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TCM

Thoma Capital Management Portfolio holdings

AUM $188M
1-Year Est. Return 21.1%
This Fund
S&P 500
This Quarter Est. Return
+1.32%
1 Year Est. Return
+21.1%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$174M
AUM Growth
-$509K
Cap. Flow
-$2.13M
Cap. Flow %
-1.23%
Top 10 Hldgs %
78.43%
Holding
62
New
3
Increased
19
Reduced
33
Closed
2

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$4.2M
2
IVE icon
iShares S&P 500 Value ETF
IVE
+$3.65M
3
IGLB icon
iShares 10+ Year Investment Grade Corporate Bond ETF
IGLB
+$3.5M
4
VONG icon
Vanguard Russell 1000 Growth ETF
VONG
+$566K
5
SGOV icon
iShares 0-3 Month Treasury Bond ETF
SGOV
+$349K

Top Sells

Rank Stock Value
1
IGIB icon
iShares 5-10 Year Investment Grade Corporate Bond ETF
IGIB
+$3.05M
2
IWO icon
iShares Russell 2000 Growth ETF
IWO
+$2.43M
3
XLK icon
State Street Technology Select Sector SPDR ETF
XLK
+$2.42M
4
JPC icon
Nuveen Preferred & Income Opportunities Fund
JPC
+$2.27M
5
JEF icon
Jefferies Financial Group
JEF
+$1.02M

Sector Composition

Rank Sector Weight
1 Technology 7.3%
2 Communication Services 2.71%
3 Consumer Discretionary 2.7%
4 Financials 2.22%
5 Energy 2.12%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRK.B icon
26
Berkshire Hathaway Class B
BRK.B
$1.12T
$903K 0.52%
1,796
+31
+2% +$15.4K
PLTR icon
27
Palantir
PLTR
$380B
$896K 0.52%
5,042
+179
+4% +$32.4K
DKNG icon
28
DraftKings
DKNG
$10.8B
$842K 0.49%
24,431
-631
-3% -$20.8K
JPM icon
29
JPMorgan Chase
JPM
$955B
$834K 0.48%
2,588
-220
-8% -$68.1K
GEHC icon
30
GE HealthCare
GEHC
$31.7B
$814K 0.47%
9,918
+136
+1% +$10.6K
CTRA
31
DELISTED
Coterra Energy
CTRA
$812K 0.47%
30,867
-911
-3% -$23K
KO icon
32
Coca-Cola
KO
$374B
$806K 0.46%
11,530
+22
+0.2% +$1.53K
BX icon
33
Blackstone
BX
$109B
$803K 0.46%
5,208
+97
+2% +$14.7K
ETN icon
34
Eaton
ETN
$174B
$789K 0.45%
2,477
-88
-3% -$31.2K
BA icon
35
Boeing
BA
$190B
$764K 0.44%
3,519
+29
+0.8% +$5.96K
CVX icon
36
Chevron
CVX
$371B
$761K 0.44%
4,993
+50
+1% +$7.62K
HON icon
37
Honeywell
HON
$78.6B
$740K 0.43%
3,791
-107
-3% -$20.9K
MRVL icon
38
Marvell Technology
MRVL
$189B
$731K 0.42%
8,597
-520
-6% -$45.5K
DVN icon
39
Devon Energy
DVN
$48.5B
$712K 0.41%
19,435
+12
+0.1% +$419
FANG icon
40
Diamondback Energy
FANG
$52.4B
$698K 0.4%
4,645
+22
+0.5% +$3.25K
LNG icon
41
Cheniere Energy
LNG
$53.4B
$693K 0.4%
3,564
+50
+1% +$10.5K
AMGN icon
42
Amgen
AMGN
$220B
$692K 0.4%
2,115
-179
-8% -$56.8K
DIA icon
43
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$46.7B
$658K 0.38%
1,370
– –
AVGO icon
44
Broadcom
AVGO
$1.99T
$580K 0.33%
1,676
-449
-21% -$161K
VONG icon
45
Vanguard Russell 1000 Growth ETF
VONG
$44.8B
$566K 0.33%
+4,646
New +$566K
LMT icon
46
Lockheed Martin
LMT
$133B
$492K 0.28%
1,018
– –
DLR icon
47
Digital Realty Trust
DLR
$72.1B
$426K 0.25%
2,751
+998
+57% +$164K
V icon
48
Visa
V
$688B
$398K 0.23%
1,134
+176
+18% +$60K
SGOV icon
49
iShares 0-3 Month Treasury Bond ETF
SGOV
$100B
$349K 0.2%
+3,476
New +$349K
ABBV icon
50
AbbVie
ABBV
$435B
$342K 0.2%
1,496
-28
-2% -$6.38K
1
2
3

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AWS
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SCGM
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CCM
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CQWA
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AAA
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DRC
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Thoma Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Thoma Capital Management held 62 positions worth $174M, down 0.29% from $174M the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Thoma Capital Management's Q4 2025 filing shows 3 new, 19 increased, 33 reduced and 2 closed positions. Its largest new stake was Vanguard Russell 1000 Growth ETF: 4,646 shares worth $566K. The largest sale was iShares 5-10 Year Investment Grade Corporate Bond ETF, an estimated $3.05M.

By sector, the portfolio is most concentrated in Technology at 7.3% of assets, down from 8.2% a quarter earlier, followed by Communication Services and Consumer Discretionary.

  • Thoma Capital Management's largest Q4 2025 buy was Vanguard Russell 1000 Growth ETF: 4,646 shares worth $566K.
  • Thoma Capital Management added most to State Street SPDR S&P 500 ETF Trust in Q4 2025, an estimated $4.2M increase.
  • Thoma Capital Management's biggest Q4 2025 reduction was iShares 5-10 Year Investment Grade Corporate Bond ETF, cutting an estimated $3.05M.
  • Thoma Capital Management fully exited Jefferies Financial Group in Q4 2025, selling an estimated $1.02M.
  • Thoma Capital Management's ten largest holdings make up 78% of its $174M portfolio in Q4 2025.
  • Thoma Capital Management opened 3 new positions and closed 2 in Q4 2025.
  • Thoma Capital Management's portfolio value fell 0.29% quarter-over-quarter to $174M.

Based on Thoma Capital Management's 13F filing for Q4 2025, filed 8 Jan 2026.