TC
Thoma Capital Management LLC Investment Portfolio (Q2 2026) — 13F Stock Holdings
Thoma Capital Management LLCCIK: 0002060298
Long-term holderQuality / disciplined sizing
Total reported value
$187.5M
Reporting period: 2026-06-30 · Number of holdings: 53
Thoma Capital Management LLC disclosed 53 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $187.5M and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 56.02
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 52.72
- Diversification
- 100
- Sizing Uniformity
- 74.41
Thoma Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.140 — mathematically equivalent to about 7 equally-sized positions, well below its 53 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.56), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 21% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim IWO
-40.2% -$1.9M
Add SPY
+0.5% $6.6M
Add IVE
+9.6% $4.6M
Add IGLB
+38.9% $2.3M
Trim IGIB
+6.1% $2.0M
Add MRVL
-8.2% $1.5M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 26.23% | +1.03% | +0.54% | |
| 2 | IGIB | Ishares 5-10y Inv Grade CORP | ETF-Corp Bonds | 19.22% | -0.88% | +6.13% | |
| 3 | IVE | Ishares S&p 500 Value ETF | ETF-Large Cap & Growth | 16.06% | +0.96% | +9.64% | |
| 4 | XLK | Ss Technology Select Sector | ETF-Tech | 5.34% | +0.12% | -20.94% | |
| 5 | IGLB | Ishares 10+ Year Inv Gr CORP | ETF-Other | 4.24% | +0.88% | +38.91% | |
| 6 | HACK | Amplify Cybersecurity ETF | ETF-Other | 3.76% | +0.70% | -2.30% | |
| 7 | IWO | Ishares Russell 2000 Growth | ETF-Small Cap | 3.03% | -1.45% | -40.21% | |
| 8 | AAPL | Apple Inc | Stock-Tech | 1.65% | +0.06% | +0.63% | |
| 9 | MRVL | Marvell Technology Inc | Stock-Tech | 1.27% | +0.76% | -8.15% | |
| 10 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.06% | -0.01% | -4.12% | |
| 11 | NVDA | Nvidia CORP | Stock-Tech | 0.92% | -0.05% | -8.54% | |
| 12 | MSFT | Microsoft CORP | Stock-Tech | 0.90% | -0.15% | -5.34% | |
| 13 | DVN | Devon Energy CORP | Stock-Energy | 0.89% | +0.29% | +99.77% | |
| 14 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.89% | +0.10% | +0.43% | |
| 15 | NET | Cloudflare Inc - Class A | Stock-Tech | 0.75% | — | -6.89% | |
| 16 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.67% | +0.09% | -2.62% | |
| 17 | IBM | Intl Business Machines CORP | Stock-Tech | 0.65% | — | -3.53% | |
| 18 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.65% | +0.03% | +18.99% | |
| 19 | TROW | T Rowe Price Group Inc | Stock-Financials | 0.62% | +0.05% | -3.21% | |
| 20 | AEP | American Electric Power | Stock-Utilities | 0.61% | -0.07% | -4.50% | |
| 21 | TSLA | Tesla Inc | Stock-Consumer Disc | 0.59% | — | -2.06% | |
| 22 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.56% | -0.01% | +1.54% | |
| 23 | ETN | Eaton Corporation plc | Stock-Industrials | 0.56% | +0.05% | +1.50% | |
| 24 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.52% | -0.04% | -0.61% | |
| 25 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.52% | +0.04% | -2.78% | |
| 26 | WMT | Walmart Inc | Stock-Consumer Staples | 0.50% | -0.09% | +4.51% | |
| 27 | LNG | Cheniere Energy Inc | Stock-Energy | 0.48% | -0.14% | +2.07% | |
| 28 | FANG | Diamondback Energy Inc | Stock-Energy | 0.46% | -0.13% | -2.65% | |
| 29 | BA | Boeing Co/the | Stock-Industrials | 0.46% | +0.01% | +3.55% | |
| 30 | CVX | Chevron CORP | Stock-Energy | 0.46% | -0.16% | +1.06% | |
| 31 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.45% | -0.05% | -0.10% | |
| 32 | AMGN | Amgen Inc | Stock-Healthcare | 0.42% | -0.03% | +1.25% | |
| 33 | DLR | Digital Realty Trust Inc | Stock-Real Estate | 0.40% | -0.05% | -0.10% | |
| 34 | BX | Blackstone Inc | Stock-Financials | 0.39% | -0.01% | +5.27% | |
| 35 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.35% | +0.03% | +8.42% | |
| 36 | RTX | Rtx CORP | Stock-Industrials | 0.34% | +0.08% | +46.87% | |
| 37 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.34% | -0.13% | +1.99% | |
| 38 | ORCL | Oracle CORP | Stock-Tech | 0.28% | -0.15% | -27.22% | |
| 39 | AVGO | Broadcom Inc | Stock-Tech | 0.25% | -0.02% | -16.80% | |
| 40 | CAVA | Cava Group Inc | Stock-Consumer Disc | 0.24% | -0.02% | +5.60% | |
| 41 | ABBV | Abbvie Inc | Stock-Healthcare | 0.23% | +0.01% | +0.24% | |
| 42 | HD | Home Depot Inc | Stock-Consumer Disc | 0.21% | — | +2.79% | |
| 43 | DKNG | Draftkings Inc-cl A | Stock-Consumer Disc | 0.21% | -0.11% | -37.51% | |
| 44 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.19% | +0.05% | +14.59% | |
| 45 | SGOV | Ishares 0-3 Month Treasury B | ETF-Gov Bonds | 0.17% | -0.02% | — | |
| 46 | CSX | Csx CORP | Stock-Industrials | 0.17% | +0.01% | — | |
| 47 | APD | Air Products & Chemicals Inc | Stock-Materials | 0.14% | +0.14% | NEW | |
| 48 | MU | Micron Technology Inc | Stock-Tech | 0.14% | +0.14% | NEW | |
| 49 | JMST | JPM Ultra-short Muni Income | ETF-Other | 0.14% | +0.14% | NEW | |
| 50 | PEG | Public Service Enterprise Gp | Stock-Utilities | 0.13% | -0.01% | — |
1–50 of 53
Portfolio Performance
Performance for Q3 2026
+1.8%
Performance Last 4 Quarters
+17.2%
- Stdev
- +11.1%
- Beta
- +0.82
- Alpha
- +0.3%
- Max Drawdown
- -4%
- Annualized Perf
- +16.6%
- Batting Avg vs S&P
- +27.8%
- Sortino
- +3.15
- Stutzer
- +0.43
- Treynor
- +0.2
- Sterling
- +1.18
- Calmar
- +4.1
- Information Ratio
- -1.04
- Tracking Error
- +3%
- Stdev Down
- +5.1%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +25.1%
- Worst 12 Months
- +12.9%
- Efficiency Ratio
- +0.55
- Sharpe
- +1.44
- Stdev Sectors
- +8.8%
- Skewness
- +0.08
- Kurtosis
- -0.22
- Upside Potential
- +4.65
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Thoma Capital Management LLC's most significant position changes for 2026-06-30: Sold out: Coterra Energy Inc (CTRA); Sold out: Honeywell International Inc (HON); Sold out: GE Healthcare Technology (GEHC); Sold out: Ishares Ustechnology ETF (IYW); Sold out: Corning Inc (GLW).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +1% | +0.54% | Add |
| 2 | IVE | Ishares S&p 500 Value ETF | +1% | +9.64% | Add |
| 3 | IGLB | Ishares 10+ Year Inv Gr CORP | +0.9% | +38.91% | Add |
| 4 | MRVL | Marvell Technology Inc | +0.8% | -8.15% | Trim |
| 5 | HACK | Amplify Cybersecurity ETF | +0.7% | -2.30% | Trim |
| 6 | DVN | Devon Energy CORP | +0.3% | +99.77% | Add |
| 7 | APD | Air Products & Chemicals Inc | +0.1% | NEW | New buy |
| 8 | MU | Micron Technology Inc | +0.1% | NEW | New buy |
| 9 | JMST | JPM Ultra-short Muni Income | +0.1% | NEW | New buy |
| 10 | XLK | Ss Technology Select Sector | +0.1% | -20.94% | Trim |
| 11 | AMD | Advanced Micro Devices | +0.1% | NEW | New buy |
| 12 | GOOGL | Alphabet Inc-cl A | +0.1% | +0.43% | Add |
| 13 | LLY | Eli Lilly & Co | +0.1% | -2.62% | Trim |
| 14 | RTX | Rtx CORP | +0.1% | +46.87% | Add |
| 15 | AAPL | Apple Inc | +0.1% | +0.63% | Add |
| 16 | TROW | T Rowe Price Group Inc | +0.1% | -3.21% | Trim |
| 17 | ETN | Eaton Corporation plc | +0.1% | +1.50% | Add |
| 18 | QQQ | Invesco Qqq Trust Series 1 | +0.1% | +14.59% | Add |
| 19 | GOOG | Alphabet Inc-cl C | 0% | -2.78% | Trim |
| 20 | META | Meta Platforms Inc-class A | 0% | +18.99% | Add |
| 21 | JPM | Jpmorgan Chase & Co | 0% | +8.42% | Add |
| 22 | BA | Boeing Co/the | 0% | +3.55% | Add |
| 23 | ABBV | Abbvie Inc | 0% | +0.24% | Add |
| 24 | CSX | Csx CORP | 0% | — | Unchanged |
| 25 | NET | Cloudflare Inc - Class A | — | -6.89% | Trim |
| 26 | IBM | Intl Business Machines CORP | — | -3.53% | Trim |
| 27 | TSLA | Tesla Inc | — | -2.06% | Trim |
| 28 | HD | Home Depot Inc | — | +2.79% | Add |
| 29 | AMZN | Amazon.com Inc | 0% | -4.12% | Trim |
| 30 | KO | Coca-cola Co/the | 0% | +1.54% | Add |
| 31 | BX | Blackstone Inc | 0% | +5.27% | Add |
| 32 | PEG | Public Service Enterprise Gp | 0% | — | Unchanged |
| 33 | CAVA | Cava Group Inc | 0% | +5.60% | Add |
| 34 | AVGO | Broadcom Inc | 0% | -16.80% | Trim |
| 35 | SGOV | Ishares 0-3 Month Treasury B | 0% | — | Unchanged |
| 36 | AMGN | Amgen Inc | 0% | +1.25% | Add |
| 37 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | -0.61% | Trim |
| 38 | NVDA | Nvidia CORP | -0.1% | -8.54% | Trim |
| 39 | LEO | Bny Mellon Strategic Muni | -0.1% | -52.78% | Trim |
| 40 | V | Visa Inc-class A Shares | -0.1% | -31.45% | Trim |
| 41 | DLR | Digital Realty Trust Inc | -0.1% | -0.10% | Trim |
| 42 | DIS | Walt Disney Co/the | -0.1% | -0.10% | Trim |
| 43 | AEP | American Electric Power | -0.1% | -4.50% | Trim |
| 44 | WMT | Walmart Inc | -0.1% | +4.51% | Add |
| 45 | DKNG | Draftkings Inc-cl A | -0.1% | -37.51% | Trim |
| 46 | NEE | Nextera Energy Inc | -0.1% | EXIT | Sold out |
| 47 | PLTR | Palantir Technologies Inc-a | -0.1% | +1.99% | Add |
| 48 | FANG | Diamondback Energy Inc | -0.1% | -2.65% | Trim |
| 49 | LNG | Cheniere Energy Inc | -0.1% | +2.07% | Add |
| 50 | ORCL | Oracle CORP | -0.2% | -27.22% | Trim |
1–50 of 59
Filing History
FAQ
What is Thoma Capital Management LLC and what type of investor is it?
Thoma Capital Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $187.5M, spread across 53 disclosed positions.
What are Thoma Capital Management LLC's largest equity positions?
Based on the latest 13F filing, Thoma Capital Management LLC's top holdings by market value are:
1. Ss Spdr S&p 500 ETF Trust-us (SPY) — $49.2M (26.2%)
2. Ishares 5-10y Inv Grade CORP (IGIB) — $36.0M (19.2%)
3. Ishares S&p 500 Value ETF (IVE) — $30.1M (16.1%)
4. Ss Technology Select Sector (XLK) — $10.0M (5.3%)
5. Ishares 10+ Year Inv Gr CORP (IGLB) — $8.0M (4.2%)
What changes did Thoma Capital Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Thoma Capital Management LLC made 56 notable position adjustments: 4 new positions were initiated, 23 existing holdings were added to, 23 positions were partially reduced, and 6 were completely exited. The largest of these moves: Sold out: Coterra Energy Inc (CTRA); Sold out: Honeywell International Inc (HON); Sold out: GE Healthcare Technology (GEHC); Sold out: Ishares Ustechnology ETF (IYW); Sold out: Corning Inc (GLW)
What sectors does Thoma Capital Management LLC focus on?
Thoma Capital Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 34.5%
• Communication Services: 11.9%
• Consumer Discretionary: 10.9%
• Energy: 10.9%
• Industrials: 7.3%
• Financials: 7.0%
Investment Profile
Thoma Capital Management LLC returned an annualized 16.6% over the trailing 18 months — outperforming the S&P 500 by 0.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.82 (less volatile than the market) and a 28% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 34.5% of the portfolio concentrated in Information Technology.
Its turnover score has fallen from 20 to 0 over the past 4 quarters — a shift toward longer holding periods.
It has added to its IVE position over the past two quarters (+$6.8M, now $30.1M), while trimming IWO over the same stretch (-$2.9M, still holding $5.7M).
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Developer Access
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