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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
-8.36%
1 Year Est. Return
+77.62%
3 Year Est. Return
+71.6%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$385M
AUM Growth
-$126M
Cap. Flow
-$42.6M
Cap. Flow %
-11.07%
Top 10 Hldgs %
59.64%
Holding
59
New
30
Increased
6
Reduced
12
Closed
9

Top Buys

Rank Stock Value
1
STLD icon
Steel Dynamics
STLD
+$40.6M
2
IPX
IperionX
IPX
+$24.5M
3
NUE icon
Nucor
NUE
+$20.7M
4
CHRD icon
Chord Energy
CHRD
+$20.3M
5
DAR icon
Darling Ingredients
DAR
+$18.6M

Top Sells

Rank Stock Value
1
BTU icon
Peabody Energy
BTU
+$145M
2
PSX icon
Phillips 66
PSX
+$24.9M
3
CIVI
Civitas Resources
CIVI
+$13.8M
4
VOO icon
Vanguard S&P 500 ETF
VOO
+$11M
5
GLD icon
SPDR Gold Trust
GLD
+$7.15M

Sector Composition

Rank Sector Weight
1 Materials 37.19%
2 Energy 30.84%
3 Consumer Staples 7.27%
4 Industrials 0.99%
5 Financials 0.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
STLD icon
1
Steel Dynamics
STLD
$37.5B
$34.8M 9.05%
+305,700
New +$40.6M
ASTL icon
2
Algoma Steel
ASTL
$463M
$33.8M 8.79%
3,497,531
-137,580
-4% -$1.42M
HCC icon
3
CALL
Warrior Met Coal
HCC
$4.17B
$32.2M 8.36%
+588,900
New +$37.6M
SDRL icon
4
Seadrill
SDRL
$2.56B
$26.9M 6.98%
700,448
+264,828
+61% +$10.3M
CHRD icon
5
Chord Energy
CHRD
$7.25B
$18.4M 4.8%
+161,300
New +$20.3M
DAR icon
6
Darling Ingredients
DAR
$9.28B
$17.2M 4.47%
520,354
+491,054
+1,676% +$18.6M
NUE icon
7
CALL
Nucor
NUE
$60.5B
$16.9M 4.4%
+146,100
New +$21M
NUE icon
8
Nucor
NUE
$60.5B
$16.7M 4.34%
+143,700
New +$20.7M
PSX icon
9
Phillips 66
PSX
$82.5B
$16.6M 4.32%
148,500
-196,000
-57% -$24.9M
STLD icon
10
CALL
Steel Dynamics
STLD
$37.5B
$15.9M 4.13%
+139,600
New +$18.6M
HCC icon
11
Warrior Met Coal
HCC
$4.17B
$12M 3.13%
+220,682
New +$14.1M
BTU icon
12
Peabody Energy
BTU
$2.83B
$11.1M 2.88%
533,817
-5,860,355
-92% -$145M
CF icon
13
CF Industries
CF
$18.9B
$11.1M 2.88%
+131,700
New +$11.4M
ADM icon
14
Archer Daniels Midland
ADM
$40.1B
$10.8M 2.8%
215,190
+165,390
+332% +$8.95M
DINO icon
15
HF Sinclair
DINO
$16.1B
$9.45M 2.46%
274,158
+6,658
+2% +$272K
GSM icon
16
FerroAtlántica
GSM
$628M
$9.39M 2.44%
2,482,895
-836,975
-25% -$3.59M
CNX icon
17
CALL
CNX Resources
CNX
$4.84B
$7.41M 1.93%
+200,000
New +$7.37M
SOC icon
18
Sable Offshore Corp
SOC
$794M
$7.09M 1.84%
300,000
– –
GLD icon
19
SPDR Gold Trust
GLD
$131B
$6.35M 1.65%
26,374
-29,100
-52% -$7.15M
CLF icon
20
Cleveland-Cliffs
CLF
$6.84B
$5.52M 1.44%
590,300
+387,922
+192% +$4.68M
CNR
21
Core Natural Resources Inc
CNR
$4.02B
$5.02M 1.3%
+47,341
New +$5.45M
XOP icon
22
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.42B
$4.89M 1.27%
+37,464
New +$5.12M
AA icon
23
Alcoa
AA
$11.7B
$4.83M 1.26%
130,100
+56,200
+76% +$2.33M
X
24
DELISTED
US Steel
X
$4.23M 1.1%
+136,400
New +$5.03M
CIVI
25
DELISTED
Civitas Resources
CIVI
$4.04M 1.05%
90,600
-277,700
-75% -$13.8M
1
2 3

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Thomist Capital Management's Q4 2024 Portfolio in Review

As of Q4 2024, Thomist Capital Management held 59 positions worth $385M, down 25% from $510M the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Thomist Capital Management withdrew a net $42.6M in Q4 2024, closing 9 positions and reducing 12 holdings. Its most notable exit was Vanguard S&P 500 ETF, an estimated $11M position sold in full.

By sector, the portfolio is most concentrated in Materials at 37% of assets, up from 15% a quarter earlier, followed by Energy and Consumer Staples.

Against the trend, Thomist Capital Management opened a new position in Steel Dynamics worth $34.8M.

  • Thomist Capital Management's largest Q4 2024 buy was Steel Dynamics: 305,700 shares worth $34.8M.
  • Thomist Capital Management added most to Darling Ingredients in Q4 2024, an estimated $18.6M increase.
  • Thomist Capital Management's biggest Q4 2024 reduction was Peabody Energy, cutting an estimated $145M.
  • Thomist Capital Management fully exited Vanguard S&P 500 ETF in Q4 2024, selling an estimated $11M.
  • Thomist Capital Management's ten largest holdings make up 60% of its $385M portfolio in Q4 2024.
  • Thomist Capital Management opened 30 new positions and closed 9 in Q4 2024.
  • Thomist Capital Management's portfolio value fell 25% quarter-over-quarter to $385M.

Based on Thomist Capital Management's 13F filing for Q4 2024, filed 14 Feb 2025.