# Atlas FRM LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1879898. Source: https://holderbook.com/funds/1879898-atlas-frm-llc/

- Reported value: $2.3B
- Positions: 25
- Weight of the ten largest: 78.1%
- Filed: 2026-08-13

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 |
|---|---|---|---|---|---|
| INTERNATIONAL PAPER CO | [IP](https://holderbook.com/stocks/IP/) | $374.9M | 9,840,000 | 16.1% | 19 |
| PACKAGING CORP AMER | [PKG](https://holderbook.com/stocks/PKG/) | $365.2M | 1,532,500 | 15.6% | 16 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $251.7M | 1,510,000 | 10.8% | 1 |
| SYLVAMO CORP | [SLVM](https://holderbook.com/stocks/SLVM/) | $238.6M | 6,312,454 | 10.2% | 19 |
| SUZANO S A | [SUZ](https://holderbook.com/stocks/SUZ/) | $188.7M | 24,320,000 | 8.1% | 13 |
| FORTUNE BRANDS INNOVATIONS I | [FBIN](https://holderbook.com/stocks/FBIN/) | $100.2M | 1,825,000 | 4.3% | 2 |
| APTARGROUP INC | [ATR](https://holderbook.com/stocks/ATR/) | $83.9M | 670,000 | 3.6% | 2 |
| RAYONIER INC | [RYN](https://holderbook.com/stocks/RYN/) | $83.8M | 3,940,000 | 3.6% | 2 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $72.8M | 3,040,000 | 3.1% | 2 |
| BUILDERS FIRSTSOURCE INC | [BLDR](https://holderbook.com/stocks/BLDR/) | $64.2M | 718,000 | 2.8% | 2 |
| LGI HOMES INC | [LGIH](https://holderbook.com/stocks/LGIH/) | $61.6M | 967,000 | 2.6% | 2 |
| FIRSTCASH HOLDINGS INC | [FCFS](https://holderbook.com/stocks/FCFS/) | $58.4M | 270,000 | 2.5% | 3 |
| FLOOR & DECOR HLDGS INC | [FND](https://holderbook.com/stocks/FND/) | $55.2M | 930,000 | 2.4% | 3 |
| EZCORP INC | [EZPW](https://holderbook.com/stocks/EZPW/) | $50.1M | 1,450,000 | 2.1% | 3 |
| WEST FRASER TIMBER CO LTD | [WFG](https://holderbook.com/stocks/WFG/) | $50.1M | 740,000 | 2.1% | 2 |
| SILGAN HLDGS INC | [SLGN](https://holderbook.com/stocks/SLGN/) | $48.2M | 1,040,000 | 2.1% | 3 |
| MASTERBRAND INC | [MBC](https://holderbook.com/stocks/MBC/) | $47.6M | 4,624,400 | 2.0% | 2 |
| GREENBRIER COS INC | [GBX](https://holderbook.com/stocks/GBX/) | $38.6M | 787,588 | 1.7% | 2 |
| BOISE CASCADE CO DEL | [BCC](https://holderbook.com/stocks/BCC/) | $34.5M | 445,000 | 1.5% | 2 |
| CEMEX SA EURO MTN BE 144A | [CX](https://holderbook.com/stocks/CX/) | $25.4M | 2,120,000 | 1.1% | 1 |
| MERITAGE HOMES CORP | [MTH](https://holderbook.com/stocks/MTH/) | $18.4M | 220,000 | 0.8% | 1 |
| JANUS INTERNATIONAL GROUP IN | [JBI](https://holderbook.com/stocks/JBI/) | $18.0M | 3,240,000 | 0.8% | 1 |
| SONOCO PRODS CO | [SON](https://holderbook.com/stocks/SON/) | $2.8M | 50,000 | 0.1% | 1 |
| VULCAN MATLS CO | [VMC](https://holderbook.com/stocks/VMC/) | $1.5M | 5,000 | 0.1% | 1 |
| MERCER INTL INC | [MERC](https://holderbook.com/stocks/MERC/) | $393.9K | 596,791 | 0.0% | 16 |

## 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 | +5.4% | +14.8% | -9.4% | 99% |
| Q1 2026 | -4.4% | -4.6% | +0.3% | 100% |
| Q4 2025 | -0.9% | +2.4% | -3.3% | 97% |
| Q3 2025 | +0.5% | +7.8% | -7.4% | 100% |
| Q2 2025 | -14.9% | +10.5% | -25.3% | 100% |
| Q1 2025 | -11.2% | -4.6% | -6.7% | 100% |
| Q4 2024 | -3.9% | +2.1% | -6.0% | 100% |
| Q3 2024 | +16.2% | +5.4% | +10.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.3B | 25 |
| Q1 2026 | $1.5B | 23 |
| Q4 2025 | $1.0B | 12 |
| Q3 2025 | $858.8M | 9 |
| Q2 2025 | $858.8M | 9 |
| Q1 2025 | $933.1M | 9 |
| Q4 2024 | $1.1B | 10 |
| Q3 2024 | $1.0B | 8 |
| Q2 2024 | $754.6M | 7 |
| Q1 2024 | $739.9M | 7 |
| Q4 2023 | $580.4M | 10 |
| Q3 2023 | $605.5M | 11 |