M New
SFD Smithfield Foods Inc. 1.63% 50,915 $1.4M Reduce -86.6%
DD Dupont DE Nemours Inc. 1.57% 30,000 $1.4M No change
CF CF Industries Holdings Inc. 1.48% 10,000 $1.3M No change
OLN Olin Corp. 1.36% 40,000 $1.2M Reduce -48.7%
WLK Westlake Corp. 1.33% 10,000 $1.2M Reduce -12.3%
HUN Huntsman Corp. 1.29% 85,000 $1.1M No change
TITN Titan Machinery Inc. 1.23% 64,674 $1.1M New
PPG PPG Industries Inc. 0.92% 7,504 $802K Reduce -50.3%
SHW The Sherwin-Williams Co. 0.90% 2,447 $784K New
RYAM Rayonier Advanced Materials 0.76% 60,526 $670K New
INGR Ingredion Inc. 0.64% 5,000 $563K No change
AXTA Axalta Coating Systems Ltd. 0.55% 17,500 $485K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.55% 6,614 $480K No change
DOW Dow Inc. filed as DOW HLDGS INC 0.48% 10,000 $417K New
ESI Element Solutions Inc. 0.39% 10,000 $341K Reduce -23.3%
MOS The Mosaic Co. 0.29% 10,000 $255K New
AVO Mission Produce Inc. 0.25% 15,934 $219K Reduce -98.0%
CNH CNH Industrial NV 0.09% 80,000 $80K No change

Options reported separately and not counted above: DAR puts ($23.2M), BG puts ($3.2M), ANDE puts ($2.2M), GPRE calls ($1.6M).

Portfolio Sells Q4 2025 → Q1 2026
ANDE The Andersons Inc. Reduce -80.0% 5.73% −9.07
AVO Mission Produce Inc. Reduce -98.0% 0.25% −7.07
AVNT Avient Corp. Sold out 0.00% −5.33
SFD Smithfield Foods Inc. Reduce -86.6% 1.63% −5.16
FUL H.B. Fuller Co. Sold out 0.00% −2.73
JBS JBS NV-A Sold out 0.00% −1.75
SW Smurfit Westrock PLC Sold out 0.00% −1.29
MEOH Methanex Corp. Reduce -56.8% 11.81% −0.95
BG Bunge Global SA Reduce -53.9% 10.75% −0.67
PPG PPG Industries Inc. Reduce -50.3% 0.92% −0.32
EMN Eastman Chemical Co. Reduce -43.2% 2.61% −0.08
OLN Olin Corp. Reduce -48.7% 1.36% +0.06
ESI Element Solutions Inc. Reduce -23.3% 0.39% +0.13
WLK Westlake Corp. Reduce -12.3% 1.33% +0.66
DAR Darling Ingredients Inc. Reduce -44.6% 16.56% +4.41

Portfolio Buys Q4 2025 → Q1 2026
CE Celanese Corp. Add +833.3% 5.26% +5.00
APD Air Products & Chemicals Inc. Add +58.9% 4.47% +2.80
ASIX Advansix Inc. New 2.79% +2.79
GPRE Green Plains Inc. New 1.68% +1.68
TITN Titan Machinery Inc. New 1.23% +1.23
SHW The Sherwin-Williams Co. New 0.90% +0.90
RYAM Rayonier Advanced Materials New 0.76% +0.76
DOW Dow Inc. New 0.48% +0.48
MOS The Mosaic Co. New 0.29% +0.29

Options Activity Q4 2025 → Q1 2026
DAR Darling Ingredients Inc. put Add +185.6% 375,000 $23.2M
ANDE The Andersons Inc. call Sold out 67,000 $3.6Mbefore exit
USO United States Oil Fund LP put Sold out 50,000 $3.5Mbefore exit
BG Bunge Global SA put Reduce -75.0% 25,000 $3.2M
ANDE The Andersons Inc. put New 30,000 $2.2M
GPRE Green Plains Inc. call New 100,000 $1.6M
OEC Orion SA call Sold out 136,700 $722Kbefore exit

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