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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
PII icon
51
Polaris
PII
$4.07B
$1.39M 0.27%
23,391
+15,891
+212% +$857K
CRWV
52
PUT
CoreWeave
CRWV
$49.5B
$1.37M 0.27%
+10,000
New +$1.18M
CMC icon
53
Commercial Metals
CMC
$8.31B
$1.29M 0.26%
22,600
-276,271
-92% -$15.3M
CIFR icon
54
PUT
Cipher Digital
CIFR
$7.13B
$1.26M 0.25%
+100,000
New +$754K
CWH icon
55
Camping World
CWH
$653M
$1.25M 0.25%
76,865
+49,465
+181% +$847K
WGO icon
56
Winnebago Industries
WGO
$909M
$1.16M 0.23%
34,315
+13,815
+67% +$456K
INVX
57
Innovex International
INVX
$1.97B
$1.12M 0.22%
60,909
+12,300
+25% +$205K
XHB icon
58
State Street SPDR S&P Homebuilders ETF
XHB
$1.56B
$996K 0.2%
+9,000
New +$987K
GPRE icon
59
Green Plains
GPRE
$1.03B
$950K 0.19%
+103,800
New +$909K
THO icon
60
Thor Industries
THO
$4.14B
$924K 0.18%
8,820
+3,420
+63% +$344K
DOO
61
Bombardier Recreational Products
DOO
$4.77B
$845K 0.17%
13,980
+6,580
+89% +$370K
RYAAY icon
62
Ryanair
RYAAY
$31.3B
$823K 0.16%
+14,070
New +$858K
SLSR
63
Solaris Resources
SLSR
$1.34B
$806K 0.16%
+126,800
New +$673K
LTM
64
LATAM Airlines Group S.A.
LTM
$16.3B
$801K 0.16%
+17,945
New +$807K
SD icon
65
SandRidge Energy
SD
$503M
$666K 0.13%
+59,200
New +$654K
CPA icon
66
Copa Holdings
CPA
$5.8B
$581K 0.11%
+4,875
New +$558K
SKYW icon
67
Skywest
SKYW
$4.34B
$558K 0.11%
+5,545
New +$619K
VTWO icon
68
Vanguard Russell 2000 ETF
VTWO
$17.9B
$405K 0.08%
+4,151
New +$385K
RGR icon
69
Sturm, Ruger & Co
RGR
$593M
$385K 0.08%
+9,000
New +$325K
SNCY
70
DELISTED
Sun Country Airlines
SNCY
$339K 0.07%
28,300
-14,400
-34% -$178K
NCLH icon
71
Norwegian Cruise Line
NCLH
$8.84B
$315K 0.06%
+12,708
New +$309K
APLD icon
72
Applied Digital
APLD
$8.41B
$310K 0.06%
+14,000
New +$207K
SPHR icon
73
Sphere Entertainment
SPHR
$5.73B
$310K 0.06%
4,990
-10
-0.2% -$472
WBI
74
WaterBridge Infrastructure LLC
WBI
$1.5B
$245K 0.05%
+10,000
New +$234K
EVEX icon
75
Eve Holding
EVEX
$962M
$189K 0.04%
+48,596
New +$258K
1 2
3
4

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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.