13F Insight
DOSSIER · 13F-HR · Q4 2025

Mountain Lake Investment Management LLC

$132M in tracked AUM across 23 positions as of Q4 2025.

ML
CIK 0001308555 · last filed Dec 31, 2025
Total AUM
$132M
as of Q4 2025
Holdings
23
—
positions
Whale Score
58
58
tracked
Activity
—
no data
changes this Q
AI Analysis · Q4 2025
Portfolio Overview

Mountain Lake Investment Management LLC’s 13F filing for the period ending September 30, 2025, reveals a concentrated, actively managed portfolio with a total value of $123.64 million. The firm executed a significant tactical shift during the quarter, reducing the number of holdings from 29 in the previous quarter to 19. This reduction in position count coincided with a modest portfolio value increase of 2.9% (up from $120.17M), indicating that capital was redeployed into ...

Key Holdings

The portfolio is anchored by a substantial allocation to physical gold and precious metals, which serve as the fund's largest positions. The ETFS Gold Trust (SGOL) is the single largest holding at $16.90M (13.67%), followed closely by the Sprott Physical Gold Trust (PHYS) at $13.69M (11.07%). Together, these positions represent a nearly 25% allocation to gold bullion, suggesting a strong defensive posture or inflation hedge.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q4 2025. Methodology

Quarter at a glance — Q4 2025

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q4 2025.

#HoldingValueSharesWeight
01
SGOL
ETFS GOLD TR
$15M363K11.3%02
PHYS
SPROTT ASSET MANAGEMENT LP
$15M451K11.3%03
ALGT
ALLEGIANT TRAVEL CO
$11M126K8.2%04
ALSN
ALLISON TRANSMISSION HLDGS I
$11M110K8.2%05
VNOM
VIPER ENERGY INC
$10M252K7.4%06
AN
AUTONATION INC
$10M47K7.4%07
BLDR
BUILDERS FIRSTSOURCE INC
$9M84K6.6%08
DHI
D R HORTON INC
$9M60K6.6%09
NRP
NATURAL RESOURCE PARTNERS L
$7M65K5.2%10
G65431127
NOBLE CORP PLC
$7M231K5.0%

Filing history

2025Q4Dec 31
$132M▲ 6.4%
23 positionsView →2025Q3Sep 30
$124M▲ 2.9%
19 positionsView →2025Q2Jun 30
$120M▲ 29.9%
27 positionsLocked2025Q1Mar 31
$93M▲ 6.5%
24 positionsLocked2024Q4Dec 31
$87M▼ 8.7%
29 positionsLocked2024Q3Sep 30
$95M▼ 0.3%
25 positionsLocked2024Q2Jun 30
$95M▼ 1.0%
26 positionsLocked2024Q1Mar 31
$96M▼ 1.4%
21 positionsLocked2023Q4Dec 31
$98M▼ 21.5%
17 positionsLocked2023Q3Sep 30
$125M▼ 22.2%
16 positionsLocked2023Q2Jun 30
$160M▲ 46.0%
16 positionsLocked2023Q1Mar 31
$110M▼ 16.7%
23 positionsLocked
Showing 12 of 74