Gates Capital Management
Jeff GatesNew York, NYfiles as Gates Capital Management, Inc.
$3.0bn in 31 US stocks at the end of 30 June 2026. The top 10 are 47.8% of the money. It changed about 13.0% of the portfolio this quarter.
Value
$3.0bn
Stocks
31
Top 10 share
47.8%
Turnover
13.0%
What changed this quarter
New
Bought for the first time this quarter.
- Cooper CompaniesCOO4.0% of the fund
- Mobility GlobalMBGL<0.1% of the fund
Added
Bought more of a stock they already held.
- Darling IngredientsDAR5.2% of the fund+23%
- Rentokil InitialRTO4.9% of the fund+19%
- S&P GlobalSPGI4.8% of the fund+10%
- Envista HoldingsNVST4.8% of the fund+4%
- MasterBrandMBC4.5% of the fund+27%
- Sirius XM HoldingsSIRI4.4% of the fund+66%
- PentairPNR4.2% of the fund+86%
- Vici PropertiesVICI3.1% of the fund+10%
- Armstrong World IndustriesAWI2.7% of the fund+3%
- NeogenNEOG2.6% of the fund+40%
- Otis WorldwideOTIS2.0% of the fund+18%
Cut
Sold some of their stake.
- TIC SolutionsTIC5.2% of the fund-11%
- DavitaDVA5.0% of the fund-5%
- Carrier GlobalCARR4.8% of the fund-20%
- AtkoreATKR4.3% of the fund-36%
- FortiveFTV3.7% of the fund-13%
- Garrett MotionGTX3.0% of the fund-58%
- AmrizeAMRZ2.8% of the fund-34%
- TKO Group HoldingsTKO2.7% of the fund-4%
- RalliantRAL2.7% of the fund-20%
- CRH PublicCRH2.6% of the fund-32%
- VeraltoVLTO2.6% of the fund-18%
- Element SolutionsESI2.5% of the fund-47%
- Smith A OAOS2.1% of the fund-5%
- Consensus Cloud SolutionsCCSI2.1% of the fund-11%
- APi GroupAPG2.0% of the fund-11%
- KBRKBR1.6% of the fund-32%
Sold out
Sold their entire stake.
Holdings
- Rentokil InitialRTO
- Share
- 4.9%
- Value
- $148m
- Shares
- 5,173,407
+19%
- Mobility GlobalMBGL
- Share
- <0.1%
- Value
- $1m
- Shares
- 61,358
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Darling IngredientsDAR | 5.2% | $159m | 2,902,582 | +23% |
| TIC SolutionsTIC | 5.2% | $158m | 19,501,621 | -11% |
| DavitaDVA | 5.0% | $153m | 688,136 | -5% |
| Rentokil InitialRTO | 4.9% | $148m | 5,173,407 | +19% |
| S&P GlobalSPGI | 4.8% | $147m | 361,186 | +10% |
| Envista HoldingsNVST | 4.8% | $146m | 5,552,383 | +4% |
| Carrier GlobalCARR | 4.8% | $146m | 1,991,308 | -20% |
| MasterBrandMBC | 4.5% | $136m | 13,186,754 | +27% |
| Sirius XM HoldingsSIRI | 4.4% | $134m | 4,539,927 | +66% |
| AtkoreATKR | 4.3% | $130m | 1,710,192 | -36% |
| PentairPNR | 4.2% | $128m | 1,675,515 | +86% |
| Cooper CompaniesCOO | 4.0% | $121m | 1,688,589 | New |
| FortiveFTV | 3.7% | $111m | 1,821,430 | -13% |
| Vici PropertiesVICI | 3.1% | $94m | 3,546,895 | +10% |
| Gaming & Leisure PropertiesGLPI | 3.0% | $92m | 2,054,803 | Held |
| Garrett MotionGTX | 3.0% | $90m | 2,479,851 | -58% |
| AmrizeAMRZ | 2.8% | $84m | 1,580,748 | -34% |
| TKO Group HoldingsTKO | 2.7% | $83m | 411,584 | -4% |
| Armstrong World IndustriesAWI | 2.7% | $82m | 513,283 | +3% |
| RalliantRAL | 2.7% | $82m | 1,111,015 | -20% |
| CRH PublicCRH | 2.6% | $79m | 739,562 | -32% |
| VeraltoVLTO | 2.6% | $79m | 889,770 | -18% |
| NeogenNEOG | 2.6% | $79m | 8,742,274 | +40% |
| Element SolutionsESI | 2.5% | $77m | 1,611,499 | -47% |
| Smith A OAOS | 2.1% | $65m | 1,030,321 | -5% |
| Consensus Cloud SolutionsCCSI | 2.1% | $63m | 1,644,274 | -11% |
| Otis WorldwideOTIS | 2.0% | $62m | 867,273 | +18% |
| APi GroupAPG | 2.0% | $60m | 1,424,946 | -11% |
| KBRKBR | 1.6% | $49m | 1,422,729 | -32% |
| XBP Global HoldingsXBP | 0.2% | $7m | 3,193,149 | Held |
| Mobility GlobalMBGL | <0.1% | $1m | 61,358 | New |
Options (4)
- Select Sector Spdr TRXLI
- Type
- Put
- Value
- $370m
- Contracts
- 2,000,000
- Ishares TRHYG
- Type
- Put
- Value
- $300m
- Contracts
- 3,750,000
- Select Sector Spdr TRXLB
- Type
- Put
- Value
- $229m
- Contracts
- 4,500,000
- Ishares TRTLT
- Type
- Put
- Value
- $216m
- Contracts
- 2,500,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| Select Sector Spdr TRXLI | Put | $370m | 2,000,000 |
| Ishares TRHYG | Put | $300m | 3,750,000 |
| Select Sector Spdr TRXLB | Put | $229m | 4,500,000 |
| Ishares TRTLT | Put | $216m | 2,500,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 8.1% since 30 June 2025.
Where the money is
Industrials25.7%
Health care16.4%
Technology11.8%
Materials10.6%
Retail & consumer7.4%
Media & telecom7.1%
Real estate6.1%
Everyday goods5.2%
Financial services4.8%
Other4.9%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.