Mountain Lake Investment Management LLC

Q1 2026 13F-HR Holdings

Location
San Francisco, CA
Holdings as of
3/31/2026
Date filed
5/15/2026
Form type
13F-HR
Num holdings
29
Total value ($000)
$154,807
Net value change ($000)
+23,211 (17.6%)
New positions
9
Sold out positions
3
Turnover %
28.0%
Sector allocation + QoQ delta (equities-only)
Prev filing: 2/17/2026 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q4 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)
RRC 9,692 NEW
MOH 6,747 NEW
AGM 6,356 NEW
NE 3,659 56.0%
NRP 2,456 36.0%
ALSN 2,339 21.8%
VNOM 2,318 23.9%
CALM 1,386 NEW
AN 1,310 13.5%
PHYS 1,062 7.1%
Top Reduces (Value $000, Stocks/ETFs)
ALGT -10,786 -100.0%
EOG -4,342 -100.0%
PPLT -2,122 -100.0%
SDRL -2,053 -46.6%
PSLV -861 -34.6%
VAL -761 -48.4%
SGOL -403 -2.7%
BLDR -22 -0.3%
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