Managers / Q1 2026
Mountaineer Partners Management, LLC
CIK 0001730532 · 950 3RD AVENUE, 28TH FLOOR, NEW YORK, NY, 10022 · 646-459-7060
Summary
Mountaineer Partners Management, LLC reported $201M in U.S.-listed holdings across 32 positions for Q1 2026.
Its largest position, CENX, represents 15.8% of the portfolio.
Compared with Q4 2025, the fund opened 1 new position and exited 2.
Portfolio Metrics
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
Portfolio Composition
- Common Stock · 83.1% · $167M
- Other · 11.8% · $24M
- ADR · 5.1% · $10M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| HAMHARMONY GOLD MNG LTD | NEW | +666.7K | 666.7K | +$10M | $10M |
| NXENEXGEN ENERGY LTD | SOLD OUT | −538.0K | 0 | −$5M | $0 |
| SJTSAN JUAN BASIN RTY TR | SOLD OUT | −732.4K | 0 | −$4M | $0 |
| SSFSENSIENT TECHNOLOGIES CORP | ADDED | +39.5K | 156.6K | +$3M | $14M |
| ATDATI INC | TRIMMED | −37.1K | 91.8K | −$1M | $13M |
| ARDAGH METAL PACKAGING S A | ADDED | +408.6K | 1.88M | +$2M | $8M |
| SAROSTANDARDAERO INC | ADDED | +39.9K | 407.4K | −$15,797 | $11M |
| HBMHUDBAY MINERALS INC | TRIMMED | −81.2K | 706.0K | −$870,616 | $15M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | CENXCENTURY ALUM COhistory → | COM | 17.02% | $34M | 584.0K |
| 2 | CONSTELLIUM SE | CL A SHS | 8.04% | $16M | 658.5K |
| 3 | AAALCOA CORPhistory → | COM | 7.70% | $16M | 233.7K |
| 4 | HBMHUDBAY MINERALS INChistory → | COM | 7.33% | $15M | 706.0K |
| 5 | FCXFREEPORT MCMORAN INChistory → | CL B | 7.04% | $14M | 241.0K |
| 6 | CRSCARPENTER TECHNOLOGY CORPhistory → | COM | 7.03% | $14M | 35.9K |
| 7 | SSFSENSIENT TECHNOLOGIES CORPhistory → | COM | 6.72% | $14M | 156.6K |
| 8 | ATDATI INChistory → | COM | 6.63% | $13M | 91.8K |
| 9 | KEXKIRBY CORPhistory → | COM | 5.88% | $12M | 89.0K |
| 10 | SAROSTANDARDAERO INChistory → | COM | 5.23% | $11M | 407.4K |
| 11 | HAMHARMONY GOLD MNG LTDhistory → | SPONSORED ADR | 5.09% | $10M | 666.7K |
| 12 | DHID R HORTON INChistory → | COM | 4.54% | $9M | 66.5K |
| 13 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 4.02% | $8M | 98.2K |
| 14 | ARDAGH METAL PACKAGING S A | SHS | 3.78% | $8M | 1.88M |
| 15 | CCOCAMECO CORPhistory → | COM | 2.29% | $5M | 42.4K |
| 16 | ULCCFRONTIER GROUP HLDGS INChistory → | COM | 1.67% | $3M | 953.4K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $201M | 32 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $179M | 34 | Feb 13, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $172M | 36 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $151M | 32 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $105M | 28 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $137M | 34 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $160M | 30 | Nov 15, 2024 | RESTATEMENT | changes · EDGAR ↗ |
| Q2 2024 | $192M | 32 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $217M | 32 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $197M | 28 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $156M | 28 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $181M | 28 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $138M | 26 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $105M | 18 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $79M | 18 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $99M | 20 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $182M | 30 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $184M | 34 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $153M | 32 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $137M | 28 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $143M | 30 | May 14, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $139M | 34 | Feb 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $116M | 31 | Nov 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $74M | 25 | Aug 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $70M | 31 | May 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $90M | 25 | Feb 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $99M | 25 | Nov 13, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $217M | 27 | Aug 13, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $117M | 26 | May 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $118M | 28 | Feb 14, 2019 | 13F-HR | changes · 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 ↗.