Mantle Ridge
Paul Hilal · CIK 0001695459 · latest 13F for 2026-03-31 filed 2026-05-15
Estimated from 13F holdings — long US equities only; follow-the-filing returns are net of an assumed 10 bps per unit of turnover.
About the fund
Mantle Ridge is an engaged, long-term owner-steward investment firm founded in 2016 by Paul Hilal. The firm works constructively with company boards and management teams to enhance long-term value, primarily through concentrated investments and bespoke, single-investment special purpose vehicles.
Investment approach
Mantle Ridge employs an engaged, long-term owner-steward approach, working closely with company boards and management teams to enhance value. The firm utilizes fundamental research and invests primarily through bespoke structures and single-investment, five-year special purpose vehicles rather than conventional commingled hedge funds. Its strategy is informed by experience in value investing, activist engagements, corporate governance, and business operations.
History
Mantle Ridge was founded in 2016 by Paul Hilal, who previously served as a Senior Partner at Pershing Square Capital Management. The firm focuses on engaged, long-term stewardship and has successfully executed board and management restructurings at companies including CSX Corporation, Aramark, and Dollar Tree.
Notable positions & campaigns
- CSX Corporation2017 — Board and executive leadership restructuring.
- Aramark2019 — Board and executive leadership restructuring.
- Dollar Tree, Inc.2022 — Board and executive leadership restructuring.
- Air Products and Chemicals, Inc.2024-2025 — Proxy solicitation for board representation.
Profile generated 2026-10-09 from public sources; may be incomplete or out of date.
- Founded by
- Paul Hilal
- Founded
- 2016
- HQ
- New York, US
- Reported AUM
- $1.3bn (as of December 2024 / January 2025)
- Website
- mantleridge.com
Management
- Paul HilalFounder and CEO
Holdings heatmap
Latest 13F (2026-03-31): top 1 positions grouped by sector, sized by weight, coloured by the change in weight since the previous 13F.
Holdings map
Each tile is a position, sized by reported value and coloured by the stock's own price return (red down, green up) — the LiquidRound / finviz-style map.
Copy portfolio vs SPY
Growth of $1 following each filing the trading day after it was filed.
Top holdings
Latest 13F (2026-03-31).
| # | Ticker | Value | Weight |
|---|---|---|---|
| 1 | DLTR | $1.3B | 100.0% |
Sector mix
Top-25 holdings by weight.
Changes this quarter
| Move | Ticker | Prev wt | Now wt |
|---|---|---|---|
| exited | APD | 40.5% | 0.0% |
Quarterly copy returns
Each 13F held from the day after filing until the next filing.
| 13F period | Copy | SPY | Alpha | Coverage |
|---|---|---|---|---|
| 2026-03-31 | +30.0% | +5.3% | +24.7% | 100% |
| 2025-12-31 | -16.1% | +7.9% | -24.1% | 100% |
| 2025-09-30 | +20.8% | +3.4% | +17.4% | 100% |
| 2025-06-30 | -10.3% | +3.7% | -14.1% | 100% |
| 2025-03-31 | +17.4% | +8.6% | +8.8% | 100% |
| 2024-12-31 | -0.2% | -2.5% | +2.3% | 100% |
| 2024-09-30 | +16.1% | +4.7% | +11.3% | 100% |
| 2024-06-30 | -33.9% | +6.2% | -40.2% | 100% |
| 2024-03-31 | -19.9% | +4.9% | -24.8% | 100% |
| 2023-12-31 | -11.6% | +5.6% | -17.2% | 100% |
| 2023-09-30 | +18.4% | +12.1% | +6.4% | 100% |
| 2023-06-30 | -16.8% | +1.9% | -18.7% | 100% |
| 2023-03-31 | -8.7% | +7.6% | -16.4% | 100% |
| 2022-12-31 | +6.2% | +0.1% | +6.0% | 100% |
| 2022-09-30 | -11.2% | +4.4% | -15.6% | 100% |
| 2022-06-30 | +2.1% | -6.7% | +8.8% | 100% |
Filing dates
- 2026-08-1413F-HR for 2026-06-30 · $0 · 1 rows
- 2026-05-1513F-HR for 2026-03-31 · $1.3B · 1 rows
- 2026-02-1713F-HR for 2025-12-31 · $2.5B · 2 rows
- 2025-11-1413F-HR for 2025-09-30 · $2.3B · 2 rows
- 2025-08-1413F-HR for 2025-06-30 · $2.4B · 2 rows
- 2025-05-1513F-HR for 2025-03-31 · $2.1B · 2 rows
- 2025-02-1413F-HR for 2024-12-31 · $2.1B · 2 rows
- 2024-11-1413F-HR for 2024-09-30 · $851M · 1 rows
- 2024-08-1413F-HR for 2024-06-30 · $1.3B · 1 rows
- 2024-05-1513F-HR for 2024-03-31 · $1.6B · 1 rows
- 2024-02-1413F-HR for 2023-12-31 · $2.2B · 3 rows
- 2023-11-1413F-HR for 2023-09-30 · $1.6B · 2 rows
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