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TCM

Thomist Capital Management Portfolio holdings

AUM $315M
1-Year Est. Return 50.03%
This Fund
S&P 500
This Quarter Est. Return
-1.38%
1 Year Est. Return
+50.03%
3 Year Est. Return
+71.17%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$315M
AUM Growth
-$56.9M
Cap. Flow
-$2.89M
Cap. Flow %
-0.92%
Top 10 Hldgs %
61.25%
Holding
82
New
25
Increased
12
Reduced
7
Closed
38

Top Buys

Rank Stock Value
1
DAR icon
Darling Ingredients
DAR
+$33.8M
2
DHT icon
DHT Holdings
DHT
+$20.5M
3
GPRE icon
Green Plains
GPRE
+$20.2M
4
HBM icon
Hudbay
HBM
+$18.6M
5
FRO icon
Frontline
FRO
+$13.6M

Top Sells

Rank Stock Value
1
DINO icon
HF Sinclair
DINO
+$31.2M
2
STLD icon
Steel Dynamics
STLD
+$19M
3
SSRM icon
SSR Mining
SSRM
+$16.1M
4
EQX icon
Equinox Gold
EQX
+$12.9M
5
PR
Permian Resources
PR
+$10.9M

Sector Composition

Rank Sector Weight
1 Energy 32.2%
2 Materials 29.64%
3 Miscellaneous 15.66%
4 Industrials 10.79%
5 Consumer Staples 9.83%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DAR icon
1
Darling Ingredients
DAR
$10.2B
$30.9M 9.83%
+566,094
New +$33.8M
ARIS
2
Aris Mining
ARIS
$4.16B
$26.1M 8.3%
1,751,221
+603,649
+53% +$10.8M
DHT icon
3
DHT Holdings
DHT
$3.15B
$23M 7.3%
1,389,095
+1,147,399
+475% +$20.5M
CNR
4
Core Natural Resources Inc
CNR
$5.01B
$21.3M 6.78%
266,532
+41,733
+19% +$3.7M
GPRE icon
5
Green Plains
GPRE
$1.01B
$19.5M 6.21%
+1,270,612
New +$20.2M
HBM icon
6
Hudbay
HBM
$13B
$17.3M 5.5%
+734,227
New +$18.6M
VLRS
7
Controladora Vuela Compania de Aviacion
VLRS
$776M
$16.4M 5.23%
1,754,714
+215,620
+14% +$1.66M
PPC icon
8
CALL
Pilgrim's Pride
PPC
$7.52B
$14.1M 4.47%
+500,000
New +$15.4M
FRO icon
9
Frontline
FRO
$9.71B
$12.9M 4.09%
+369,740
New +$13.6M
OEF icon
10
PUT
iShares S&P 100 ETF
OEF
$20.4B
$11.2M 3.55%
+36,000
New +$12.9M
MOS icon
11
CALL
The Mosaic Company
MOS
$7.48B
$10.6M 3.37%
+500,000
New +$11.6M
DK icon
12
Delek US
DK
$4.4B
$10.3M 3.27%
202,300
-170,637
-46% -$7.57M
BTU icon
13
Peabody Energy
BTU
$3.54B
$9.77M 3.1%
422,432
+190,879
+82% +$5.07M
WLK icon
14
Westlake Corp
WLK
$9.64B
$7.02M 2.23%
96,200
+23,200
+32% +$2.27M
GDX icon
15
CALL
VanEck Gold Miners ETF
GDX
$31B
$6.88M 2.19%
70,000
+40,000
+133% +$3.53M
DINO icon
16
HF Sinclair
DINO
$17.6B
$6.76M 2.15%
97,063
-469,027
-83% -$31.2M
ECO
17
Okeanis Eco Tankers
ECO
$2.6B
$6.71M 2.13%
133,922
+78,822
+143% +$4.11M
IAG icon
18
IAMGOLD
IAG
$11.7B
$6.41M 2.04%
+404,362
New +$7.07M
KRSP.U
19
Rice Acquisition Corp 3 Units
KRSP.U
$5.69M 1.81%
531,645
+25,316
+5% +$267K
PPG icon
20
PPG Industries
PPG
$25.3B
$5.47M 1.74%
+45,100
New +$5.02M
UAL icon
21
United Airlines
UAL
$36.1B
$5.03M 1.6%
+36,990
New +$3.83M
TGB
22
Trekor Metals
TGB
$3.36B
$4.19M 1.33%
+608,925
New +$4.35M
MTDR icon
23
Matador Resources
MTDR
$6.99B
$3.99M 1.27%
+80,200
New +$4.56M
PARR icon
24
Par Pacific Holdings
PARR
$3.97B
$3.7M 1.18%
66,060
+21,310
+48% +$1.27M
AAL icon
25
American Airlines Group
AAL
$9.1B
$3.52M 1.12%
+195,020
New +$2.61M
1
2 3 4

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Thomist Capital Management's Q2 2026 Portfolio in Review

As of Q2 2026, Thomist Capital Management held 82 positions worth $315M, down 15% from $371M the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Thomist Capital Management's Q2 2026 filing shows 25 new, 12 increased, 7 reduced and 38 closed positions. Its largest new stake was Darling Ingredients: 566,094 shares worth $30.9M. The largest sale was HF Sinclair, an estimated $31.2M.

By sector, the portfolio is most concentrated in Energy at 32% of assets, down from 34% a quarter earlier, followed by Materials and Miscellaneous.

  • Thomist Capital Management's largest Q2 2026 buy was Darling Ingredients: 566,094 shares worth $30.9M.
  • Thomist Capital Management added most to DHT Holdings in Q2 2026, an estimated $20.5M increase.
  • Thomist Capital Management's biggest Q2 2026 reduction was HF Sinclair, cutting an estimated $31.2M.
  • Thomist Capital Management fully exited Steel Dynamics in Q2 2026, selling an estimated $19M.
  • Thomist Capital Management's ten largest holdings make up 61% of its $315M portfolio in Q2 2026.
  • Thomist Capital Management opened 25 new positions and closed 38 in Q2 2026.
  • Thomist Capital Management's portfolio value fell 15% quarter-over-quarter to $315M.

Based on Thomist Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.