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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
+16.75%
1 Year Est. Return
+77.62%
3 Year Est. Return
+71.6%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$269M
AUM Growth
+$15.3M
Cap. Flow
+$9.12M
Cap. Flow %
3.39%
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
CMC icon
Commercial Metals
CMC
+$13.8M
3
DK icon
Delek US
DK
+$10.3M
4
METC icon
Ramaco Resources Class A
METC
+$8.65M
5
AA icon
Alcoa
AA
+$7.03M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$19.1M
2
DINO icon
HF Sinclair
DINO
+$16.5M
3
SOC icon
Sable Offshore Corp
SOC
+$15.3M
4
GPOR icon
Gulfport Energy Corp
GPOR
+$8.16M
5
SDRL icon
Seadrill
SDRL
+$7.99M

Sector Composition

Rank Sector Weight
1 Energy 23.29%
2 Materials 23.16%
3 Industrials 7.2%
4 Consumer Staples 3.63%
5 Consumer Discretionary 0.83%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DK icon
1
CALL
Delek US
DK
$3.85B
$47M 17.46%
+2,100,000
New +$35.3M
SDRL icon
2
Seadrill
SDRL
$2.56B
$33.2M 12.33%
1,273,094
-338,731
-21% -$7.99M
PARR icon
3
CALL
Par Pacific Holdings
PARR
$3.97B
$22.1M 8.21%
+704,300
New +$13.4M
METC icon
4
CALL
Ramaco Resources Class A
METC
$637M
$15M 5.56%
+735,100
New +$7.02M
CMC icon
5
Commercial Metals
CMC
$7.8B
$14.9M 5.56%
+298,871
New +$13.8M
AA icon
6
CALL
Alcoa
AA
$11.7B
$13.4M 4.98%
+447,100
New +$12.1M
HBM icon
7
Hudbay
HBM
$9.67B
$13.4M 4.98%
1,268,513
-416,187
-25% -$3.47M
DK icon
8
Delek US
DK
$3.85B
$13.1M 4.85%
+615,907
New +$10.3M
METC icon
9
Ramaco Resources Class A
METC
$637M
$11.1M 4.11%
+905,747
New +$8.65M
AA icon
10
Alcoa
AA
$11.7B
$7.41M 2.76%
+260,437
New +$7.03M
TSN icon
11
Tyson Foods
TSN
$21.5B
$6.03M 2.24%
109,100
+93,845
+615% +$5.39M
IPX
12
IperionX
IPX
$804M
$5.84M 2.17%
+1,885,203
New +$42.5M
WLK icon
13
Westlake Corp
WLK
$9.25B
$5.45M 2.03%
71,600
+25,500
+55% +$2.09M
GSM icon
14
FerroAtlántica
GSM
$628M
$5.19M 1.93%
1,418,951
-580,817
-29% -$2.13M
OLN icon
15
Olin
OLN
$2.44B
$5.16M 1.92%
+252,331
New +$5.24M
PARR icon
16
Par Pacific Holdings
PARR
$3.97B
$5.11M 1.9%
192,131
+80,342
+72% +$1.53M
GLD icon
17
SPDR Gold Trust
GLD
$131B
$4.43M 1.65%
14,700
-18,240
-55% -$5.52M
MTDR icon
18
Matador Resources
MTDR
$5.73B
$4.29M 1.59%
+88,952
New +$3.93M
CENX icon
19
Century Aluminum
CENX
$4.35B
$4M 1.49%
221,746
+184,100
+489% +$3.13M
DAR icon
20
Darling Ingredients
DAR
$9.28B
$3.74M 1.39%
98,059
-192,541
-66% -$6.34M
CLMT icon
21
CALL
Calumet Specialty Products
CLMT
$3.61B
$3.19M 1.18%
+200,000
New +$2.54M
TKR icon
22
Timken Company
TKR
$9.72B
$3.06M 1.14%
+41,800
New +$2.84M
DINO icon
23
HF Sinclair
DINO
$16.1B
$2.91M 1.08%
70,604
-477,830
-87% -$16.5M
IAG icon
24
IAMGOLD
IAG
$8.24B
$2.82M 1.05%
+398,400
New +$2.79M
LBRT icon
25
Liberty Energy
LBRT
$2.89B
$2.45M 0.91%
+210,700
New +$2.55M
1
2 3

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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 deployed $9.12M of net new capital in Q2 2025, opening 31 new positions and adding to 5 existing holdings. Its largest new stake was IperionX: 1,885,203 shares worth $5.84M.

By sector, the portfolio is most concentrated in Energy at 23% of assets, down from 41% a quarter earlier, followed by Materials and Industrials.

On the sell side, the largest reduction was HF Sinclair, an estimated $16.5M trimmed.

  • 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.