TC
Thoma Capital Management LLC Investment Portfolio (Q3 2026) — 13F Stock Holdings
Thoma Capital Management LLCCIK: 0002060298
Momentum followerLong-term holderQuality / disciplined sizing
Total reported value
$191.3M
Reporting period: 2026-09-30 · Number of holdings: 54
Thoma Capital Management LLC disclosed 54 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $191.3M and a quarterly turnover rate of 6.5%.
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Personality snowflake
- Concentration
- 55.71
- Portfolio Stability
- 6.49
- Momentum
- 100
- Sector conviction
- 55.56
- Diversification
- 100
- Sizing Uniformity
- 74.22
Thoma Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.139 — mathematically equivalent to about 7 equally-sized positions, well below its 54 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 2.58), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.9 percentage-point tilt) — a pattern consistent with a momentum-following approach.
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.govAdd IVE
+8.9% $2.9M
Trim IGIB
+3.1% -$860.3K
Trim IWO
-1.6% -$615.5K
Add MSFT
-2.4% $578.9K
Trim IGLB
+5.1% -$327.9K
Trim SPY
-1.0% $518.8K
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 | 25.99% | -0.24% | -1.05% | |
| 2 | IGIB | Ishares 5-10y Inv Grade CORP | ETF-Corp Bonds | 18.39% | -0.83% | +3.08% | |
| 3 | IVE | Ishares S&p 500 Value ETF | ETF-Large Cap & Growth | 17.23% | +1.17% | +8.89% | |
| 4 | XLK | Ss Technology Select Sector | ETF-Tech | 5.24% | -0.10% | -2.62% | |
| 5 | IGLB | Ishares 10+ Year Inv Gr CORP | ETF-Other | 3.98% | -0.26% | +5.07% | |
| 6 | HACK | Amplify Cybersecurity ETF | ETF-Other | 3.97% | +0.21% | -6.84% | |
| 7 | IWO | Ishares Russell 2000 Growth | ETF-Small Cap | 2.65% | -0.38% | -1.58% | |
| 8 | AAPL | Apple Inc | Stock-Tech | 1.84% | +0.19% | -1.10% | |
| 9 | MSFT | Microsoft CORP | Stock-Tech | 1.19% | +0.29% | -2.38% | |
| 10 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.07% | +0.01% | -1.25% | |
| 11 | MRVL | Marvell Technology Inc | Stock-Tech | 1.06% | -0.21% | -4.31% | |
| 12 | NVDA | Nvidia CORP | Stock-Tech | 0.99% | +0.07% | -4.19% | |
| 13 | NET | Cloudflare Inc - Class A | Stock-Tech | 0.93% | +0.18% | -10.18% | |
| 14 | DVN | Devon Energy CORP | Stock-Energy | 0.91% | +0.02% | -7.09% | |
| 15 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.84% | -0.05% | -0.17% | |
| 16 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.80% | +0.15% | -2.50% | |
| 17 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.61% | -0.06% | -2.69% | |
| 18 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.58% | +0.02% | -1.02% | |
| 19 | TROW | T Rowe Price Group Inc | Stock-Financials | 0.55% | -0.07% | -1.47% | |
| 20 | CVX | Chevron CORP | Stock-Energy | 0.55% | +0.09% | -0.93% | |
| 21 | ETN | Eaton Corporation plc | Stock-Industrials | 0.54% | -0.02% | -1.23% | |
| 22 | LNG | Cheniere Energy Inc | Stock-Energy | 0.52% | +0.04% | -1.92% | |
| 23 | AEP | American Electric Power | Stock-Utilities | 0.51% | -0.10% | -0.92% | |
| 24 | IBM | Intl Business Machines CORP | Stock-Tech | 0.51% | -0.14% | +2.21% | |
| 25 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.51% | -0.01% | -0.92% | |
| 26 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.50% | +0.16% | -6.42% | |
| 27 | AMGN | Amgen Inc | Stock-Healthcare | 0.48% | +0.06% | — | |
| 28 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.48% | +0.03% | -0.94% | |
| 29 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.47% | -0.05% | -4.41% | |
| 30 | FANG | Diamondback Energy Inc | Stock-Energy | 0.47% | +0.01% | -0.57% | |
| 31 | WMT | Walmart Inc | Stock-Consumer Staples | 0.46% | -0.04% | +2.16% | |
| 32 | TSLA | Tesla Inc | Stock-Consumer Disc | 0.44% | -0.15% | -9.21% | |
| 33 | DLR | Digital Realty Trust Inc | Stock-Real Estate | 0.39% | -0.01% | +2.58% | |
| 34 | BA | Boeing Co/the | Stock-Industrials | 0.39% | -0.07% | +0.13% | |
| 35 | BX | Blackstone Inc | Stock-Financials | 0.37% | -0.02% | +1.75% | |
| 36 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.33% | -0.02% | -3.46% | |
| 37 | RTX | Rtx CORP | Stock-Industrials | 0.33% | -0.01% | -0.53% | |
| 38 | ORCL | Oracle CORP | Stock-Tech | 0.26% | -0.02% | +0.31% | |
| 39 | JMST | JPM Ultra-short Muni Income | ETF-Other | 0.24% | +0.10% | +79.65% | |
| 40 | ABBV | Abbvie Inc | Stock-Healthcare | 0.23% | — | +0.23% | |
| 41 | AVGO | Broadcom Inc | Stock-Tech | 0.22% | -0.03% | -3.21% | |
| 42 | ✓ | Stock-Other | 0.21% | +0.21% | NEW | ||
| 43 | HD | Home Depot Inc | Stock-Consumer Disc | 0.18% | -0.03% | +7.68% | |
| 44 | APD | Air Products & Chemicals Inc | Stock-Materials | 0.17% | +0.03% | +31.83% | |
| 45 | SGOV | Ishares 0-3 Month Treasury B | ETF-Gov Bonds | 0.17% | — | — | |
| 46 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.17% | -0.02% | -8.98% | |
| 47 | CSX | Csx CORP | Stock-Industrials | 0.16% | -0.01% | — | |
| 48 | CAVA | Cava Group Inc | Stock-Consumer Disc | 0.16% | -0.08% | +0.97% | |
| 49 | ✓ | Stock-Other | 0.16% | +0.16% | NEW | ||
| 50 | LEN | Lennar Corp-a | Stock-Consumer Disc | 0.13% | +0.13% | NEW |
1–50 of 54
Portfolio Performance
Performance for Q4 2026
+2.2%
Performance Last 4 Quarters
+10.5%
- Stdev
- +10.7%
- Beta
- +0.82
- Alpha
- -0.2%
- Max Drawdown
- -4.1%
- Annualized Perf
- +14.3%
- Batting Avg vs S&P
- +30%
- Sortino
- +2.84
- Stutzer
- +0.39
- Treynor
- +0.17
- Sterling
- +1.02
- Calmar
- +3.52
- Information Ratio
- -1.14
- Tracking Error
- +2.8%
- Stdev Down
- +4.9%
- Winning Months %
- +55%
- Losing Months %
- +45%
- Best 12 Months
- +25.1%
- Worst 12 Months
- +10.5%
- Efficiency Ratio
- +0.52
- Sharpe
- +1.31
- Stdev Sectors
- +9.3%
- Skewness
- +0.23
- Kurtosis
- -0.04
- Upside Potential
- +4.38
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 2026-09-30: New buy: ; New buy: ; New buy: Lennar Corp-a (LEN); Sold out: Advanced Micro Devices (AMD); Sold out: Bny Mellon Strategic Muni (LEO).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | IVE | Ishares S&p 500 Value ETF | +1.2% | +8.89% | Add |
| 2 | MSFT | Microsoft CORP | +0.3% | -2.38% | Trim |
| 3 | HACK | Amplify Cybersecurity ETF | +0.2% | -6.84% | Trim |
| 4 | ✓ | +0.2% | NEW | New buy | |
| 5 | AAPL | Apple Inc | +0.2% | -1.10% | Trim |
| 6 | NET | Cloudflare Inc - Class A | +0.2% | -10.18% | Trim |
| 7 | PLTR | Palantir Technologies Inc-a | +0.2% | -6.42% | Trim |
| 8 | ✓ | +0.2% | NEW | New buy | |
| 9 | META | Meta Platforms Inc-class A | +0.2% | -2.50% | Trim |
| 10 | LEN | Lennar Corp-a | +0.1% | NEW | New buy |
| 11 | JMST | JPM Ultra-short Muni Income | +0.1% | +79.65% | Add |
| 12 | CVX | Chevron CORP | +0.1% | -0.93% | Trim |
| 13 | NVDA | Nvidia CORP | +0.1% | -4.19% | Trim |
| 14 | AMGN | Amgen Inc | +0.1% | — | Unchanged |
| 15 | LNG | Cheniere Energy Inc | 0% | -1.92% | Trim |
| 16 | DIS | Walt Disney Co/the | 0% | -0.94% | Trim |
| 17 | APD | Air Products & Chemicals Inc | 0% | +31.83% | Add |
| 18 | DVN | Devon Energy CORP | 0% | -7.09% | Trim |
| 19 | KO | Coca-cola Co/the | 0% | -1.02% | Trim |
| 20 | AMZN | Amazon.com Inc | 0% | -1.25% | Trim |
| 21 | FANG | Diamondback Energy Inc | 0% | -0.57% | Trim |
| 22 | ABBV | Abbvie Inc | — | +0.23% | Add |
| 23 | V | Visa Inc-class A Shares | — | -0.31% | Trim |
| 24 | SGOV | Ishares 0-3 Month Treasury B | — | — | Unchanged |
| 25 | MU | Micron Technology Inc | 0% | — | Unchanged |
| 26 | RTX | Rtx CORP | 0% | -0.53% | Trim |
| 27 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | -0.92% | Trim |
| 28 | CSX | Csx CORP | 0% | — | Unchanged |
| 29 | DLR | Digital Realty Trust Inc | 0% | +2.58% | Add |
| 30 | PEG | Public Service Enterprise Gp | 0% | — | Unchanged |
| 31 | ORCL | Oracle CORP | 0% | +0.31% | Add |
| 32 | QQQ | Invesco Qqq Trust Series 1 | 0% | -8.98% | Trim |
| 33 | BX | Blackstone Inc | 0% | +1.75% | Add |
| 34 | JPM | Jpmorgan Chase & Co | 0% | -3.46% | Trim |
| 35 | ETN | Eaton Corporation plc | 0% | -1.23% | Trim |
| 36 | HD | Home Depot Inc | 0% | +7.68% | Add |
| 37 | AVGO | Broadcom Inc | 0% | -3.21% | Trim |
| 38 | LEO | Bny Mellon Strategic Muni | 0% | EXIT | Sold out |
| 39 | WMT | Walmart Inc | 0% | +2.16% | Add |
| 40 | GOOG | Alphabet Inc-cl C | -0.1% | -4.41% | Trim |
| 41 | GOOGL | Alphabet Inc-cl A | -0.1% | -0.17% | Trim |
| 42 | LLY | Eli Lilly & Co | -0.1% | -2.69% | Trim |
| 43 | BA | Boeing Co/the | -0.1% | +0.13% | Add |
| 44 | TROW | T Rowe Price Group Inc | -0.1% | -1.47% | Trim |
| 45 | CAVA | Cava Group Inc | -0.1% | +0.97% | Add |
| 46 | DKNG | Draftkings Inc-cl A | -0.1% | -27.16% | Trim |
| 47 | AEP | American Electric Power | -0.1% | -0.92% | Trim |
| 48 | XLK | Ss Technology Select Sector | -0.1% | -2.62% | Trim |
| 49 | AMD | Advanced Micro Devices | -0.1% | EXIT | Sold out |
| 50 | IBM | Intl Business Machines CORP | -0.1% | +2.21% | Add |
1–50 of 56
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 (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $191.3M, spread across 54 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) — $49.7M (26.0%)
2. Ishares 5-10y Inv Grade CORP (IGIB) — $35.2M (18.4%)
3. Ishares S&p 500 Value ETF (IVE) — $33.0M (17.2%)
4. Ss Technology Select Sector (XLK) — $10.0M (5.2%)
5. Ishares 10+ Year Inv Gr CORP (IGLB) — $7.6M (4.0%)
What changes did Thoma Capital Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Thoma Capital Management LLC made 51 notable position adjustments: 3 new positions were initiated, 14 existing holdings were added to, 32 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: ; New buy: ; New buy: Lennar Corp-a (LEN); Sold out: Advanced Micro Devices (AMD); Sold out: Bny Mellon Strategic Muni (LEO)
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: 36.1%
• Communication Services: 12.3%
• Energy: 11.6%
• Consumer Discretionary: 9.9%
• Industrials: 6.7%
• Financials: 6.5%
Investment Profile
Thoma Capital Management LLC returned an annualized 14.3% over the trailing 20 months — underperforming the S&P 500 by 0.2 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 30% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 36.1% of the portfolio concentrated in Information Technology.
It has added to its IVE position over the past two quarters (+$7.4M, now $33.0M), while trimming IWO over the same stretch (-$2.5M, still holding $5.1M).
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