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TCM

Thomist Capital Management Portfolio holdings

AUM $371M
1-Year Est. Return 77.62%
This Fund
S&P 500
This Quarter Est. Return
+18.9%
1 Year Est. Return
+77.62%
3 Year Est. Return
+71.6%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$506M
AUM Growth
+$237M
Cap. Flow
+$353M
Cap. Flow %
69.8%
Top 10 Hldgs %
56.43%
Holding
96
New
53
Increased
15
Reduced
7
Closed
20

Top Buys

Rank Stock Value
1
BG icon
Bunge Global
BG
+$21.4M
2
DAR icon
Darling Ingredients
DAR
+$19M
3
VLO icon
Valero Energy
VLO
+$17.1M
4
KRE icon
State Street SPDR S&P Regional Banking ETF
KRE
+$13.5M
5
DINO icon
HF Sinclair
DINO
+$11.5M

Top Sells

Rank Stock Value
1
CMC icon
Commercial Metals
CMC
+$15.3M
2
HBM icon
Hudbay
HBM
+$13.4M
3
DK icon
Delek US
DK
+$13.1M
4
METC icon
Ramaco Resources Class A
METC
+$11.1M
5
AA icon
Alcoa
AA
+$7.41M

Sector Composition

Rank Sector Weight
1 Energy 20.28%
2 Materials 18.97%
3 Consumer Staples 11.3%
4 Industrials 2.68%
5 Consumer Discretionary 2.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IREN icon
26
PUT
Iris Energy
IREN
$13.6B
$6.1M 1.21%
+130,000
New +$3.16M
IBIT icon
27
iShares Bitcoin Trust
IBIT
$47.4B
$6.04M 1.19%
+92,900
New +$6.04M
SCCO icon
28
Southern Copper
SCCO
$161B
$5.9M 1.16%
+50,027
New +$4.91M
AMZN icon
29
Amazon
AMZN
$2.94T
$5.09M 1%
+22,900
New +$5.18M
EXE
30
Expand Energy Corp
EXE
$21.3B
$4.48M 0.88%
+41,900
New +$4.2M
RRC icon
31
Range Resources
RRC
$9.01B
$4.33M 0.86%
+115,900
New +$4.14M
SOC icon
32
CALL
Sable Offshore Corp
SOC
$918M
$4.19M 0.83%
+240,000
New +$6.15M
SGML icon
33
Sigma Lithium
SGML
$1.21B
$3.88M 0.77%
570,089
+136,175
+31% +$819K
WLK icon
34
Westlake Corp
WLK
$9.9B
$3.56M 0.7%
46,200
-25,400
-35% -$2.12M
HUN icon
35
CALL
Huntsman Corp
HUN
$1.78B
$2.69M 0.53%
+300,000
New +$3.15M
OLN icon
36
CALL
Olin
OLN
$2.14B
$2.5M 0.49%
100,000
– –
CENX icon
37
Century Aluminum
CENX
$4.55B
$2.47M 0.49%
83,991
-137,755
-62% -$3.12M
NUE icon
38
Nucor
NUE
$61.9B
$2.44M 0.48%
+17,900
New +$2.53M
AR icon
39
Antero Resources
AR
$10.7B
$2.18M 0.43%
+64,900
New +$2.16M
EQT icon
40
EQT Corp
EQT
$32.3B
$2.11M 0.42%
+38,800
New +$2.05M
CIVI
41
DELISTED
Civitas Resources
CIVI
$2.04M 0.4%
+61,300
New +$1.96M
GPOR icon
42
Gulfport Energy Corp
GPOR
$2.8B
$2.04M 0.4%
+11,300
New +$1.97M
TROX icon
43
CALL
Tronox
TROX
$1.11B
$2.01M 0.4%
+500,000
New +$2.29M
PARR icon
44
Par Pacific Holdings
PARR
$3.45B
$1.94M 0.38%
54,200
-137,931
-72% -$4.49M
PLUG icon
45
PUT
Plug Power
PLUG
$2.89B
$1.86M 0.37%
+800,000
New +$1.36M
HYLN icon
46
CALL
Hyliion Holdings
HYLN
$704M
$1.83M 0.36%
+927,600
New +$1.54M
LUV icon
47
Southwest Airlines
LUV
$23B
$1.81M 0.36%
55,410
+28,910
+109% +$945K
WULF icon
48
PUT
TeraWulf
WULF
$8.79B
$1.71M 0.34%
+150,000
New +$1.15M
OKLO
49
PUT
Oklo
OKLO
$7.34B
$1.69M 0.33%
+15,100
New +$1.18M
HOG icon
50
Harley-Davidson
HOG
$2.67B
$1.65M 0.33%
+57,850
New +$1.55M
1
2
3 4

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KP
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PC
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SAAM
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OCMH
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PC
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BOCH
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GIP
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Thomist Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Thomist Capital Management held 96 positions worth $506M, up 88% from $269M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Thomist Capital Management deployed $353M of net new capital in Q3 2025, opening 53 new positions and adding to 15 existing holdings. Its largest new stake was Bunge Global: 266,664 shares worth $22M.

By sector, the portfolio is most concentrated in Energy at 20% of assets, down from 23% a quarter earlier, followed by Materials and Consumer Staples.

On the sell side, the largest reduction was Commercial Metals, an estimated $15.3M trimmed.

  • Thomist Capital Management's largest Q3 2025 buy was Bunge Global: 266,664 shares worth $22M.
  • Thomist Capital Management added most to Darling Ingredients in Q3 2025, an estimated $19M increase.
  • Thomist Capital Management's biggest Q3 2025 reduction was Commercial Metals, cutting an estimated $15.3M.
  • Thomist Capital Management fully exited Hudbay in Q3 2025, selling an estimated $13.4M.
  • Thomist Capital Management's ten largest holdings make up 56% of its $506M portfolio in Q3 2025.
  • Thomist Capital Management opened 53 new positions and closed 20 in Q3 2025.
  • Thomist Capital Management's portfolio value rose 88% quarter-over-quarter to $506M.

Based on Thomist Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.