Hill City Capital, LP — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Hill City Capital, LP initiated 4 new positions, increased allocation to 7 existing positions, trimmed 2 positions, and exited 4 positions entirely. The fund's 13F equity book grew from $2.65B to $2.80B (+5.7% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $2.65BPrior quarter
- $2.80BCurrent quarter
- + $0.15BNet delta
- +5.7%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| STMICROELECTRONICS N V | STM | 2.84% | Holders → |
| EQUIPMENTSHARE COM INC | EQPT | 0.55% | Holders → |
| WOLFSPEED INC | WOLF | 0.52% | Holders → |
| SOLV ENERGY INC | MWH | 0.27% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| ADVANCED DRAIN SYS INC DEL | WMS | +0.94% | +131.25% | Holders → |
| INTERNATIONAL PAPER CO | IP | +1.74% | +72.84% | History → |
| JAMES HARDIE INDS PLC | JHX | +-0.21% | +9.79% | History → |
| CORE & MAIN INC | CNM | +-0.03% | +8.86% | Holders → |
| THE BOEING COMPANY | BA | +-0.33% | +6.36% | History → |
| FIRST SOLAR INC | FSLR | +-5.27% | +4.17% | History → |
| CRH PLC (CRH) | CRH | +-0.89% | +2.91% | History → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| 3M COMPANY | MMM | 2.24% |
| BUILDERS FIRSTSOURCE INC | BLDR | 0.93% |
| SITEONE LANDSCAPE SUPPLY INC | SITE | 0.47% |
| SABRE CORP | SABR | 0.24% |
Methodology & FAQ
How Hill City Capital, LP Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Hill City Capital, LP against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did Hill City Capital, LP initiate in Q1 2026?
Hill City Capital, LP established 4 new positions in Q1 2026: STMICROELECTRONICS N V (STM, 2.84%), EQUIPMENTSHARE COM INC (EQPT, 0.55%), WOLFSPEED INC (WOLF, 0.52%), SOLV ENERGY INC (MWH, 0.27%).
Which existing positions saw the largest allocation increases for Hill City Capital, LP in Q1 2026?
The largest portfolio-weight increases in existing positions were: ADVANCED DRAIN SYS INC DEL (WMS, +0.94% weight, +131.25% shares), INTERNATIONAL PAPER CO (IP, +1.74% weight, +72.84% shares), JAMES HARDIE INDS PLC (JHX, +-0.21% weight, +9.79% shares), CORE & MAIN INC (CNM, +-0.03% weight, +8.86% shares), THE BOEING COMPANY (BA, +-0.33% weight, +6.36% shares), FIRST SOLAR INC (FSLR, +-5.27% weight, +4.17% shares), CRH PLC (CRH) (CRH, +-0.89% weight, +2.91% shares).
Which positions did Hill City Capital, LP fully exit in Q1 2026?
Hill City Capital, LP fully exited 4 positions in Q1 2026: 3M COMPANY (MMM, last-reported weight 2.24%), BUILDERS FIRSTSOURCE INC (BLDR, last-reported weight 0.93%), SITEONE LANDSCAPE SUPPLY INC (SITE, last-reported weight 0.47%), SABRE CORP (SABR, last-reported weight 0.24%).
Which existing positions saw the largest allocation reductions for Hill City Capital, LP in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: ENERSYS (ENS, -1.41% weight, -59.36% shares), TREX INC (TREX, -0.02% weight, -0.36% 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.