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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
+4.73%
1 Year Est. Return
+77.62%
3 Year Est. Return
+71.6%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$471M
AUM Growth
-$35.3M
Cap. Flow
-$163M
Cap. Flow %
-34.68%
Top 10 Hldgs %
53.06%
Holding
108
New
32
Increased
21
Reduced
12
Closed
43

Top Buys

Rank Stock Value
1
CNR
Core Natural Resources Inc
CNR
+$19.9M
2
MPC icon
Marathon Petroleum
MPC
+$18M
3
SDRL icon
Seadrill
SDRL
+$17.6M
4
SOC icon
Sable Offshore Corp
SOC
+$17.2M
5
AMPY icon
Amplify Energy
AMPY
+$15.7M

Top Sells

Rank Stock Value
1
BG icon
Bunge Global
BG
+$21.5M
2
VLO icon
Valero Energy
VLO
+$19.8M
3
GLD icon
SPDR Gold Trust
GLD
+$13.8M
4
RIO icon
Rio Tinto
RIO
+$11.5M
5
DAR icon
Darling Ingredients
DAR
+$10.4M

Sector Composition

Rank Sector Weight
1 Energy 40.68%
2 Materials 21.35%
3 Industrials 5.5%
4 Consumer Staples 3.43%
5 Consumer Discretionary 1.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KRSP.U
26
Rice Acquisition Corp 3 Units
KRSP.U
$5.2M 1.1%
+500,000
New +$5.34M
PSX icon
27
Phillips 66
PSX
$81.4B
$5.04M 1.07%
+38,900
New +$5.24M
CVI icon
28
CVR Energy
CVI
$3.13B
$5.03M 1.07%
+199,200
New +$6.78M
GLD icon
29
SPDR Gold Trust
GLD
$141B
$4.85M 1.03%
12,150
-36,150
-75% -$13.8M
LUV icon
30
Southwest Airlines
LUV
$23B
$4.25M 0.9%
102,860
+47,450
+86% +$1.66M
KRE icon
31
State Street SPDR S&P Regional Banking ETF
KRE
$4.64B
$4.09M 0.87%
62,500
-151,800
-71% -$9.54M
CENX icon
32
Century Aluminum
CENX
$5.07B
$3.97M 0.84%
100,000
+16,009
+19% +$500K
AESI icon
33
Atlas Energy Solutions
AESI
$1.41B
$3.9M 0.83%
+407,316
New +$4.12M
VTWO icon
34
Vanguard Russell 2000 ETF
VTWO
$17.9B
$3.57M 0.76%
35,710
+31,559
+760% +$3.14M
AESI icon
35
CALL
Atlas Energy Solutions
AESI
$1.41B
$3.3M 0.7%
+350,000
New +$3.54M
INR
36
Infinity Natural Resources
INR
$243M
$3.08M 0.65%
+202,795
New +$2.66M
BG icon
37
Bunge Global
BG
$20.8B
$3.01M 0.64%
33,600
-233,064
-87% -$21.5M
CC icon
38
Chemours
CC
$2.37B
$2.9M 0.62%
+245,400
New +$3.15M
LBRT icon
39
Liberty Energy
LBRT
$3.25B
$2.2M 0.47%
+117,713
New +$1.97M
OIS icon
40
Oil States International
OIS
$491M
$1.98M 0.42%
+288,084
New +$1.85M
WGO icon
41
Winnebago Industries
WGO
$909M
$1.92M 0.41%
46,700
+12,385
+36% +$452K
THO icon
42
Thor Industries
THO
$4.14B
$1.91M 0.41%
18,360
+9,540
+108% +$991K
SLV icon
43
iShares Silver Trust
SLV
$30.7B
$1.8M 0.38%
+26,100
New +$1.31M
PII icon
44
Polaris
PII
$4.07B
$1.61M 0.34%
25,048
+1,657
+7% +$109K
CWH icon
45
Camping World
CWH
$653M
$1.6M 0.34%
163,980
+87,115
+113% +$1.08M
CPA icon
46
Copa Holdings
CPA
$5.8B
$1.41M 0.3%
11,660
+6,785
+139% +$830K
SPHR icon
47
Sphere Entertainment
SPHR
$5.73B
$1.38M 0.29%
14,270
+9,280
+186% +$707K
ALB icon
48
Albemarle
ALB
$15.5B
$1.21M 0.26%
+8,500
New +$965K
UAL icon
49
United Airlines
UAL
$42.1B
$1.08M 0.23%
+9,710
New +$981K
IGV icon
50
iShares Expanded Tech-Software Sector ETF
IGV
$14.5B
$995K 0.21%
+9,300
New +$1.02M
1
2
3 4 5

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Thomist Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Thomist Capital Management held 108 positions worth $471M, down 7% from $506M the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Thomist Capital Management withdrew a net $163M in Q4 2025, closing 43 positions and reducing 12 holdings. Its most notable exit was Valero Energy, an estimated $19.8M position sold in full.

By sector, the portfolio is most concentrated in Energy at 41% of assets, up from 20% a quarter earlier, followed by Materials and Industrials.

Against the trend, Thomist Capital Management opened a new position in Core Natural Resources Inc worth $20.7M.

  • Thomist Capital Management's largest Q4 2025 buy was Core Natural Resources Inc: 234,000 shares worth $20.7M.
  • Thomist Capital Management added most to Seadrill in Q4 2025, an estimated $17.6M increase.
  • Thomist Capital Management's biggest Q4 2025 reduction was Bunge Global, cutting an estimated $21.5M.
  • Thomist Capital Management fully exited Valero Energy in Q4 2025, selling an estimated $19.8M.
  • Thomist Capital Management's ten largest holdings make up 53% of its $471M portfolio in Q4 2025.
  • Thomist Capital Management opened 32 new positions and closed 43 in Q4 2025.
  • Thomist Capital Management's portfolio value fell 7% quarter-over-quarter to $471M.

Based on Thomist Capital Management's 13F filing for Q4 2025, filed 13 Feb 2026.