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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
+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

Top Buys

Rank Stock Value
1
CNR
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
SDRL icon
1
Seadrill
SDRL
$2.98B
$63.4M 13.46%
1,835,718
+566,419
+45% +$17.6M
SPY icon
2
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$825B
$34.1M 7.24%
+50,000
New +$33.8M
ORCL icon
3
CALL
Oracle
ORCL
$435B
$28.6M 6.06%
+146,500
New +$34.9M
XNTK icon
4
CALL
State Street SPDR NYSE Technology ETF
XNTK
$2B
$22.6M 4.8%
348,900
-521,100
-60% -$146M
SOC icon
5
Sable Offshore Corp
SOC
$861M
$21.3M 4.53%
+1,818,181
New +$17.2M
CNR
6
Core Natural Resources Inc
CNR
$5.01B
$20.7M 4.4%
+234,000
New +$19.9M
MPC icon
7
Marathon Petroleum
MPC
$104B
$15.7M 3.34%
+96,100
New +$18M
B
8
Barrick Mining
B
$75.1B
$14.6M 3.11%
330,600
+127,600
+63% +$4.79M
AMPY icon
9
Amplify Energy
AMPY
$197M
$14.6M 3.09%
+3,147,130
New +$15.7M
NUE icon
10
Nucor
NUE
$56.8B
$14.3M 3.03%
86,500
+68,600
+383% +$10.3M
DINO icon
11
HF Sinclair
DINO
$17.7B
$14.3M 3.03%
308,082
-4,318
-1% -$223K
DAR icon
12
Darling Ingredients
DAR
$10.1B
$13.2M 2.8%
360,803
-306,544
-46% -$10.4M
HBM icon
13
Hudbay
HBM
$13B
$11.9M 2.53%
+599,600
New +$10.1M
OLN icon
14
Olin
OLN
$1.95B
$10.6M 2.25%
505,833
-117,553
-19% -$2.54M
LIN icon
15
Linde
LIN
$226B
$10.4M 2.21%
+24,350
New +$10.4M
SM icon
16
SM Energy
SM
$8.71B
$10.4M 2.2%
+552,905
New +$11.2M
BTE icon
17
Baytex Energy
BTE
$3.31B
$9.66M 2.05%
+2,980,698
New +$8.31M
IBIT icon
18
CALL
iShares Bitcoin Trust
IBIT
$58.6B
$8.94M 1.9%
+180,000
New +$10.2M
VLRS
19
Controladora Vuela Compania de Aviacion
VLRS
$775M
$8.92M 1.89%
1,009,652
+37,457
+4% +$272K
WLK icon
20
Westlake Corp
WLK
$9.68B
$8.36M 1.78%
111,900
+65,700
+142% +$4.68M
IAG icon
21
IAMGOLD
IAG
$11.8B
$8.27M 1.76%
493,625
-556,602
-53% -$7.84M
SNCY
22
DELISTED
Sun Country Airlines
SNCY
$8M 1.7%
555,935
+527,635
+1,864% +$6.74M
GPRE icon
23
Green Plains
GPRE
$1.03B
$7.27M 1.54%
747,192
+643,392
+620% +$6.48M
GSM icon
24
FerroAtlántica
GSM
$761M
$6.7M 1.42%
1,450,407
-44,504
-3% -$205K
AMD icon
25
CALL
Advanced Micro Devices
AMD
$760B
$6.42M 1.36%
+30,000
New +$6.74M
1
2 3 4 5

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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.