SEC 13F Intelligence

Managers / Q4 2025 · view latest →

HOURGLASS CAPITAL, LLC

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

Reported Value
$464M
Q4 2025
Positions
114
Filings on Record
30
2019–present window
Filed
Jan 14, 2026
original filing

Summary

Hourglass Capital, LLC reported $464M in U.S.-listed holdings across 114 positions for Q4 2025.

Its largest position, NEM, represents 3.3% of the portfolio.

Compared with Q3 2025, the fund opened 10 new positions and exited 2.

Portfolio Metrics

Turnover
+4.9%
vs prior filed quarter
Top-10 Concentration
+26.1%
share of reported value
Largest Position
+3.3%
Newmont
New / Exited
10 / 2
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: 88.2%REIT: 4.0%ADR: 3.9%Other: 2.0%ETP: 1.9%
  • Common Stock · 88.2% · $409M
  • REIT · 4.0% · $19M
  • ADR · 3.9% · $18M
  • Other · 2.0% · $9M
  • ETP · 1.9% · $9M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
UNPUNION PAC CORPNEW+6.6K6.6K+$2M$2M
MOALTRIA GROUP INCNEW+9.9K9.9K+$570,834$570,834
UBERUBER TECHNOLOGIES INCNEW+4.7K4.7K+$380,278$380,278
BABOEING CONEW+1.5K1.5K+$325,680$325,680
BABAALIBABA GROUP HLDG LTDNEW+2.0K2.0K+$293,893$293,893
CTRACOTERRA ENERGY INCNEW+10.4K10.4K+$273,728$273,728
VANGUARD INTL EQUITY INDEX FNEW+5.0K5.0K+$268,800$268,800
SOFISOFI TECHNOLOGIES INCNEW+10.0K10.0K+$261,800$261,800

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

Holdings — Q4 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NEMNEWMONT CORPhistory →COM3.35%$16M155.4K
2GOOGLALPHABET INChistory →CAP STK CL A3.26%$15M48.3K
3TRVCCITIGROUP INChistory →COM NEW2.92%$14M116.2K
4DWDMORGAN STANLEYhistory →COM NEW2.69%$12M70.2K
5GSGOLDMAN SACHS GROUP INChistory →COM2.67%$12M14.1K
6CSCOCISCO SYS INChistory →COM2.47%$11M148.8K
7CNRCORE NATURAL RESOURCES INChistory →COM SHS2.39%$11M125.2K
8PFEPFIZER INChistory →COM2.35%$11M438.1K
9ORCLORACLE CORPhistory →COM2.07%$10M49.3K
10SLBSLB LIMITEDhistory →COM STK1.94%$9M234.9K
11ABBVABBVIE INChistory →COM1.92%$9M38.9K
124I1PHILIP MORRIS INTL INChistory →COM1.85%$9M53.4K
13HCAHCA HEALTHCARE INChistory →COM1.82%$8M18.1K
14WMTWALMART INChistory →COM1.82%$8M75.6K
15KEXKIRBY CORPhistory →COM1.78%$8M75.1K
16DALDELTA AIR LINES INC DELhistory →COM NEW1.70%$8M113.8K
17FCXFREEPORT-MCMORAN INChistory →CL B1.70%$8M155.2K
18KMIKINDER MORGAN INC DELhistory →COM1.66%$8M279.2K
19NVDANVIDIA CORPORATIONhistory →COM1.65%$8M41.0K
20AAPLAPPLE INChistory →COM1.64%$8M28.0K
21MAINMAIN STR CAP CORPhistory →COM1.63%$8M124.9K
22IBMINTERNATIONAL BUSINESS MACHShistory →COM1.59%$7M25.0K
23WMBWILLIAMS COS INChistory →COM1.56%$7M120.2K
24AVGOBROADCOM INChistory →COM1.56%$7M20.8K
25CHVCHEVRON CORP NEWhistory →COM1.52%$7M46.2K
26ZBHZIMMER BIOMET HOLDINGS INChistory →COM1.52%$7M78.2K
27HDHOME DEPOT INChistory →COM1.50%$7M20.2K
28BKRBAKER HUGHES COMPANYhistory →CL A1.47%$7M149.3K
29GSKGSK PLChistory →SPONSORED ADR1.46%$7M138.4K
30IRON MTN INC DELCOM1.43%$7M80.1K
31GMGENERAL MTRS COhistory →COM1.43%$7M81.4K
32EXMOCEXXON MOBIL CORPhistory →COM1.40%$7M54.0K
33MSFTMICROSOFT CORPhistory →COM1.38%$6M13.2K
34VLYVALLEY NATL BANCORPhistory →COM1.32%$6M522.1K
35LAMRLAMAR ADVERTISING CO NEWhistory →CL A1.31%$6M48.2K
36NRANRG ENERGY INChistory →COM NEW1.30%$6M37.9K
37VICIVICI PPTYS INChistory →COM1.27%$6M209.3K
38BHP GROUP LTDSPONSORED ADS1.23%$6M94.7K
39RFREGIONS FINANCIAL CORP NEWhistory →COM1.22%$6M208.4K
407HPHP INChistory →COM1.19%$6M247.9K
41VLOVALERO ENERGY CORPhistory →COM1.18%$5M33.7K
42TAT&T INChistory →COM1.12%$5M208.9K
43MCKMCKESSON CORPhistory →COM1.06%$5M6.0K
44SJMSMUCKER J M COhistory →COM NEW1.04%$5M49.4K
45KHCKRAFT HEINZ COhistory →COM1.04%$5M199.1K
46WOPWOODSIDE ENERGY GROUP LTDhistory →SPONSORED ADR1.04%$5M309.3K
47QCOMQUALCOMM INChistory →COM1.00%$5M27.1K
48LYONDELLBASELL INDUSTRIES NSHS - A -0.95%$4M101.5K
49UPSUNITED PARCEL SERVICE INCCL B0.88%$4M41.1K
50DOWDOW INCCOM0.85%$4M169.2K

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 ↗.