Thames Capital Management LLC 13F Disclosure & Portfolio Data

CIK: 0001714267

ContrarianSector-focusedDiversified strategy

Total reported value

$557.9M

Reporting period: 2026-03-31 · Number of holdings: 43

THAMES CAPITAL MANAGEMENT LLC disclosed 43 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $557.9M and a quarterly turnover rate of 73.3%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "T"

Personality snowflake

Concentration: 13.59
Portfolio Stability: 73.29
Momentum/Contrarian: 0
Sector conviction: 97.63
Diversification: 86
Sizing Uniformity: 93.13

Thames Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.034 — mathematically equivalent to about 29 equally-sized positions, close to its 43 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.69), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Add VRT
-7.7%　$12.4M
Add GEV
-7.4%　$8.4M
Trim STT
-48.0%　-$16.6M
Add SNDK
0.0%　$9.0M
Add TSM
0.0%　$2.6M
Add FIX
+9.0%　$5.3M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	GEV	GE Vernova INC	Stock-Industrials	7.88%	+2.71%	-7.45%
2	VRT	Vertiv Holdings Co-a	Stock-Industrials	7.42%	+3.20%	-7.70%
3	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	4.65%	+1.26%	—
4	NVDA	Nvidia CORP	Stock-Tech	3.63%	-0.95%	-31.17%
5	HUT	Hut 8 CORP	Stock-Financials	3.58%	+0.05%	-19.48%
6	AGX	Argan INC	Stock-Industrials	3.56%	+1.20%	-29.61%
7	APH	Amphenol Corp-cl A	Stock-Tech	3.30%	—	-4.61%
8	FN	Fabrinet	Stock-Tech	3.23%	+3.23%	NEW
9	GE	General Electric	Stock-Industrials	3.16%	—	—
10	MA	Mastercard INC - A	Stock-Financials	3.10%	-0.07%	-9.15%
11	STT	State Street CORP	Stock-Financials	3.09%	-1.83%	-47.98%
12	MU	Micron Technology INC	Stock-Tech	3.04%	+0.02%	-31.06%
13	AAPL	Apple INC	Stock-Tech	2.81%	—	—
14	MKSI	Mks INC	Stock-Tech	2.79%	+2.79%	NEW
15	ONDS	Ondas INC	Stock-Tech	2.62%	—	+1.10%
16	SNDK	Sandisk CORP	Stock-Tech	2.58%	+1.80%	—
17	PRIM	Primoris Services CORP	Stock-Industrials	2.56%	—	—
18	META	Meta Platforms Inc-class A	Stock-Comm Services	2.54%	-0.70%	-26.57%
19	FIX	Comfort Systems USA INC	Stock-Industrials	2.50%	+1.24%	+9.02%
20	V	Visa Inc-class A Shares	Stock-Financials	2.47%	-0.16%	-11.45%
21	RKT	Rocket Cos Inc-class A	Stock-Financials	2.38%	-0.26%	-0.68%
22	COHR	Coherent CORP	Stock-Tech	2.33%	+0.10%	-34.38%
23	DOCN	Digitalocean Holdings INC	Stock-Tech	2.24%	+2.24%	NEW
24	AEIS	Advanced Energy Industries	Stock-Industrials	2.21%	+2.21%	NEW
25	WULF	Terawulf INC	Stock-Financials	2.03%	+0.74%	+2.03%
26	SOXL	Direx Dail Semi Bu 3x Et-usd	ETF-Other	1.96%	+1.96%	NEW
27	BKD	Brookdale Senior Living INC	Stock-Other	1.86%	+1.03%	+42.63%
28	AMPX	Amprius Technologies INC	Stock-Other	1.59%	+0.99%	—
29	LITE	Lumentum Holdings INC	Stock-Tech	1.55%	+1.55%	NEW
30	SPOT	Spotify Technology S.A.	Stock-Comm Services	1.29%	-1.06%	-46.82%
31	TMO	Thermo Fisher Scientific INC	Stock-Healthcare	1.16%	—	—
32	STRL	Sterling Infrastructure INC	Stock-Industrials	1.14%	+1.14%	NEW
33	AAOI	Applied Optoelectronics INC	Stock-Tech	1.13%	+1.13%	NEW
34	CLS	Celestica INC	Stock-Tech	0.99%	—	—
35	SIMO	Silicon Motion Technol-adr	Stock-Other	0.93%	+0.93%	NEW
36	AIP	Arteris INC	Stock-Other	0.87%	—	—
37	IREN	Iren LTD F	Stock-Other	0.85%	+0.85%	NEW
38	MTSI	Macom Technology Solutions H	Stock-Tech	0.71%	+0.71%	NEW
39	UBER	Uber Technologies INC	Stock-Industrials	0.69%	-0.56%	-49.06%
40	IDR	Idaho Strategic Resources In	Stock-Other	0.53%	—	—
41	QS	Quantumscape CORP	Stock-Consumer Disc	0.42%	—	—
42	JBL	Jabil INC	Stock-Tech	0.42%	+0.42%	NEW
43	TTI	Tetra Technologies INC	Stock-Other	0.18%	—	—

Portfolio Performance

Performance for Q3 2026

-7.9%

Performance Last 4 Quarters

+20.6%

Based on 82% of reported portfolio value with available pricing

Stdev: +24.8%
Beta: +1.49
Alpha: +2.5%
Max Drawdown: -18.2%
Annualized Perf: +30.6%
Batting Avg vs S&P: +61.1%
Sortino: +2.18
Stutzer: +0.35
Treynor: +0.2
Sterling: +1.3
Calmar: +1.68
Information Ratio: +0.69
Tracking Error: +16.6%
Stdev Down: +13.8%
Winning Months %: +63.9%
Losing Months %: +36.1%
Best 12 Months: +66.9%
Worst 12 Months: +12.1%
Efficiency Ratio: +0.57
Sharpe: +1.21
Stdev Sectors: +16.3%
Skewness: -0.3
Kurtosis: +0.92
Upside Potential: +3.7

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	43	$557.9M	73	1GEV 2VRT 3TSM Top holdings2026-03-31 1.GEV 2.VRT 3.TSM 4.NVDA 5.HUT 6.AGX 7.APH 8.FN 9.GE 10.MA
2025-12-31	48	$687.8M	68	1GEV 2STT 3NVDA Top holdings2025-12-31 1.GEV 2.STT 3.NVDA 4.AXP 5.VRT 6.HUT 7.TSM 8.META 9.MSFT 10.URI
2025-09-30	58	$700.8M	98	1GEV 2VRT 3HUT Top holdings2025-09-30 1.GEV 2.VRT 3.HUT 4.IREN 5.RKT 6.MSFT 7.META 8.1B2 9.MA 10.SPOT
2025-06-30	43	$441.4M	0	1GEV 2VRT 3SPOT Top holdings2025-06-30 1.GEV 2.VRT 3.SPOT 4.MSFT 5.MA 6.META 7.V 8.GE 9.TSM 10.UBER
2025-03-31	28	$260.4M	100	1MA 2GEV 3FAS Top holdings2025-03-31 1.MA 2.GEV 3.FAS 4.V 5.SPOT 6.MSFT 7.META 8.CRM 9.AAPL 10.GE
2024-12-31	37	$368.9M	0	1GEV 2META 3SPOT Top holdings2024-12-31 1.GEV 2.META 3.SPOT 4.VRT 5.NVDA 6.MA 7.MSFT 8.AGX 9.CRM 10.V
2024-09-30	38	$321.0M	0	1META 2MSFT 3MA Top holdings2024-09-30 1.META 2.MSFT 3.MA 4.GEV 5.VRT 6.SPOT 7.NVDA 8.AAPL 9.UBER 10.V
2024-06-30	25	$255.4M	0	1MSFT 2AAPL 3META Top holdings2024-06-30 1.MSFT 2.AAPL 3.META 4.MA 5.AMZN 6.UBER 7.VRT 8.DELL 9.V 10.SPOT
2024-03-31	24	$240.3M	0	1MSFT 2META 3MA Top holdings2024-03-31 1.MSFT 2.META 3.MA 4.UBER 5.AAPL 6.V 7.CRM 8.VRT 9.AMZN 10.GE
2023-12-31	24	$194.1M	0	1MSFT 2TNA 3AAPL Top holdings2023-12-31 1.MSFT 2.TNA 3.AAPL 4.MA 5.V 6.META 7.UBER 8.NOVT 9.CRM 10.APH
2023-09-30	25	$175.0M	0	1AAPL 2MSFT 3MA Top holdings2023-09-30 1.AAPL 2.MSFT 3.MA 4.V 5.META 6.NOVT 7.UBER 8.ORCL 9.APH 10.TMO
2023-06-30	24	$187.7M	0	1AAPL 2MSFT 3MA Top holdings2023-06-30 1.AAPL 2.MSFT 3.MA 4.V 5.NOVT 6.META 7.CRM 8.NXPI 9.CMG 10.APH
2023-03-31	19	$142.1M	0	1AAPL 2MSFT 3MA Top holdings2023-03-31 1.AAPL 2.MSFT 3.MA 4.V 5.NOVT 6.BIO 7.NXPI 8.TMO 9.CMG 10.APH
2022-12-31	24	$210.6M	0	1AAPL 2MSFT 3NDAQ Top holdings2022-12-31 1.AAPL 2.MSFT 3.NDAQ 4.MA 5.TMO 6.V 7.ROST 8.TJX 9.CMG 10.OXY
2022-09-30	27	$201.5M	0	1AAPL 2MSFT 3NDAQ Top holdings2022-09-30 1.AAPL 2.MSFT 3.NDAQ 4.TMO 5.DHR 6.MA 7.V 8.CMG 9.ROST 10.PINS
2022-06-30	24	$249.0M	0	1AAPL 2MSFT 3SPGI Top holdings2022-06-30 1.AAPL 2.MSFT 3.SPGI 4.TMO 5.MA 6.NOW 7.V 8.PANW 9.ZTS 10.TQQQ
2022-03-31	44	$474.1M	0	1AAPL 2MSFT 3GOOGL Top holdings2022-03-31 1.AAPL 2.MSFT 3.GOOGL 4.06367V 5.MA 6.AMD 7.TMO 8.PANW 9.MSCI 10.NXPI
2021-12-31	51	$522.2M	0	1AAPL 2MSFT306367V Top holdings2021-12-31 1.AAPL 2.MSFT 3.06367V 4.NDAQ 5.TMO 6.F 7.MA 8.IQV 9.NXPI 10.AMZN
2021-09-30	49	$458.5M	0	106367V2MSFT 3AAPL Top holdings2021-09-30 1.06367V 2.MSFT 3.AAPL 4.MA 5.TMO 6.FAS 7.V 8.AMZN 9.VRT 10.NDAQ
2021-06-30	49	$426.4M	100	1MSFT 2AAPL 3MA Top holdings2021-06-30 1.MSFT 2.AAPL 3.MA 4.V 5.VRT 6.TMO 7.AMZN 8.CARR 9.ROST 10.AMD
2021-03-31	55	$433.6M	42	1AAPL 2MSFT 3MA Top holdings2021-03-31 1.AAPL 2.MSFT 3.MA 4.V 5.TMO 6.SOXL 7.VRT 8.NXPI 9.SBUX 10.HLT
2020-12-31	53	$355.6M	45	1AAPL 2MSFT 3MA Top holdings2020-12-31 1.AAPL 2.MSFT 3.MA 4.V 5.TMO 6.KO 7.SBUX 8.NKE 9.AMZN 10.VRT
2020-09-30	44	$283.5M	58	1AAPL 2MSFT 3V Top holdings2020-09-30 1.AAPL 2.MSFT 3.V 4.MA 5.TMO 6.AMZN 7.NKE 8.KO 9.VRT 10.SBUX
2020-06-30	45	$254.9M	75	1MSFT 2V 3AAPL Top holdings2020-06-30 1.MSFT 2.V 3.AAPL 4.MA 5.TMO 6.AMZN 7.IWM 8.KO 9.SBUX 10.NKE
2020-03-31	29	$127.5M	100	1MSFT 2V 3MA Top holdings2020-03-31 1.MSFT 2.V 3.MA 4.AAPL 5.TMO 6.ZTS 7.CHTR 8.NOVT 9.AMZN 10.SBUX
2019-12-31	42	$301.6M	88	1MSFT 2V 3MA Top holdings2019-12-31 1.MSFT 2.V 3.MA 4.NKE 5.NXPI 6.BURL 7.C 8.FIS 9.GPN 10.APH
2019-09-30	34	$335.9M	100	1GPN 2V 3MSFT Top holdings2019-09-30 1.GPN 2.V 3.MSFT 4.MA 5.CHTR 6.ADI 7.BLKCHF 8.DHR 9.APH 10.NKE
2019-06-30	27	$353.5M	46	1BALL 2MSFT 3ADBE Top holdings2019-06-30 1.BALL 2.MSFT 3.ADBE 4.MA 5.DHR 6.RP 7.ROP 8.TSS 9.V 10.TMO
2019-03-31	30	$355.2M	71	1RP 2ADBE 3DHR Top holdings2019-03-31 1.RP 2.ADBE 3.DHR 4.ROP 5.MSFT 6.MA 7.WWEUSD 8.V 9.BA 10.FISV
2018-12-31	24	$237.4M	100	1MSFT 2RP 3WWEUSD Top holdings2018-12-31 1.MSFT 2.RP 3.WWEUSD 4.BURL 5.CRM 6.DHR 7.MA 8.V 9.ROP 10.BA
2018-09-30	35	$393.7M	74	1WWEUSD 2RP 3CRM Top holdings2018-09-30 1.WWEUSD 2.RP 3.CRM 4.MSFT 5.NOW 6.LULU 7.AMZN 8.ROP 9.PETQEUR 10.90385D
2018-06-30	30	$291.7M	86	1WWEUSD 2RP 3CRM Top holdings2018-06-30 1.WWEUSD 2.RP 3.CRM 4.MSFT 5.SITE 6.ROP 7.AMZN 8.XPO 9.WEX 10.H
2018-03-31	29	$237.6M	100	1CRM 2RP 3SITE Top holdings2018-03-31 1.CRM 2.RP 3.SITE 4.ROP 5.XPO 6.V 7.AMZN 8.BAC 9.MAR 10.ZTS
2017-12-31	31	$159.1M	—	1SITE 2V 3MGM Top holdings2017-12-31 1.SITE 2.V 3.MGM 4.ZTS 5.BIO 6.ADBE 7.IBP 8.BLD 9.NOW 10.CWH

Holding changes this quarter

Thames Capital Management LLC's most significant position changes for 2026-03-31: Sold out: American Express Co (AXP); Sold out: Microsoft CORP (MSFT); Sold out: United Rentals INC (URI); New buy: Fabrinet (FN); Sold out: Citigroup INC (C).

Position changes disclosed by Thames Capital Management LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	VRT	Vertiv Holdings Co-a	+3.2%	-7.70%	Trim
2	GEV	GE Vernova INC	+2.7%	-7.45%	Trim
3	SNDK	Sandisk CORP	+1.8%	—	Unchanged
4	TSM	Taiwan Semiconductor-sp Adr	+1.3%	—	Unchanged
5	FIX	Comfort Systems USA INC	+1.2%	+9.02%	Add
6	AGX	Argan INC	+1.2%	-29.61%	Trim
7	BKD	Brookdale Senior Living INC	+1%	+42.63%	Add
8	AMPX	Amprius Technologies INC	+1%	—	Unchanged
9	WULF	Terawulf INC	+0.7%	+2.03%	Add
10	COHR	Coherent CORP	+0.1%	-34.38%	Trim
11	HUT	Hut 8 CORP	+0.1%	-19.48%	Trim
12	MU	Micron Technology INC	0%	-31.06%	Trim
13	MA	Mastercard INC - A	-0.1%	-9.15%	Trim
14	V	Visa Inc-class A Shares	-0.2%	-11.45%	Trim
15	RKT	Rocket Cos Inc-class A	-0.3%	-0.68%	Trim
16	UBER	Uber Technologies INC	-0.6%	-49.06%	Trim
17	META	Meta Platforms Inc-class A	-0.7%	-26.57%	Trim
18	NVDA	Nvidia CORP	-1%	-31.17%	Trim
19	SPOT	Spotify Technology S.A.	-1.1%	-46.82%	Trim
20	STT	State Street CORP	-1.8%	-47.98%	Trim
21	AXP	American Express Co	—	EXIT	Sold out
22	MSFT	Microsoft CORP	—	EXIT	Sold out
23	URI	United Rentals INC	—	EXIT	Sold out
24	FN	Fabrinet	—	NEW	New buy
25	C	Citigroup INC	—	EXIT	Sold out
26	EVR	Evercore INC - A	—	EXIT	Sold out
27	MKSI	Mks INC	—	NEW	New buy
28	CE	Celanese CORP	—	EXIT	Sold out
29	GOOGL	Alphabet Inc-cl A	—	EXIT	Sold out
30	APP	Applovin Corp-class A	—	EXIT	Sold out
31	DOCN	Digitalocean Holdings INC	—	NEW	New buy
32	AEIS	Advanced Energy Industries	—	NEW	New buy
33	SOXL	Direx Dail Semi Bu 3x Et-usd	—	NEW	New buy
34	ASH	Ashland INC	—	EXIT	Sold out
35	AMZN	Amazon.com INC	—	EXIT	Sold out
36	LITE	Lumentum Holdings INC	—	NEW	New buy
37	JNJ	Johnson & Johnson	—	EXIT	Sold out
38	CRM	Salesforce INC	—	EXIT	Sold out
39	STRL	Sterling Infrastructure INC	—	NEW	New buy
40	NOVT	Novanta INC	—	EXIT	Sold out
41	AAOI	Applied Optoelectronics INC	—	NEW	New buy
42	SIMO	Silicon Motion Technol-adr	—	NEW	New buy
43	VTR	Ventas INC	—	EXIT	Sold out
44	IREN	Iren LTD F	—	NEW	New buy
45	CHWY	Chewy INC - Class A	—	EXIT	Sold out
46	WELL	Welltower INC	—	EXIT	Sold out
47	CECO	Ceco Environmental CORP	—	EXIT	Sold out
48	AHR	American Healthcare Reit INC	—	EXIT	Sold out
49	MTSI	Macom Technology Solutions H	—	NEW	New buy
50	JBL	Jabil INC	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-12	13F-HR	View on EDGAR
2025-12-31	2026-02-10	13F-HR	View on EDGAR
2025-09-30	2025-10-28	13F-HR	View on EDGAR
2025-06-30	2025-08-11	13F-HR	View on EDGAR
2025-03-31	2025-05-13	13F-HR	View on EDGAR
2024-12-31	2025-02-13	13F-HR	View on EDGAR
2024-09-30	2024-11-14	13F-HR	View on EDGAR
2024-06-30	2024-08-13	13F-HR	View on EDGAR
2024-03-31	2024-05-14	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-11	13F-HR	View on EDGAR
2023-03-31	2023-05-11	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-11	13F-HR	View on EDGAR
2022-03-31	2022-05-11	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-12	13F-HR	View on EDGAR
2021-06-30	2021-08-13	13F-HR	View on EDGAR
2021-03-31	2021-05-13	13F-HR	View on EDGAR
2020-12-31	2021-02-12	13F-HR	View on EDGAR
2020-09-30	2020-11-13	13F-HR	View on EDGAR
2020-06-30	2020-08-12	13F-HR	View on EDGAR
2020-03-31	2020-05-13	13F-HR	View on EDGAR
2019-12-31	2020-02-13	13F-HR	View on EDGAR
2019-09-30	2019-11-13	13F-HR	View on EDGAR
2019-06-30	2019-08-14	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-02-13	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR
2018-06-30	2018-08-14	13F-HR	View on EDGAR
2018-03-31	2018-05-15	13F-HR	View on EDGAR
2017-12-31	2018-02-14	13F-HR	View on EDGAR

FAQ

What is Thames Capital Management LLC and what type of investor is it?

Thames Capital Management LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $557.9M, spread across 43 disclosed positions.

What are Thames Capital Management LLC's largest equity positions?

Based on the latest 13F filing, Thames Capital Management LLC's top holdings by market value are: 1. GE Vernova INC (GEV) — $44.0M (7.9%) 2. Vertiv Holdings Co-a (VRT) — $41.4M (7.4%) 3. Taiwan Semiconductor-sp Adr (TSM) — $26.0M (4.7%) 4. Nvidia CORP (NVDA) — $20.3M (3.6%) 5. Hut 8 CORP (HUT) — $20.0M (3.6%)

What changes did Thames Capital Management LLC make in its most recent portfolio filing?

In the latest reported quarter, Thames Capital Management LLC made 47 notable position adjustments: 12 new positions were initiated, 3 existing holdings were added to, 14 positions were partially reduced, and 18 were completely exited. The largest of these moves: Sold out: American Express Co (AXP); Sold out: Microsoft CORP (MSFT); Sold out: United Rentals INC (URI); New buy: Fabrinet (FN); Sold out: Citigroup INC (C)

What sectors does Thames Capital Management LLC focus on?

Thames Capital Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 41.7% • Industrials: 34.1% • Financials: 18.3% • Communication Services: 4.2% • Health Care: 1.3% • Consumer Discretionary: 0.5%

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Thames Capital Management LLC 13F Disclosure & Portfolio Data

CIK: 0001714267

ContrarianSector-focusedDiversified strategy

Total reported value

$557.9M

Reporting period: 2026-03-31 · Number of holdings: 43

THAMES CAPITAL MANAGEMENT LLC disclosed 43 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $557.9M and a quarterly turnover rate of 73.3%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "T"

Personality snowflake

Concentration: 13.59
Portfolio Stability: 73.29
Momentum/Contrarian: 0
Sector conviction: 97.63
Diversification: 86
Sizing Uniformity: 93.13

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.69), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Add VRT
-7.7%　$12.4M
Add GEV
-7.4%　$8.4M
Trim STT
-48.0%　-$16.6M
Add SNDK
0.0%　$9.0M
Add TSM
0.0%　$2.6M
Add FIX
+9.0%　$5.3M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	GEV	GE Vernova INC	Stock-Industrials	7.88%	+2.71%	-7.45%
2	VRT	Vertiv Holdings Co-a	Stock-Industrials	7.42%	+3.20%	-7.70%
3	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	4.65%	+1.26%	—
4	NVDA	Nvidia CORP	Stock-Tech	3.63%	-0.95%	-31.17%
5	HUT	Hut 8 CORP	Stock-Financials	3.58%	+0.05%	-19.48%
6	AGX	Argan INC	Stock-Industrials	3.56%	+1.20%	-29.61%
7	APH	Amphenol Corp-cl A	Stock-Tech	3.30%	—	-4.61%
8	FN	Fabrinet	Stock-Tech	3.23%	+3.23%	NEW
9	GE	General Electric	Stock-Industrials	3.16%	—	—
10	MA	Mastercard INC - A	Stock-Financials	3.10%	-0.07%	-9.15%
11	STT	State Street CORP	Stock-Financials	3.09%	-1.83%	-47.98%
12	MU	Micron Technology INC	Stock-Tech	3.04%	+0.02%	-31.06%
13	AAPL	Apple INC	Stock-Tech	2.81%	—	—
14	MKSI	Mks INC	Stock-Tech	2.79%	+2.79%	NEW
15	ONDS	Ondas INC	Stock-Tech	2.62%	—	+1.10%
16	SNDK	Sandisk CORP	Stock-Tech	2.58%	+1.80%	—
17	PRIM	Primoris Services CORP	Stock-Industrials	2.56%	—	—
18	META	Meta Platforms Inc-class A	Stock-Comm Services	2.54%	-0.70%	-26.57%
19	FIX	Comfort Systems USA INC	Stock-Industrials	2.50%	+1.24%	+9.02%
20	V	Visa Inc-class A Shares	Stock-Financials	2.47%	-0.16%	-11.45%
21	RKT	Rocket Cos Inc-class A	Stock-Financials	2.38%	-0.26%	-0.68%
22	COHR	Coherent CORP	Stock-Tech	2.33%	+0.10%	-34.38%
23	DOCN	Digitalocean Holdings INC	Stock-Tech	2.24%	+2.24%	NEW
24	AEIS	Advanced Energy Industries	Stock-Industrials	2.21%	+2.21%	NEW
25	WULF	Terawulf INC	Stock-Financials	2.03%	+0.74%	+2.03%
26	SOXL	Direx Dail Semi Bu 3x Et-usd	ETF-Other	1.96%	+1.96%	NEW
27	BKD	Brookdale Senior Living INC	Stock-Other	1.86%	+1.03%	+42.63%
28	AMPX	Amprius Technologies INC	Stock-Other	1.59%	+0.99%	—
29	LITE	Lumentum Holdings INC	Stock-Tech	1.55%	+1.55%	NEW
30	SPOT	Spotify Technology S.A.	Stock-Comm Services	1.29%	-1.06%	-46.82%
31	TMO	Thermo Fisher Scientific INC	Stock-Healthcare	1.16%	—	—
32	STRL	Sterling Infrastructure INC	Stock-Industrials	1.14%	+1.14%	NEW
33	AAOI	Applied Optoelectronics INC	Stock-Tech	1.13%	+1.13%	NEW
34	CLS	Celestica INC	Stock-Tech	0.99%	—	—
35	SIMO	Silicon Motion Technol-adr	Stock-Other	0.93%	+0.93%	NEW
36	AIP	Arteris INC	Stock-Other	0.87%	—	—
37	IREN	Iren LTD F	Stock-Other	0.85%	+0.85%	NEW
38	MTSI	Macom Technology Solutions H	Stock-Tech	0.71%	+0.71%	NEW
39	UBER	Uber Technologies INC	Stock-Industrials	0.69%	-0.56%	-49.06%
40	IDR	Idaho Strategic Resources In	Stock-Other	0.53%	—	—
41	QS	Quantumscape CORP	Stock-Consumer Disc	0.42%	—	—
42	JBL	Jabil INC	Stock-Tech	0.42%	+0.42%	NEW
43	TTI	Tetra Technologies INC	Stock-Other	0.18%	—	—

Portfolio Performance

Performance for Q3 2026

-7.9%

Performance Last 4 Quarters

+20.6%

Based on 82% of reported portfolio value with available pricing

Stdev: +24.8%
Beta: +1.49
Alpha: +2.5%
Max Drawdown: -18.2%
Annualized Perf: +30.6%
Batting Avg vs S&P: +61.1%
Sortino: +2.18
Stutzer: +0.35
Treynor: +0.2
Sterling: +1.3
Calmar: +1.68
Information Ratio: +0.69
Tracking Error: +16.6%
Stdev Down: +13.8%
Winning Months %: +63.9%
Losing Months %: +36.1%
Best 12 Months: +66.9%
Worst 12 Months: +12.1%
Efficiency Ratio: +0.57
Sharpe: +1.21
Stdev Sectors: +16.3%
Skewness: -0.3
Kurtosis: +0.92
Upside Potential: +3.7

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	43	$557.9M	73	1GEV 2VRT 3TSM Top holdings2026-03-31 1.GEV 2.VRT 3.TSM 4.NVDA 5.HUT 6.AGX 7.APH 8.FN 9.GE 10.MA
2025-12-31	48	$687.8M	68	1GEV 2STT 3NVDA Top holdings2025-12-31 1.GEV 2.STT 3.NVDA 4.AXP 5.VRT 6.HUT 7.TSM 8.META 9.MSFT 10.URI
2025-09-30	58	$700.8M	98	1GEV 2VRT 3HUT Top holdings2025-09-30 1.GEV 2.VRT 3.HUT 4.IREN 5.RKT 6.MSFT 7.META 8.1B2 9.MA 10.SPOT
2025-06-30	43	$441.4M	0	1GEV 2VRT 3SPOT Top holdings2025-06-30 1.GEV 2.VRT 3.SPOT 4.MSFT 5.MA 6.META 7.V 8.GE 9.TSM 10.UBER
2025-03-31	28	$260.4M	100	1MA 2GEV 3FAS Top holdings2025-03-31 1.MA 2.GEV 3.FAS 4.V 5.SPOT 6.MSFT 7.META 8.CRM 9.AAPL 10.GE
2024-12-31	37	$368.9M	0	1GEV 2META 3SPOT Top holdings2024-12-31 1.GEV 2.META 3.SPOT 4.VRT 5.NVDA 6.MA 7.MSFT 8.AGX 9.CRM 10.V
2024-09-30	38	$321.0M	0	1META 2MSFT 3MA Top holdings2024-09-30 1.META 2.MSFT 3.MA 4.GEV 5.VRT 6.SPOT 7.NVDA 8.AAPL 9.UBER 10.V
2024-06-30	25	$255.4M	0	1MSFT 2AAPL 3META Top holdings2024-06-30 1.MSFT 2.AAPL 3.META 4.MA 5.AMZN 6.UBER 7.VRT 8.DELL 9.V 10.SPOT
2024-03-31	24	$240.3M	0	1MSFT 2META 3MA Top holdings2024-03-31 1.MSFT 2.META 3.MA 4.UBER 5.AAPL 6.V 7.CRM 8.VRT 9.AMZN 10.GE
2023-12-31	24	$194.1M	0	1MSFT 2TNA 3AAPL Top holdings2023-12-31 1.MSFT 2.TNA 3.AAPL 4.MA 5.V 6.META 7.UBER 8.NOVT 9.CRM 10.APH
2023-09-30	25	$175.0M	0	1AAPL 2MSFT 3MA Top holdings2023-09-30 1.AAPL 2.MSFT 3.MA 4.V 5.META 6.NOVT 7.UBER 8.ORCL 9.APH 10.TMO
2023-06-30	24	$187.7M	0	1AAPL 2MSFT 3MA Top holdings2023-06-30 1.AAPL 2.MSFT 3.MA 4.V 5.NOVT 6.META 7.CRM 8.NXPI 9.CMG 10.APH
2023-03-31	19	$142.1M	0	1AAPL 2MSFT 3MA Top holdings2023-03-31 1.AAPL 2.MSFT 3.MA 4.V 5.NOVT 6.BIO 7.NXPI 8.TMO 9.CMG 10.APH
2022-12-31	24	$210.6M	0	1AAPL 2MSFT 3NDAQ Top holdings2022-12-31 1.AAPL 2.MSFT 3.NDAQ 4.MA 5.TMO 6.V 7.ROST 8.TJX 9.CMG 10.OXY
2022-09-30	27	$201.5M	0	1AAPL 2MSFT 3NDAQ Top holdings2022-09-30 1.AAPL 2.MSFT 3.NDAQ 4.TMO 5.DHR 6.MA 7.V 8.CMG 9.ROST 10.PINS
2022-06-30	24	$249.0M	0	1AAPL 2MSFT 3SPGI Top holdings2022-06-30 1.AAPL 2.MSFT 3.SPGI 4.TMO 5.MA 6.NOW 7.V 8.PANW 9.ZTS 10.TQQQ
2022-03-31	44	$474.1M	0	1AAPL 2MSFT 3GOOGL Top holdings2022-03-31 1.AAPL 2.MSFT 3.GOOGL 4.06367V 5.MA 6.AMD 7.TMO 8.PANW 9.MSCI 10.NXPI
2021-12-31	51	$522.2M	0	1AAPL 2MSFT306367V Top holdings2021-12-31 1.AAPL 2.MSFT 3.06367V 4.NDAQ 5.TMO 6.F 7.MA 8.IQV 9.NXPI 10.AMZN
2021-09-30	49	$458.5M	0	106367V2MSFT 3AAPL Top holdings2021-09-30 1.06367V 2.MSFT 3.AAPL 4.MA 5.TMO 6.FAS 7.V 8.AMZN 9.VRT 10.NDAQ
2021-06-30	49	$426.4M	100	1MSFT 2AAPL 3MA Top holdings2021-06-30 1.MSFT 2.AAPL 3.MA 4.V 5.VRT 6.TMO 7.AMZN 8.CARR 9.ROST 10.AMD
2021-03-31	55	$433.6M	42	1AAPL 2MSFT 3MA Top holdings2021-03-31 1.AAPL 2.MSFT 3.MA 4.V 5.TMO 6.SOXL 7.VRT 8.NXPI 9.SBUX 10.HLT
2020-12-31	53	$355.6M	45	1AAPL 2MSFT 3MA Top holdings2020-12-31 1.AAPL 2.MSFT 3.MA 4.V 5.TMO 6.KO 7.SBUX 8.NKE 9.AMZN 10.VRT
2020-09-30	44	$283.5M	58	1AAPL 2MSFT 3V Top holdings2020-09-30 1.AAPL 2.MSFT 3.V 4.MA 5.TMO 6.AMZN 7.NKE 8.KO 9.VRT 10.SBUX
2020-06-30	45	$254.9M	75	1MSFT 2V 3AAPL Top holdings2020-06-30 1.MSFT 2.V 3.AAPL 4.MA 5.TMO 6.AMZN 7.IWM 8.KO 9.SBUX 10.NKE
2020-03-31	29	$127.5M	100	1MSFT 2V 3MA Top holdings2020-03-31 1.MSFT 2.V 3.MA 4.AAPL 5.TMO 6.ZTS 7.CHTR 8.NOVT 9.AMZN 10.SBUX
2019-12-31	42	$301.6M	88	1MSFT 2V 3MA Top holdings2019-12-31 1.MSFT 2.V 3.MA 4.NKE 5.NXPI 6.BURL 7.C 8.FIS 9.GPN 10.APH
2019-09-30	34	$335.9M	100	1GPN 2V 3MSFT Top holdings2019-09-30 1.GPN 2.V 3.MSFT 4.MA 5.CHTR 6.ADI 7.BLKCHF 8.DHR 9.APH 10.NKE
2019-06-30	27	$353.5M	46	1BALL 2MSFT 3ADBE Top holdings2019-06-30 1.BALL 2.MSFT 3.ADBE 4.MA 5.DHR 6.RP 7.ROP 8.TSS 9.V 10.TMO
2019-03-31	30	$355.2M	71	1RP 2ADBE 3DHR Top holdings2019-03-31 1.RP 2.ADBE 3.DHR 4.ROP 5.MSFT 6.MA 7.WWEUSD 8.V 9.BA 10.FISV
2018-12-31	24	$237.4M	100	1MSFT 2RP 3WWEUSD Top holdings2018-12-31 1.MSFT 2.RP 3.WWEUSD 4.BURL 5.CRM 6.DHR 7.MA 8.V 9.ROP 10.BA
2018-09-30	35	$393.7M	74	1WWEUSD 2RP 3CRM Top holdings2018-09-30 1.WWEUSD 2.RP 3.CRM 4.MSFT 5.NOW 6.LULU 7.AMZN 8.ROP 9.PETQEUR 10.90385D
2018-06-30	30	$291.7M	86	1WWEUSD 2RP 3CRM Top holdings2018-06-30 1.WWEUSD 2.RP 3.CRM 4.MSFT 5.SITE 6.ROP 7.AMZN 8.XPO 9.WEX 10.H
2018-03-31	29	$237.6M	100	1CRM 2RP 3SITE Top holdings2018-03-31 1.CRM 2.RP 3.SITE 4.ROP 5.XPO 6.V 7.AMZN 8.BAC 9.MAR 10.ZTS
2017-12-31	31	$159.1M	—	1SITE 2V 3MGM Top holdings2017-12-31 1.SITE 2.V 3.MGM 4.ZTS 5.BIO 6.ADBE 7.IBP 8.BLD 9.NOW 10.CWH

Holding changes this quarter

Position changes disclosed by Thames Capital Management LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	VRT	Vertiv Holdings Co-a	+3.2%	-7.70%	Trim
2	GEV	GE Vernova INC	+2.7%	-7.45%	Trim
3	SNDK	Sandisk CORP	+1.8%	—	Unchanged
4	TSM	Taiwan Semiconductor-sp Adr	+1.3%	—	Unchanged
5	FIX	Comfort Systems USA INC	+1.2%	+9.02%	Add
6	AGX	Argan INC	+1.2%	-29.61%	Trim
7	BKD	Brookdale Senior Living INC	+1%	+42.63%	Add
8	AMPX	Amprius Technologies INC	+1%	—	Unchanged
9	WULF	Terawulf INC	+0.7%	+2.03%	Add
10	COHR	Coherent CORP	+0.1%	-34.38%	Trim
11	HUT	Hut 8 CORP	+0.1%	-19.48%	Trim
12	MU	Micron Technology INC	0%	-31.06%	Trim
13	MA	Mastercard INC - A	-0.1%	-9.15%	Trim
14	V	Visa Inc-class A Shares	-0.2%	-11.45%	Trim
15	RKT	Rocket Cos Inc-class A	-0.3%	-0.68%	Trim
16	UBER	Uber Technologies INC	-0.6%	-49.06%	Trim
17	META	Meta Platforms Inc-class A	-0.7%	-26.57%	Trim
18	NVDA	Nvidia CORP	-1%	-31.17%	Trim
19	SPOT	Spotify Technology S.A.	-1.1%	-46.82%	Trim
20	STT	State Street CORP	-1.8%	-47.98%	Trim
21	AXP	American Express Co	—	EXIT	Sold out
22	MSFT	Microsoft CORP	—	EXIT	Sold out
23	URI	United Rentals INC	—	EXIT	Sold out
24	FN	Fabrinet	—	NEW	New buy
25	C	Citigroup INC	—	EXIT	Sold out
26	EVR	Evercore INC - A	—	EXIT	Sold out
27	MKSI	Mks INC	—	NEW	New buy
28	CE	Celanese CORP	—	EXIT	Sold out
29	GOOGL	Alphabet Inc-cl A	—	EXIT	Sold out
30	APP	Applovin Corp-class A	—	EXIT	Sold out
31	DOCN	Digitalocean Holdings INC	—	NEW	New buy
32	AEIS	Advanced Energy Industries	—	NEW	New buy
33	SOXL	Direx Dail Semi Bu 3x Et-usd	—	NEW	New buy
34	ASH	Ashland INC	—	EXIT	Sold out
35	AMZN	Amazon.com INC	—	EXIT	Sold out
36	LITE	Lumentum Holdings INC	—	NEW	New buy
37	JNJ	Johnson & Johnson	—	EXIT	Sold out
38	CRM	Salesforce INC	—	EXIT	Sold out
39	STRL	Sterling Infrastructure INC	—	NEW	New buy
40	NOVT	Novanta INC	—	EXIT	Sold out
41	AAOI	Applied Optoelectronics INC	—	NEW	New buy
42	SIMO	Silicon Motion Technol-adr	—	NEW	New buy
43	VTR	Ventas INC	—	EXIT	Sold out
44	IREN	Iren LTD F	—	NEW	New buy
45	CHWY	Chewy INC - Class A	—	EXIT	Sold out
46	WELL	Welltower INC	—	EXIT	Sold out
47	CECO	Ceco Environmental CORP	—	EXIT	Sold out
48	AHR	American Healthcare Reit INC	—	EXIT	Sold out
49	MTSI	Macom Technology Solutions H	—	NEW	New buy
50	JBL	Jabil INC	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-12	13F-HR	View on EDGAR
2025-12-31	2026-02-10	13F-HR	View on EDGAR
2025-09-30	2025-10-28	13F-HR	View on EDGAR
2025-06-30	2025-08-11	13F-HR	View on EDGAR
2025-03-31	2025-05-13	13F-HR	View on EDGAR
2024-12-31	2025-02-13	13F-HR	View on EDGAR
2024-09-30	2024-11-14	13F-HR	View on EDGAR
2024-06-30	2024-08-13	13F-HR	View on EDGAR
2024-03-31	2024-05-14	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-11	13F-HR	View on EDGAR
2023-03-31	2023-05-11	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-11	13F-HR	View on EDGAR
2022-03-31	2022-05-11	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-12	13F-HR	View on EDGAR
2021-06-30	2021-08-13	13F-HR	View on EDGAR
2021-03-31	2021-05-13	13F-HR	View on EDGAR
2020-12-31	2021-02-12	13F-HR	View on EDGAR
2020-09-30	2020-11-13	13F-HR	View on EDGAR
2020-06-30	2020-08-12	13F-HR	View on EDGAR
2020-03-31	2020-05-13	13F-HR	View on EDGAR
2019-12-31	2020-02-13	13F-HR	View on EDGAR
2019-09-30	2019-11-13	13F-HR	View on EDGAR
2019-06-30	2019-08-14	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-02-13	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR
2018-06-30	2018-08-14	13F-HR	View on EDGAR
2018-03-31	2018-05-15	13F-HR	View on EDGAR
2017-12-31	2018-02-14	13F-HR	View on EDGAR