Hill City Capital, LP
Long book
$2.80B
Q1 2026
Positions
23
Top-10 weight
83%
concentration
Last quarter
+17.8%
SPY +14.8%
Turnover
30%
of book per quarter
Strategy in plain words
auto-generated from filingsHill City Capital, LP is a concentrated fundamental stock-picker, specialised in industrials (60% of the long book), running a $2.80B US long book across 23 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: MASTEC INC, FIRST SOLAR INC, DYCOM INDUSTRIES INC, INTERNATIONAL PAPER CO, GRANITE CONSTRUCTION INC.
Over the last 9 quarters its long book ran on average 2.7pp per quarter ahead of the S&P 500, beating the index in 6 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
-5.0%
Q2 2024
+7.1%
Q3 2024
-0.9%
Q4 2024
-12.8%
Q1 2025
+26.8%
Q2 2025
+20.0%
Q3 2025
+9.5%
Q4 2025
+1.7%
Q1 2026
+17.8%
Sector allocation
Industrials 59%
Technology 26%
Other 8%
Utilities 4%
Consumer discretionary 2%
Energy 1%
Services media 1%
Long book by quarter
What does Hill City own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MTZ MASTEC INC | Industrials | 2.2M | $693.3M | 24.8% | Held |
| FSLR FIRST SOLAR INC | Technology | 2.2M | $429.5M | 15.3% | +4.2% |
| DY DYCOM INDUSTRIES INC | Industrials | 1.0M | $342.1M | 12.2% | Held |
| IP INTERNATIONAL PAPER CO | Other | 4.2M | $149.9M | 5.4% | +72.8% |
| GVA GRANITE CONSTRUCTION INC | Industrials | 1.1M | $133.1M | 4.8% | Held |
| CTRI CENTURI HOLDINGS INC | Utilities | 4.0M | $117.7M | 4.2% | Held |
| CRH CRH PLC | Industrials | 1.1M | $113.2M | 4.0% | +2.9% |
| BA BOEING CO/THE | Industrials | 551.5K | $109.8M | 3.9% | +6.4% |
| JHX JAMES HARDIE IND PLC | Industrials | 5.6M | $106.5M | 3.8% | +9.8% |
| ARRY ARRAY TECHNOLOGIES INC | Technology | 12.9M | $93.2M | 3.3% | Held |
| STM STMICROELECTRONICS NV-NY SHS | Technology | 2.3M | $79.5M | 2.8% | New |
| WMS ADVANCED DRAINAGE SYSTEMS IN | Other | 370.0K | $50.7M | 1.8% | +131.3% |
| ATS ATS CORP | Industrials | 1.6M | $46.5M | 1.7% | Held |
| ATKR ATKORE INC | Technology | 728.2K | $42.9M | 1.5% | Held |
| CNM CORE & MAIN INC-CLASS A | Consumer discretionary | 867.6K | $42.9M | 1.5% | +8.9% |
| ENS ENERSYS | Technology | 190.0K | $33.0M | 1.2% | -59.4% |
| TREX TREX COMPANY INC | Other | 550.0K | $20.0M | 0.7% | -0.4% |
| WBI WATERBRIDGE INFRASTRUC-CL A | Energy | 700.0K | $18.8M | 0.7% | Held |
| TFII TFI INTERNATIONAL INC | Industrials | 145.0K | $15.8M | 0.6% | Held |
| EQPT EQUIPMENTSHARE.COM INC-A | Services media | 750.0K | $15.3M | 0.5% | New |
| WOLF WOLFSPEED INC | Technology | 885.0K | $14.4M | 0.5% | New |
| MWH SOLV ENERGY INC-CL A | Industrials | 250.0K | $7.5M | 0.3% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 23 | $2.80B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 23 | $2.65B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 22 | $2.36B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 20 | $2.02B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 17 | $1.34B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 19 | $1.56B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 22 | $1.51B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 24 | $1.39B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 22 | $1.36B | canonical | SEC ↗ |