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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
+22.17%
1 Year Est. Return
+50.03%
3 Year Est. Return
+71.17%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$371M
AUM Growth
-$99.5M
Cap. Flow
-$139M
Cap. Flow %
-37.29%
Top 10 Hldgs %
54.76%
Holding
106
New
41
Increased
8
Reduced
8
Closed
49

Top Buys

Rank Stock Value
1
ARIS
Aris Mining
ARIS
+$21.7M
2
STLD icon
Steel Dynamics
STLD
+$19.2M
3
SSRM icon
SSR Mining
SSRM
+$14.6M
4
DINO icon
HF Sinclair
DINO
+$14M
5
EQX icon
Equinox Gold
EQX
+$13.6M

Top Sells

Rank Stock Value
1
SDRL icon
Seadrill
SDRL
+$63.4M
2
SOC icon
Sable Offshore Corp
SOC
+$21.3M
3
DAR icon
Darling Ingredients
DAR
+$17.8M
4
AMPY icon
Amplify Energy
AMPY
+$16.4M
5
MPC icon
Marathon Petroleum
MPC
+$15.7M

Sector Composition

Rank Sector Weight
1 Energy 33.53%
2 Materials 28.66%
3 Industrials 7.8%
4 Consumer Discretionary 3.39%
5 Financials 0.79%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AMPY icon
51
Amplify Energy
AMPY
$197M
$816K 0.22%
130,842
-3,016,288
-96% -$16.4M
AMD icon
52
CALL
Advanced Micro Devices
AMD
$829B
$712K 0.19%
3,500
-26,500
-88% -$5.66M
IREN icon
53
Iris Energy
IREN
$15.8B
$703K 0.19%
+20,500
New +$926K
FF icon
54
Future Fuel
FF
$245M
$365K 0.1%
+94,883
New +$356K
ULCC icon
55
CALL
Frontier Group Holdings
ULCC
$1.54B
$353K 0.1%
+100,000
New +$457K
FRMI
56
PUT
Fermi Inc
FRMI
$4.07B
$292K 0.08%
+50,000
New +$438K
INR
57
Infinity Natural Resources
INR
$262M
$207K 0.06%
11,770
-191,025
-94% -$3.12M
AAL icon
58
American Airlines Group
AAL
$9.81B
– –
-31,580
Closed -$483K
AESI icon
59
CALL
Atlas Energy Solutions
AESI
$1.58B
– –
-350,000
Closed -$3.3M
AESI icon
60
Atlas Energy Solutions
AESI
$1.58B
– –
-407,316
Closed -$3.9M
ALB icon
61
Albemarle
ALB
$16.1B
– –
-8,500
Closed -$1.21M
APLD icon
62
Applied Digital
APLD
$8.9B
– –
-21,700
Closed -$523K
BG icon
63
Bunge Global
BG
$21.9B
– –
-33,600
Closed -$3.9M
CC icon
64
Chemours
CC
$2.37B
– –
-245,400
Closed -$2.9M
CENX icon
65
Century Aluminum
CENX
$4.67B
– –
-100,000
Closed -$3.97M
CPA icon
66
Copa Holdings
CPA
$6.14B
– –
-11,660
Closed -$1.41M
CVI icon
67
CVR Energy
CVI
$3.54B
– –
-199,200
Closed -$5.03M
DAR icon
68
Darling Ingredients
DAR
$10.5B
– –
-360,803
Closed -$17.8M
EVEX icon
69
Eve Holding
EVEX
$927M
– –
-80,880
Closed -$322K
EVLV icon
70
Evolv Technologies
EVLV
$1.05B
– –
-34,090
Closed -$241K
GLD icon
71
SPDR Gold Trust
GLD
$143B
– –
-12,150
Closed -$4.85M
B
72
Barrick Mining
B
$68.5B
– –
-330,600
Closed -$14.6M
GPRE icon
73
Green Plains
GPRE
$1.09B
– –
-747,192
Closed -$7.27M
HBM icon
74
Hudbay
HBM
$11.9B
– –
-599,600
Closed -$11.9M
IAG icon
75
IAMGOLD
IAG
$10.5B
– –
-493,625
Closed -$8.27M
1 2
3
4 5

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KC
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JIC
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KI
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CFLC
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SFCM
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Thomist Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Thomist Capital Management held 106 positions worth $371M, down 21% from $471M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Thomist Capital Management withdrew a net $139M in Q1 2026, closing 49 positions and reducing 8 holdings. Its most notable exit was Seadrill, an estimated $63.4M position sold in full.

By sector, the portfolio is most concentrated in Energy at 34% of assets, down from 41% a quarter earlier, followed by Materials and Industrials.

Against the trend, Thomist Capital Management opened a new position in Aris Mining worth $21.3M.

  • Thomist Capital Management's largest Q1 2026 buy was Aris Mining: 1,147,572 shares worth $21.3M.
  • Thomist Capital Management added most to HF Sinclair in Q1 2026, an estimated $14M increase.
  • Thomist Capital Management's biggest Q1 2026 reduction was Amplify Energy, cutting an estimated $16.4M.
  • Thomist Capital Management fully exited Seadrill in Q1 2026, selling an estimated $63.4M.
  • Thomist Capital Management's ten largest holdings make up 55% of its $371M portfolio in Q1 2026.
  • Thomist Capital Management opened 41 new positions and closed 49 in Q1 2026.
  • Thomist Capital Management's portfolio value fell 21% quarter-over-quarter to $371M.

Based on Thomist Capital Management's 13F filing for Q1 2026, filed 15 May 2026.