Walnut Level Capital LLC
Long book
$87.6M
Q1 2026
Positions
35
Top-10 weight
68%
concentration
Last quarter
-11.9%
SPY +14.8%
Turnover
28%
of book per quarter
Strategy in plain words
auto-generated from filingsWalnut Level Capital LLC is a concentrated fundamental stock-picker, running a $87.6M US long book across 35 positions.
The portfolio is concentrated: the top 10 names carry 68% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: DARLING INGREDIENTS INC, METHANEX CORP, BUNGE GLOBAL SA, ANDERSONS INC/THE, CELANESE CORP.
Over the last 9 quarters its long book ran on average 4.1pp per quarter behind the S&P 500, beating the index in 2 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
-1.8%
Q2 2024
+3.7%
Q3 2024
-9.9%
Q4 2024
-11.6%
Q1 2025
-7.9%
Q2 2025
+0.4%
Q3 2025
+5.3%
Q4 2025
+36.7%
Q1 2026
-11.9%
Sector allocation
Consumer staples 40%
Other 28%
Materials 24%
Consumer discretionary 8%
Industrials 0%
Long book by quarter
What does Walnut Level own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| DAR DARLING INGREDIENTS INC | Consumer staples | 234.5K | $14.5M | 16.6% | -44.6% |
| MEOH METHANEX CORP | Other | 173.7K | $10.3M | 11.8% | -56.8% |
| BG BUNGE GLOBAL SA | Consumer staples | 74.0K | $9.4M | 10.8% | -53.9% |
| ANDE ANDERSONS INC/THE | Consumer discretionary | 70.0K | $5.0M | 5.7% | -79.9% |
| CE CELANESE CORP | Materials | 70.0K | $4.6M | 5.3% | +833.3% |
| APD AIR PRODUCTS & CHEMICALS INC | Materials | 13.5K | $3.9M | 4.5% | +58.9% |
| CTVA CORTEVA INC | Consumer staples | 40.0K | $3.3M | 3.8% | Held |
| REX REX AMERICAN RESOURCES CORP | Other | 71.2K | $3.2M | 3.7% | Held |
| AGRO ADECOAGRO SA | Consumer staples | 198.3K | $3.0M | 3.4% | Held |
| PPC PILGRIM'S PRIDE CORP | Consumer staples | 65.0K | $2.5M | 2.8% | Held |
| ASIX ADVANSIX INC | Materials | 100.0K | $2.4M | 2.8% | New |
| EMN EASTMAN CHEMICAL CO | Materials | 30.0K | $2.3M | 2.6% | -43.2% |
| STKL SUNOPTA INC | — | 325.0K | $2.1M | 2.4% | Held |
| ECL ECOLAB INC | Other | 7.5K | $2.0M | 2.3% | Held |
| MP MP MATERIALS CORP | Materials | 40.0K | $1.9M | 2.2% | Held |
| TROX TRONOX HOLDINGS PLC | Materials | 180.0K | $1.8M | 2.0% | Held |
| GPRE GREEN PLAINS INC | Other | 89.7K | $1.5M | 1.7% | New |
| SFD SMITHFIELD FOODS INC | Consumer staples | 50.9K | $1.4M | 1.6% | -86.6% |
| DD DUPONT DE NEMOURS INC | Materials | 30.0K | $1.4M | 1.6% | Held |
| CF CF INDUSTRIES HOLDINGS INC | Other | 10.0K | $1.3M | 1.5% | Held |
| OLN OLIN CORP | Materials | 40.0K | $1.2M | 1.4% | -48.7% |
| WLK WESTLAKE CORP | Other | 10.0K | $1.2M | 1.3% | -12.3% |
| HUN HUNTSMAN CORP | Materials | 85.0K | $1.1M | 1.3% | Held |
| TITN TITAN MACHINERY INC | Consumer discretionary | 64.7K | $1.1M | 1.2% | New |
| PPG PPG INDUSTRIES INC | Other | 7.5K | $802K | 0.9% | -50.3% |
| SHW SHERWIN-WILLIAMS CO/THE | Consumer discretionary | 2.4K | $784K | 0.9% | New |
| RYAM RAYONIER ADVANCED MATERIALS | Other | 60.5K | $670K | 0.8% | New |
| INGR INGREDION INC | Consumer staples | 5.0K | $563K | 0.6% | Held |
| AXTA AXALTA COATING SYSTEMS LTD | Other | 17.5K | $485K | 0.6% | Held |
| IFF INTL FLAVORS & FRAGRANCES | Other | 6.6K | $480K | 0.5% | Held |
| DOW DOW INC | Materials | 10.0K | $417K | 0.5% | New |
| ESI ELEMENT SOLUTIONS INC | Other | 10.0K | $341K | 0.4% | -23.3% |
| MOS MOSAIC CO/THE | Other | 10.0K | $255K | 0.3% | New |
| AVO MISSION PRODUCE INC | Consumer staples | 15.9K | $219K | 0.3% | -98.0% |
| CNH CNH INDUSTRIAL NV | Industrials | 80.0K | $80K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 39 | $117.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 37 | $146.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 37 | $167.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 41 | $184.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 43 | $200.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 45 | $262.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 35 | $239.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 45 | $225.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 33 | $171.0M | canonical | SEC ↗ |
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