SEC 13F Intelligence

Managers / Q1 2026

HOURGLASS CAPITAL, LLC

CIK 0001442573 · 5020 MONTROSE BLVD, SUITE 400, HOUSTON, TX, 77006 · 7139360440

Reported Value
$480M
Q1 2026
Positions
130
Filings on Record
30
2019–present window
Filed
May 4, 2026
original filing

Summary

Hourglass Capital, LLC reported $480M in U.S.-listed holdings across 130 positions for Q1 2026.

Its largest position, CNR, represents 2.7% of the portfolio.

Compared with Q4 2025, the fund opened 52 new positions and exited 36.

Portfolio Metrics

Turnover
+23.4%
vs prior filed quarter
Top-10 Concentration
+24.2%
share of reported value
Largest Position
+2.7%
Core Nat Res
New / Exited
52 / 36
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $318MQ4 ’18Q1 ’19: $343MQ2 ’19: $352MQ3 ’19: $351MQ4 ’19: $369MQ4 ’19Q1 ’20: $236MQ2 ’20: $282MQ3 ’20: $296MQ4 ’20: $336MQ4 ’20Q1 ’21: $396MQ2 ’21: $429MQ3 ’21: $367MQ4 ’21: $299MQ4 ’21Q1 ’22: $320MQ2 ’22: $282MQ3 ’22: $264MQ4 ’22: $284MQ4 ’22Q1 ’23: $277MQ2 ’23: $287MQ3 ’23: $283MQ4 ’23: $310MQ4 ’23Q1 ’24: $332MQ2 ’24: $336MQ3 ’24: $359MQ4 ’24: $363MQ4 ’24Q1 ’25: $382MQ2 ’25: $405MQ3 ’25: $445MQ4 ’25: $464MQ4 ’25Q1 ’26: $480Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 79.4%ETP: 7.2%ADR: 4.9%REIT: 4.0%Other: 2.1%Other: 2.3%
  • Common Stock · 79.4% · $382M
  • ETP · 7.2% · $34M
  • ADR · 4.9% · $24M
  • REIT · 4.0% · $19M
  • Other · 2.1% · $10M
  • Other · 2.3% · $11M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AMZNAMAZON.COM INCNEW+18.8K18.8K+$4M$4M
PANWPALO ALTO NETWORKS INCNEW+22.6K22.6K+$4M$4M
ISHARES 1-5 YEARNEW+61.8K61.8K+$3M$3M
NDQINVESCO QQQ TRNEW+4.5K4.5K+$3M$3M
INVESCO S&P 500 EQUALNEW+12.6K12.6K+$2M$2M
METAMETA PLATFORMS INCNEW+3.0K3.0K+$2M$2M
JFRNUVEEN FLOATING RATE INCNEW+197.5K197.5K+$1M$1M
MPLXMPLX LP LPNEW+25.9K25.9K+$1M$1M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CNRCORE NAT RES INChistory →COM2.71%$13M124.4K
2GOOGLALPHABET INChistory →COM2.71%$13M45.2K
3NEMNEWMONT CORPhistory →COM2.65%$13M117.6K
4TRVCCITIGROUP INChistory →COM2.61%$13M110.7K
5STATE STREET SPDR S&PUIE2.32%$11M17.2K
6GSGOLDMAN SACHS GROUP INChistory →COM2.32%$11M13.2K
7NVDANVIDIA CORPhistory →COM2.32%$11M63.9K
8CSCOCISCO SYS INChistory →COM2.27%$11M140.3K
9DWDMORGAN STANLEYhistory →COM2.20%$11M64.1K
10EXMOCEXXON MOBIL CORPhistory →COM2.13%$10M60.4K
11FCXFREEPORT-MCMORAN INChistory →COM2.12%$10M173.7K
12UBERUBER TECHNOLOGIES INChistory →COM2.12%$10M141.3K
13LYONDELLBASELL INDUSTR FFGO2.03%$10M121.3K
14PFEPFIZER INChistory →COM2.03%$10M347.6K
15MSFTMICROSOFT CORPhistory →COM1.87%$9M24.3K
16SLBSLB LIMITED Fhistory →FGO1.85%$9M172.7K
17KEXKIRBY CORPhistory →COM1.81%$9M65.6K
18CHVCHEVRON CORP NEWhistory →COM1.81%$9M42.0K
19WMTWALMART INChistory →COM1.79%$9M69.1K
20KMIKINDER MORGAN INC DELhistory →COM1.75%$8M250.5K
21WMBWILLIAMS COS INChistory →COM1.71%$8M112.9K
22GSKGSK PLC ADR Fhistory →ADR1.66%$8M144.2K
23HCAHCA HEALTHCARE INChistory →COM1.64%$8M16.7K
24AVGOBROADCOM INChistory →COM1.62%$8M25.2K
25WOPWOODSIDE ENERGY GROUP Fhistory →ADR1.61%$8M324.4K
26HDHOME DEPOT INChistory →COM1.57%$8M22.9K
27ABBVABBVIE INChistory →COM1.54%$7M34.1K
28KHCKRAFT HEINZ COhistory →COM1.54%$7M328.8K
29ORCLORACLE CORPhistory →COM1.51%$7M49.3K
30IRON MTN INC NEWRET1.48%$7M69.7K
31ZBHZIMMER BIOMET HLDGS INChistory →COM1.47%$7M78.1K
32BHP GROUP LTD FADR1.46%$7M96.1K
33UNPUNION PAC CORPhistory →COM1.42%$7M28.1K
34AAPLAPPLE INChistory →COM1.39%$7M26.3K
35MAINMAIN STR CAP CORPhistory →COM1.36%$7M123.5K
36VLYVALLEY NATL BANCORPhistory →COM1.33%$6M520.1K
37UPSUNITED PARCEL SVC INChistory →COM1.31%$6M63.9K
384I1PHILIP MORRIS INTL INChistory →COM1.31%$6M38.0K
39TAT&T INChistory →COM1.30%$6M214.8K
40LAMRLAMAR ADVERTISING CO NEWhistory →RET1.28%$6M48.7K
41IBMIBM CORPhistory →COM1.27%$6M25.3K
42VICIVICI PPTYS INChistory →RET1.26%$6M221.6K
43BACVERIZON COMMUNICATIONS Ihistory →COM1.24%$6M118.5K
44RFREGIONS FINL CORP NEWhistory →COM1.09%$5M200.4K
45SJMSMUCKER J M COhistory →COM1.03%$5M51.4K
467HPHP INChistory →COM1.01%$5M252.1K
47AMZNAMAZON.COM INCCOM0.82%$4M18.8K
48MOALTRIA GROUP INCCOM0.80%$4M58.5K
49QCOMQUALCOMM INCCOM0.76%$4M28.3K
50PANWPALO ALTO NETWORKS INCCOM0.75%$4M22.6K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$480M130May 4, 202613F-HRchanges · EDGAR ↗
Q4 2025$464M114Jan 14, 202613F-HRchanges · EDGAR ↗
Q3 2025$445M106Nov 10, 202513F-HRchanges · EDGAR ↗
Q2 2025$405M106Jul 29, 202513F-HRchanges · EDGAR ↗
Q1 2025$382M110Apr 30, 202513F-HRchanges · EDGAR ↗
Q4 2024$363M105Jan 30, 202513F-HRchanges · EDGAR ↗
Q3 2024$359M106Nov 6, 202413F-HRchanges · EDGAR ↗
Q2 2024$336M103Aug 5, 202413F-HRchanges · EDGAR ↗
Q1 2024$332M102Apr 26, 202413F-HRchanges · EDGAR ↗
Q4 2023$310M98Feb 9, 202413F-HRchanges · EDGAR ↗
Q3 2023$283M99Nov 2, 202313F-HRchanges · EDGAR ↗
Q2 2023$287M101Aug 1, 202313F-HRchanges · EDGAR ↗
Q1 2023$277M100Apr 28, 202313F-HRchanges · EDGAR ↗
Q4 2022$284M101Feb 9, 202313F-HRchanges · EDGAR ↗
Q3 2022$264M105Nov 7, 202213F-HRchanges · EDGAR ↗
Q2 2022$282M106Aug 5, 202213F-HRchanges · EDGAR ↗
Q1 2022$320M103May 4, 202213F-HRchanges · EDGAR ↗
Q4 2021$299M100Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$367M103Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$429M134Aug 12, 202113F-HRchanges · EDGAR ↗
Q1 2021$396M128May 6, 202113F-HRchanges · EDGAR ↗
Q4 2020$336M124Feb 10, 202113F-HRchanges · EDGAR ↗
Q3 2020$296M119Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$282M117Aug 11, 202013F-HRchanges · EDGAR ↗
Q1 2020$236M118May 7, 202013F-HRchanges · EDGAR ↗
Q4 2019$369M128Feb 12, 202013F-HRchanges · EDGAR ↗
Q3 2019$351M116Nov 6, 201913F-HRchanges · EDGAR ↗
Q2 2019$352M108Aug 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$343M112May 3, 201913F-HRchanges · EDGAR ↗
Q4 2018$318M112Feb 8, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.