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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
SPY icon
1
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$44.3M 25.53%
64,997
+6,221
+11% +$4.2M
IGIB icon
2
iShares 5-10 Year Investment Grade Corporate Bond ETF
IGIB
$18.3B
$33.7M 19.39%
624,646
-56,408
-8% -$3.05M
IVE icon
3
iShares S&P 500 Value ETF
IVE
$48.9B
$23.4M 13.46%
110,134
+17,417
+19% +$3.65M
XLK icon
4
State Street Technology Select Sector SPDR ETF
XLK
$115B
$9.87M 5.69%
68,574
-16,784
-20% -$2.42M
IWO icon
5
iShares Russell 2000 Growth ETF
IWO
$14.5B
$8.54M 4.92%
26,454
-7,483
-22% -$2.43M
HACK icon
6
Amplify Cybersecurity ETF
HACK
$2.63B
$5.25M 3.02%
65,291
-9,999
-13% -$848K
IGLB icon
7
iShares 10+ Year Investment Grade Corporate Bond ETF
IGLB
$2.59B
$4.05M 2.33%
80,209
+68,292
+573% +$3.5M
AAPL icon
8
Apple
AAPL
$4.89T
$3.07M 1.77%
11,291
-687
-6% -$184K
NVDA icon
9
NVIDIA
NVDA
$5.01T
$2.02M 1.17%
10,843
-1,230
-10% -$229K
AMZN icon
10
Amazon
AMZN
$2.5T
$2M 1.15%
8,666
-913
-10% -$209K
MSFT icon
11
Microsoft
MSFT
$2.84T
$1.97M 1.14%
4,078
-271
-6% -$136K
GOOGL icon
12
Alphabet (Google) Class A
GOOGL
$3.91T
$1.47M 0.85%
4,693
-596
-11% -$170K
QQQ icon
13
Invesco QQQ Trust
QQQ
$455B
$1.43M 0.82%
2,326
-225
-9% -$138K
JPC icon
14
Nuveen Preferred & Income Opportunities Fund
JPC
$2.89B
$1.25M 0.72%
154,498
-279,073
-64% -$2.27M
IBM icon
15
IBM
IBM
$202B
$1.24M 0.72%
4,195
-327
-7% -$97.9K
TSLA icon
16
Tesla
TSLA
$1.24T
$1.21M 0.7%
2,688
-101
-4% -$44.8K
META icon
17
Meta Platforms (Facebook)
META
$1.51T
$1.2M 0.69%
1,818
-77
-4% -$51.4K
NET icon
18
Cloudflare
NET
$93B
$1.19M 0.69%
6,036
-605
-9% -$128K
LLY icon
19
Eli Lilly
LLY
$1.07T
$1.08M 0.62%
1,003
-64
-6% -$61.2K
DIS icon
20
Walt Disney
DIS
$165B
$1.07M 0.61%
9,367
+95
+1% +$10.5K
ORCL icon
21
Oracle
ORCL
$331B
$971K 0.56%
4,980
-725
-13% -$173K
AEP icon
22
American Electric Power
AEP
$73.7B
$966K 0.56%
8,379
-203
-2% -$24K
GOOG icon
23
Alphabet (Google) Class C
GOOG
$3.9T
$965K 0.56%
3,076
-77
-2% -$22.1K
WMT icon
24
Walmart Inc
WMT
$871B
$932K 0.54%
8,365
-33
-0.4% -$3.54K
TROW icon
25
T. Rowe Price
TROW
$25B
$916K 0.53%
8,951
+552
+7% +$57K
1
2 3

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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.