Impala Asset Management LLC
Long book
$214.6M
Q1 2026
Positions
26
Top-10 weight
77%
concentration
Last quarter
-12.7%
SPY +14.8%
Turnover
64%
of book per quarter
Strategy in plain words
auto-generated from filingsImpala Asset Management LLC is a concentrated fundamental stock-picker, running a $214.6M US long book across 26 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: CENTURY ALUMINUM COMPANY, ERO COPPER CORP, BUCKLE INC/THE, TROX OPTIONS, EASTMAN CHEMICAL CO.
Over the last 9 quarters its long book ran on average 1.5pp per quarter behind the S&P 500, beating the index in 3 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
+4.1%
Q2 2024
+5.4%
Q3 2024
-16.9%
Q4 2024
-14.2%
Q1 2025
+7.8%
Q2 2025
+15.3%
Q3 2025
+16.5%
Q4 2025
+21.1%
Q1 2026
-12.7%
Sector allocation
Industrials 39%
Materials 30%
Consumer discretionary 18%
Other 7%
Energy 6%
Long book by quarter
What does Impala Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CENX CENTURY ALUMINUM COMPANY | Industrials | 975.0K | $57.2M | 26.7% | +13.7% |
| ERO ERO COPPER CORP | Materials | 1.0M | $27.4M | 12.8% | +8.2% |
| BKE BUCKLE INC/THE | Consumer discretionary | 419.6K | $21.1M | 9.8% | +4.9% |
| EMN EASTMAN CHEMICAL CO | Materials | 115.0K | $8.8M | 4.1% | New |
| PPG PPG INDUSTRIES INC | Other | 82.0K | $8.8M | 4.1% | New |
| AA ALCOA CORP | Industrials | 130.0K | $8.6M | 4.0% | New |
| SLB SLB LTD | Energy | 157.3K | $8.1M | 3.8% | New |
| CE CELANESE CORP | Materials | 110.0K | $7.2M | 3.4% | New |
| HUN HUNTSMAN CORP | Materials | 540.0K | $7.2M | 3.3% | -37.7% |
| ANF ABERCROMBIE & FITCH CO-CL A | Consumer discretionary | 67.0K | $6.1M | 2.9% | New |
| HUN HUNTSMAN CORP | Materials | 451.0K | $6.0M | 2.8% | -16.0% |
| MT ARCELORMITTAL-NY REGISTERED | Industrials | 110.9K | $5.7M | 2.6% | -30.2% |
| TROX TRONOX HOLDINGS PLC | Materials | 530.0K | $5.2M | 2.4% | -53.7% |
| DKS DICK'S SPORTING GOODS INC | Consumer discretionary | 22.5K | $4.5M | 2.1% | +5.6% |
| WFG WEST FRASER TIMBER CO LTD | Other | 44.8K | $2.9M | 1.4% | New |
| SBLK STAR BULK CARRIERS CORP | Industrials | 120.0K | $2.8M | 1.3% | -28.1% |
| AEO AMERICAN EAGLE OUTFITTERS | Consumer discretionary | 145.3K | $2.4M | 1.1% | New |
| LULU LULULEMON ATHLETICA INC | Other | 15.0K | $2.3M | 1.1% | New |
| FANG DIAMONDBACK ENERGY INC | Energy | 10.0K | $2.0M | 0.9% | -50.0% |
| ARCB ARCBEST CORP | Industrials | 20.0K | $2.0M | 0.9% | -71.4% |
| CRC CALIFORNIA RESOURCES CORP | Energy | 25.0K | $1.7M | 0.8% | New |
| MLI MUELLER INDUSTRIES INC | Industrials | 15.0K | $1.7M | 0.8% | Held |
| BLDR BUILDERS FIRSTSOURCE INC | Consumer discretionary | 20.0K | $1.6M | 0.8% | New |
| APA APA CORP | Energy | 25.0K | $1.1M | 0.5% | New |
| DHT DHT HOLDINGS INC | Industrials | 50.0K | $914K | 0.4% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 26 | $214.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 23 | $158.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR/ANEW HOLDINGS | Feb 13, 2026 | 4 | $13.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 19 | $147.6M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ANEW HOLDINGS | Feb 13, 2026 | 3 | $11.6M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ARESTATEMENT | Aug 27, 2025 | 24 | $146.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 18, 2025 | 18 | $120.9M | SEC ↗ | |
| Q1 2025 | 13F-HR/ANEW HOLDINGS | Feb 13, 2026 | 4 | $9.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 21, 2025 | 18 | $120.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 14 | $123.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 15, 2024 | 16 | $164.5M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 15, 2024 | 15 | $110.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 18 | $110.9M | canonical | SEC ↗ |
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