Old West Investment Management, LLC
Long book
$922.6M
Q1 2026
Positions
123
Top-10 weight
30%
concentration
Last quarter
-2.8%
SPY +14.8%
Turnover
26%
of book per quarter
Strategy in plain words
auto-generated from filingsOld West Investment Management, LLC is a diversified fundamental manager, running a $922.6M US long book across 123 positions.
The portfolio is moderately concentrated (top 10 ≈ 30% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: TIDEWATER INC, CORE NATURAL RESOURCES INC, LOCKHEED MARTIN CORP, NUTRIEN LTD, CANADIAN NATURAL RESOURCES.
Over the last 9 quarters its long book ran on average 2pp per quarter ahead of the S&P 500, beating the index in 6 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
+0.8%
Q2 2024
+6.3%
Q3 2024
-2.1%
Q4 2024
-1.6%
Q1 2025
+16.5%
Q2 2025
+13.6%
Q3 2025
+14.4%
Q4 2025
+13.6%
Q1 2026
-2.8%
Sector allocation
Materials 28%
Energy 22%
Industrials 19%
Technology 9%
Other 9%
Healthcare 5%
Financials 4%
Consumer staples 2%
Long book by quarter
What does Old West own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TDW TIDEWATER INC | Industrials | 410.3K | $34.3M | 3.7% | +419.6% |
| CNR CORE NATURAL RESOURCES INC | Materials | 293.2K | $30.7M | 3.3% | +160.0% |
| LMT LOCKHEED MARTIN CORP | Industrials | 49.3K | $29.8M | 3.2% | -8.2% |
| NTR NUTRIEN LTD | Other | 390.3K | $29.5M | 3.2% | New |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 569.3K | $27.7M | 3.0% | -25.9% |
| AR ANTERO RESOURCES CORP | Energy | 648.3K | $27.5M | 3.0% | +217.8% |
| SU SUNCOR ENERGY INC | Energy | 413.1K | $27.3M | 3.0% | +210.7% |
| SLB SLB LTD | Energy | 492.0K | $25.3M | 2.7% | +830.6% |
| OII OCEANEERING INTL INC | Energy | 697.2K | $24.7M | 2.7% | +28.3% |
| RRC RANGE RESOURCES CORP | Energy | 527.3K | $23.8M | 2.6% | New |
| APD AIR PRODUCTS & CHEMICALS INC | Materials | 81.9K | $23.8M | 2.6% | New |
| BRKR BRUKER CORP | Healthcare | 641.0K | $23.2M | 2.5% | -6.4% |
| NXE NEXGEN ENERGY LTD | Materials | 1.9M | $22.5M | 2.4% | -28.6% |
| CF CF INDUSTRIES HOLDINGS INC | Other | 168.5K | $21.9M | 2.4% | New |
| CCJ CAMECO CORP | Materials | 194.1K | $21.1M | 2.3% | -4.0% |
| NOC NORTHROP GRUMMAN CORP | Technology | 27.5K | $18.8M | 2.0% | +1447.1% |
| VIRT VIRTU FINANCIAL INC-CLASS A | Financials | 389.5K | $17.1M | 1.9% | +4.8% |
| BG BUNGE GLOBAL SA | Consumer staples | 133.6K | $17.0M | 1.8% | -27.9% |
| TMQ TRILOGY METALS INC | Materials | 4.7M | $16.9M | 1.8% | +0.5% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 12.5K | $16.6M | 1.8% | +3.9% |
| GSM FERROGLOBE PLC | Materials | 3.9M | $16.2M | 1.8% | +3.4% |
| ALB ALBEMARLE CORP | Materials | 88.2K | $15.8M | 1.7% | -35.7% |
| AA ALCOA CORP | Industrials | 221.6K | $14.7M | 1.6% | -4.7% |
| AGI ALAMOS GOLD INC-CLASS A | Materials | 322.4K | $14.3M | 1.6% | -33.4% |
| AEM AGNICO EAGLE MINES LTD | Materials | 59.3K | $12.0M | 1.3% | -44.6% |
| VNOM VIPER ENERGY INC-CL A | Energy | 231.8K | $10.9M | 1.2% | New |
| NE NOBLE CORP PLC | Energy | 211.4K | $10.4M | 1.1% | +163.1% |
| DOW DOW INC | Materials | 246.5K | $10.3M | 1.1% | New |
| LYB LYONDELLBASELL INDU-CL A | Other | 127.3K | $10.3M | 1.1% | New |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 21.4K | $10.2M | 1.1% | +4.4% |
| GEV GE VERNOVA INC | Industrials | 10.8K | $9.4M | 1.0% | New |
| BA BOEING CO/THE | Industrials | 46.9K | $9.3M | 1.0% | +2838.3% |
| FMC FMC CORP | Materials | 522.5K | $9.0M | 1.0% | New |
| UNP UNION PACIFIC CORP | Industrials | 36.9K | $9.0M | 1.0% | New |
| FCX FREEPORT-MCMORAN INC | Materials | 152.4K | $9.0M | 1.0% | +23.8% |
| SWKS SKYWORKS SOLUTIONS INC | Technology | 155.9K | $8.3M | 0.9% | New |
| 0WE WEATHERFORD INTERNATIONAL PL | — | 82.9K | $7.8M | 0.8% | -4.5% |
| AMR ALPHA METALLURGICAL RESOURCE | Materials | 36.5K | $7.5M | 0.8% | +26.2% |
| VRT VERTIV HOLDINGS CO-A | Technology | 28.8K | $7.2M | 0.8% | -32.0% |
| CC CHEMOURS CO/THE | Materials | 317.3K | $7.0M | 0.8% | +314.0% |
| ELAN ELANCO ANIMAL HEALTH INC | Healthcare | 290.2K | $6.9M | 0.8% | -41.9% |
| SSNC SS&C TECHNOLOGIES HOLDINGS | Technology | 100.4K | $6.8M | 0.7% | -20.3% |
| GFS GLOBALFOUNDRIES INC | Technology | 151.1K | $6.7M | 0.7% | New |
| PBF PBF ENERGY INC-CLASS A | Energy | 140.7K | $6.7M | 0.7% | Held |
| VAL VALARIS LTD | Energy | 67.2K | $6.6M | 0.7% | -10.6% |
| GMED GLOBUS MEDICAL INC - A | Healthcare | 72.7K | $6.3M | 0.7% | -28.4% |
| CE CELANESE CORP | Materials | 92.8K | $6.1M | 0.7% | New |
| OLN OLIN CORP | Materials | 192.4K | $5.7M | 0.6% | New |
| TMC TMC THE METALS CO INC | Materials | 1.2M | $5.6M | 0.6% | -35.3% |
| ALM ALMONTY INDUSTRIES INC | Materials | 356.1K | $5.2M | 0.6% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 12, 2026 | 123 | $922.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 102 | $560.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 5, 2025 | 86 | $436.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 8, 2025 | 62 | $303.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 59 | $277.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 55 | $246.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ARESTATEMENT | Nov 19, 2024 | 58 | $258.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 30, 2024 | 58 | $277.9M | SEC ↗ | |
| Q2 2024 | 13F-HR | Aug 9, 2024 | 58 | $226.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 8, 2024 | 53 | $197.8M | canonical | SEC ↗ |
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