Mountain Lake Investment Management LLC holds a focused book of 31 reported positions worth $160.6M as of Q2 2026 (disclosed Aug 14, 2026, a ~45-day 13F lag). This quarter they opened United States Brent Oil Fund and trimmed Abrdn Physical Gold Shares. Their largest long position is Sprott Physical Gold Trust at 9% of the reported non-option book. Cloning the disclosed picks since 2025 would be +27% (+24.9%/yr). That is a simulation of the disclosed long book, not audited returns.
The reported book (valued from quarter-end) returned +36.0%, a 8.7-point gap that is the cost of the ~45-day 13F disclosure lag a real follower can't avoid.
Growth of $10,000 cloning Mountain Lake Investment Management LLC's disclosed long 13F book, rebalanced on each filing date (so it reflects each quarter's actual reporting lag, ~45 days for the latest filing, with no look-ahead), total-return basis (dividends reinvested), derived from end-of-day prices. “Their reported book” values the same picks from quarter-end, before they were public. S&P 500 is SPY total return over the same window. Excludes shorts, cash, options and non-13F holdings. Not investment advice.
Top-heavy: focused book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
100% mapped to company sectors
+2 sectors below the cut, 1% together
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices (an exit at the prior quarter-end), no cost basis
Other tracked managers holding the same core names as Mountain Lake Investment Management LLC
| Manager / fund | Shared names | Their $ in those |
|---|---|---|
| SailingStone Capital Partners LLC | 3 / 31 | $208.4M |
| WIT Partners Advisory Pte. Ltd. | 3 / 31 | $81.1M |
| SCP Investment, LP | 5 / 31 | $31.9M |
| ArchPoint Investors | 3 / 31 | $130.2M |
| Goehring & Rozencwajg Associates, LLC | 6 / 31 | $459.3M |
| Lingotto Investment Management LLP | 3 / 31 | $1.2B |
| Grand Central Investment Group | 5 / 31 | $28.7M |
| Sourcerock Group LLC | 3 / 31 | $538.6M |
Ranked by the share of each fund's own book sitting in the names it shares with Mountain Lake Investment Management LLC: only funds sharing at least a tenth of the book qualify. Index giants, bank custody books and market makers are excluded. They hold everything, so their overlap says nothing.
Bars show each position's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Sprott Asset Management LP PHYSICAL GOLD TR | $13.8M | 456.8K | 8.6% | ▲+1.4% Added · +6K sh | |
| 2 | Builders Firstsource Inc COM | $13.2M | 147.9K | 8.2% | ▲+41% Added · +43K sh | |
| 3 | Etfs Gold TR PHYSCL GOLD SHS | $12.4M | 324.4K | 7.7% | ▼−0.2% Reduced · −563 sh | |
| 4 | Molina Healthcare Inc COM | $12.2M | 53.4K | 7.6% | ▲+5.5% Added · +3K sh | |
| 5 | Allison Transmission Hldgs I COM | $12.0M | 106.5K | 7.5% | ▼−4.7% Reduced · −5K sh | |
| 6 | D R Horton Inc COM | $11.2M | 68.6K | 7.0% | ▲+4.6% Added · +3K sh | |
| 7 | Autonation Inc COM | $10.8M | 58.3K | 6.7% | ▲+3.2% Added · +2K sh | |
| 8 | Viper Energy Inc CL A | $10.7M | 252.3K | 6.7% | ▼−1.5% Reduced · −4K sh | |
| 9 | Natural Resource Partners LP COM UNIT LTD PAR | $8.3M | 85.5K | 5.2% | ▲+11% Added · +9K sh | |
| 10 | Range Res Corp COM | $8.1M | 218.5K | 5.1% | ▲+1.9% Added · +4K sh | |
| 11 | Triple Flag Precious Metal COM | $5.7M | 189.5K | 3.5% | ▲+110% Added · +99K sh | |
| 12 | Noble Corp PLC ORD SHS A | $5.6M | 149.0K | 3.5% | ▼−28% Reduced · −59K sh | |
| 13 | Cal Maine Foods Inc COM NEW | $5.5M | 68.7K | 3.4% | ▲+292% Added · +51K sh | |
| 14 | United STS Brent Oil FD LP UNIT | $3.9M | 96.3K | 2.4% | ▲New New position | |
| 15 | Helmerich & Payne Inc COM | $3.9M | 118.2K | 2.4% | —Held | |
| 16 | Antero Resources Corp COM | $3.5M | 100.1K | 2.2% | ▲+0.9% Added · +945 sh | |
| 17 | Openlane Inc COM | $3.3M | 79.5K | 2.0% | —Held | |
| 18 | Uber Technologies Inc COM | $2.3M | 32.1K | 1.4% | ▲New New position | |
| 19 | Energy Transfer L P COM UT LTD PTN | $1.8M | 96.2K | 1.1% | ▼−3.1% Reduced · −3K sh | |
| 20 | Plains All Amern Pipeline L UNIT LTD PARTN | $1.8M | 82.0K | 1.1% | ▼−5.0% Reduced · −4K sh | |
| 21 | Compass Minerals Intl Inc COM | $1.7M | 55.8K | 1.1% | ▲+0.2% Added · +120 sh | |
| 22 | Seadrill Ltd COM | $1.4M | 36.6K | 0.9% | ▼−29% Reduced · −15K sh | |
| 23 | Insteel Inds Inc COM | $1.3M | 44.3K | 0.8% | ▲New New position | |
| 24 | Sprott Asset Management LP PHYSICAL SILVER | $1.3M | 67.3K | 0.8% | ▲+0.7% Added · +447 sh | |
| 25 | Davita Inc COM | $1.2M | 5.3K | 0.7% | ▼−26% Reduced · −2K sh | |
| 26 | Worthington STL Inc COM SHS | $1.2M | 34.4K | 0.7% | ▲+359% Added · +27K sh | |
| 27 | Sally Beauty Hldgs Inc COM | $899K | 63.6K | 0.6% | ▲New New position | |
| 28 | Amplify ETF TR JR SILV MINE ETF | $760K | 29.3K | 0.5% | ▼−3.1% Reduced · −930 sh | |
| 29 | Alphabet Inc CAP STK CL A | $268K | 750 | 0.2% | —Held | |
| 30 | SLB Limited COM STK | $252K | 5.4K | 0.2% | —Held | |
| 31 | Alamos Gold Inc COM CL A | $243K | 8.0K | 0.2% | —Held |
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Use Arkolith to show Mountain Lake Investment Management LLC's latest holdings, largest changes, and filing provenance.
As-of date vs the date the SEC received each filing
Reported 13F total per quarter. Raw filing totals can include option notional.
Holdings from SEC EDGAR 13F-HR filings, updated quarterly, filed up to 45 days after quarter-end. Public domain. Book totals and portfolio weights cover reported non-option positions, which can include notes and warrants. Disclosed put/call options are listed separately and excluded from those totals. The performance line is a simulation of the disclosed long book, not an audited return.