Hill City Capital Portfolio holdings
Hill City Capital manages private funds that invest in global stocks, mainly in North America and other developed markets. Its portfolios are concentrated, held for a long time, and built on company research and regular talks with management. It looks for investments where its own view differs from the market consensus. Herbert Frazier is its chief investment officer and runs Hill City GP, the entity that controls the firm.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
First Solar
FSLR
|
+$91.1M |
| 2 |
Littelfuse
LFUS
|
+$8.44M |
| 3 |
International Paper
IP
|
+$7.65M |
| 4 |
EquipmentShare.com Inc
EQPT
|
+$4.67M |
| 5 |
Centuri Holdings
CTRI
|
+$4.65M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EnerSys
ENS
|
+$44.4M |
| 2 |
Trex
TREX
|
+$27.5M |
| 3 |
WaterBridge Infrastructure LLC
WBI
|
+$24M |
| 4 |
Garrett Motion
GTX
|
+$18.1M |
| 5 |
EROC
ERock Inc
EROC
|
+$1.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 50.6% |
| 2 | Technology | 27.76% |
| 3 | Materials | 11.23% |
| 4 | Consumer Discretionary | 7.42% |
| 5 | Utilities | 3% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
First Solar
FSLR
$18.4B
| $536M | 17.73% |
3,058,715
+430,585
| +16% | +$91.1M |
2023 Q2
13 quarters
|
|
2
MasTec
MTZ
$14.7B
| $460M | 15.23% |
2,155,000
| – | – |
2022 Q4
15 quarters
|
|
|
DPC
3
DPC Holdings PLC
DPC
$5.12B
| $325M | 10.76% |
7,693,605
| – | – |
2026 Q2
1 quarter
|
|
4
Dycom Industries
DY
$6.68B
| $272M | 8.99% |
1,009,784
| – | – |
2020 Q4
23 quarters
|
|
|
5
International Paper
IP
$18.2B
| $176M | 5.82% |
5,300,000
+200,000
| +4% | +$7.65M |
2024 Q2
9 quarters
|
|
6
STMicroelectronics
STM
$41.8B
| $165M | 5.47% |
3,100,000
| – | – |
2026 Q1
2 quarters
|
|
7
James Hardie Industries
JHX
$16.2B
| $145M | 4.79% |
5,723,900
| – | – |
2025 Q3
4 quarters
|
|
8
Granite Construction
GVA
$5.5B
| $129M | 4.26% |
1,110,248
| – | – |
2024 Q1
10 quarters
|
|
9
Boeing
BA
$136B
| $116M | 3.83% |
622,421
+838
| +0.1% | +$180K |
2025 Q4
3 quarters
|
|
10
Cemex
CX
$15.2B
| $103M | 3.4% |
10,802,750
| – | – |
2025 Q2
5 quarters
|
|
11
CRH
CRH
$62B
| $91.6M | 3.03% |
1,106,400
| – | – |
2023 Q3
12 quarters
|
|
|
12
Centuri Holdings
CTRI
$2.2B
| $84.8M | 2.81% |
4,230,000
+200,000
| +5% | +$4.65M |
2025 Q2
5 quarters
|
|
13
DELISTED
Atkore
ATKR
| $68.6M | 2.27% |
724,106
| – | – |
2025 Q3
4 quarters
|
|
14
Advanced Drainage Systems
WMS
$9.27B
| $60.8M | 2.01% |
480,000
| – | – |
2025 Q3
4 quarters
|
|
|
15
Littelfuse
LFUS
$9.8B
| $59.3M | 1.96% |
140,000
+20,000
| +17% | +$8.44M |
2026 Q2
1 quarter
|
|
16
Array Technologies
ARRY
$747M
| $52M | 1.72% |
12,891,300
| – | – |
2022 Q1
18 quarters
|
|
17
BorgWarner
BWA
$10.2B
| $48.3M | 1.6% |
803,528
+1,358
| +0.2% | +$87.6K |
2026 Q2
1 quarter
|
|
18
Core & Main
CNM
$8.3B
| $46M | 1.52% |
1,109,100
+80,450
| +8% | +$3.54M |
2023 Q2
13 quarters
|
|
19
ATS Corp
ATS
$1.68B
| $29.8M | 0.99% |
1,649,857
| – | – |
2025 Q1
6 quarters
|
|
20
Wolfspeed
WOLF
$1.33B
| $26.3M | 0.87% |
935,000
| – | – |
2026 Q1
2 quarters
|
|
21
TFI International
TFII
$7.85B
| $17.4M | 0.58% |
145,000
| – | – |
2021 Q1
22 quarters
|
|
22
SOLV Energy Inc
MWH
$5.63B
| $6M | 0.2% |
250,000
| – | – |
2026 Q1
2 quarters
|
|
|
23
EquipmentShare.com Inc
EQPT
$3.91B
| $4.39M | 0.15% |
+252,500
| New | +$4.67M |
2026 Q3
0 quarters
|
|
24
SiteOne Landscape Supply
SITE
$4.86B
| $262K | 0.01% |
2,900
| – | – |
2026 Q2
1 quarter
|
|
|
25
EnerSys
ENS
$5.09B
| – | – |
-190,000
| Closed | -$44.4M | – |
|
Similar funds
Hill City Capital's Q3 2026 Portfolio in Review
As of Q3 2026, Hill City Capital held 29 positions worth $3.02B, down 29% from $4.28B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Hill City Capital's Q3 2026 filing shows 1 new, 7 increased and 5 closed positions. Its largest new stake was EquipmentShare.com Inc: 252,500 shares worth $4.39M. The largest sale was EnerSys, an estimated $44.4M.
By sector, the portfolio is most concentrated in Industrials at 51% of assets, down from 56% a quarter earlier, followed by Technology and Materials.
- Hill City Capital's largest Q3 2026 buy was EquipmentShare.com Inc: 252,500 shares worth $4.39M.
- Hill City Capital added most to First Solar in Q3 2026, an estimated $91.1M increase.
- Hill City Capital fully exited EnerSys in Q3 2026, selling an estimated $44.4M.
- Hill City Capital's ten largest holdings make up 80% of its $3.02B portfolio in Q3 2026.
- Hill City Capital opened 1 new position and closed 5 in Q3 2026.
- Hill City Capital's portfolio value fell 29% quarter-over-quarter to $3.02B.
Based on Hill City Capital's 13F filing for Q3 2026, filed 13 Nov 2026.