Atlas FRM Portfolio holdings
Atlas Holdings, the trade name of Atlas FRM, is a private equity firm that specializes in taking control of distressed companies, with a focus on industrial sectors. Andrew Bursky and Tim Fazio started the firm in 2002 by buying a small paper mill in rural Indiana. It has bought underperforming or discontinued operations from corporate sellers, and has also acquired companies out of bankruptcy and through out-of-court restructurings.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Waste Connections
WCN
|
+$239M |
| 2 |
International Paper
IP
|
+$77.1M |
| 3 |
Rayonier
RYN
|
+$72.5M |
| 4 |
Weyerhaeuser
WY
|
+$69.2M |
| 5 |
Builders FirstSource
BLDR
|
+$51.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hormel Foods
HRL
|
+$64M |
| 2 |
Mohawk Industries
MHK
|
+$16.2M |
| 3 |
Fortune Brands Innovations
FBIN
|
+$14M |
| 4 |
American Woodmark
AMWD
|
+$11.8M |
| 5 |
State Street Consumer Staples Select Sector SPDR ETF
XLP
|
+$4.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 41.71% |
| 2 | Materials | 23.1% |
| 3 | Industrials | 20.25% |
| 4 | Real Estate | 6.71% |
| 5 | Financials | 4.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
International Paper
IP
$18.6B
| $375M | 16.06% |
9,840,000
+2,250,000
| +30% | +$77.1M |
2021 Q4
18 quarters
|
|
2
Packaging Corp of America
PKG
$22.7B
| $365M | 15.64% |
1,532,500
| – | – |
2022 Q3
15 quarters
|
|
|
3
Waste Connections
WCN
$46.7B
| $252M | 10.78% |
+1,510,000
| New | +$239M |
2026 Q2
0 quarters
|
|
4
Sylvamo
SLVM
$1.26B
| $239M | 10.22% |
6,312,454
| – | – |
2021 Q4
18 quarters
|
|
5
Suzano
SUZ
$11.4B
| $189M | 8.08% |
24,320,000
+5,200,000
| +27% | +$45.1M |
2023 Q2
12 quarters
|
|
|
6
Fortune Brands Innovations
FBIN
$5.48B
| $100M | 4.29% |
1,825,000
-350,000
| -16% | -$14M |
2026 Q1
1 quarter
|
|
7
AptarGroup
ATR
$9.02B
| $83.9M | 3.59% |
670,000
+320,000
| +91% | +$38.8M |
2026 Q1
1 quarter
|
|
|
8
Rayonier
RYN
$5.84B
| $83.8M | 3.59% |
3,940,000
+3,460,000
| +721% | +$72.5M |
2026 Q1
1 quarter
|
|
|
9
Weyerhaeuser
WY
$14.8B
| $72.8M | 3.12% |
3,040,000
+2,850,000
| +1,500% | +$69.2M |
2026 Q1
1 quarter
|
|
|
10
Builders FirstSource
BLDR
$6.84B
| $64.2M | 2.75% |
718,000
+641,000
| +832% | +$51.2M |
2026 Q1
1 quarter
|
|
11
LGI Homes
LGIH
$1.01B
| $61.6M | 2.64% |
967,000
+327,000
| +51% | +$15.6M |
2026 Q1
1 quarter
|
|
12
FirstCash
FCFS
$8.34B
| $58.4M | 2.5% |
270,000
| – | – |
2025 Q4
2 quarters
|
|
13
Floor & Decor
FND
$5.02B
| $55.2M | 2.36% |
930,000
+36,000
| +4% | +$1.82M |
2025 Q4
2 quarters
|
|
14
Ezcorp Inc
EZPW
$1.77B
| $50.1M | 2.15% |
1,450,000
| – | – |
2025 Q4
2 quarters
|
|
15
West Fraser Timber
WFG
$5.16B
| $50.1M | 2.15% |
740,000
+684,000
| +1,221% | +$44.6M |
2026 Q1
1 quarter
|
|
16
Silgan Holdings
SLGN
$4.39B
| $48.2M | 2.07% |
1,040,000
+170,000
| +20% | +$6.79M |
2025 Q4
2 quarters
|
|
17
MasterBrand
MBC
$1.4B
| $47.6M | 2.04% |
4,624,400
+3,324,400
| +256% | +$28.4M |
2026 Q1
1 quarter
|
|
18
The Greenbrier Companies
GBX
$1.29B
| $38.6M | 1.65% |
787,588
+538,027
| +216% | +$26.4M |
2026 Q1
1 quarter
|
|
19
Boise Cascade
BCC
$2.61B
| $34.5M | 1.48% |
445,000
+404,000
| +985% | +$29.9M |
2026 Q1
1 quarter
|
|
20
Cemex
CX
$15.3B
| $25.4M | 1.09% |
+2,120,000
| New | +$26.3M |
2026 Q2
0 quarters
|
|
21
Meritage Homes
MTH
$4.32B
| $18.4M | 0.79% |
+220,000
| New | +$15M |
2026 Q2
0 quarters
|
|
22
Janus International
JBI
$639M
| $18M | 0.77% |
+3,240,000
| New | +$17M |
2026 Q2
0 quarters
|
|
23
Sonoco
SON
$4.83B
| $2.82M | 0.12% |
+50,000
| New | +$2.56M |
2026 Q2
0 quarters
|
|
24
Vulcan Materials
VMC
$36.5B
| $1.48M | 0.06% |
+5,000
| New | +$1.43M |
2026 Q2
0 quarters
|
|
25
Mercer International
MERC
$14.2M
| $394K | 0.02% |
596,791
-2,553,209
| -81% | -$2.54M |
2022 Q3
15 quarters
|
|
Similar funds
Atlas FRM's Q2 2026 Portfolio in Review
As of Q2 2026, Atlas FRM held 29 positions worth $2.33B, up 53% from $1.53B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Atlas FRM deployed $696M of net new capital in Q2 2026, opening 6 new positions and adding to 13 existing holdings. Its largest new stake was Waste Connections: 1,510,000 shares worth $252M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 42% of assets, down from 48% a quarter earlier, followed by Materials and Industrials.
On the sell side, the largest reduction was Fortune Brands Innovations, an estimated $14M trimmed.
- Atlas FRM's largest Q2 2026 buy was Waste Connections: 1,510,000 shares worth $252M.
- Atlas FRM added most to International Paper in Q2 2026, an estimated $77.1M increase.
- Atlas FRM's biggest Q2 2026 reduction was Fortune Brands Innovations, cutting an estimated $14M.
- Atlas FRM fully exited Hormel Foods in Q2 2026, selling an estimated $64M.
- Atlas FRM's ten largest holdings make up 78% of its $2.33B portfolio in Q2 2026.
- Atlas FRM opened 6 new positions and closed 4 in Q2 2026.
- Atlas FRM's portfolio value rose 53% quarter-over-quarter to $2.33B.
Based on Atlas FRM's 13F filing for Q2 2026, filed 13 Aug 2026.