Mountain Lake Investment Management LLC

Hedge Fund • Value

Mountain Lake Investment Management LLC is a Value-focused Hedge Fund led by Philip Charles Mittleman, reporting $165.6M in AUM as of Q3 2025 with 33% Energy concentration and 74% concentrated in top 10 holdings.

CEOPhilip Charles Mittleman

Portfolio Value: $134.3M
Positions: 26
Top Holding: SGOL at 12.59%
Last Reported: Q3 2025

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Top Holdings

Largest long holdings in Mountain Lake Investment Management LLC's portfolio (74.2% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 SGOL abrdn Physical Gold Shares SGOL	Unknown Unknown	$16.9M	12.59%	-$2.1M Sold	— 459.1K shares	Q2 2024 Held for 1y 5m
2 PHYS Sprott Physical Gold Trust PHYS	Unknown Unknown	$13.7M	10.19%	-$842.8K Sold	— 462.1K shares	Q2 2024 Held for 1y 5m
3 AutoNation AN	Auto - Dealerships Consumer Cyclical	$10.7M	7.93%	-$825.6K Sold	0.13% 48.7K shares	Q1 2024 Held for 1y 8m
4 D.R. Horton DHI	Residential Construction Consumer Cyclical	$10.4M	7.76%	-$2.1M Sold	0.02% 61.5K shares	Q2 2025 Held for 5 months
5 Viper Energy VNOM	Oil & Gas Midstream Energy	$9.9M	7.34%	+$9.9M New	0.15% 257.8K shares	Q3 2025 Held for 2 months
6 Builders FirstSource BLDR	Construction Industrials	$9.3M	6.91%	-$555.7K Sold	0.07% 76.6K shares	Q4 2023 Held for 1y 11m
7 Allison Transmission Holdings ALSN	Auto - Parts Consumer Cyclical	$8.5M	6.31%	+$7.6M Bought	0.12% 99.8K shares	Q2 2025 Held for 5 months
8 Allegiant Travel ALGT	Airlines, Airports & Air Services Industrials	$8.3M	6.19%	-$668.5K Sold	0.74% 136.7K shares	Q1 2019 Held for 6y 8m
9 Noble Corporation NE	Oil & Gas Drilling Energy	$6.4M	4.78%	+$558.0K Bought	0.14% 226.9K shares	Q4 2022 Held for 2y 11m
10 EOG Resources EOG	Oil & Gas Exploration & Production Energy	$5.6M	4.17%	+$106.9K Bought	0.01% 50.0K shares	Q4 2024 Held for 11 months

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Mountain Lake Investment Management LLC's latest filing

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GthenC

Market Value

$134.3M

Prior: $120.2M

Q/Q Change

+11.74%

+$14.1M

Net Flows % of MV

+0.853%

Turnover Ratio

20.61%

New Purchases

5 stocks

$17.7M

Added To

7 stocks

+$10.6M

Sold Out Of

6 stocks

$15.5M

Reduced Holdings

13 stocks

-$11.6M

Increased Positions

Position	Shares Δ	Change
1 Viper Energy VNOM	New	0 → 257.8K +$9.9M
2 Helmerich & Payne HP	New	0 → 136.4K +$3.0M
3 Centene CNC	New	0 → 83.4K +$3.0M
4 Cigna CI	New	0 → 5.1K +$1.5M
5 Western Midstream Partners WES	New	0 → 8.4K +$328.6K

Decreased Positions

Position	Shares Δ	Change
1 Sitio Royalties STR	Sold	431.7K → 0 −$7.9M
2 Precision Drilling PDS	Sold	61.7K → 0 −$2.9M
3 FRP Holdings FRPH	Sold	66.8K → 0 −$1.8M
4 Bank OZK OZK	Sold	35.0K → 0 −$1.6M
5 St. Joe Company JOE	Sold	18.7K → 0 −$892.4K