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Mountain Lake Investment Management LLC — 13F Holdings & Portfolio

CIK 1308555 · latest 13F-HR filed 2026-08-14

Backtest portfolio

Mountain Lake Investment Management LLC manages $160.6M in 13F-reported U.S. long-equity assets across 31 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are PHYS (8.58%), BLDR (8.24%), SGOL (7.72%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 4 new positions and exited 2; 10 existing positions rose in reported value and 15 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$160.6M

Long-equity book

Holdings
31

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+4 / −2 / ↑10 / ↓15

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
PHYS8.6% · +1%BLDR8.2% · +41%SGOL7.7% · -0%MOH7.6% · +6%ALSN7.5% · -5%DHI7.0% · +5%AN6.7% · +3%VNOM6.7% · -2%NRP5.2% · +12%RRC5.1% · +2%TFPM3.5% · +110%NE3.5% · -28%CALM3.4% · +292%BNO2.4% · newHP2.4% · 0%AR2.2% · +1%OPLN2.0% · 0%UBER1.4% · newET1.1% · -3%PAA1.1% · -5%CMP1.1% · +0%SDRL0.9% · -29%IIIN0.8% · newPSLV0.8% · +1%DVA0.7% · -26%WS0.7% · +359%SBH0.6% · newSILJ0.5% · -3%GOOGL0.2% · 0%SLB0.2% · 0%AGI0.2% · 0%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 70.2%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 27, 2026.

Assets Under Management
$199.3M
Discretionary
$199.3M
Employees
6
Accounts
21
Phone
(415) 322-6200
Website
Mailing Address
1543 SLOAT BLVD #320391, SAN FRANCISCO, CA, 94132
Name Title / Status Ownership Type
CANTOR, MITCHELL, EDWARD ControlMEMBER
since Jun 2001
50–75%Individual
CHEUK, EUGENE, YUI-CHUNG ControlCHIEF FINANCIAL OFFICER & CHIEF COMPLIANCE OFFICER
since May 2012
Less than 5%Individual
CORONADO, PATRICIA, JEANETTE ControlMEMBER
since Jan 2004
50–75%Individual
MCCOMSEY, ROBERT, RONALDINVESTOR RELATIONS
since Jan 2021
Less than 5%Individual
MITTLEMAN, PHILIP, CHARLESCEO
since Jan 2025
Less than 5%Individual
Ownership & leadership changes · 5 filings with changes since Mar 30, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 27, 2026 filing
  • ChangedCANTOR, MITCHELL, EDWARD · ownership 25–50% → 50–75%
  • ChangedCHEUK, EUGENE, YUI-CHUNG · ownership 5–10% → Less than 5%
  • ChangedCORONADO, PATRICIA, JEANETTE · ownership 25–50% → 50–75%
  • ChangedMCCOMSEY, ROBERT, RONALD · ownership 5–10% → Less than 5%
  • ChangedMITTLEMAN, PHILIP, CHARLES · ownership 5–10% → Less than 5%
Mar 21, 2025 filing
  • AddedMITTLEMAN, PHILIP, CHARLES · CEO · 5–10%
Mar 15, 2024 filing
  • AddedMCCOMSEY, ROBERT, RONALD · INVESTOR RELATIONS · 5–10%
  • ChangedCHEUK, EUGENE, YUI-CHUNG · ownership Less than 5% → 5–10%
Mar 16, 2023 filing
  • ChangedCANTOR, MITCHELL, EDWARD · ownership 50–75% → 25–50%
Jun 29, 2012 filing
  • No longer listedILGAR, PINAR · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Jul 2010
  • AddedCHEUK, EUGENE, YUI-CHUNG · CHIEF FINANCIAL OFFICER & CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 30, 2012 filing (earliest on record)
  • ListedCANTOR, MITCHELL, EDWARD · MEMBER · 50–75% · control person
  • ListedCORONADO, PATRICIA, JEANETTE · MEMBER · 25–50% · control person
  • ListedILGAR, PINAR · CHIEF COMPLIANCE OFFICER · Less than 5%

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Mountain Lake Investment Management LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 SPROTT ASSET MANAGEMENT LP PHYS 85207H104 $13.8M 8.58% 456,819 SH
2 BUILDERS FIRSTSOURCE INC BLDR 12008R107 $13.2M 8.24% 147,867 SH
3 ETFS GOLD TR SGOL 00326A104 $12.4M 7.72% 324,355 SH
4 MOLINA HEALTHCARE INC MOH 60855R100 $12.2M 7.60% 53,394 SH
5 ALLISON TRANSMISSION HLDGS I ALSN 01973R101 $12.0M 7.48% 106,541 SH
6 D R HORTON INC DHI 23331A109 $11.2M 6.96% 68,606 SH
7 AUTONATION INC AN 05329W102 $10.8M 6.74% 58,257 SH
8 VIPER ENERGY INC VNOM 64361Q101 $10.7M 6.66% 252,304 SH
9 NATURAL RESOURCE PARTNERS LP NRP 63900P608 $8.3M 5.16% 85,464 SH
10 RANGE RES CORP RRC 75281A109 $8.1M 5.06% 218,523 SH
11 TRIPLE FLAG PRECIOUS METAL TFPM 89679M104 $5.7M 3.54% 189,488 SH
12 NOBLE CORP PLC NE G65431127 $5.6M 3.46% 149,036 SH
13 CAL MAINE FOODS INC CALM 128030202 $5.5M 3.45% 68,685 SH
14 UNITED STS BRENT OIL FD LP BNO 91167Q100 $3.9M 2.44% 96,318 SH
15 HELMERICH & PAYNE INC HP 423452101 $3.9M 2.41% 118,197 SH
16 ANTERO RESOURCES CORP AR 03674X106 $3.5M 2.19% 100,137 SH
17 OPENLANE INC OPLN 48238T109 $3.3M 2.04% 79,537 SH
18 UBER TECHNOLOGIES INC UBER 90353T100 $2.3M 1.44% 32,098 SH
19 ENERGY TRANSFER L P ET 29273V100 $1.8M 1.15% 96,190 SH
20 PLAINS ALL AMERN PIPELINE L PAA 726503105 $1.8M 1.14% 81,960 SH
21 COMPASS MINERALS INTL INC CMP 20451N101 $1.7M 1.08% 55,756 SH
22 SEADRILL LTD SDRL G7997W102 $1.4M 0.86% 36,555 SH
23 INSTEEL INDS INC IIIN 45774W108 $1.3M 0.83% 44,260 SH
24 SPROTT ASSET MANAGEMENT LP PSLV 85207K107 $1.3M 0.79% 67,321 SH
25 DAVITA INC DVA 23918K108 $1.2M 0.74% 5,312 SH
26 WORTHINGTON STL INC WS 982104101 $1.2M 0.72% 34,427 SH
27 SALLY BEAUTY HLDGS INC SBH 79546E104 $898.6K 0.56% 63,552 SH
28 AMPLIFY ETF TR SILJ 032108649 $760.0K 0.47% 29,320 SH
29 ALPHABET INC GOOGL 02079K305 $268.0K 0.17% 750 SH
30 SLB LIMITED SLB 806857108 $252.2K 0.16% 5,425 SH
31 ALAMOS GOLD INC AGI 011532108 $242.7K 0.15% 8,000 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $160.6M 31 0001754960-26-000773
2026-03-31 2026-05-15 $154.8M 29 0001754960-26-000390
2025-12-31 2026-02-17 $131.6M 23 0001754960-26-000189
2025-09-30 2025-11-14 $134.3M 26 0001754960-25-000797
Filer Information
Address
230 S MAYA PALM DR.
BOCA RATON, FL 33432
Phone
(415) 322-6200
Filing Manager
Mountain Lake Investment Management LLC
SAN FRANCISCO, CA
Signatory
Aryn Sands
Agent