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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
XHB icon
101
State Street SPDR S&P Homebuilders ETF
XHB
$1.56B
– –
-9,000
Closed -$996K
SLSR
102
Solaris Resources
SLSR
$1.34B
– –
-126,800
Closed -$806K
OKLO
103
PUT
Oklo
OKLO
$8.42B
– –
-15,100
Closed -$1.69M
LTM
104
LATAM Airlines Group S.A.
LTM
$16.3B
– –
-17,945
Closed -$801K
INVX
105
Innovex International
INVX
$1.97B
– –
-60,909
Closed -$1.12M
EXE
106
Expand Energy Corp
EXE
$21.5B
– –
-41,900
Closed -$4.48M
CRWV
107
PUT
CoreWeave
CRWV
$49.5B
– –
-10,000
Closed -$1.37M
WBI
108
WaterBridge Infrastructure LLC
WBI
$1.5B
– –
-10,000
Closed -$245K
1 2 3 4
5

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SAAM
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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.