Mountain Lake Investment Management
SAN FRANCISCO, CAfiles as Mountain Lake Investment Management LLC
$161m in 31 US stocks at the end of 30 June 2026. The top 10 are 70.2% of the money. It changed about 17.8% of the portfolio this quarter.
Value
$161m
Stocks
31
Top 10 share
70.2%
Turnover
17.8%
What changed this quarter
New
Bought for the first time this quarter.
- United STS Brent Oil FD LPBNO2.4% of the fund
- Uber TechnologiesUBER1.4% of the fund
- Insteel IndustriesIIIN0.8% of the fund
- Sally Beauty HoldingsSBH0.6% of the fund
Added
Bought more of a stock they already held.
- Builders FirstSourceBLDR8.2% of the fund+41%
- Molina HealthcareMOH7.6% of the fund+5%
- Horton D RDHI7.0% of the fund+5%
- AutonationAN6.7% of the fund+3%
- Natural Resource Partners LPNRP5.2% of the fund+11%
- Triple Flag Precious MetalsTFPM3.5% of the fund+110%
- Cal-Maine FoodsCALM3.4% of the fund+292%
- Worthington SteelWS0.7% of the fund+359%
Cut
Sold some of their stake.
- Allison Transmission HoldingsALSN7.5% of the fund-5%
- NobleNE3.5% of the fund-28%
- Energy Transfer L PET1.1% of the fund-3%
- Plains ALL Amern Pipeline LPAA1.1% of the fund-5%
- SeadrillSDRL0.9% of the fund-29%
- DavitaDVA0.7% of the fund-26%
- Amplify ETF TRSILJ0.5% of the fund-3%
Sold out
Sold their entire stake.
Holdings
- Sprott Asset Management LPPHYS
- Share
- 8.6%
- Value
- $14m
- Shares
- 456,819
Held
- Etfs Gold TRSGOL
- Share
- 7.7%
- Value
- $12m
- Shares
- 324,355
Held
- Triple Flag Precious MetalsTFPM
- Share
- 3.5%
- Value
- $6m
- Shares
- 189,488
+110%
- United STS Brent Oil FD LPBNO
- Share
- 2.4%
- Value
- $4m
- Shares
- 96,318
New
- Energy Transfer L PET
- Share
- 1.1%
- Value
- $2m
- Shares
- 96,190
-3%
- Plains ALL Amern Pipeline LPAA
- Share
- 1.1%
- Value
- $2m
- Shares
- 81,960
-5%
- Sprott Asset Management LPPSLV
- Share
- 0.8%
- Value
- $1m
- Shares
- 67,321
Held
- Amplify ETF TRSILJ
- Share
- 0.5%
- Value
- $759,974
- Shares
- 29,320
-3%
- Alamos GoldAGI
- Share
- 0.2%
- Value
- $242,720
- Shares
- 8,000
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Sprott Asset Management LPPHYS | 8.6% | $14m | 456,819 | Held |
| Builders FirstSourceBLDR | 8.2% | $13m | 147,867 | +41% |
| Etfs Gold TRSGOL | 7.7% | $12m | 324,355 | Held |
| Molina HealthcareMOH | 7.6% | $12m | 53,394 | +5% |
| Allison Transmission HoldingsALSN | 7.5% | $12m | 106,541 | -5% |
| Horton D RDHI | 7.0% | $11m | 68,606 | +5% |
| AutonationAN | 6.7% | $11m | 58,257 | +3% |
| Viper EnergyVNOM | 6.7% | $11m | 252,304 | Held |
| Natural Resource Partners LPNRP | 5.2% | $8m | 85,464 | +11% |
| Range ResourcesRRC | 5.1% | $8m | 218,523 | Held |
| Triple Flag Precious MetalsTFPM | 3.5% | $6m | 189,488 | +110% |
| NobleNE | 3.5% | $6m | 149,036 | -28% |
| Cal-Maine FoodsCALM | 3.4% | $6m | 68,685 | +292% |
| United STS Brent Oil FD LPBNO | 2.4% | $4m | 96,318 | New |
| Helmerich & PayneHP | 2.4% | $4m | 118,197 | Held |
| Antero ResourcesAR | 2.2% | $4m | 100,137 | Held |
| OpenlaneOPLN | 2.0% | $3m | 79,537 | Held |
| Uber TechnologiesUBER | 1.4% | $2m | 32,098 | New |
| Energy Transfer L PET | 1.1% | $2m | 96,190 | -3% |
| Plains ALL Amern Pipeline LPAA | 1.1% | $2m | 81,960 | -5% |
| Compass Minerals InternationalCMP | 1.1% | $2m | 55,756 | Held |
| SeadrillSDRL | 0.9% | $1m | 36,555 | -29% |
| Insteel IndustriesIIIN | 0.8% | $1m | 44,260 | New |
| Sprott Asset Management LPPSLV | 0.8% | $1m | 67,321 | Held |
| DavitaDVA | 0.7% | $1m | 5,312 | -26% |
| Worthington SteelWS | 0.7% | $1m | 34,427 | +359% |
| Sally Beauty HoldingsSBH | 0.6% | $898,625 | 63,552 | New |
| Amplify ETF TRSILJ | 0.5% | $759,974 | 29,320 | -3% |
| AlphabetGOOGL | 0.2% | $268,028 | 750 | Held |
| SLB LimitedSLB | 0.2% | $252,208 | 5,425 | Held |
| Alamos GoldAGI | 0.2% | $242,720 | 8,000 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 33.6% since 30 June 2025.
Where the money is
Energy26.0%
Retail & consumer24.5%
Industrials8.9%
Health care8.3%
Financial services3.5%
Everyday goods3.4%
Materials2.8%
Media & telecom0.2%
Other22.3%
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.