Bornite Capital Management LP
Long book
$594.8M
Q1 2026
Positions
17
Top-10 weight
84%
concentration
Last quarter
+11.3%
SPY +14.8%
Turnover
68%
of book per quarter
Strategy in plain words
auto-generated from filingsBornite Capital Management LP is a concentrated fundamental stock-picker, running a $594.8M US long book across 17 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: TAIWAN SEMICONDUCTOR-SP ADR, TALEN ENERGY CORP, STEEL DYNAMICS INC, CENTURI HOLDINGS INC, CARPENTER TECHNOLOGY.
Over the last 9 quarters its long book ran on average 3.1pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.0%
Q2 2024
+3.3%
Q3 2024
+5.1%
Q4 2024
+1.1%
Q1 2025
+20.4%
Q2 2025
+14.2%
Q3 2025
+2.7%
Q4 2025
+10.3%
Q1 2026
+11.3%
Sector allocation
Industrials 41%
Utilities 28%
Materials 14%
Energy 8%
Technology 7%
Communications 2%
Long book by quarter
What does Bornite Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TLN TALEN ENERGY CORP | Utilities | 208.8K | $66.7M | 11.2% | +1.4% |
| STLD STEEL DYNAMICS INC | Industrials | 350.0K | $63.0M | 10.6% | New |
| CTRI CENTURI HOLDINGS INC | Utilities | 2.1M | $61.6M | 10.4% | New |
| CRS CARPENTER TECHNOLOGY | Industrials | 133.2K | $52.5M | 8.8% | -36.0% |
| AR ANTERO RESOURCES CORP | Energy | 1.0M | $44.1M | 7.4% | New |
| SKE SKEENA RESOURCES LTD | Materials | 1.3M | $39.1M | 6.6% | +151.1% |
| DY DYCOM INDUSTRIES INC | Industrials | 105.2K | $35.6M | 6.0% | New |
| META META PLATFORMS INC-CLASS A | Technology | 60.0K | $34.3M | 5.8% | New |
| PWR QUANTA SERVICES INC | Industrials | 60.0K | $32.9M | 5.5% | -61.4% |
| CENX CENTURY ALUMINUM COMPANY | Industrials | 542.0K | $31.8M | 5.3% | +116.8% |
| FCX FREEPORT-MCMORAN INC | Materials | 400.0K | $23.5M | 4.0% | -20.0% |
| LNG CHENIERE ENERGY INC | Utilities | 58.9K | $16.7M | 2.8% | -83.6% |
| DC DAKOTA GOLD CORP | Materials | 2.0M | $10.1M | 1.7% | New |
| SPOT SPOTIFY TECHNOLOGY SA | Communications | 20.0K | $9.7M | 1.6% | Held |
| GE GENERAL ELECTRIC | Industrials | 6.4K | $1.8M | 0.3% | -96.9% |
| NAK NORTHERN DYNASTY MINERALS | Materials | 1.0M | $1.4M | 0.2% | -81.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 17 | $594.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 28 | $1.02B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 7, 2025 | 35 | $1.08B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 7, 2025 | 36 | $998.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 28 | $388.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 35 | $743.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 36 | $565.8M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 39 | $607.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 37 | $9.0M | SEC ↗ | |
| Q1 2024 | 13F-HR/ARESTATEMENT | May 15, 2024 | 37 | $596.7M | canonical | SEC ↗ |
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