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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
TLN
1
Talen Energy Corp
TLN
$15.8B
$40.9M 10.53%
204,700
-5,400
-3% -$1.17M
MIR icon
2
Mirion Technologies
MIR
$3.84B
$29.9M 7.71%
2,064,300
-52,700
-2% -$828K
LNG icon
3
Cheniere Energy
LNG
$53.4B
$29.9M 7.71%
+129,300
New +$29.1M
SOBO
4
South Bow Corp
SOBO
$7.4B
$27.3M 7.04%
1,071,000
-16,000
-1% -$400K
GFL icon
5
GFL Environmental
GFL
$14.9B
$26.1M 6.71%
+539,700
New +$24.5M
VNOM icon
6
Viper Energy
VNOM
$14.9B
$22.6M 5.81%
+500,000
New +$23.6M
MA icon
7
Mastercard
MA
$500B
$21.9M 5.65%
+40,000
New +$21.8M
META icon
8
Meta Platforms (Facebook)
META
$1.5T
$20.2M 5.19%
35,000
+5,000
+17% +$3.23M
T icon
9
AT&T
T
$158B
$19.8M 5.1%
+700,000
New +$17.6M
AMZN icon
10
Amazon
AMZN
$2.94T
$19M 4.9%
100,000
– –
NFLX icon
11
Netflix
NFLX
$309B
$18.7M 4.8%
+200,000
New +$19M
PWR icon
12
Quanta Services
PWR
$103B
$17.5M 4.5%
68,700
+12,100
+21% +$3.5M
GE icon
13
GE Aerospace
GE
$396B
$16M 4.12%
80,000
-132,400
-62% -$26M
CNM icon
14
Core & Main
CNM
$8.71B
$14.5M 3.73%
+300,000
New +$15.5M
CP icon
15
Canadian Pacific Kansas City
CP
$80.4B
$14M 3.62%
200,000
-28,100
-12% -$2.14M
SBUX icon
16
Starbucks
SBUX
$121B
$12.3M 3.16%
125,000
-25,000
-17% -$2.58M
OR icon
17
OR Royalties Inc
OR
$6.04B
$10.6M 2.72%
500,000
-1,000,000
-67% -$19.2M
SKE
18
Skeena Resources
SKE
$3.8B
$9.58M 2.47%
+957,000
New +$9.64M
TECK icon
19
Teck Resources
TECK
$32.4B
$8.09M 2.08%
+222,200
New +$9.22M
LIN icon
20
Linde
LIN
$226B
$1.91M 0.49%
+4,100
New +$1.85M
TMQ
21
Trilogy Metals
TMQ
$608M
$1.55M 0.4%
1,000,000
+300,000
+43% +$413K
EQT icon
22
EQT Corp
EQT
$32B
$988K 0.25%
18,500
-481,500
-96% -$24.6M
GEV icon
23
GE Vernova
GEV
$271B
$977K 0.25%
3,200
-103,200
-97% -$36M
MLM icon
24
Martin Marietta Materials
MLM
$33.2B
$956K 0.25%
2,000
-58,000
-97% -$29.5M
ETR icon
25
Entergy
ETR
$49.9B
$940K 0.24%
+11,000
New +$906K
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.