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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
+16.75%
1 Year Est. Return
+50.03%
3 Year Est. Return
+71.17%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$269M
AUM Growth
+$15.3M
(+6%)
Cap. Flow
-$48M
Cap. Flow
% of AUM
-17.83%
Top 10 Holdings %
Top 10 Hldgs %
70.79%
Holding
69
New
31
Increased
5
Reduced
7
Closed
26
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
IPX
IperionX
IPX
|
+$42.5M |
| 2 |
Commercial Metals
CMC
|
+$13.8M |
| 3 |
Delek US
DK
|
+$10.3M |
| 4 |
Ramaco Resources Class A
METC
|
+$8.65M |
| 5 |
Alcoa
AA
|
+$7.03M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$19.1M |
| 2 |
HF Sinclair
DINO
|
+$16.5M |
| 3 |
Sable Offshore Corp
SOC
|
+$15.3M |
| 4 |
Gulfport Energy Corp
GPOR
|
+$8.16M |
| 5 |
Seadrill
SDRL
|
+$7.99M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 41.13% |
| 2 | Energy | 23.29% |
| 3 | Materials | 23.16% |
| 4 | Industrials | 7.2% |
| 5 | Consumer Staples | 3.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
CALL
Delek US
DK
$4.78B
| $47M | 17.46% |
+2,100,000
| New | +$35.3M |
|
|
2
Seadrill
SDRL
$3.11B
| $33.2M | 12.33% |
1,273,094
-338,731
| -21% | -$7.99M |
|
3
CALL
Par Pacific Holdings
PARR
$4.19B
| $22.1M | 8.21% |
+704,300
| New | +$13.4M |
|
|
4
CALL
Ramaco Resources Class A
METC
$636M
| $15M | 5.56% |
+735,100
| New | +$7.02M |
|
|
5
Commercial Metals
CMC
$7.21B
| $14.9M | 5.56% |
+298,871
| New | +$13.8M |
|
|
6
CALL
Alcoa
AA
$12.3B
| $13.4M | 4.98% |
+447,100
| New | +$12.1M |
|
7
Hudbay
HBM
$11.2B
| $13.4M | 4.98% |
1,268,513
-416,187
| -25% | -$3.47M |
|
|
8
Delek US
DK
$4.78B
| $13.1M | 4.85% |
+615,907
| New | +$10.3M |
|
|
9
Ramaco Resources Class A
METC
$636M
| $11.1M | 4.11% |
+905,747
| New | +$8.65M |
|
|
10
Alcoa
AA
$12.3B
| $7.41M | 2.76% |
+260,437
| New | +$7.03M |
|
11
Tyson Foods
TSN
$18.5B
| $6.03M | 2.24% |
109,100
+93,845
| +615% | +$5.39M |
|
|
IPX
12
IperionX
IPX
$657M
| $5.84M | 2.17% |
+1,885,203
| New | +$42.5M |
|
13
Westlake Corp
WLK
$8.95B
| $5.45M | 2.03% |
71,600
+25,500
| +55% | +$2.09M |
|
14
FerroAtlántica
GSM
$809M
| $5.19M | 1.93% |
1,418,951
-580,817
| -29% | -$2.13M |
|
15
Olin
OLN
$1.95B
| $5.16M | 1.92% |
+252,331
| New | +$5.24M |
|
|
16
Par Pacific Holdings
PARR
$4.19B
| $5.11M | 1.9% |
192,131
+80,342
| +72% | +$1.53M |
|
17
SPDR Gold Trust
GLD
$145B
| $4.43M | 1.65% |
14,700
-18,240
| -55% | -$5.52M |
|
18
Matador Resources
MTDR
$7.82B
| $4.29M | 1.59% |
+88,952
| New | +$3.93M |
|
19
Century Aluminum
CENX
$3.93B
| $4M | 1.49% |
221,746
+184,100
| +489% | +$3.13M |
|
20
Darling Ingredients
DAR
$10.5B
| $3.74M | 1.39% |
98,059
-192,541
| -66% | -$6.34M |
|
21
CALL
Calumet Specialty Products
CLMT
$5.06B
| $3.19M | 1.18% |
+200,000
| New | +$2.54M |
|
22
Timken Company
TKR
$8.08B
| $3.06M | 1.14% |
+41,800
| New | +$2.84M |
|
|
23
HF Sinclair
DINO
$20B
| $2.91M | 1.08% |
70,604
-477,830
| -87% | -$16.5M |
|
24
IAMGOLD
IAG
$11.2B
| $2.82M | 1.05% |
+398,400
| New | +$2.79M |
|
25
Liberty Energy
LBRT
$3.18B
| $2.45M | 0.91% |
+210,700
| New | +$2.55M |
|
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Thomist Capital Management's Q2 2025 Portfolio in Review
As of Q2 2025, Thomist Capital Management held 69 positions worth $269M, up 6% from $254M the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Thomist Capital Management withdrew a net $48M in Q2 2025, closing 26 positions and reducing 7 holdings. Its most notable exit was State Street SPDR S&P 500 ETF Trust, an estimated $19.1M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 41% of assets, up from 22% a quarter earlier, followed by Energy and Materials.
Against the trend, Thomist Capital Management opened a new position in IperionX worth $5.84M.
- Thomist Capital Management's largest Q2 2025 buy was IperionX: 1,885,203 shares worth $5.84M.
- Thomist Capital Management added most to Tyson Foods in Q2 2025, an estimated $5.39M increase.
- Thomist Capital Management's biggest Q2 2025 reduction was HF Sinclair, cutting an estimated $16.5M.
- Thomist Capital Management fully exited State Street SPDR S&P 500 ETF Trust in Q2 2025, selling an estimated $19.1M.
- Thomist Capital Management's ten largest holdings make up 71% of its $269M portfolio in Q2 2025.
- Thomist Capital Management opened 31 new positions and closed 26 in Q2 2025.
- Thomist Capital Management's portfolio value rose 6% quarter-over-quarter to $269M.
Based on Thomist Capital Management's 13F filing for Q2 2025, filed 13 Aug 2025.