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TCM
Thames Capital Management Portfolio holdings
AUM
$558M
1-Year Est. Return
236.21%
This Fund
S&P 500
This Quarter
Est. Return
+10.27%
1 Year Est. Return
+236.21%
3 Year Est. Return
+642.41%
5 Year Est. Return
+875.45%
10 Year Est. Return
–
AUM
$688M
AUM Growth
-$13.1M
(-1.9%)
Cap. Flow
-$49.5M
Cap. Flow
% of AUM
-7.19%
Top 10 Holdings %
Top 10 Hldgs %
39.73%
Holding
70
New
12
Increased
12
Reduced
8
Closed
22
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
United Rentals
URI
|
+$23.4M |
| 2 |
State Street
STT
|
+$21.5M |
| 3 |
American Express
AXP
|
+$18.9M |
| 4 |
Micron Technology
MU
|
+$16.7M |
| 5 |
Citigroup
C
|
+$15.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Iris Energy
IREN
|
+$24.1M |
| 2 |
KEEL
Keel Infrastructure Corp
KEEL
|
+$19.8M |
| 3 |
Cipher Digital
CIFR
|
+$19.1M |
| 4 |
Bloom Energy
BE
|
+$18.1M |
| 5 |
ETHU
2x Ether ETF
ETHU
|
+$16.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 29.64% |
| 2 | Financials | 27.41% |
| 3 | Industrials | 23.13% |
| 4 | Communication Services | 9.28% |
| 5 | Materials | 4.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
KEEL
51
Keel Infrastructure Corp
KEEL
$2.57B
| – | – |
-7,033,331
| Closed | -$19.8M |
|
52
Bakkt Inc Warrants
BKKT.WS
$243K
| – | – |
-115,577
| Closed | -$3.89M |
|
53
Babcock & Wilcox
BW
$1.52B
| – | – |
-1,390,658
| Closed | -$4.03M |
|
54
Cameco
CCJ
$40.8B
| – | – |
-107,062
| Closed | -$8.98M |
|
|
55
Cipher Digital
CIFR
$8.67B
| – | – |
-1,514,664
| Closed | -$19.1M |
|
56
Emcor
EME
$36.2B
| – | – |
-7,791
| Closed | -$5.06M |
|
57
Corning
GLW
$138B
| – | – |
-8,888
| Closed | -$729K |
|
|
58
Iris Energy
IREN
$14.7B
| – | – |
-512,993
| Closed | -$24.1M |
|
59
Live Nation Entertainment
LYV
$42.7B
| – | – |
-49,972
| Closed | -$8.17M |
|
60
Netflix
NFLX
$302B
| – | – |
-99,630
| Closed | -$11.9M |
|
61
Opendoor
OPEN
$4.03B
| – | – |
-1,013,503
| Closed | -$7.82M |
|
62
Oracle
ORCL
$424B
| – | – |
-16,340
| Closed | -$4.6M |
|
63
Pagaya Technologies
PGY
$1.84B
| – | – |
-137,778
| Closed | -$4.09M |
|
64
Riot Platforms
RIOT
$8.3B
| – | – |
-588,943
| Closed | -$11.2M |
|
65
Vistra
VST
$48.8B
| – | – |
-47,648
| Closed | -$9.34M |
|
|
TLN
66
Talen Energy Corp
TLN
$16.2B
| – | – |
-13,849
| Closed | -$5.89M |
|
|
ETHU
67
2x Ether ETF
ETHU
$727M
| – | – |
-125,556
| Closed | -$16.3M |
|
|
NBIS
68
Nebius Group N.V.
NBIS
$56.9B
| – | – |
-33,087
| Closed | -$3.71M |
|
|
GLXY
69
Galaxy Digital Inc
GLXY
$4.28B
| – | – |
-170,358
| Closed | -$5.76M |
|
|
BMNR
70
BitMine Immersion Technologies
BMNR
$10.6B
| – | – |
-228,531
| Closed | -$11.9M |
|
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Thames Capital Management's Q4 2025 Portfolio in Review
As of Q4 2025, Thames Capital Management held 70 positions worth $688M, down 1.9% from $701M the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Thames Capital Management withdrew a net $49.5M in Q4 2025, closing 22 positions and reducing 8 holdings. Its most notable exit was Iris Energy, an estimated $24.1M position sold in full.
By sector, the portfolio is most concentrated in Technology at 30% of assets, up from 27% a quarter earlier, followed by Financials and Industrials.
Against the trend, Thames Capital Management opened a new position in United Rentals worth $21.8M.
- Thames Capital Management's largest Q4 2025 buy was United Rentals: 26,964 shares worth $21.8M.
- Thames Capital Management added most to State Street in Q4 2025, an estimated $21.5M increase.
- Thames Capital Management's biggest Q4 2025 reduction was TeraWulf, cutting an estimated $9.1M.
- Thames Capital Management fully exited Iris Energy in Q4 2025, selling an estimated $24.1M.
- Thames Capital Management's ten largest holdings make up 40% of its $688M portfolio in Q4 2025.
- Thames Capital Management opened 12 new positions and closed 22 in Q4 2025.
- Thames Capital Management's portfolio value fell 1.9% quarter-over-quarter to $688M.
Based on Thames Capital Management's 13F filing for Q4 2025, filed 10 Feb 2026.