Bornite Capital Management LP 13F: Quarter-over-Quarter Portfolio Changes
Bornite Capital Management LP reported a disclosed portfolio value of approximately $594.8 million in its latest SEC Form 13F-HR filing for Q1 2026, down 42.0% quarter on quarter. Over the quarter, the fund initiated 6 new positions, bought more shares in 3 holdings, trimmed 6 holdings, and exited 17 positions.
Bornite Capital Management LP's top buy was a new stake in Steel Dynamics INC (STLD) , equal to 10.6% of the disclosed portfolio. Its top sell was Amazon.com (AMZN) . The fund exited the position completely after it had accounted for 6.8% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| STEEL DYNAMICS INC | STLD | 10.6% | History → |
| CENTURI HOLDINGS INC | CTRI | 10.4% | History → |
| ANTERO RESOURCES CORP | AR | 7.4% | History → |
| DYCOM INDS INC | DY | 6.0% | History → |
| META PLATFORMS INC | META | 5.8% | History → |
| DAKOTA GOLD CORP | DC | 1.7% | Holders → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| SKEENA RES LTD NEW | SKE | +5.4% | +151.1% | History → |
| CENTURY ALUM CO | CENX | +4.4% | +116.8% | Holders → |
| TALEN ENERGY CORP | TLN | +3.7% | +1.4% | History → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| GE AEROSPACE | GE | -5.9% | 96.9% | Holders → |
| CHENIERE ENERGY INC | LNG | -4.0% | 83.6% | Holders → |
| NORTHERN DYNASTY MINERALS LT | NAK | -0.8% | 81.4% | Holders → |
| QUANTA SVCS INC | PWR | -0.9% | 61.4% | History → |
| CARPENTER TECHNOLOGY CORP | CRS | 2.4% | 36.0% | History → |
| FREEPORT MCMORAN INC | FCX | 1.5% | 20.0% | Holders → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| AMAZON.COM | AMZN | 6.8% |
| CORNING INC | GLW | 6.2% |
| VIPER ENERGY INC | VNOM | 5.7% |
| GFL ENVIRONMENTAL INC | GFL | 5.6% |
| NUCOR CORP | NUE | 4.8% |
| CRH PLC | CRH | 3.9% |
| BALL CORP | BALL | 3.6% |
| RANGE RES CORP | RRC | 2.8% |
| UNITED AIRLS HLDGS INC | UAL | 2.7% |
| BANK OF AMER CORP | BAC | 2.7% |
| TECK RESOURCES LTD | TECK | 2.3% |
| SYNOPSYS INC | SNPS | 1.8% |
| CONSTRUCTION PARTNERS INC | ROAD | 1.6% |
| CARRIER GLOBAL CORPORATION | CARR | 1.5% |
| T1 ENERGY INC | TE | 0.8% |
| MOSAIC CO | MOS | 0.7% |
| WOODWARD INC | WWD | 0.2% |
Net Portfolio Value ChangeQ1 2026
- $1.0BPrior quarter
- $0.6BCurrent quarter
- $-0.4BNet delta
- -42.0%% change
Methodology & FAQ
How Bornite Capital Management LP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Bornite Capital Management LP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Bornite Capital Management LP buy in Q1 2026?
In Q1 2026, Bornite Capital Management LP initiated 6 new positions (STEEL DYNAMICS INC (STLD), CENTURI HOLDINGS INC (CTRI), ANTERO RESOURCES CORP (AR), DYCOM INDS INC (DY), META PLATFORMS INC (META), DAKOTA GOLD CORP (DC)); bought more shares of SKEENA RES LTD NEW (SKE), CENTURY ALUM CO (CENX), TALEN ENERGY CORP (TLN).
What stocks did Bornite Capital Management LP sell in Q1 2026?
In Q1 2026, Bornite Capital Management LP fully sold 17 positions (AMAZON.COM (AMZN), CORNING INC (GLW), VIPER ENERGY INC (VNOM), GFL ENVIRONMENTAL INC (GFL), NUCOR CORP (NUE), CRH PLC (CRH), BALL CORP (BALL), RANGE RES CORP (RRC), UNITED AIRLS HLDGS INC (UAL), BANK OF AMER CORP (BAC), TECK RESOURCES LTD (TECK), SYNOPSYS INC (SNPS), CONSTRUCTION PARTNERS INC (ROAD), CARRIER GLOBAL CORPORATION (CARR), T1 ENERGY INC (TE), MOSAIC CO (MOS), WOODWARD INC (WWD)); reduced holdings in GE AEROSPACE (GE), CHENIERE ENERGY INC (LNG), NORTHERN DYNASTY MINERALS LT (NAK), QUANTA SVCS INC (PWR), CARPENTER TECHNOLOGY CORP (CRS) — the largest 5 of 6 reductions.
Which positions did Bornite Capital Management LP initiate in Q1 2026?
Bornite Capital Management LP established 6 new positions in Q1 2026: STEEL DYNAMICS INC (STLD, 10.6%), CENTURI HOLDINGS INC (CTRI, 10.4%), ANTERO RESOURCES CORP (AR, 7.4%), DYCOM INDS INC (DY, 6.0%), META PLATFORMS INC (META, 5.8%), DAKOTA GOLD CORP (DC, 1.7%).
Which existing positions saw the largest allocation increases for Bornite Capital Management LP in Q1 2026?
Of 3 existing positions with share-count increases in Q1 2026, the largest were: SKEENA RES LTD NEW (SKE, +5.4% weight, +151.1% shares), CENTURY ALUM CO (CENX, +4.4% weight, +116.8% shares), TALEN ENERGY CORP (TLN, +3.7% weight, +1.4% shares).
Which positions did Bornite Capital Management LP fully exit in Q1 2026?
Bornite Capital Management LP fully exited 17 positions in Q1 2026: AMAZON.COM (AMZN, last-reported weight 6.8%), CORNING INC (GLW, last-reported weight 6.2%), VIPER ENERGY INC (VNOM, last-reported weight 5.7%), GFL ENVIRONMENTAL INC (GFL, last-reported weight 5.6%), NUCOR CORP (NUE, last-reported weight 4.8%), CRH PLC (CRH, last-reported weight 3.9%), BALL CORP (BALL, last-reported weight 3.6%), RANGE RES CORP (RRC, last-reported weight 2.8%), UNITED AIRLS HLDGS INC (UAL, last-reported weight 2.7%), BANK OF AMER CORP (BAC, last-reported weight 2.7%), TECK RESOURCES LTD (TECK, last-reported weight 2.3%), SYNOPSYS INC (SNPS, last-reported weight 1.8%), CONSTRUCTION PARTNERS INC (ROAD, last-reported weight 1.6%), CARRIER GLOBAL CORPORATION (CARR, last-reported weight 1.5%), T1 ENERGY INC (TE, last-reported weight 0.8%), MOSAIC CO (MOS, last-reported weight 0.7%), WOODWARD INC (WWD, last-reported weight 0.2%).
Which existing positions saw the largest allocation reductions for Bornite Capital Management LP in Q1 2026?
Of 6 existing positions with share-count reductions in Q1 2026, the largest were: GE AEROSPACE (GE, -5.9% weight, -96.9% shares), CHENIERE ENERGY INC (LNG, -4.0% weight, -83.6% shares), NORTHERN DYNASTY MINERALS LT (NAK, -0.8% weight, -81.4% shares), QUANTA SVCS INC (PWR, -0.9% weight, -61.4% shares), CARPENTER TECHNOLOGY CORP (CRS, 2.4% weight, -36.0% shares), FREEPORT MCMORAN INC (FCX, 1.5% weight, -20.0% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.