13F Insight
DOSSIER · 13F-HR · Q1 2026

Gates Capital Management, Inc.

$3.7B in tracked AUM across 34 positions as of Q1 2026.

GC
CIK 0001312908 · last filed Mar 31, 2026
Total AUM
$3.7B
as of Q1 2026
Holdings
34
—
positions
Whale Score
67
67
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026

Portfolio Overview

Gates Capital Management’s 13F filing for the period ending September 30, 2025, reveals a portfolio undergoing significant deleveraging and strategic consolidation. The total portfolio value decreased by 20.2%, dropping from $5.80 billion to $4.63 billion. This decline is attributed to a combination of market performance and active position reductions. The fund maintains a relatively concentrated portfolio of 25 holdings, indicating a high-conviction approach.

A striking...

Key Holdings

The portfolio is top-heavy, with the Industrial Select Sector SPDR (XLI) serving as the anchor position. Valued at $1.77 billion, XLI alone accounts for 38.33% of the portfolio. This massive overweight in industrials suggests a strong macro view on the sector's resilience or growth potential. The Materials Select Sector SPDR (XLB) is the second-largest holding at $560.13 million (12.10%), reinforcing a pro-cyclical stance. Together, these two ETFs represent over half of the fund's assets.

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
XLI
SELECT SECTOR SPDR TR
$390M2.4M10.7%02
XLB
SELECT SECTOR SPDR TR
$202M4.0M5.5%03
HYG
ISHARES TR
$169M2.1M4.6%04
ATKR
ATKORE INC
$158M2.7M4.3%05
DAR
DARLING INGREDIENTS INC
$146M2.4M4.0%06
TIC
TIC SOLUTIONS INC
$144M21.9M3.9%07
CARR
CARRIER GLOBAL CORPORATION
$140M2.5M3.8%08
SPGI
S&P GLOBAL INC
$139M328K3.8%09
RTO
RENTOKIL INITIAL PLC
$137M4.4M3.7%10
NVST
ENVISTA HOLDINGS CORPORATION
$136M5.4M3.7%

Filing history

2026Q1Mar 31
$3.7B▼ 3.6%
34 positionsView →2025Q4Dec 31
$3.8B▼ 17.9%
32 positionsView →2025Q3Sep 30
$4.6B▼ 20.2%
25 positionsView →2025Q2Jun 30
$5.8B▲ 13.8%
34 positionsLocked2025Q1Mar 31
$5.1B▼ 4.3%
33 positionsLocked2024Q4Dec 31
$5.3B▼ 6.9%
37 positionsLocked2024Q3Sep 30
$5.7B▲ 13.4%
33 positionsLocked2024Q2Jun 30
$5.0B▲ 5.2%
35 positionsLocked2024Q1Mar 31
$4.8B▲ 10.5%
35 positionsLocked2023Q4Dec 31
$4.3B▲ 8.7%
35 positionsLocked2023Q3Sep 30
$4.0B▼ 6.0%
31 positionsLocked2023Q2Jun 30
$4.2B▲ 13.0%
34 positionsLocked
Showing 12 of 54