Mountain Lake Investment Management LLC

CIK

1308555

Location

SAN FRANCISCO, CA

Portfolio Value

Small $153,907,917

Diversification

Diversified

Filing Date

Global Rank

#4,792 / 8,586 ▲ 498

Top Industry

Oil & Gas Drilling 12.6%

3Y Alpha vs SPY

-3.6%

Period ended 3 months ago

Filed May 15, 2026 · 32d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+62.8%

SPY

+78.1%

Annualised alpha

-3.6%

Max drawdown

−25.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

28 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

10.4%

−1.0 pts

Top 5

43.3%

−3.1 pts

Top 10

73.7%

−3.4 pts

HHI

633

Diversified−55

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Energy	37.0%	$56,958,934	11
Consumer Cyclical	23.0%	$35,427,871	4
Financial Services	15.6%	$23,947,154	3
Unclassified	9.4%	$14,497,841	1
Industrials	5.6%	$8,615,093	1
Healthcare	5.1%	$7,846,723	2
Basic Materials	3.3%	$5,013,111	4
Consumer Defensive	0.9%	$1,385,520	1
Communication Services	0.1%	$215,670	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
CMP	Compass Minerals International Inc	+31,731	55,636	$1,299,100
OPLN	OPENLANE, Inc.	+31,501	79,537	$2,318,503
BLDR	Builders FirstSource, Inc.	+20,697	104,641	$8,615,093
TFPM	Triple Flag Precious Metals Corp.	+17,491	90,203	$3,130,946
NRP	Natural Resource Partners LP	+11,343	76,673	$9,277,433
AN	Autonation, Inc.	+9,413	56,445	$11,021,450
DHI	Horton D R Inc /De/	+5,740	65,590	$9,000,259
VNOM	Viper Energy, Inc.	+4,576	256,139	$12,035,971
ALSN	Allison Transmission Holdings Inc	+2,012	111,803	$13,087,659
No positions match the current search.

Trimmed

Positions the filer reduced

7 positions

Ticker	Company	Δ Shares	Shares	Value
SDRL	Seadrill Ltd	−75,651	51,812	$2,357,446
PSLV	Sprott Physical Silver Trust	−38,502	66,874	$1,631,056
SGOL	abrdn Gold ETF Trust	−37,803	324,918	$14,497,841
NE	Noble Corp plc	−23,696	207,795	$10,196,500
VAL	Valaris Ltd	−22,922	8,270	$810,790
DVA	Davita Inc.	−1,394	7,153	$1,099,344
PHYS	Sprott Physical Gold Trust	−839	450,344	$15,960,191
No positions match the current search.

New Positions

Positions the filer opened this quarter

8 positions

Ticker	Company	Shares	Value
RRC	Range Resources Corp	214,515	$9,691,787
MOH	Molina Healthcare, Inc.	50,618	$6,747,379
AGM	Federal Agricultural Mortgage Corp	42,844	$6,355,907
CALM	Cal-Maine Foods Inc	17,505	$1,385,520
AGI	Alamos Gold Inc	8,000	$355,440
SLB	Slb Limited/Nv	5,425	$278,790
WS	Worthington Steel, Inc.	7,500	$227,625
GOOGL	Alphabet Inc.	750	$215,670
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
ALGT	Allegiant Travel CO	126,494	$10,786,143
EOG	Eog Resources Inc	41,348	$4,341,953
PPLT	abrdn Platinum ETF Trust	11,383	$2,122,132
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

28 positions · $153,907,917 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
GOOGL	Alphabet Inc. Communication Services	NEW	750	NEW	$215,670	NEW	0.14%
WS	Worthington Steel, Inc. Basic Materials	NEW	7,500	NEW	$227,625	NEW	0.15%
SLB	Slb Limited/Nv Energy	NEW	5,425	NEW	$278,790	NEW	0.18%
AGI	Alamos Gold Inc Basic Materials	NEW	8,000	NEW	$355,440	NEW	0.23%
VAL	Valaris Ltd Energy	Reduced	8,270	-22,922	$810,790	−48.4%	0.53%
DVA	Davita Inc. Healthcare	Reduced	7,153	-1,394	$1,099,344	+13.2%	0.71%
CMP	Compass Minerals International Inc Basic Materials	Added	55,636	+31,731	$1,299,100	+176.7%	0.84%
CALM	Cal-Maine Foods Inc Consumer Defensive	NEW	17,505	NEW	$1,385,520	NEW	0.90%
PSLV	Sprott Physical Silver Trust Financial Services	Reduced	66,874	-38,502	$1,631,056	−34.6%	1.06%
ET	Energy Transfer LP Energy	Held	99,285	0	$1,916,200	+17.0%	1.25%
PAA	Plains All American Pipeline LP Energy	Held	86,237	0	$1,925,672	+24.3%	1.25%
OPLN	OPENLANE, Inc. Consumer Cyclical	Added	79,537	+31,501	$2,318,503	+62.1%	1.51%
SDRL	Seadrill Ltd Energy	Reduced	51,812	-75,651	$2,357,446	−46.5%	1.53%
TFPM	Triple Flag Precious Metals Corp. Basic Materials	Added	90,203	+17,491	$3,130,946	+29.6%	2.03%
AR	ANTERO RESOURCES Corp Energy	Held	99,192	0	$4,209,708	+23.2%	2.74%
HP	Helmerich & Payne, Inc. Energy	Held	118,197	0	$4,258,637	+25.6%	2.77%
AGM	Federal Agricultural Mortgage Corp Financial Services	NEW	42,844	NEW	$6,355,907	NEW	4.13%
MOH	Molina Healthcare, Inc. Healthcare	NEW	50,618	NEW	$6,747,379	NEW	4.38%
BLDR	Builders FirstSource, Inc. Industrials	Added	104,641	+20,697	$8,615,093	−0.3%	5.60%
DHI	Horton D R Inc /De/ Consumer Cyclical	Added	65,590	+5,740	$9,000,259	+4.4%	5.85%
NRP	Natural Resource Partners LP Energy	Added	76,673	+11,343	$9,277,433	+36.0%	6.03%
RRC	Range Resources Corp Energy	NEW	214,515	NEW	$9,691,787	NEW	6.30%
NE	Noble Corp plc Energy	Reduced	207,795	-23,696	$10,196,500	+56.0%	6.63%
AN	Autonation, Inc. Consumer Cyclical	Added	56,445	+9,413	$11,021,450	+13.5%	7.16%
VNOM	Viper Energy, Inc. Energy	Added	256,139	+4,576	$12,035,971	+23.9%	7.82%
ALSN	Allison Transmission Holdings Inc Consumer Cyclical	Added	111,803	+2,012	$13,087,659	+21.8%	8.50%
SGOL	abrdn Gold ETF Trust	Reduced	324,918	-37,803	$14,497,841	−2.7%	9.42%
PHYS	Sprott Physical Gold Trust Financial Services	Reduced	450,344	-839	$15,960,191	+7.1%	10.37%