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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
+22.17%
1 Year Est. Return
+50.03%
3 Year Est. Return
+71.17%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$371M
AUM Growth
-$99.5M
(-21%)
Cap. Flow
-$139M
Cap. Flow
% of AUM
-37.29%
Top 10 Holdings %
Top 10 Hldgs %
54.76%
Holding
106
New
41
Increased
8
Reduced
8
Closed
49
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ARIS
Aris Mining
ARIS
|
+$21.7M |
| 2 |
Steel Dynamics
STLD
|
+$19.2M |
| 3 |
SSR Mining
SSRM
|
+$14.6M |
| 4 |
HF Sinclair
DINO
|
+$14M |
| 5 |
Equinox Gold
EQX
|
+$13.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Seadrill
SDRL
|
+$63.4M |
| 2 |
Sable Offshore Corp
SOC
|
+$21.3M |
| 3 |
Darling Ingredients
DAR
|
+$17.8M |
| 4 |
Amplify Energy
AMPY
|
+$16.4M |
| 5 |
Marathon Petroleum
MPC
|
+$15.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 33.53% |
| 2 | Materials | 28.66% |
| 3 | Industrials | 7.8% |
| 4 | Consumer Discretionary | 3.39% |
| 5 | Financials | 0.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
HF Sinclair
DINO
$16.5B
| $35.3M | 9.51% |
566,090
+258,008
| +84% | +$14M |
|
|
2
CALL
Darling Ingredients
DAR
$10.5B
| $27.8M | 7.49% |
+450,000
| New | +$22.2M |
|
|
CNR
3
Core Natural Resources Inc
CNR
$4.75B
| $23.5M | 6.34% |
224,799
-9,201
| -4% | -$876K |
|
|
ARIS
4
Aris Mining
ARIS
$3.67B
| $21.3M | 5.74% |
+1,147,572
| New | +$21.7M |
|
5
PUT
CF Industries
CF
$18B
| $19.5M | 5.24% |
+150,000
| New | +$15.3M |
|
|
6
Steel Dynamics
STLD
$37B
| $19M | 5.1% |
+105,300
| New | +$19.2M |
|
7
Delek US
DK
$4.02B
| $16.8M | 4.52% |
+372,937
| New | +$13.3M |
|
|
8
SSR Mining
SSRM
$6.56B
| $16.1M | 4.34% |
+548,900
| New | +$14.6M |
|
|
9
Equinox Gold
EQX
$13.5B
| $12.9M | 3.47% |
+890,919
| New | +$13.6M |
|
|
VLRS
10
Controladora Vuela Compania de Aviacion
VLRS
$899M
| $11.1M | 3% |
1,539,094
+529,442
| +52% | +$4.64M |
|
|
PR
11
Permian Resources
PR
$18B
| $10.9M | 2.93% |
+511,346
| New | +$8.83M |
|
12
Southwest Airlines
LUV
$21.7B
| $10.8M | 2.91% |
288,001
+185,141
| +180% | +$8.36M |
|
13
Vanguard S&P 500 ETF
VOO
$1.04T
| $10.2M | 2.73% |
+17,000
| New | +$10.6M |
|
14
Royal Gold
RGLD
$19.6B
| $9.48M | 2.55% |
+37,262
| New | +$9.89M |
|
15
CALL
Freeport-McMoran
FCX
$93.5B
| $8.82M | 2.37% |
+150,000
| New | +$9.06M |
|
16
Westlake Corp
WLK
$10.2B
| $8.53M | 2.3% |
73,000
-38,900
| -35% | -$3.77M |
|
17
Baytex Energy
BTE
$3.06B
| $8.43M | 2.27% |
1,885,306
-1,095,392
| -37% | -$4.04M |
|
18
Peabody Energy
BTU
$3.09B
| $7.63M | 2.05% |
+231,553
| New | +$8.09M |
|
19
CALL
Bunge Global
BG
$21.8B
| $6.5M | 1.75% |
+51,100
| New | +$5.93M |
|
20
Eastman Chemical
EMN
$8.46B
| $6.46M | 1.74% |
+84,700
| New | +$6.1M |
|
|
KRSP.U
21
Rice Acquisition Corp 3 Units
KRSP.U
| $5.37M | 1.44% |
506,329
+6,329
| +1% | +$66.8K |
|
22
Scorpio Tankers
STNG
$3.99B
| $4.62M | 1.24% |
+61,855
| New | +$4.15M |
|
23
FerroAtlántica
GSM
$815M
| $4.47M | 1.2% |
1,083,764
-366,643
| -25% | -$1.77M |
|
24
DHT Holdings
DHT
$3.17B
| $4.42M | 1.19% |
+241,696
| New | +$3.85M |
|
|
25
CALL
HF Sinclair
DINO
$16.5B
| $4.37M | 1.18% |
+70,000
| New | +$3.79M |
|
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Thomist Capital Management's Q1 2026 Portfolio in Review
As of Q1 2026, Thomist Capital Management held 106 positions worth $371M, down 21% from $471M the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Thomist Capital Management withdrew a net $139M in Q1 2026, closing 49 positions and reducing 8 holdings. Its most notable exit was Seadrill, an estimated $63.4M position sold in full.
By sector, the portfolio is most concentrated in Energy at 34% of assets, down from 41% a quarter earlier, followed by Materials and Industrials.
Against the trend, Thomist Capital Management opened a new position in Aris Mining worth $21.3M.
- Thomist Capital Management's largest Q1 2026 buy was Aris Mining: 1,147,572 shares worth $21.3M.
- Thomist Capital Management added most to HF Sinclair in Q1 2026, an estimated $14M increase.
- Thomist Capital Management's biggest Q1 2026 reduction was Amplify Energy, cutting an estimated $16.4M.
- Thomist Capital Management fully exited Seadrill in Q1 2026, selling an estimated $63.4M.
- Thomist Capital Management's ten largest holdings make up 55% of its $371M portfolio in Q1 2026.
- Thomist Capital Management opened 41 new positions and closed 49 in Q1 2026.
- Thomist Capital Management's portfolio value fell 21% quarter-over-quarter to $371M.
Based on Thomist Capital Management's 13F filing for Q1 2026, filed 15 May 2026.