Thomist Capital Management, LP
CIK 1767809 · View on SEC EDGAR ↗
- Portfolio value
- $314.6M
- Positions
- 45
- As of
- June 30, 2026
#5,052 of 9,443 by 13F value · top 53.5%
Portfolio value QoQ: -15.3% 13F does not disclose cash
- Top 10 holdings weight
- 61.08%
- Top 25 holdings weight
- 91.57%
- Positions above 1%
- 25
- Effective number of positions
- 20.7
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 53.96% Est. buys $211,685,771 · sells $185,088,126
Median holding: 1.0 quarters Tracked Q4 2024–Q2 2026 · 21.4% still held
- New positions
- 27
- Increased
- 11
- Decreased
- 7
- Closed
- 25
Put-notional exposure: 3.5% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Performance vs S&P 500
Annualized: +49.7% · S&P 500: +18.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 91.5% · Options excluded: 24.9%
Sector breakdown
Energy
39.0%
Materials
21.7%
Consumer Staples
9.8%
Industrials
8.7%
Technology
1.5%
Other/Unmapped
19.3%
Full portfolio 45 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| DAR Darling Ingredients Inc. Common Stock | $30,920,054 | 9.83% | 566,094 | ||||
| ARIS Aris Mining Corporation Common Shares | $26,110,705 | 8.30% | 1,751,221 | $4,800,293 | Up ×1 | ||
| DHT DHT Holdings, Inc. | $22,961,740 | 7.30% | 1,389,095 | $18,545,954 | Up ×1 | ||
| CNR Core Natural Resources, Inc. Common Stock | $21,327,891 | 6.78% | 266,532 | $-2,215,308 | Up ×1 | ||
| GPRE Green Plains, Inc. - Common Stock | $19,542,013 | 6.21% | 1,270,612 | ||||
| HBM Hudbay Minerals Inc. Ordinary Shares (Canada) | $17,311,505 | 5.50% | 734,227 | ||||
| VLRS Controladora Vuela Compania de Aviacion, S.A.B. de C.V. American Depositary Shares, each representing ten (10) Ordinary Participation Certificates | $16,441,670 | 5.23% | 1,754,714 | $5,298,629 | Up ×3 | ||
| Unknown issuer (CUSIP: 72147K908) | $14,055,000 | 4.47% | 500,000 | Call option | Up ×1 | ||
| FRO Frontline Plc Ordinary Shares | $12,863,255 | 4.09% | 369,740 | Up ×1 | |||
| Unknown issuer (CUSIP: 61945C903) | $10,595,000 | 3.37% | 500,000 | Call option | Up ×1 | ||
| Unknown issuer (CUSIP: 464287955) | $10,515,750 | 3.34% | 35,000 | Put option | Up ×1 | ||
| DK Delek US Holdings, Inc. Common Stock | $10,278,863 | 3.27% | 202,300 | $-6,529,408 | Down ×1 | ||
| BTU Peabody Energy Corporation Common Stock | $9,766,628 | 3.10% | 422,432 | $2,136,957 | Up ×1 | ||
| WLK Westlake Corporation Common Stock | $7,022,600 | 2.23% | 96,200 | $-1,505,260 | Up ×1 | ||
| Unknown issuer (CUSIP: 92189F901) | $6,877,500 | 2.19% | 70,000 | Call option | Up ×1 | ||
| DINO HF Sinclair Corporation Common Stock | $6,760,438 | 2.15% | 97,063 | $-28,557,917 | Down ×1 | ||
| ECO Okeanis Eco Tankers Corp. Common Stock | $6,712,171 | 2.13% | 133,922 | $3,924,662 | Up ×1 | ||
| IAG Iamgold Corporation Ordinary Shares | $6,405,094 | 2.04% | 404,362 | ||||
| KRSPU | $5,693,918 | 1.81% | 531,645 | $326,831 | Up ×2 | ||
| PPG PPG Industries, Inc. Common Stock | $5,470,179 | 1.74% | 45,100 | Up ×1 | |||
| UAL United Airlines Holdings, Inc. - Common Stock | $5,030,270 | 1.60% | 36,990 | ||||
| Unknown issuer (CUSIP: 89472Y107) | $4,189,404 | 1.33% | 608,925 | Up ×1 | |||
| MTDR Matador Resources Company Common Stock | $3,992,356 | 1.27% | 80,200 | ||||
| PARR Par Pacific Holdings, Inc. Common Stock | $3,704,645 | 1.18% | 66,060 | $901,505 | Up ×2 | ||
| AAL American Airlines Group, Inc. - Common Stock | $3,524,011 | 1.12% | 195,020 | ||||
| Unknown issuer (CUSIP: 40445M100) | $2,963,937 | 0.94% | 158,161 | Up ×1 | |||
| GSM Ferroglobe PLC - Ordinary Shares | $2,932,650 | 0.93% | 922,217 | $-1,532,458 | Down ×3 | ||
| CC Chemours Company (The) Common Stock | $2,932,308 | 0.93% | 142,900 | ||||
| CVI CVR Energy Inc. Common Stock | $2,570,198 | 0.82% | 93,326 | ||||
| HUT Hut 8 Corp. - Common Stock | $2,445,702 | 0.78% | 21,185 | $1,058,339 | Down ×1 | ||
| RYAAY Ryanair Holdings plc - American Depositary Shares, each representing five Ordinary Shares | $2,225,458 | 0.71% | 34,370 | $-952,386 | Down ×1 | ||
| RNGR Ranger Energy Services, Inc. Class A Common Stock | $1,816,495 | 0.58% | 113,460 | $550,175 | Up ×1 | ||
| Unknown issuer (CUSIP: 27005A105) | $1,487,500 | 0.47% | 70,000 | Up ×1 | |||
| RIOT Riot Platforms, Inc. - Common Stock | $1,002,108 | 0.32% | 36,600 | $167,808 | Down ×1 | ||
| SLSR | $983,701 | 0.31% | 182,360 | $-343,042 | Up ×1 | ||
| MU Micron Technology, Inc. - Common Stock | $958,061 | 0.30% | 830 | Up ×1 | |||
| Unknown issuer (CUSIP: 15675D903) | $663,000 | 0.21% | 3,000 | Call option | Up ×1 | ||
| Unknown issuer (CUSIP: 464287953) | $640,760 | 0.20% | 1,000 | Put option | Up ×1 | ||
| Unknown issuer (CUSIP: 70580B106) | $608,300 | 0.19% | 276,500 | Up ×1 | |||
| Unknown issuer (CUSIP: 15675D103) | $596,700 | 0.19% | 2,700 | Up ×1 | |||
| Unknown issuer (CUSIP: 486917107) | $475,272 | 0.15% | 82,800 | Up ×1 | |||
| BTDR Bitdeer Technologies Group - Ordinary Shares | $455,469 | 0.14% | 28,700 | Up ×1 | |||
| FF FutureFuel Corp. Common shares | $337,766 | 0.11% | 74,727 | $-27,534 | Down ×1 | ||
| Unknown issuer (CUSIP: 70580B114) | $225,250 | 0.07% | 265,000 | Up ×1 | |||
| SOC Sable Offshore Corp. Common Stock | $184,166 | 0.06% | 59,794 | ||||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| VLRS | $16,441,670 | 5.23% | up ×3 |
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| DAR | $30,920,054 | 566,094 | 9.83% |
| GPRE | $19,542,013 | 1,270,612 | 6.21% |
| HBM | $17,311,505 | 734,227 | 5.50% |
| Unknown issuer (CUSIP: 72147K908) | $14,055,000 | 500,000 | 4.47% |
| FRO | $12,863,255 | 369,740 | 4.09% |
| Unknown issuer (CUSIP: 61945C903) | $10,595,000 | 500,000 | 3.37% |
| Unknown issuer (CUSIP: 464287955) | $10,515,750 | 35,000 | 3.34% |
| Unknown issuer (CUSIP: 92189F901) | $6,877,500 | 70,000 | 2.19% |
| IAG | $6,405,094 | 404,362 | 2.04% |
| PPG | $5,470,179 | 45,100 | 1.74% |
| UAL | $5,030,270 | 36,990 | 1.60% |
| Unknown issuer (CUSIP: 89472Y107) | $4,189,404 | 608,925 | 1.33% |
| MTDR | $3,992,356 | 80,200 | 1.27% |
| AAL | $3,524,011 | 195,020 | 1.12% |
| Unknown issuer (CUSIP: 40445M100) | $2,963,937 | 158,161 | 0.94% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| DK | Trimmed | -171K | -$6.5M |
| VLRS | Bought more | +216K | +$5.3M |
| ARIS | Bought more | +604K | +$4.8M |
| ECO | Bought more | +79K | +$3.9M |
| CNR | Bought more | +42K | -$2.2M |
| BTU | Bought more | +191K | +$2.1M |
| GSM | Trimmed | -162K | -$1.5M |
| WLK | Bought more | +23K | -$1.5M |
| HUT | Trimmed | -8K | +$1.1M |
| RYAAY | Trimmed | -21K | -$952K |
2 positions hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| SDRL | March 31, 2026 | 1,835,718 | $63,387,343 | 7.2% |
| DK | Sept. 30, 2025 | 2,715,907 | $60,028,069 | 104.3% |
| METC | Sept. 30, 2025 | 1,640,847 | $26,009,398 | -64.8% |
| SOC | June 30, 2025 | 1,091,500 | $25,175,765 | -75.6% |
| SOC | March 31, 2026 | 1,818,181 | $21,327,263 | -67.5% |
| AA | Sept. 30, 2025 | 707,537 | $20,814,228 | 61.4% |
| VLO | Dec. 31, 2025 | 114,900 | $19,778,886 | 112.5% |
| SPY | June 30, 2025 | 34,400 | $19,114,704 | No longer tracked |
| STLD | June 30, 2026 | 105,300 | $18,954,000 | -0.3% |
| CHRD | March 31, 2025 | 161,300 | $18,445,642 | 32.5% |
| PSX | March 31, 2025 | 148,500 | $16,630,515 | 96.8% |
| SSRM | June 30, 2026 | 548,900 | $16,137,660 | 33.1% |
| MPC | March 31, 2026 | 96,100 | $15,717,485 | 48.6% |
| B | March 31, 2026 | 330,600 | $14,625,744 | 15.7% |
| NUE | March 31, 2026 | 86,500 | $14,255,200 | 47.5% |
| HBM | Sept. 30, 2025 | 1,268,513 | $13,395,497 | 96.4% |
| DAR | March 31, 2026 | 360,803 | $13,165,678 | 10.0% |
| EQX | June 30, 2026 | 890,919 | $12,882,689 | No longer tracked |
| HCC | March 31, 2025 | 220,682 | $12,044,784 | 125.2% |
| HBM | March 31, 2026 | 599,600 | $11,932,040 | 42.4% |
| RIO | Dec. 31, 2025 | 174,400 | $11,496,448 | 30.8% |
| BTU | March 31, 2025 | 533,817 | $11,092,717 | 103.3% |
| CF | March 31, 2025 | 131,700 | $11,073,570 | 63.4% |
| PR | June 30, 2026 | 511,346 | $10,901,897 | 29.3% |
| LUV | June 30, 2026 | 288,001 | $10,820,198 | -21.5% |
| LIN | March 31, 2026 | 24,350 | $10,430,566 | -1.6% |
| SM | March 31, 2026 | 552,905 | $10,383,556 | 21.2% |
| VOO | June 30, 2026 | 17,000 | $10,158,350 | No longer tracked |
| ARIS | Dec. 31, 2025 | 1,018,106 | $10,002,522 | 26.4% |
| RGLD | June 30, 2026 | 37,262 | $9,482,806 | 28.9% |
| BTE | June 30, 2026 | 1,885,306 | $8,427,318 | 20.9% |
| IAG | March 31, 2026 | 493,625 | $8,268,219 | 12.9% |
| GPOR | June 30, 2025 | 44,566 | $8,161,372 | -13.0% |
| SNCY | March 31, 2026 | 555,935 | $8,001,513 | No longer tracked |
| CTVA | June 30, 2025 | 129,700 | $7,919,482 | 7.6% |
| NUE | June 30, 2025 | 63,518 | $7,746,020 | 92.5% |
| ADM | Dec. 31, 2025 | 127,300 | $7,677,463 | 43.7% |
| GPRE | March 31, 2026 | 747,192 | $7,270,178 | 0.7% |
| ADM | June 30, 2025 | 151,300 | $7,242,731 | 56.5% |
| TSN | Dec. 31, 2025 | 131,298 | $7,112,661 | -1.5% |
| STLD | June 30, 2025 | 54,818 | $6,795,787 | 78.8% |
| X | June 30, 2025 | 157,700 | $6,772,644 | No longer tracked |
| BTU | Dec. 31, 2025 | 247,600 | $6,638,156 | -7.2% |
| EMN | June 30, 2026 | 84,700 | $6,464,304 | 11.3% |
| CRGY | June 30, 2025 | 579,150 | $6,451,731 | 62.4% |
| CNR | June 30, 2025 | 83,500 | $6,437,015 | 38.3% |
| SHW | Dec. 31, 2025 | 18,700 | $6,412,604 | 7.4% |
| MPC | June 30, 2025 | 44,000 | $6,340,400 | 118.4% |
| STLD | Dec. 31, 2025 | 44,770 | $6,217,658 | 35.1% |
| IBIT | Dec. 31, 2025 | 92,900 | $6,035,713 | |
| SCCO | Dec. 31, 2025 | 48,700 | $5,897,083 | 49.9% |
| IPX | Sept. 30, 2025 | 1,885,203 | $5,836,235 | -55.0% |
| DIA | June 30, 2025 | 14,000 | $5,818,680 | No longer tracked |
| CLF | March 31, 2025 | 590,300 | $5,521,932 | 40.9% |
| BG | June 30, 2025 | 67,400 | $5,151,382 | 46.4% |
| AMZN | Dec. 31, 2025 | 22,900 | $5,087,693 | 11.7% |
| PSX | March 31, 2026 | 38,900 | $5,039,884 | 33.4% |
| CVI | March 31, 2026 | 199,200 | $5,028,061 | 10.4% |
| CEIX | March 31, 2025 | 47,341 | $5,016,252 | No longer tracked |
| XOP | March 31, 2025 | 37,464 | $4,893,922 | No longer tracked |
| LYB | June 30, 2025 | 69,700 | $4,866,454 | 18.2% |
| GLD | March 31, 2026 | 12,150 | $4,846,514 | No longer tracked |
| AA | March 31, 2025 | 130,100 | $4,833,215 | 74.0% |
| STNG | June 30, 2026 | 61,855 | $4,618,094 | 14.5% |
| EXE | Dec. 31, 2025 | 41,900 | $4,475,339 | -13.7% |
| RRC | Dec. 31, 2025 | 115,900 | $4,332,342 | 15.4% |
| MTDR | Sept. 30, 2025 | 88,952 | $4,289,265 | 30.3% |
| KRE | March 31, 2026 | 62,500 | $4,090,000 | No longer tracked |
| CIVI | March 31, 2025 | 90,600 | $4,042,572 | No longer tracked |
| OLN | June 30, 2026 | 134,000 | $3,983,820 | -5.4% |
| CENX | March 31, 2026 | 100,000 | $3,969,000 | -23.4% |
| AESI | March 31, 2026 | 407,316 | $3,900,638 | -1.2% |
| SGML | Dec. 31, 2025 | 570,089 | $3,876,605 | -11.8% |
| VLO | March 31, 2025 | 31,500 | $3,767,085 | 162.0% |
| PII | June 30, 2026 | 68,785 | $3,748,783 | -4.2% |
| VTWO | March 31, 2026 | 35,710 | $3,574,792 | |
| PTEN | March 31, 2025 | 431,625 | $3,500,479 | 50.4% |
| IPX | March 31, 2025 | 939,088 | $3,477,566 | 23.4% |
| SLV | June 30, 2025 | 106,590 | $3,304,290 | No longer tracked |
| CLMT | Sept. 30, 2025 | 200,000 | $3,188,000 | 168.5% |
| PPC | June 30, 2025 | 58,700 | $3,133,993 | -30.6% |
| CWH | June 30, 2026 | 457,270 | $3,123,154 | -12.5% |
| TKR | Sept. 30, 2025 | 41,800 | $3,060,178 | 67.6% |
| HUN | March 31, 2025 | 172,900 | $3,037,853 | -35.4% |
| BG | March 31, 2026 | 33,600 | $3,005,486 | -7.6% |
| HON | March 31, 2025 | 13,100 | $2,968,460 | 10.0% |
| CC | March 31, 2026 | 245,400 | $2,900,628 | -27.6% |
| DOO | June 30, 2026 | 40,085 | $2,878,504 | 11.6% |
| HOG | June 30, 2026 | 140,600 | $2,842,932 | 15.5% |
| KOS | June 30, 2026 | 927,209 | $2,577,641 | 42.9% |
| ODV | June 30, 2026 | 790,000 | $2,567,500 | No longer tracked |
| LBRT | Sept. 30, 2025 | 210,700 | $2,446,227 | 56.2% |
| LNG | June 30, 2026 | 8,100 | $2,298,456 | 17.0% |
| LBRT | March 31, 2026 | 117,713 | $2,200,056 | -33.1% |
| AR | Dec. 31, 2025 | 64,900 | $2,177,395 | 9.4% |
| EQT | Dec. 31, 2025 | 38,800 | $2,113,048 | 0.5% |
| CIVI | Dec. 31, 2025 | 61,300 | $2,038,409 | No longer tracked |
| GPOR | Dec. 31, 2025 | 11,300 | $2,036,034 | -15.9% |
| EOG | March 31, 2025 | 16,600 | $2,021,855 | 19.1% |
| COP | March 31, 2025 | 20,300 | $2,005,417 | 29.0% |
| PR | March 31, 2025 | 138,500 | $1,997,200 | 71.9% |
| FANG | March 31, 2025 | 12,200 | $1,993,197 | 32.3% |
| NAT | June 30, 2026 | 338,900 | $1,985,954 | 28.2% |
| OIS | March 31, 2026 | 288,084 | $1,983,237 | -24.0% |
| WFRD | March 31, 2025 | 27,800 | $1,931,266 | 71.7% |
| WGO | March 31, 2026 | 46,700 | $1,920,108 | 5.0% |
| THO | March 31, 2026 | 18,360 | $1,912,361 | -0.2% |
| VTLE | June 30, 2025 | 101,636 | $1,812,272 | No longer tracked |
| SLV | March 31, 2026 | 26,100 | $1,800,378 | No longer tracked |
| HOG | Dec. 31, 2025 | 57,850 | $1,654,012 | 37.8% |
| VOO | Sept. 30, 2025 | 2,812 | $1,594,263 | No longer tracked |
| APA | June 30, 2025 | 100,000 | $1,584,000 | 142.1% |
| CDE | March 31, 2025 | 280,000 | $1,570,800 | 260.4% |
| NVDA | June 30, 2026 | 8,140 | $1,419,616 | 8.4% |
| CPA | March 31, 2026 | 11,660 | $1,409,610 | 14.9% |
| PEJ | Sept. 30, 2025 | 24,600 | $1,396,050 | No longer tracked |
| IREN | March 31, 2025 | 139,000 | $1,381,660 | 642.0% |
| SPHR | March 31, 2026 | 14,270 | $1,380,873 | 32.8% |
| CMC | Dec. 31, 2025 | 22,600 | $1,294,980 | -2.4% |
| ALB | March 31, 2026 | 8,500 | $1,207,085 | -20.8% |
| GPRE | March 31, 2025 | 126,033 | $1,122,954 | 241.6% |
| INVX | Dec. 31, 2025 | 60,909 | $1,120,726 | 34.8% |
| NBR | March 31, 2025 | 20,000 | $1,085,000 | 117.8% |
| UAL | March 31, 2026 | 9,710 | $1,080,307 | 22.8% |
| ALK | June 30, 2026 | 28,430 | $1,045,655 | -22.2% |
| XHB | Dec. 31, 2025 | 9,000 | $995,670 | No longer tracked |
| IGV | March 31, 2026 | 9,300 | $995,007 | No longer tracked |
| XPRO | June 30, 2026 | 54,600 | $950,586 | 27.9% |
| IREN | Sept. 30, 2025 | 67,000 | $938,000 | -3.7% |
| SM | Sept. 30, 2025 | 37,100 | $931,210 | 51.3% |
| IBIT | June 30, 2025 | 19,400 | $922,664 | |
| RIOT | Sept. 30, 2025 | 82,200 | $867,210 | 15.2% |
| DOO | Dec. 31, 2025 | 13,980 | $844,587 | -3.8% |
| NPKI | March 31, 2025 | 110,700 | $824,715 | 138.3% |
| RYAAY | Dec. 31, 2025 | 14,070 | $823,216 | -23.2% |
| AMPY | June 30, 2026 | 130,842 | $816,454 | 23.9% |
| SLSR | Dec. 31, 2025 | 126,800 | $805,600 | No longer tracked |
| LTM | Dec. 31, 2025 | 17,945 | $801,244 | -6.0% |
| CVI | March 31, 2025 | 42,100 | $781,376 | 91.5% |
| RGR | March 31, 2026 | 22,940 | $746,041 | -4.7% |
| IREN | June 30, 2026 | 20,500 | $702,740 | -1.2% |
| SD | Dec. 31, 2025 | 59,200 | $666,000 | -0.7% |
| APLD | March 31, 2025 | 74,756 | $595,805 | 417.9% |
| CRWV | March 31, 2026 | 7,400 | $546,860 | 16.3% |
| DEC | March 31, 2025 | 32,700 | $546,744 | 8.4% |
| ASTL | Sept. 30, 2025 | 100,000 | $535,000 | 33.1% |
| APLD | March 31, 2026 | 21,700 | $522,536 | 22.6% |
| ATLX | June 30, 2025 | 96,956 | $513,867 | -12.7% |
| ORCL | March 31, 2026 | 2,600 | $512,746 | -0.4% |
| HUT | March 31, 2025 | 24,200 | $501,688 | 659.6% |
| CORZ | March 31, 2025 | 35,360 | $490,797 | 163.3% |
| AAL | March 31, 2026 | 31,580 | $483,262 | 27.4% |
| SKYW | March 31, 2026 | 4,710 | $475,892 | 11.0% |
| VIK | March 31, 2026 | 5,710 | $411,700 | 25.0% |
| NCLH | March 31, 2026 | 14,809 | $331,748 | -7.9% |
| EVEX | March 31, 2026 | 80,880 | $322,355 | 7.1% |
| LIND | March 31, 2026 | 19,800 | $286,692 | 80.5% |
| WBI | Dec. 31, 2025 | 10,000 | $245,200 | 62.3% |
| EVLV | March 31, 2026 | 34,090 | $241,339 | -10.8% |
| MTN | March 31, 2026 | 1,700 | $226,457 | 18.3% |
| INR | June 30, 2026 | 11,770 | $207,270 | 15.4% |
| RUN | Sept. 30, 2025 | 20,000 | $205,200 | -45.5% |
| BRY | June 30, 2025 | 37,499 | $118,872 | No longer tracked |