Atlas FRM LLC
Long book
$1.53B
Q1 2026
Positions
23
Top-10 weight
90%
concentration
Last quarter
+6.9%
SPY +14.8%
Turnover
54%
of book per quarter
Strategy in plain words
auto-generated from filingsAtlas FRM LLC is a concentrated fundamental stock-picker, specialised in other (81% of the long book), running a $1.53B US long book across 23 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: PACKAGING CORP OF AMERICA, INTERNATIONAL PAPER CO, SYLVAMO CORP, SUZANO SA - SPON ADR, FORTUNE BRANDS INNOVATIONS I.
Over the last 9 quarters its long book ran on average 5.5pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+5.1%
Q2 2024
+17.0%
Q3 2024
-3.1%
Q4 2024
-11.3%
Q1 2025
-15.8%
Q2 2025
-0.8%
Q3 2025
-2.1%
Q4 2025
-4.8%
Q1 2026
+6.9%
Sector allocation
Other 79%
Consumer discretionary 11%
Industrials 5%
Consumer staples 5%
Long book by quarter
What does Atlas FRM own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PKG PACKAGING CORP OF AMERICA | Other | 1.5M | $325.2M | 21.3% | +54.8% |
| IP INTERNATIONAL PAPER CO | Other | 7.6M | $271.0M | 17.7% | +51.8% |
| SLVM SYLVAMO CORP | Other | 6.3M | $266.6M | 17.5% | Held |
| FBIN FORTUNE BRANDS INNOVATIONS I | Other | 2.2M | $84.8M | 5.5% | New |
| HRL HORMEL FOODS CORP | Consumer staples | 2.8M | $64.0M | 4.2% | New |
| FCFS FIRSTCASH HOLDINGS INC | Consumer discretionary | 270.0K | $50.8M | 3.3% | +440.0% |
| FND FLOOR & DECOR HOLDINGS INC-A | Consumer discretionary | 894.0K | $45.4M | 3.0% | +207.2% |
| ATR APTARGROUP INC | Other | 350.0K | $44.1M | 2.9% | New |
| EZPW EZCORP INC-CL A | Consumer discretionary | 1.4M | $36.8M | 2.4% | +346.2% |
| SLGN SILGAN HOLDINGS INC | Industrials | 870.0K | $33.8M | 2.2% | +411.8% |
| LGIH LGI HOMES INC | Industrials | 640.0K | $25.3M | 1.7% | New |
| MHK MOHAWK INDUSTRIES INC | Other | 165.0K | $16.2M | 1.1% | Held |
| GBX GREENBRIER COMPANIES INC | Industrials | 249.6K | $13.1M | 0.9% | New |
| AHQ AMERICAN WOODMARK CORP | — | 296.0K | $11.8M | 0.8% | Held |
| MBC MASTERBRAND INC | Other | 1.3M | $10.8M | 0.7% | New |
| BLDR BUILDERS FIRSTSOURCE INC | Consumer discretionary | 77.0K | $6.3M | 0.4% | New |
| MERC MERCER INTERNATIONAL INC | Other | 3.1M | $4.5M | 0.3% | Held |
| WFG WEST FRASER TIMBER CO LTD | Other | 56.0K | $3.7M | 0.2% | New |
| BCC BOISE CASCADE CO | Consumer discretionary | 41.0K | $3.1M | 0.2% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 41 | $1.53B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 17 | $1.02B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 14 | $858.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 15 | $858.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 14 | $933.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 15 | $1.06B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 8 | $1.04B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 7 | $754.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 7 | $739.9M | canonical | SEC ↗ |
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