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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
+18.9%
1 Year Est. Return
+77.62%
3 Year Est. Return
+71.6%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$506M
AUM Growth
+$237M
Cap. Flow
+$353M
Cap. Flow %
69.8%
Top 10 Hldgs %
56.43%
Holding
96
New
53
Increased
15
Reduced
7
Closed
20

Top Buys

Rank Stock Value
1
BG icon
Bunge Global
BG
+$21.4M
2
DAR icon
Darling Ingredients
DAR
+$19M
3
VLO icon
Valero Energy
VLO
+$17.1M
4
KRE icon
State Street SPDR S&P Regional Banking ETF
KRE
+$13.5M
5
DINO icon
HF Sinclair
DINO
+$11.5M

Top Sells

Rank Stock Value
1
CMC icon
Commercial Metals
CMC
+$15.3M
2
HBM icon
Hudbay
HBM
+$13.4M
3
DK icon
Delek US
DK
+$13.1M
4
METC icon
Ramaco Resources Class A
METC
+$11.1M
5
AA icon
Alcoa
AA
+$7.41M

Sector Composition

Rank Sector Weight
1 Energy 20.28%
2 Materials 18.97%
3 Consumer Staples 11.3%
4 Industrials 2.68%
5 Consumer Discretionary 2.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XNTK icon
1
CALL
State Street SPDR NYSE Technology ETF
XNTK
$2B
$55.1M 10.88%
+870,000
New +$214M
NTR icon
2
PUT
Nutrien
NTR
$33.3B
$47.7M 9.43%
+813,000
New +$47.4M
SDRL icon
3
Seadrill
SDRL
$2.56B
$38.7M 7.65%
1,269,299
-3,795
-0.3% -$116K
SPY icon
4
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$783B
$33.3M 6.58%
+50,000
New +$32.1M
BG icon
5
Bunge Global
BG
$22.8B
$22M 4.34%
+266,664
New +$21.4M
DAR icon
6
Darling Ingredients
DAR
$9.28B
$20.5M 4.04%
667,347
+569,288
+581% +$19M
VLO icon
7
Valero Energy
VLO
$88.7B
$19.8M 3.91%
+114,900
New +$17.1M
GLD icon
8
SPDR Gold Trust
GLD
$131B
$17M 3.36%
48,300
+33,600
+229% +$10.7M
DINO icon
9
HF Sinclair
DINO
$16.1B
$16.4M 3.24%
312,400
+241,796
+342% +$11.5M
OLN icon
10
Olin
OLN
$2.44B
$15.2M 3.01%
623,386
+371,055
+147% +$8.24M
KRE icon
11
State Street SPDR S&P Regional Banking ETF
KRE
$4.55B
$13.6M 2.69%
+214,300
New +$13.5M
IAG icon
12
IAMGOLD
IAG
$8.24B
$13.5M 2.66%
1,050,227
+651,827
+164% +$5.71M
RIO icon
13
Rio Tinto
RIO
$149B
$11.5M 2.27%
+174,400
New +$10.8M
ARIS
14
Aris Mining
ARIS
$2.99B
$10M 1.98%
+1,018,106
New +$8.12M
BG icon
15
CALL
Bunge Global
BG
$22.8B
$8.13M 1.6%
+100,000
New +$8.02M
AMPY icon
16
CALL
Amplify Energy
AMPY
$152M
$7.88M 1.56%
+1,500,000
New +$5.9M
ADM icon
17
Archer Daniels Midland
ADM
$40.1B
$7.68M 1.52%
+127,300
New +$7.45M
TSN icon
18
Tyson Foods
TSN
$21.5B
$7.11M 1.4%
131,298
+22,198
+20% +$1.23M
B
19
Barrick Mining
B
$61.5B
$6.73M 1.33%
+203,000
New +$5.14M
BTU icon
20
Peabody Energy
BTU
$2.83B
$6.64M 1.31%
+247,600
New +$4.41M
VLRS
21
Controladora Vuela Compania de Aviacion
VLRS
$910M
$6.63M 1.31%
+972,195
New +$5.6M
GSM icon
22
FerroAtlántica
GSM
$628M
$6.5M 1.28%
1,494,911
+75,960
+5% +$325K
SHW icon
23
Sherwin-Williams
SHW
$87.4B
$6.41M 1.27%
+18,700
New +$6.59M
STLD icon
24
Steel Dynamics
STLD
$37.5B
$6.22M 1.23%
+44,770
New +$5.88M
CLF icon
25
CALL
Cleveland-Cliffs
CLF
$6.84B
$6.1M 1.21%
+500,300
New +$5.26M
1
2 3 4

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Thomist Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Thomist Capital Management held 96 positions worth $506M, up 88% from $269M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Thomist Capital Management deployed $353M of net new capital in Q3 2025, opening 53 new positions and adding to 15 existing holdings. Its largest new stake was Bunge Global: 266,664 shares worth $22M.

By sector, the portfolio is most concentrated in Energy at 20% of assets, down from 23% a quarter earlier, followed by Materials and Consumer Staples.

On the sell side, the largest reduction was Commercial Metals, an estimated $15.3M trimmed.

  • Thomist Capital Management's largest Q3 2025 buy was Bunge Global: 266,664 shares worth $22M.
  • Thomist Capital Management added most to Darling Ingredients in Q3 2025, an estimated $19M increase.
  • Thomist Capital Management's biggest Q3 2025 reduction was Commercial Metals, cutting an estimated $15.3M.
  • Thomist Capital Management fully exited Hudbay in Q3 2025, selling an estimated $13.4M.
  • Thomist Capital Management's ten largest holdings make up 56% of its $506M portfolio in Q3 2025.
  • Thomist Capital Management opened 53 new positions and closed 20 in Q3 2025.
  • Thomist Capital Management's portfolio value rose 88% quarter-over-quarter to $506M.

Based on Thomist Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.