Mountain Lake Investment Management LLC

Fundamental concentrated ★Highest signal CIK 1308555
League rank
#969
in Fundamental concentrated · #7355 overall
Long book
$154.8M
Q1 2026
Positions
29
Top-10 weight
73%
concentration
Last quarter
-1.7%
SPY +14.8%
Turnover
38%
of book per quarter

Strategy in plain words

auto-generated from filings

Mountain Lake Investment Management LLC is a concentrated fundamental stock-picker, running a $154.8M US long book across 29 positions.

The portfolio is concentrated: the top 10 names carry 73% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: SPROTT PHYSICAL GOLD TRUST, ABRDN PHYSICAL GOLD SHARES, ALLISON TRANSMISSION HOLDING, VIPER ENERGY INC-CL A, AUTONATION INC.

Over the last 9 quarters its long book ran on average 0.3pp per quarter ahead of the S&P 500, beating the index in 5 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
-3.4%
Q2 2024
+1.2%
Q3 2024
+5.7%
Q4 2024
-7.7%
Q1 2025
+17.1%
Q2 2025
+12.3%
Q3 2025
+6.6%
Q4 2025
+13.0%
Q1 2026
-1.7%

Sector allocation

Energy
38%
Industrials
18%
Consumer discretionary
18%
Financials
13%
Materials
9%
Utilities
2%
Consumer staples
1%
Healthcare
1%

Long book by quarter

$96.4M
Q1 2024
$95.4M
Q2 2024
$95.1M
Q3 2024
$86.8M
Q4 2024
$106.2M
Q1 2025
$120.2M
Q2 2025
$134.3M
Q3 2025
$131.6M
Q4 2025
$154.8M
Q1 2026

What does Mountain Lake own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
ALSN ALLISON TRANSMISSION HOLDINGIndustrials111.8K$13.1M8.5%+1.8%
VNOM VIPER ENERGY INC-CL AEnergy256.1K$12.0M7.8%+1.8%
AN AUTONATION INCConsumer discretionary56.4K$11.0M7.1%+20.0%
NE NOBLE CORP PLCEnergy207.8K$10.2M6.6%-10.2%
RRC RANGE RESOURCES CORPEnergy214.5K$9.7M6.3%New
NRP NATURAL RESOURCE PARTNERS LPMaterials76.7K$9.3M6.0%+17.4%
DHI DR HORTON INCIndustrials65.6K$9.0M5.8%+9.6%
BLDR BUILDERS FIRSTSOURCE INCConsumer discretionary104.6K$8.6M5.6%+24.7%
MOH MOLINA HEALTHCARE INCFinancials50.6K$6.7M4.4%New
AGM FEDERAL AGRIC MTG CORP-CL CFinancials42.8K$6.4M4.1%New
HP HELMERICH & PAYNEEnergy118.2K$4.3M2.8%Held
AR ANTERO RESOURCES CORPEnergy99.2K$4.2M2.7%Held
TFPM TRIPLE FLAG PRECIOUS METFinancials90.2K$3.1M2.0%+24.1%
SDRL SEADRILL LIMITEDEnergy51.8K$2.4M1.5%-59.4%
OPLN OPENLANE INCConsumer discretionary79.5K$2.3M1.5%+65.6%
PAA PLAINS ALL AMER PIPELINE LPEnergy86.2K$1.9M1.2%Held
ET ENERGY TRANSFER LPUtilities99.3K$1.9M1.2%Held
CALM CAL-MAINE FOODS INCConsumer staples17.5K$1.4M0.9%New
CMP COMPASS MINERALS INTERNATIONMaterials55.6K$1.3M0.8%+132.7%
DVA DAVITA INCHealthcare7.2K$1.1M0.7%-16.3%
VAL VALARIS LTDEnergy8.3K$811K0.5%-73.5%
AGI ALAMOS GOLD INC-CLASS AMaterials8.0K$355K0.2%New
SLB SLB LTDEnergy5.4K$279K0.2%New
WS WORTHINGTON STEEL INCIndustrials7.5K$228K0.1%New
GOOGL ALPHABET INC-CL ATechnology750$216K0.1%New

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 202629$154.8M canonicalSEC ↗
Q4 202513F-HRFeb 17, 202623$131.6M canonicalSEC ↗
Q3 202513F-HRNov 14, 202526$134.3M canonicalSEC ↗
Q2 202513F-HRAug 14, 202527$120.2M canonicalSEC ↗
Q1 202513F-HRMay 15, 202530$106.2M canonicalSEC ↗
Q4 202413F-HRJan 30, 202529$86.8M canonicalSEC ↗
Q3 202413F-HRNov 14, 202425$95.1M canonicalSEC ↗
Q2 202413F-HRAug 14, 202426$95.4M canonicalSEC ↗
Q1 202413F-HRMay 15, 202421$96.4M canonicalSEC ↗

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