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BCM

Bornite Capital Management Portfolio holdings

AUM $595M
1-Year Est. Return 59.2%
This Fund
S&P 500
This Quarter Est. Return
+1.49%
1 Year Est. Return
+59.2%
3 Year Est. Return
+176.28%
5 Year Est. Return
+304.39%
10 Year Est. Return
–
AUM
$388M
AUM Growth
-$355M
Cap. Flow
-$359M
Cap. Flow %
-92.34%
Top 10 Hldgs %
66.34%
Holding
47
New
12
Increased
3
Reduced
12
Closed
19

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$29.1M
2
GFL icon
GFL Environmental
GFL
+$24.5M
3
VNOM icon
Viper Energy
VNOM
+$23.6M
4
MA icon
Mastercard
MA
+$21.8M
5
NFLX icon
Netflix
NFLX
+$19M

Top Sells

Rank Stock Value
1
STLD icon
Steel Dynamics
STLD
+$39.9M
2
WCN
Waste Connections
WCN
+$36.3M
3
GEV icon
GE Vernova
GEV
+$36M
4
MPC icon
Marathon Petroleum
MPC
+$34.9M
5
MLM icon
Martin Marietta Materials
MLM
+$29.5M

Sector Composition

Rank Sector Weight
1 Industrials 30.87%
2 Energy 21.16%
3 Communication Services 15.1%
4 Utilities 10.77%
5 Materials 8.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KNTK icon
26
Kinetik
KNTK
$3.69B
$909K 0.23%
17,500
-420,500
-96% -$24.7M
ETN icon
27
Eaton
ETN
$174B
$870K 0.22%
3,200
-46,800
-94% -$14.6M
CCJ icon
28
Cameco
CCJ
$40.8B
$440K 0.11%
+10,700
New +$504K
AMAT icon
29
Applied Materials
AMAT
$419B
– –
-100,000
Closed -$16.3M
BKR icon
30
Baker Hughes
BKR
$62.3B
– –
-500,000
Closed -$20.5M
CRH icon
31
CRH
CRH
$65B
– –
-150,000
Closed -$13.9M
CRM icon
32
Salesforce
CRM
$153B
– –
-50,000
Closed -$16.7M
FNV icon
33
Franco-Nevada
FNV
$44.6B
– –
-230,000
Closed -$27M
GOOGL icon
34
Alphabet (Google) Class A
GOOGL
$4.38T
– –
-100,000
Closed -$18.9M
GS icon
35
Goldman Sachs
GS
$301B
– –
-30,000
Closed -$17.2M
LYV icon
36
Live Nation Entertainment
LYV
$42.3B
– –
-100,000
Closed -$12.9M
MCK icon
37
McKesson
MCK
$102B
– –
-30,000
Closed -$17.1M
MPC icon
38
Marathon Petroleum
MPC
$84B
– –
-250,000
Closed -$34.9M
MSFT icon
39
Microsoft
MSFT
$3.71T
– –
-30,000
Closed -$12.6M
MU icon
40
Micron Technology
MU
$996B
– –
-100,000
Closed -$8.42M
SHW icon
41
Sherwin-Williams
SHW
$88.2B
– –
-50,000
Closed -$17M
STLD icon
42
Steel Dynamics
STLD
$37.5B
– –
-350,000
Closed -$39.9M
TT icon
43
Trane Technologies
TT
$105B
– –
-40,200
Closed -$14.8M
UBER icon
44
Uber
UBER
$143B
– –
-200,000
Closed -$12.1M
WCN
45
Waste Connections
WCN
$42.2B
– –
-211,700
Closed -$36.3M
FLUT icon
46
Flutter Entertainment
FLUT
$16.1B
– –
-40,000
Closed -$10.3M
VRN
47
DELISTED
Veren
VRN
– –
-2,000,000
Closed -$10.3M
1
2

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Bornite Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Bornite Capital Management held 47 positions worth $388M, down 48% from $744M the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Bornite Capital Management withdrew a net $359M in Q1 2025, closing 19 positions and reducing 12 holdings. Its most notable exit was Steel Dynamics, an estimated $39.9M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 31% of assets, up from 28% a quarter earlier, followed by Energy and Communication Services.

Against the trend, Bornite Capital Management opened a new position in Cheniere Energy worth $29.9M.

  • Bornite Capital Management's largest Q1 2025 buy was Cheniere Energy: 129,300 shares worth $29.9M.
  • Bornite Capital Management added most to Quanta Services in Q1 2025, an estimated $3.5M increase.
  • Bornite Capital Management's biggest Q1 2025 reduction was GE Vernova, cutting an estimated $36M.
  • Bornite Capital Management fully exited Steel Dynamics in Q1 2025, selling an estimated $39.9M.
  • Bornite Capital Management's ten largest holdings make up 66% of its $388M portfolio in Q1 2025.
  • Bornite Capital Management opened 12 new positions and closed 19 in Q1 2025.
  • Bornite Capital Management's portfolio value fell 48% quarter-over-quarter to $388M.

Based on Bornite Capital Management's 13F filing for Q1 2025, filed 12 May 2025.