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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
CMC icon
76
Commercial Metals
CMC
$8.31B
– –
-22,600
Closed -$1.29M
DOO
77
Bombardier Recreational Products
DOO
$4.77B
– –
-13,980
Closed -$845K
EQT icon
78
EQT Corp
EQT
$32.3B
– –
-38,800
Closed -$2.11M
GPOR icon
79
Gulfport Energy Corp
GPOR
$2.88B
– –
-11,300
Closed -$2.04M
HOG icon
80
Harley-Davidson
HOG
$2.71B
– –
-57,850
Closed -$1.65M
HUN icon
81
CALL
Huntsman Corp
HUN
$1.77B
– –
-300,000
Closed -$2.69M
HYLN icon
82
CALL
Hyliion Holdings
HYLN
$690M
– –
-927,600
Closed -$1.83M
IBIT icon
83
iShares Bitcoin Trust
IBIT
$47.8B
– –
-92,900
Closed -$5.28M
IREN icon
84
PUT
Iris Energy
IREN
$14.7B
– –
-130,000
Closed -$6.1M
NTR icon
85
PUT
Nutrien
NTR
$30.7B
– –
-813,000
Closed -$47.7M
OLN icon
86
CALL
Olin
OLN
$2.12B
– –
-100,000
Closed -$2.5M
PLUG icon
87
PUT
Plug Power
PLUG
$3.04B
– –
-800,000
Closed -$1.86M
RIO icon
88
Rio Tinto
RIO
$164B
– –
-174,400
Closed -$11.5M
RRC icon
89
Range Resources
RRC
$8.95B
– –
-115,900
Closed -$4.33M
RYAAY icon
90
Ryanair
RYAAY
$31.3B
– –
-14,070
Closed -$823K
SCCO icon
91
Southern Copper
SCCO
$166B
– –
-50,027
Closed -$5.9M
SD icon
92
SandRidge Energy
SD
$503M
– –
-59,200
Closed -$666K
SGML icon
93
Sigma Lithium
SGML
$1.28B
– –
-570,089
Closed -$3.88M
SHW icon
94
Sherwin-Williams
SHW
$89.8B
– –
-18,700
Closed -$6.41M
SPY icon
95
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$823B
– –
-50,000
Closed -$33.3M
STLD icon
96
Steel Dynamics
STLD
$37.6B
– –
-44,770
Closed -$6.22M
TROX icon
97
CALL
Tronox
TROX
$1.04B
– –
-500,000
Closed -$2.01M
TSN icon
98
Tyson Foods
TSN
$20.4B
– –
-131,298
Closed -$7.11M
VLO icon
99
Valero Energy
VLO
$85.9B
– –
-114,900
Closed -$19.8M
WULF icon
100
PUT
TeraWulf
WULF
$8.52B
– –
-150,000
Closed -$1.71M
1 2 3
4
5

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PAA
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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
Promethos Capital Boston, Massachusetts $372M AUM 23.19% 1-Year Est. Return
BOCH
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GIP
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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.