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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
IBIT icon
76
CALL
iShares Bitcoin Trust
IBIT
$46.8B
– –
-180,000
Closed -$8.94M
IGV icon
77
iShares Expanded Tech-Software Sector ETF
IGV
$15B
– –
-9,300
Closed -$995K
KRE icon
78
State Street SPDR S&P Regional Banking ETF
KRE
$4.67B
– –
-62,500
Closed -$4.09M
LBRT icon
79
Liberty Energy
LBRT
$3.57B
– –
-117,713
Closed -$2.2M
LIN icon
80
Linde
LIN
$223B
– –
-24,350
Closed -$10.4M
LIND icon
81
Lindblad Expeditions
LIND
$2.21B
– –
-19,800
Closed -$287K
MPC icon
82
Marathon Petroleum
MPC
$99.5B
– –
-96,100
Closed -$15.7M
MTN icon
83
Vail Resorts
MTN
$5.3B
– –
-1,700
Closed -$226K
NCLH icon
84
Norwegian Cruise Line
NCLH
$8.73B
– –
-14,809
Closed -$332K
NUE icon
85
Nucor
NUE
$61.3B
– –
-86,500
Closed -$14.3M
OIS icon
86
Oil States International
OIS
$544M
– –
-288,084
Closed -$1.98M
ORCL icon
87
CALL
Oracle
ORCL
$432B
– –
-146,500
Closed -$28.6M
ORCL icon
88
Oracle
ORCL
$432B
– –
-2,600
Closed -$513K
PSX icon
89
Phillips 66
PSX
$92.5B
– –
-38,900
Closed -$5.04M
RGR icon
90
Sturm, Ruger & Co
RGR
$598M
– –
-22,940
Closed -$746K
SDRL icon
91
Seadrill
SDRL
$3.02B
– –
-1,835,718
Closed -$63.4M
SKYW icon
92
Skywest
SKYW
$4.15B
– –
-4,710
Closed -$476K
SLV icon
93
iShares Silver Trust
SLV
$31.5B
– –
-26,100
Closed -$1.8M
SM icon
94
SM Energy
SM
$8.05B
– –
-552,905
Closed -$10.4M
SNCY
95
DELISTED
Sun Country Airlines
SNCY
– –
-555,935
Closed -$8M
SPHR icon
96
Sphere Entertainment
SPHR
$6.07B
– –
-14,270
Closed -$1.38M
SPY icon
97
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$813B
– –
-50,000
Closed -$34.1M
THO icon
98
Thor Industries
THO
$4.12B
– –
-18,360
Closed -$1.91M
UAL icon
99
United Airlines
UAL
$40.6B
– –
-9,710
Closed -$1.08M
VTWO icon
100
Vanguard Russell 2000 ETF
VTWO
$17.5B
– –
-35,710
Closed -$3.57M
1 2 3
4
5

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SL
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MIM
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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.