1y return+29.5%S&P 500 +20.9%
3y return+56.4%S&P 500 +68.5%
5y return+98.1%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2020: $500 against $290 in the S&P 500.2
Mountain Lake Investment Management LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| PHYSSprott Asset Management LP | $13.8M | 8.6% | +1.4% |
| BLDRBuilders Firstsource Inc | $13.2M | 8.2% | +41.3% |
| SGOLEtfs Gold Tr | $12.4M | 7.7% | |
| MOHMolina Healthcare Inc | $12.2M | 7.6% | +5.5% |
| ALSNAllison Transmission Hldgs I | $12.0M | 7.5% | −4.7% |
| DHID R Horton Inc | $11.2M | 7.0% | +4.6% |
| ANAutonation Inc | $10.8M | 6.7% | +3.2% |
| VNOMViper Energy Inc | $10.7M | 6.7% | −1.5% |
| NRPNatural Resource Partners LP | $8.3M | 5.2% | +11.5% |
| RRCRange Res Corp | $8.1M | 5.1% | +1.9% |
| TFPMTriple Flag Precious Metal | $5.7M | 3.5% | +110.1% |
| Noble Corp PLCCUSIP G65431127 | $5.6M | 3.5% | −28.3% |
| CALMCal Maine Foods Inc | $5.5M | 3.4% | +292.4% |
| BNOUnited Sts Brent Oil Fd LP | $3.9M | 2.4% | New |
| HPHelmerich & Payne Inc | $3.9M | 2.4% | |
| ARAntero Resources Corp | $3.5M | 2.2% | |
| OPLNOpenlane Inc | $3.3M | 2.0% | |
| UBERUber Technologies Inc | $2.3M | 1.4% | New |
| ETEnergy Transfer L P | $1.8M | 1.1% | −3.1% |
| PAAPlains All Amern Pipeline L | $1.8M | 1.1% | −5.0% |
| CMPCompass Minerals Intl Inc | $1.7M | 1.1% | |
| Seadrill LtdCUSIP G7997W102 | $1.4M | 0.9% | −29.4% |
| IIINInsteel Inds Inc | $1.3M | 0.8% | New |
| PSLVSprott Asset Management LP | $1.3M | 0.8% | |
| DVADavita Inc | $1.2M | 0.7% | −25.7% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| ARAntero Resources Corp | June 30, 2020 | +1283.5% | $3.5M |
| OPLNOpenlane Inc | March 31, 2024 | +138.4% | $3.3M |
| PHYSSprott Asset Management LP | June 30, 2020 | +110.8% | $13.8M |
| SGOLEtfs Gold Tr | December 31, 2020 | +109.1% | $12.4M |
| DVADavita Inc | December 31, 2025 | +95.8% | $1.2M |
| PSLVSprott Asset Management LP | June 30, 2024 | +90.0% | $1.3M |
| MOHMolina Healthcare Inc | March 31, 2026 | +71.6% | $12.2M |
| CMPCompass Minerals Intl Inc | December 31, 2025 | +58.5% | $1.7M |
| TFPMTriple Flag Precious Metal | March 31, 2025 | +56.5% | $5.7M |
| HPHelmerich & Payne Inc | September 30, 2025 | +48.2% | $3.9M |
Sold off last quarter
- AGMFederal Agric Mtg Corp was $6.4M
- Valaris LtdCUSIP G9460G101 was $811K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −2.6% | +14.8% |
| March 31, 2026 | +12.6% | −4.6% |
| December 31, 2025 | +6.2% | +2.4% |
| September 30, 2025 | +11.2% | +7.8% |
| June 30, 2025 | +15.1% | +10.5% |
| March 31, 2025 | −7.0% | −4.6% |
| December 31, 2024 | +4.3% | +2.1% |
| September 30, 2024 | −0.0% | +5.4% |
| June 30, 2024 | −2.9% | +4.0% |
| March 31, 2024 | +7.7% | +10.0% |
| December 31, 2023 | +0.3% | +11.2% |
| September 30, 2023 | +3.2% | −3.6% |
| June 30, 2023 | +7.1% | +8.3% |
| March 31, 2023 | −3.8% | +7.0% |
| December 31, 2022 | +11.4% | +7.1% |
| September 30, 2022 | −3.4% | −5.3% |
| June 30, 2022 | −12.6% | −16.5% |
| March 31, 2022 | +32.5% | −4.9% |
| December 31, 2021 | −1.5% | +10.7% |
| September 30, 2021 | +0.1% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Mountain Lake Investment Management LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1308555&type=13F-HR&dateb=&owner=include&count=40CIK 1308555
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1308555/000175496026000773/Filed August 14, 2026 · accession 0001754960-26-000773