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MLIM

Mountain Lake Investment Management Portfolio holdings

AUM $155M
1-Year Est. Return 38.76%
This Fund
S&P 500
This Quarter Est. Return
+7.63%
1 Year Est. Return
+38.76%
3 Year Est. Return
+79.46%
5 Year Est. Return
+200.68%
10 Year Est. Return
+519.62%
AUM
$132M
AUM Growth
-$2.68M
Cap. Flow
-$10M
Cap. Flow %
-7.6%
Top 10 Hldgs %
77.04%
Holding
28
New
2
Increased
6
Reduced
15
Closed
5

Top Buys

Rank Stock Value
1
NRP icon
Natural Resource Partners
NRP
+$2.06M
2
DVA icon
DaVita
DVA
+$1.04M
3
ALSN icon
Allison Transmission
ALSN
+$874K
4
BLDR icon
Builders FirstSource
BLDR
+$830K
5
CMP icon
Compass Minerals
CMP
+$442K

Top Sells

Rank Stock Value
1
SGOL icon
abrdn Physical Gold Shares ETF
SGOL
+$3.81M
2
CNC icon
Centene
CNC
+$2.98M
3
CI icon
Cigna
CI
+$1.48M
4
CNR
Core Natural Resources Inc
CNR
+$1.47M
5
EOG icon
EOG Resources
EOG
+$928K

Sector Composition

Rank Sector Weight
1 Energy 32.98%
2 Consumer Discretionary 23.18%
3 Industrials 14.76%
4 Materials 2.19%
5 Healthcare 0.74%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SGOL icon
1
abrdn Physical Gold Shares ETF
SGOL
$7.41B
$14.9M 11.32%
362,721
-96,380
-21% -$3.81M
PHYS icon
2
Sprott Physical Gold
PHYS
$15.7B
$14.9M 11.32%
451,183
-10,957
-2% -$347K
ALGT icon
3
Allegiant Air
ALGT
$2.57B
$10.8M 8.2%
126,494
-10,208
-7% -$730K
ALSN icon
4
Allison Transmission
ALSN
$9.82B
$10.7M 8.17%
109,791
+9,968
+10% +$874K
VNOM icon
5
Viper Energy
VNOM
$14.7B
$9.72M 7.38%
251,563
-6,245
-2% -$236K
AN icon
6
AutoNation
AN
$6.92B
$9.71M 7.38%
47,032
-1,652
-3% -$344K
BLDR icon
7
Builders FirstSource
BLDR
$8.04B
$8.64M 6.56%
83,944
+7,382
+10% +$830K
DHI icon
8
D.R. Horton
DHI
$42.3B
$8.62M 6.55%
59,850
-1,653
-3% -$252K
NRP icon
9
Natural Resource Partners
NRP
$1.42B
$6.82M 5.18%
65,330
+19,708
+43% +$2.06M
NE icon
10
Noble Corp
NE
$6.51B
$6.54M 4.97%
231,491
+4,638
+2% +$137K
SDRL icon
11
Seadrill
SDRL
$2.7B
$4.41M 3.35%
127,463
-17,973
-12% -$560K
EOG icon
12
EOG Resources
EOG
$70.7B
$4.34M 3.3%
41,348
-8,640
-17% -$928K
AR icon
13
Antero Resources
AR
$10.7B
$3.42M 2.6%
99,192
-2,416
-2% -$81.8K
HP icon
14
Helmerich & Payne
HP
$3.71B
$3.39M 2.58%
118,197
-18,196
-13% -$483K
PSLV icon
15
Sprott Physical Silver Trust
PSLV
$13.2B
$2.49M 1.89%
105,376
+5,468
+5% +$100K
TFPM icon
16
Triple Flag Precious Metals
TFPM
$6.72B
$2.42M 1.84%
72,712
-1,804
-2% -$56.4K
PPLT
17
abrdn Physical Platinum Shares ETF
PPLT
$2.04B
$2.12M 1.61%
113,830
-20,570
-15% -$317K
ET icon
18
Energy Transfer Partners
ET
$69.3B
$1.64M 1.24%
99,285
-10,489
-10% -$175K
VAL icon
19
Valaris
VAL
$5.47B
$1.57M 1.19%
31,192
-782
-2% -$42K
PAA icon
20
Plains All American Pipeline
PAA
$16.1B
$1.55M 1.18%
86,237
-2,044
-2% -$34.7K
OPLN
21
Openlane
OPLN
$4.54B
$1.43M 1.09%
48,036
+3,543
+8% +$95.8K
DVA icon
22
DaVita
DVA
$11.7B
$971K 0.74%
+8,547
New +$1.04M
CMP icon
23
Compass Minerals
CMP
$1.15B
$469K 0.36%
+23,905
New +$442K
BTU icon
24
Peabody Energy
BTU
$2.9B
– –
-34,420
Closed -$913K
CI icon
25
Cigna
CI
$74.6B
– –
-5,144
Closed -$1.48M
1
2

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Mountain Lake Investment Management's Q4 2025 Portfolio in Review

As of Q4 2025, Mountain Lake Investment Management held 28 positions worth $132M, down 2% from $134M the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Mountain Lake Investment Management withdrew a net $10M in Q4 2025, closing 5 positions and reducing 15 holdings. Its most notable exit was Centene, an estimated $2.98M position sold in full.

By sector, the portfolio is most concentrated in Energy at 33% of assets, down from 34% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Mountain Lake Investment Management opened a new position in DaVita worth $971K.

  • Mountain Lake Investment Management's largest Q4 2025 buy was DaVita: 8,547 shares worth $971K.
  • Mountain Lake Investment Management added most to Natural Resource Partners in Q4 2025, an estimated $2.06M increase.
  • Mountain Lake Investment Management's biggest Q4 2025 reduction was abrdn Physical Gold Shares ETF, cutting an estimated $3.81M.
  • Mountain Lake Investment Management fully exited Centene in Q4 2025, selling an estimated $2.98M.
  • Mountain Lake Investment Management's ten largest holdings make up 77% of its $132M portfolio in Q4 2025.
  • Mountain Lake Investment Management opened 2 new positions and closed 5 in Q4 2025.
  • Mountain Lake Investment Management's portfolio value fell 2% quarter-over-quarter to $132M.

Based on Mountain Lake Investment Management's 13F filing for Q4 2025, filed 17 Feb 2026.