SailingStone Capital Partners LLC Long-Term Concentrated

CIK: 0001608904 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $402,465 (100.0% shares, 0.0% debt)

Holdings (15)

Increased Positions (8)

AR ANTERO RESOURCES CORP 7.4%

Value ($000) $29,954 (+64.3%) Shares 869,229 (+60.0%) Est. Cost $30.75 Unrealized +10.1%

LIN LINDE PLC 11.0%

Value ($000) $44,449 (+30.3%) Shares 104,245 (+45.2%) Est. Cost $386.98 Unrealized +10.4%

CMP COMPASS MINERALS INTL INC 26.4%

Value ($000) $106,332 (+8.5%) Shares 5,414,067 (+6.1%) Est. Cost $13.52 Unrealized +36.8%

EPD ENTERPRISE PRODS PARTNERS L 9.2%

Value ($000) $36,889 (+21.7%) Shares 1,150,631 (+18.7%) Est. Cost $28.76 Unrealized —

NTR NUTRIEN LTD 2.6%

Value ($000) $10,592 (+160.4%) Shares 171,619 (+147.7%) Est. Cost $57.31 Unrealized +2.7%

WMB WILLIAMS COS INC 3.4%

Value ($000) $13,743 (+9.7%) Shares 228,624 (+15.6%) Est. Cost $40.73 Unrealized +47.5%

HUBB HUBBELL INC 1.3%

Value ($000) $5,334 (+18.2%) Shares 12,010 (+14.5%) Est. Cost $376.42 Unrealized +16.2%

RRC RANGE RES CORP 9.2%

Value ($000) $36,835 (+2.0%) Shares 1,044,665 (+8.9%) Est. Cost $32.40 Unrealized +15.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AR	ANTERO RESOURCES CORP	869,229 (+60.0%)	$29,954 (+64.3%)	7.4%	$30.75	+10.1%	COM	03674X106
LIN	LINDE PLC	104,245 (+45.2%)	$44,449 (+30.3%)	11.0%	$386.98	+10.4%	SHS	G54950103
CMP	COMPASS MINERALS INTL INC	5,414,067 (+6.1%)	$106,332 (+8.5%)	26.4%	$13.52	+36.8%	COM	20451N101
EPD	ENTERPRISE PRODS PARTNERS L	1,150,631 (+18.7%)	$36,889 (+21.7%)	9.2%	$28.76	—	COM	293792107
NTR	NUTRIEN LTD	171,619 (+147.7%)	$10,592 (+160.4%)	2.6%	$57.31	+2.7%	COM	67077M108
WMB	WILLIAMS COS INC	228,624 (+15.6%)	$13,743 (+9.7%)	3.4%	$40.73	+47.5%	COM	969457100
HUBB	HUBBELL INC	12,010 (+14.5%)	$5,334 (+18.2%)	1.3%	$376.42	+16.2%	COM	443510607
RRC	RANGE RES CORP	1,044,665 (+8.9%)	$36,835 (+2.0%)	9.2%	$32.40	+15.0%	COM	75281A109

Exited Positions (1)

— MAC COPPER LIMITED 3.6%

Value ($000) $14,670 Shares 1,201,437 Est. Cost $10.79 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MAC COPPER LIMITED	1,201,437	$14,670	3.6%	$10.79	—	—	G60409110

Decreased Positions (6)

CCJ CAMECO CORP 3.1%

Value ($000) $12,571 (-33.9%) Shares 100,025 (-38.6%) Est. Cost $29.69 Unrealized +202.9%

IE IVANHOE ELECTRIC INC 15.0%

Value ($000) $60,427 (-7.0%) Shares 3,781,417 (-27.0%) Est. Cost $9.80 Unrealized +46.1%

NRGV ENERGY VAULT HOLDINGS INC 5.7%

Value ($000) $22,764 (+10.3%) Shares 4,938,000 (-28.9%) Est. Cost $5.17 Unrealized -26.0%

MTRN MATERION CORP 1.3%

Value ($000) $5,261 (-17.1%) Shares 42,322 (-19.4%) Est. Cost $78.87 Unrealized +56.3%

SQM SOCIEDAD QUIMICA Y MINERA DE 1.2%

Value ($000) $4,796 (-11.1%) Shares 69,715 (-44.4%) Est. Cost $37.35 Unrealized —

CEG CONSTELLATION ENERGY CORP 1.9%

Value ($000) $7,772 (-5.1%) Shares 22,000 (-11.6%) Est. Cost $263.84 Unrealized +37.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CCJ	CAMECO CORP	100,025 (-38.6%)	$12,571 (-33.9%)	3.1%	$29.69	+202.9%	COM	13321L108
IE	IVANHOE ELECTRIC INC	3,781,417 (-27.0%)	$60,427 (-7.0%)	15.0%	$9.80	+46.1%	COM	46578C108
NRGV	ENERGY VAULT HOLDINGS INC	4,938,000 (-28.9%)	$22,764 (+10.3%)	5.7%	$5.17	-26.0%	COM	29280W109
MTRN	MATERION CORP	42,322 (-19.4%)	$5,261 (-17.1%)	1.3%	$78.87	+56.3%	COM	576690101
SQM	SOCIEDAD QUIMICA Y MINERA DE	69,715 (-44.4%)	$4,796 (-11.1%)	1.2%	$37.35	—	SPON ADR SER B	833635105
CEG	CONSTELLATION ENERGY CORP	22,000 (-11.6%)	$7,772 (-5.1%)	1.9%	$263.84	+37.7%	COM	21037T109

Unchanged Positions (1)

MLM MARTIN MARIETTA MATLS INC 1.2%

Value ($000) $4,745 Shares 7,620 Est. Cost $526.61 Unrealized +18.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MLM	MARTIN MARIETTA MATLS INC	7,620	$4,745	1.2%	$526.61	+18.0%	COM	573284106