For the rest of the year, we are going to look at some of the top performing investors over the last decade and examine their current portfolios for ideas worth considering as part of your longer-term portfolio.
Every now and then a firm emerges out of the hedge fund world that quietly compounds capital, avoids the spotlight and builds a long record of making smart, opportunistic decisions across cycles. Slate Path Capital fits that mold.
It is not a household name for most investors, but among the professional crowd it has become one of those firms you pay attention to. Slate Path has never tried to be a giant and has never chased the glamor of celebrity management.
Instead, the firm has built a reputation for thoughtful research, concentrated portfolios and a willingness to lean into complex situations when the rest of the market is looking the other way.
Slate Path was founded in 2012 in New York by David Greenspan after a long and successful tenure at Blue Ridge Capital. He brought the old school mentality of deep research, long holding periods and disciplined risk management that marked many of the talented managers who learned their craft at Blue Ridge.
Greenspan had started his career in the accounting and consulting trenches at Price Waterhouse before moving into the hedge fund world and later earning his MBA at Columbia. He became heavily involved with the Heilbrunn Center for Graham and Dodd Investing and spent time teaching investment research at Columbia Business School.
That background shows up in how the firm invests. Slate Path has always had the feel of an outfit that starts with balance sheets and business models rather than stories and trends.
A simple strategy of owning the top holdings of Slate Capital's reported in the regular 13Ffilings has crushed the stock market over the last decade.
Slate Path is not a household name. It does not need to be. It remains the kind of firm that serious investors pay attention to because the investment approach is familiar to those of us who cut our teeth on balance sheet driven stock selection. It is a firm that marries credit thinking with equity research and blends value discipline with opportunistic risk taking.
In that regard it fits neatly into the lineage of managers who emphasize research first, conviction second and asset gathering not at all.
Here are some of the funds top holdings that they were adding to establishing new positions in during the third quarter of 2025.
Union Pacific Corp. (NYSE:UNP)
Union Pacific remains one of the most important freight railroads in North America with a network that touches every major industrial supply chain. The company benefits from long lived assets, strong pricing power and the irreplaceable nature of rail infrastructure. Its performance is tightly linked to economic activity and industrial demand, which makes it a reliable bellwether for the broader economy.
Amrize Ltd. (NYSE:AMRZ)
Amrize is a recently created industrial technology company born out of a strategic spinoff. It focuses on specialized materials and engineered solutions that serve multiple high growth end markets. The firm has attracted attention because the separation gives it a clean balance sheet and freedom to pursue expansion on its own terms.
Rocket Companies, Inc. (NYSE:RKT)
Rocket is still the most recognizable brand in the digital mortgage business with a platform built on speed, automation and direct to consumer marketing. Its fortunes rise and fall with the mortgage cycle, but the company continues to invest heavily in technology to prepare for the next wave of housing activity. The brand strength and consumer reach give it competitive advantages even in slower loan markets.
Cleveland Cliffs (NYSE:CLF)
Cleveland Cliffs has transformed itself into a vertically integrated American steel producer with strong exposure to automotive and manufacturing demand. The company controls iron ore, steelmaking and finishing assets which improves its cost position and pricing flexibility. It is one of the more cyclical names in the materials sector and tends to outperform when industrial demand accelerates.
Nucor (NYSE:NUE)
Nucor is widely regarded as the best run steel company in the United States because of its balance sheet strength and disciplined capital allocation. It uses a flexible electric arc furnace model that gives it cost advantages in both strong and weak markets. The firm has rewarded shareholders through multiple cycles by maintaining profitability when others struggle.
Enerflex Ltd. (NYSE:EFX)
Enerflex provides energy infrastructure and compression equipment used across natural gas production and processing operations. The company is tied closely to global gas demand and the build out of midstream networks. It has been working to improve margins and generate more stable cash flows through service and recurring revenue opportunities.
GitLab (NASDAQ:GTLB)
GitLab is a modern software company built around a unified DevOps platform that helps developers automate and manage the entire software lifecycle. Its cloud native model has attracted rapid adoption from both large enterprises and fast growing technology teams. The company continues to invest heavily in AI assisted development tools to deepen its competitive moat.
EQT Corporation (NYSE:EQT)
EQT is the largest natural gas producer in the United States with core assets in the Marcellus and Utica shales. The company has focused on disciplined drilling, efficiency gains and free cash flow generation in recent years. Its fortunes are largely driven by natural gas prices and the long term outlook for power generation and LNG exports.
Upstart (NASDAQ:UPST)
Upstart uses artificial intelligence models to evaluate consumer credit risk in an attempt to offer more accurate underwriting than traditional scoring methods. The company works with partner banks and credit unions to help originate loans while keeping most balance sheet risk with the lenders. Its results are highly sensitive to funding costs, credit conditions and the performance of its risk models.
Hewlett Packard Enterprise (NYSE:HPE)
Hewlett Packard Enterprise provides servers, storage, networking and hybrid cloud solutions to enterprises around the world. The company has been repositioning itself toward recurring revenue and as a services driven provider. Its growth increasingly comes from edge computing, high performance compute and partnerships that support large scale digital transformation projects.
