Institutional Manager · CIK 0001308555
Mountain Lake Investment Management LLC
SAN FRANCISCO, CA · File #028-11139
Latest AUM
$131.6M
Positions
23
Top-10 Concentration
77.0%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | ETFS GOLD TR | 00326A104 | -96,380 | -$4.0M | +$2.0M |
| EXITED | CENTENE CORP DEL | 15135B101 | -83,402 | -$3.0M | $0 |
| ADD | NATURAL RESOURCE PARTNERS L | 63900P608 | +19,708 | +$2.1M | -$27,388 |
| EXITED | THE CIGNA GROUP | 125523100 | -5,144 | -$1.5M | $0 |
| EXITED | CORE NATURAL RESOURCES INC | 218937100 | -17,643 | -$1.5M | $0 |
| ADD | ALLISON TRANSMISSION HLDGS I | ALSN | +9,968 | +$975,867 | +$1.3M |
| NEW | DAVITA INC | DVA | +8,547 | +$971,025 | $0 |
| EXITED | PEABODY ENERGY CORP | 704551100 | -34,420 | -$912,818 | $0 |
| REDUCE | EOG RES INC | EOG | -8,640 | -$907,286 | -$355,416 |
| REDUCE | ALLEGIANT TRAVEL CO | ALGT | -10,208 | -$870,436 | +$3.3M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202523 pos · $131.6M
- 13F HOLDINGS REPORTQ/E Sep 202526 pos · $134.3M
- 13F HOLDINGS REPORTQ/E Jun 202527 pos · $120.2M
- 13F HOLDINGS REPORTQ/E Mar 202530 pos · $106.2M
- 13F HOLDINGS REPORTQ/E Dec 202429 pos · $86.8M
- 13F HOLDINGS REPORTQ/E Sep 202425 pos · $95.1M
- 13F HOLDINGS REPORTQ/E Jun 202426 pos · $95.4M
- 13F HOLDINGS REPORTQ/E Mar 202421 pos · $96.4M
- 13F HOLDINGS REPORTQ/E Dec 202316 pos · $124.6M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | ETFS GOLD TR | 00326A104 | 362,721 | $14.9M | 11.32% |
| 2 | SPROTT ASSET MANAGEMENT LP | SII | 451,183 | $14.9M | 11.32% |
| 3 | ALLEGIANT TRAVEL CO | ALGT | 126,494 | $10.8M | 8.20% |
| 4 | ALLISON TRANSMISSION HLDGS I | ALSN | 109,791 | $10.7M | 8.17% |
| 5 | VIPER ENERGY INC | VNOM | 251,563 | $9.7M | 7.38% |
| 6 | AUTONATION INC | AN | 47,032 | $9.7M | 7.38% |
| 7 | BUILDERS FIRSTSOURCE INC | BLDR | 83,944 | $8.6M | 6.56% |
| 8 | D R HORTON INC | 23331A109 | 59,850 | $8.6M | 6.55% |
| 9 | NATURAL RESOURCE PARTNERS L | 63900P608 | 65,330 | $6.8M | 5.18% |
| 10 | NOBLE CORP PLC | NE-WTA | 231,491 | $6.5M | 4.97% |
| 11 | SEADRILL LTD | SDRL | 127,463 | $4.4M | 3.35% |
| 12 | EOG RES INC | EOG | 41,348 | $4.3M | 3.30% |
| 13 | ANTERO RESOURCES CORP | AR | 99,192 | $3.4M | 2.60% |
| 14 | HELMERICH & PAYNE INC | HP | 118,197 | $3.4M | 2.58% |
| 15 | SPROTT ASSET MANAGEMENT LP | SII | 105,376 | $2.5M | 1.89% |
| 16 | TRIPLE FLAG PRECIOUS METAL | TFPM | 72,712 | $2.4M | 1.84% |
| 17 | ABRDN PLATINUM ETF TRUST | PPLT | 11,383 | $2.1M | 1.61% |
| 18 | ENERGY TRANSFER L P | ET-PI | 99,285 | $1.6M | 1.24% |
| 19 | VALARIS LTD | VAL-WT | 31,192 | $1.6M | 1.19% |
| 20 | PLAINS ALL AMERN PIPELINE L | 726503105 | 86,237 | $1.5M | 1.18% |