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TCM

Thomist Capital Management Portfolio holdings

AUM $315M Turnover 76.83%
1-Year Est. Return 50.03%
This Fund
S&P 500
This Quarter Est. Return
+4.73%
1 Year Est. Return
+50.03%
3 Year Est. Return
+71.17%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$471M
AUM Growth
-$35.3M
Cap. Flow
+$21M
Cap. Flow %
4.47%
Top 10 Hldgs %
53.06%
Holding
108
New
32
Increased
21
Reduced
12
Closed
43
Avg Time Held Equity + Options
0.3 years
Top 10 Avg Time Held Equity + Options
0.2 years
Top 20 Avg Time Held Equity + Options
0.2 years
Avg Time Held Equity only
0.4 years
Top 10 Avg Time Held Equity only
0.2 years
Top 20 Avg Time Held Equity only
0.3 years

Top Buys

Rank Stock Value
1
CNR icon
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 Miscellaneous 26.51%
3 Materials 21.35%
4 Industrials 5.5%
5 Consumer Staples 3.43%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
SDRL icon
1
Seadrill
SDRL
$2.9B
$63.4M 13.46%
1,835,718
+566,419
+45% +$17.6M
2024 Q3
5 quarters
SPY icon
2
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$815B
$34.1M 7.24%
+50,000
New +$33.8M
2025 Q4
0 quarters
ORCL icon
3
CALL
Oracle
ORCL
$408B
$28.6M 6.06%
+146,500
New +$34.9M
2025 Q4
0 quarters
XNTK icon
4
CALL
State Street SPDR NYSE Technology ETF
XNTK
$1.99B
$22.6M 4.8%
348,900
-521,100
-60% -$146M
2025 Q3
1 quarter
SOC icon
5
Sable Offshore Corp
SOC
$637M
$21.3M 4.53%
+1,818,181
New +$17.2M
2025 Q4
0 quarters
CNR icon
6
Core Natural Resources Inc
CNR
$4.42B
$20.7M 4.4%
+234,000
New +$19.9M
2025 Q4
0 quarters
MPC icon
7
Marathon Petroleum
MPC
$134B
$15.7M 3.34%
+96,100
New +$18M
2025 Q4
0 quarters
B icon
8
Barrick Mining
B
$66.7B
$14.6M 3.11%
330,600
+127,600
+63% +$4.79M
2025 Q3
1 quarter
AMPY icon
9
Amplify Energy
AMPY
$180M
$14.6M 3.09%
+3,147,130
New +$15.7M
2025 Q4
0 quarters
NUE icon
10
Nucor
NUE
$57.8B
$14.3M 3.03%
86,500
+68,600
+383% +$10.3M
2025 Q3
1 quarter
DINO icon
11
HF Sinclair
DINO
$22.2B
$14.3M 3.03%
308,082
-4,318
-1% -$223K
2024 Q3
5 quarters
DAR icon
12
Darling Ingredients
DAR
$9.61B
$13.2M 2.8%
360,803
-306,544
-46% -$10.4M
2024 Q2
6 quarters
HBM icon
13
Hudbay
HBM
$10.8B
$11.9M 2.53%
+599,600
New +$10.1M
2025 Q4
0 quarters
OLN icon
14
Olin
OLN
$1.77B
$10.6M 2.25%
505,833
-117,553
-19% -$2.54M
2025 Q2
2 quarters
LIN icon
15
Linde
LIN
$227B
$10.4M 2.21%
+24,350
New +$10.4M
2025 Q4
0 quarters
SM icon
16
SM Energy
SM
$8.92B
$10.4M 2.2%
+552,905
New +$11.2M
2025 Q4
0 quarters
BTE icon
17
Baytex Energy
BTE
$3.61B
$9.66M 2.05%
+2,980,698
New +$8.31M
2025 Q4
0 quarters
IBIT icon
18
CALL
iShares Bitcoin Trust
IBIT
$66.2B
$8.94M 1.9%
+180,000
New +$10.2M
2025 Q4
0 quarters
VLRS icon
19
Controladora Vuela Compania de Aviacion
VLRS
$689M
$8.92M 1.89%
1,009,652
+37,457
+4% +$272K
2025 Q3
1 quarter
WLK icon
20
Westlake Corp
WLK
$8.13B
$8.36M 1.78%
111,900
+65,700
+142% +$4.68M
2025 Q1
3 quarters
IAG icon
21
IAMGOLD
IAG
$10.1B
$8.27M 1.76%
493,625
-556,602
-53% -$7.84M
2025 Q2
2 quarters
SNCY icon
22
DELISTED
Sun Country Airlines
SNCY
$8M 1.7%
555,935
+527,635
+1,864% +$6.74M
2025 Q2
2 quarters
GPRE icon
23
Green Plains
GPRE
$1B
$7.27M 1.54%
747,192
+643,392
+620% +$6.48M
2025 Q3
1 quarter
GSM icon
24
FerroAtlántica
GSM
$736M
$6.7M 1.42%
1,450,407
-44,504
-3% -$205K
2023 Q4
8 quarters
AMD icon
25
CALL
Advanced Micro Devices
AMD
$918B
$6.42M 1.36%
+30,000
New +$6.74M
2025 Q4
0 quarters
1
2 3 4 5

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TC
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LC
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MAM
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MWM
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AFGI4KRSP
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CF
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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 deployed $21M of net new capital in Q4 2025, opening 32 new positions and adding to 21 existing holdings. Its largest new stake was Core Natural Resources Inc: 234,000 shares worth $20.7M.

By sector, the portfolio is most concentrated in Energy at 41% of assets, up from 20% a quarter earlier, followed by Miscellaneous and Materials.

On the sell side, the largest reduction was Bunge Global, an estimated $21.5M trimmed.

  • 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.