Mountain Lake Investment Management LLC

Q4 2025 13F-HR Holdings

Location
San Francisco, CA
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
23
Total value ($000)
$131,596
Net value change ($000)
-2,681 (-2.0%)
New positions
2
Sold out positions
5
Turnover %
6.5%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
ALGT 2,479 29.8%
ALSN 2,276 26.9%
NRP 2,031 42.4%
PHYS 1,209 8.8%
DVA 971 NEW
PSLV 923 58.8%
CMP 469 NEW
HP 377 12.5%
TFPM 235 10.8%
PPLT 202 10.5%
Top Reduces (Value $000, Stocks/ETFs)
CNC -2,976 -100.0%
SGOL -1,999 -11.8%
DHI -1,803 -17.3%
CI -1,483 -100.0%
CNR -1,473 -100.0%
EOG -1,263 -22.5%
AN -940 -8.8%
BTU -913 -100.0%
BLDR -646 -7.0%
WES -329 -100.0%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type