# Mountain Lake Investment Management LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1308555. Source: https://holderbook.com/funds/1308555-mountain-lake-investment-management-llc/

- Reported value: $160.6M
- Positions: 31
- Weight of the ten largest: 70.2%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SPROTT ASSET MANAGEMENT LP | [PHYS](https://holderbook.com/stocks/PHYS/) | $13.8M | 456,819 | 8.6% | 25 |
| BUILDERS FIRSTSOURCE INC | [BLDR](https://holderbook.com/stocks/BLDR/) | $13.2M | 147,867 | 8.2% | 11 |
| ETFS GOLD TR | [SGOL](https://holderbook.com/stocks/SGOL/) | $12.4M | 324,355 | 7.7% | 23 |
| MOLINA HEALTHCARE INC | [MOH](https://holderbook.com/stocks/MOH/) | $12.2M | 53,394 | 7.6% | 2 |
| ALLISON TRANSMISSION HLDGS I | [ALSN](https://holderbook.com/stocks/ALSN/) | $12.0M | 106,541 | 7.5% | 5 |
| D R HORTON INC | [DHI](https://holderbook.com/stocks/DHI/) | $11.2M | 68,606 | 7.0% | 5 |
| AUTONATION INC | [AN](https://holderbook.com/stocks/AN/) | $10.8M | 58,257 | 6.7% | 10 |
| VIPER ENERGY INC | [VNOM](https://holderbook.com/stocks/VNOM/) | $10.7M | 252,304 | 6.7% | 4 |
| NATURAL RESOURCE PARTNERS LP | [NRP](https://holderbook.com/stocks/NRP/) | $8.3M | 85,464 | 5.2% | 7 |
| RANGE RES CORP | [RRC](https://holderbook.com/stocks/RRC/) | $8.1M | 218,523 | 5.1% | 2 |
| TRIPLE FLAG PRECIOUS METAL | [TFPM](https://holderbook.com/stocks/TFPM/) | $5.7M | 189,488 | 3.5% | 6 |
| NOBLE CORP PLC | [NE](https://holderbook.com/stocks/NE/) | $5.6M | 149,036 | 3.5% | 15 |
| CAL MAINE FOODS INC | [CALM](https://holderbook.com/stocks/CALM/) | $5.5M | 68,685 | 3.4% | 2 |
| UNITED STS BRENT OIL FD LP | [BNO](https://holderbook.com/stocks/BNO/) | $3.9M | 96,318 | 2.4% | 1 |
| HELMERICH & PAYNE INC | [HP](https://holderbook.com/stocks/HP/) | $3.9M | 118,197 | 2.4% | 4 |
| ANTERO RESOURCES CORP | [AR](https://holderbook.com/stocks/AR/) | $3.5M | 100,137 | 2.2% | 31 |
| OPENLANE INC | [OPLN](https://holderbook.com/stocks/OPLN/) | $3.3M | 79,537 | 2.0% | 10 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $2.3M | 32,098 | 1.4% | 1 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $1.8M | 96,190 | 1.1% | 6 |
| PLAINS ALL AMERN PIPELINE L | [PAA](https://holderbook.com/stocks/PAA/) | $1.8M | 81,960 | 1.1% | 5 |
| COMPASS MINERALS INTL INC | [CMP](https://holderbook.com/stocks/CMP/) | $1.7M | 55,756 | 1.1% | 3 |
| SEADRILL LTD | [SDRL](https://holderbook.com/stocks/SDRL/) | $1.4M | 36,555 | 0.9% | 14 |
| INSTEEL INDS INC | [IIIN](https://holderbook.com/stocks/IIIN/) | $1.3M | 44,260 | 0.8% | 1 |
| SPROTT ASSET MANAGEMENT LP | [PSLV](https://holderbook.com/stocks/PSLV/) | $1.3M | 67,321 | 0.8% | 9 |
| DAVITA INC | [DVA](https://holderbook.com/stocks/DVA/) | $1.2M | 5,312 | 0.7% | 3 |
| WORTHINGTON STL INC | [WS](https://holderbook.com/stocks/WS/) | $1.2M | 34,427 | 0.7% | 2 |
| SALLY BEAUTY HLDGS INC | [SBH](https://holderbook.com/stocks/SBH/) | $898.6K | 63,552 | 0.6% | 1 |
| AMPLIFY ETF TR | [SILJ](https://holderbook.com/stocks/SILJ/) | $760.0K | 29,320 | 0.5% | 2 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $268.0K | 750 | 0.2% | 2 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $252.2K | 5,425 | 0.2% | 2 |
| ALAMOS GOLD INC | [AGI](https://holderbook.com/stocks/AGI/) | $242.7K | 8,000 | 0.2% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -2.6% | +14.8% | -17.4% | 100% |
| Q1 2026 | +12.6% | -4.6% | +17.3% | 100% |
| Q4 2025 | +6.2% | +2.4% | +3.8% | 100% |
| Q3 2025 | +12.1% | +7.8% | +4.2% | 93% |
| Q2 2025 | +15.1% | +10.5% | +4.6% | 100% |
| Q1 2025 | -7.0% | -4.6% | -2.4% | 100% |
| Q4 2024 | +4.3% | +2.1% | +2.2% | 99% |
| Q3 2024 | -0.1% | +5.4% | -5.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $160.6M | 31 |
| Q1 2026 | $154.8M | 29 |
| Q4 2025 | $131.6M | 23 |
| Q3 2025 | $134.3M | 26 |
| Q2 2025 | $120.2M | 27 |
| Q1 2025 | $106.2M | 30 |
| Q4 2024 | $86.8M | 29 |
| Q3 2024 | $95.1M | 25 |
| Q2 2024 | $95.4M | 26 |
| Q1 2024 | $96.4M | 21 |
| Q4 2023 | $97.8M | 17 |
| Q3 2023 | $124.6M | 16 |