Appian Way Asset Management LP

Hedge Fund • Market Neutral

Appian Way Asset Management LP is a Market Neutral Hedge Fund based in New York, NY led by Andrew Christopher Byington, reporting $795.2M in AUM as of Q3 2025 with 38% Industrials concentration and 82% concentrated in top 10 holdings.

CIOAndrew Christopher Byington

Portfolio Value: $460.0M
Positions: 28
Top Holding: GLNG at 14.35%
Last Reported: Q3 2025

Address3 Columbus Circle, Suite 1735, New York, NY, 10019, United States

Top Holdings

Largest long holdings in Appian Way Asset Management LP's portfolio (82.1% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Golar LNG GLNG	Oil & Gas Midstream Energy	$66.0M	14.35%	+$17.0M Bought	1.60% 1.6M shares	Q3 2024 Held for 1y 2m
2 PureCycle Technologies, Inc. PCT	Industrial - Pollution & Treatment Controls Industrials	$56.8M	12.34%	+$6.0M Bought	2.40% 4.3M shares	Q4 2023 Held for 1y 11m
3 Kirby Corporation KEX	Marine Shipping Industrials	$56.4M	12.26%	+$43.4M Bought	1.21% 675.5K shares	Q4 2024 Held for 11 months
4 Darling Ingredients Inc. DAR	Packaged Foods Consumer Defensive	$53.9M	11.71%	+$51.8M Bought	1.10% 1.7M shares	Q2 2025 Held for 5 months
5 Sealed Air SEE	Packaging & Containers Consumer Cyclical	$44.5M	9.67%	+$19.6M Bought	0.86% 1.3M shares	Q1 2024 Held for 1y 8m
6 FTAI Aviation Ltd. FTAI	Rental & Leasing Services Industrials	$31.9M	6.94%	-$37.3M Sold	0.19% 191.4K shares	Q4 2024 Held for 11 months
7 Amcor AMCR	Packaging & Containers Consumer Cyclical	$18.8M	4.10%	-$12.1M Sold	0.10% 2.3M shares	Q4 2024 Held for 11 months
8 IAMGold IAG	Gold Basic Materials	$18.3M	3.98%	+$11.8M Bought	0.25% 1.4M shares	Q2 2025 Held for 5 months
9 Element Solutions ESI	Chemicals - Specialty Basic Materials	$16.4M	3.56%	-$21.4M Sold	0.27% 650.9K shares	Q3 2024 Held for 1y 2m
10 Chemours CC	Chemicals - Specialty Basic Materials	$14.6M	3.18%	-$45.8M Sold	0.62% 922.7K shares	Q1 2024 Held for 1y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Appian Way Asset Management LP's latest filing

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Market Value

$460.0M

Prior: $398.3M

Q/Q Change

+15.49%

+$61.7M

Net Flows % of MV

-1.59%

Turnover Ratio

40.82%

New Purchases

4 stocks

$14.5M

Added To

7 stocks

+$154.1M

Sold Out Of

7 stocks

$48.1M

Reduced Holdings

9 stocks

-$127.9M

Increased Positions

Position	Shares Δ	Change
1 Solaris Energy Infrastructure SEI	New	0 → 116.7K +$4.7M
2 JBS N.V. JBS	New	0 → 310.7K +$4.6M
3 Cameco CCJ	New	0 → 49.3K +$4.1M
4 JB Hunt Transport Services JBHT	New	0 → 8.1K +$1.1M
5 Darling Ingredients Inc. DAR	+2,551.77%	65.8K → 1.7M +$51.8M

Decreased Positions

Position	Shares Δ	Change
1 Sigma Lithium Corporation SGML	Sold	5.4M → 0 −$24.1M
2 Dycom Industries DY	Sold	28.4K → 0 −$6.9M
3 MasTec MTZ	Sold	32.1K → 0 −$5.5M
4 Freeport-McMoRan Inc. FCX	Sold	93.2K → 0 −$4.0M
5 Carlisle Companies CSL	Sold	8.5K → 0 −$3.2M