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Thomist Capital Management, LP — 13F Portfolio Report & Top Holdings (Q2 2026)
Thomist Capital Management, LPCIK: 0001767809
High-turnover traderDiversified strategyMomentum follower
Total reported value
$314.6M
Reporting period: 2026-06-30 · Number of holdings: 45
THOMIST CAPITAL MANAGEMENT, LP disclosed 45 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $314.6M and a quarterly turnover rate of 135.4%.
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Personality snowflake
- Concentration
- 19.36
- Portfolio Stability
- 100
- Momentum
- 100
- Sector conviction
- 83.13
- Diversification
- 90
- Sizing Uniformity
- 89.03
Thomist Capital Management, LP's disclosed holdings carry a Herfindahl concentration index of 0.048 — mathematically equivalent to about 21 equally-sized positions, well below its 45 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.10), 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.
Sector classification currently covers about 37% 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.govNew buy DAR
Sold out 237266901
Trim DINO
-82.9% -$28.6M
New buy GPRE
Add DHT
+474.7% $18.5M
New buy HBM
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 | DAR | Darling Ingredients Inc | Stock-Consumer Staples | 9.83% | +9.83% | NEW | |
| 2 | ARIS | Aris Mining CORP | Stock-Other | 8.30% | +2.56% | +52.60% | |
| 3 | DHT | DHT Holdings, Inc. | Stock-Other | 7.30% | +6.11% | +474.73% | |
| 4 | CNR | Core Natural Resources Inc | Stock-Energy | 6.78% | +0.44% | +18.56% | |
| 5 | GPRE | Green Plains Inc | Stock-Other | 6.21% | +6.21% | NEW | |
| 6 | HBM | Hudbay Minerals Inc | Stock-Other | 5.50% | +5.50% | NEW | |
| 7 | VLRS | Controladora Vuela Cia-adr | Stock-Other | 5.23% | +2.23% | +14.01% | |
| 8 | ✓ | Pilgrims Pride CORP | Stock-Other | 4.47% | +4.47% | NEW | |
| 9 | FRO | Frontline plc | Stock-Other | 4.09% | +4.09% | NEW | |
| 10 | MOS | The Mosaic Company | Stock-Materials | 3.37% | +3.37% | NEW | |
| 11 | ✓ | Ishares Tr | Stock-Other | 3.34% | +3.34% | NEW | |
| 12 | DK | Delek US Holdings Inc | Stock-Other | 3.27% | -1.25% | -45.75% | |
| 13 | BTU | Peabody Energy CORP | Stock-Energy | 3.10% | +1.05% | +82.43% | |
| 14 | WLK | Westlake CORP | Stock-Materials | 2.23% | -0.07% | +31.78% | |
| 15 | SMHC | VanEck China Semiconductor ETF | ETF-Emerging Markets | 2.19% | +2.19% | NEW | |
| 16 | DINO | Hf Sinclair CORP | Stock-Energy | 2.15% | -7.36% | -82.85% | |
| 17 | ECO | Okeanis Eco Tankers Corp. | Stock-Other | 2.13% | +1.38% | +143.05% | |
| 18 | IAG | Iamgold CORP | Stock-Other | 2.04% | +2.04% | NEW | |
| 19 | ✓ | Rice Acquisition CORP 3 | Stock-Other | 1.81% | +0.37% | +5.00% | |
| 20 | PPG | Ppg Industries Inc | Stock-Materials | 1.74% | +1.74% | NEW | |
| 21 | UAL | United Airlines Holdings Inc | Stock-Industrials | 1.60% | +1.60% | NEW | |
| 22 | ✓ | Stock-Other | 1.33% | +1.33% | NEW | ||
| 23 | MTDR | Matador Resources Co | Stock-Energy | 1.27% | +1.27% | NEW | |
| 24 | PARR | Par Pacific Holdings Inc | Stock-Energy | 1.18% | +0.43% | +47.62% | |
| 25 | AAL | American Airlines Group Inc | Stock-Industrials | 1.12% | +1.12% | NEW | |
| 26 | ✓ | Stock-Other | 0.94% | +0.94% | NEW | ||
| 27 | ✓ | Ferroglobe PLC | Stock-Other | 0.93% | -0.27% | -14.91% | |
| 28 | CC | Chemours Co/the | Stock-Materials | 0.93% | +0.93% | NEW | |
| 29 | CVI | Cvr Energy Inc | Stock-Other | 0.82% | +0.82% | NEW | |
| 30 | HUT | Hut 8 CORP | Stock-Financials | 0.78% | +0.41% | -28.37% | |
| 31 | RYAAY | Ryanair Holdings Plc-sp Adr | Stock-Industrials | 0.71% | -0.15% | -37.49% | |
| 32 | RNGR | Ranger Energy Services-cl A | Stock-Other | 0.58% | +0.24% | +53.57% | |
| 33 | ✓ | Stock-Other | 0.47% | +0.47% | NEW | ||
| 34 | RIOT | Riot Platforms Inc | Stock-Financials | 0.32% | +0.10% | -45.78% | |
| 35 | SLSR | Solaris Resources Inc | Stock-Other | 0.31% | -0.05% | +17.93% | |
| 36 | MU | Micron Technology Inc | Stock-Tech | 0.30% | +0.30% | NEW | |
| 37 | ✓ | Stock-Other | 0.21% | +0.21% | NEW | ||
| 38 | IYK | iShares US Consumer Staples ETF | ETF-Other | 0.20% | +0.20% | NEW | |
| 39 | GLND | Greenland Energy Co | Stock-Other | 0.19% | +0.19% | NEW | |
| 40 | ✓ | Stock-Other | 0.19% | +0.19% | NEW | ||
| 41 | KEEL | Keel Infrastructure CORP | Stock-Other | 0.15% | +0.15% | NEW | |
| 42 | ✓ | Bitdeer Technologies Group | Stock-Other | 0.14% | +0.14% | NEW | |
| 43 | FF | Futurefuel CORP | Stock-Other | 0.11% | +0.01% | -21.24% | |
| 44 | ✓ | Stock-Other | 0.07% | +0.07% | NEW | ||
| 45 | SOC | Sable Offshore CORP | Stock-Other | 0.06% | +0.06% | NEW |
Portfolio Performance
Performance for Q3 2026
+11.3%
Performance Last 4 Quarters
+69.3%
Based on 79% of reported portfolio value with available pricing
- Stdev
- +25.3%
- Beta
- +0.62
- Alpha
- -2.5%
- Max Drawdown
- -44.9%
- Annualized Perf
- +6.8%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +0.55
- Stutzer
- +0.11
- Treynor
- +0.16
- Sterling
- +0.22
- Calmar
- +0.15
- Information Ratio
- -0.42
- Tracking Error
- +24.5%
- Stdev Down
- +17.7%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +82.2%
- Worst 12 Months
- -35.8%
- Efficiency Ratio
- +0.1
- Sharpe
- +0.39
- Stdev Sectors
- +13.6%
- Skewness
- -0.48
- Kurtosis
- -0.87
- Upside Potential
- +2.42
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 45 | $314.6M | 100 | ||
| 2026 Q1 | 57 | $371.5M | 100 | ||
| 2025 Q4 | 65 | $471.0M | 100 | ||
| 2025 Q3 | 76 | $506.3M | 100 | ||
| 2025 Q2 | 43 | $269.1M | 0 | ||
| 2025 Q1 | 38 | $253.7M | 0 | ||
| 2024 Q4 | 50 | $384.6M | 0 | ||
| 2024 Q3 | 29 | $510.2M | 0 | ||
| 2024 Q2 | 37 | $280.3M | 0 | ||
| 2024 Q1 | 27 | $243.5M | 0 | ||
| 2023 Q4 | 29 | $226.3M | 0 | ||
| 2023 Q3 | 25 | $161.0M | 0 | ||
| 2023 Q2 | 22 | $159.5M | 0 | ||
| 2023 Q1 | 20 | $169.4M | 0 | ||
| 2022 Q4 | 29 | $203.0M | 0 | ||
| 2022 Q3 | 20 | $133.8M | 0 | ||
| 2022 Q2 | 22 | $143.0M | 0 | ||
| 2022 Q1 | 20 | $188.3M | 0 | ||
| 2021 Q4 | 13 | $101.8M | 0 |
Holding changes this quarter
Thomist Capital Management, LP's most significant position changes for 2026-06-30: New buy: Darling Ingredients Inc (DAR); Sold out: Darling Ingredients Inc; New buy: Green Plains Inc (GPRE); Sold out: Cf Inds Hldgs Inc; Sold out: Steel Dynamics Inc (STLD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | DAR | Darling Ingredients Inc | +9.8% | NEW | New buy |
| 2 | GPRE | Green Plains Inc | +6.2% | NEW | New buy |
| 3 | DHT | DHT Holdings, Inc. | +6.1% | +474.73% | Add |
| 4 | HBM | Hudbay Minerals Inc | +5.5% | NEW | New buy |
| 5 | ✓ | Pilgrims Pride CORP | +4.5% | NEW | New buy |
| 6 | FRO | Frontline plc | +4.1% | NEW | New buy |
| 7 | MOS | The Mosaic Company | +3.4% | NEW | New buy |
| 8 | ✓ | Ishares Tr | +3.3% | NEW | New buy |
| 9 | ARIS | Aris Mining CORP | +2.6% | +52.60% | Add |
| 10 | VLRS | Controladora Vuela Cia-adr | +2.2% | +14.01% | Add |
| 11 | SMHC | VanEck China Semiconductor ETF | +2.2% | NEW | New buy |
| 12 | IAG | Iamgold CORP | +2% | NEW | New buy |
| 13 | PPG | Ppg Industries Inc | +1.7% | NEW | New buy |
| 14 | UAL | United Airlines Holdings Inc | +1.6% | NEW | New buy |
| 15 | ECO | Okeanis Eco Tankers Corp. | +1.4% | +143.05% | Add |
| 16 | ✓ | +1.3% | NEW | New buy | |
| 17 | MTDR | Matador Resources Co | +1.3% | NEW | New buy |
| 18 | AAL | American Airlines Group Inc | +1.1% | NEW | New buy |
| 19 | BTU | Peabody Energy CORP | +1.1% | +82.43% | Add |
| 20 | ✓ | +0.9% | NEW | New buy | |
| 21 | CC | Chemours Co/the | +0.9% | NEW | New buy |
| 22 | CVI | Cvr Energy Inc | +0.8% | NEW | New buy |
| 23 | ✓ | +0.5% | NEW | New buy | |
| 24 | CNR | Core Natural Resources Inc | +0.4% | +18.56% | Add |
| 25 | PARR | Par Pacific Holdings Inc | +0.4% | +47.62% | Add |
| 26 | HUT | Hut 8 CORP | +0.4% | -28.37% | Trim |
| 27 | ✓ | Rice Acquisition CORP 3 | +0.4% | +5.00% | Add |
| 28 | MU | Micron Technology Inc | +0.3% | NEW | New buy |
| 29 | RNGR | Ranger Energy Services-cl A | +0.2% | +53.57% | Add |
| 30 | ✓ | +0.2% | NEW | New buy | |
| 31 | IYK | iShares US Consumer Staples ETF | +0.2% | NEW | New buy |
| 32 | GLND | Greenland Energy Co | +0.2% | NEW | New buy |
| 33 | ✓ | +0.2% | NEW | New buy | |
| 34 | KEEL | Keel Infrastructure CORP | +0.2% | NEW | New buy |
| 35 | ✓ | Bitdeer Technologies Group | +0.1% | NEW | New buy |
| 36 | RIOT | Riot Platforms Inc | +0.1% | -45.78% | Trim |
| 37 | ✓ | +0.1% | NEW | New buy | |
| 38 | SOC | Sable Offshore CORP | +0.1% | NEW | New buy |
| 39 | FF | Futurefuel CORP | 0% | -21.24% | Trim |
| 40 | SLSR | Solaris Resources Inc | -0.1% | +17.93% | Add |
| 41 | INR | Infinity Natural Resour-cl A | -0.1% | EXIT | Sold out |
| 42 | WLK | Westlake CORP | -0.1% | +31.78% | Add |
| 43 | ✓ | Put 2 Fermi Inc | -0.1% | EXIT | Sold out |
| 44 | ✓ | Frontier Group Hldgs Inc | -0.1% | EXIT | Sold out |
| 45 | RYAAY | Ryanair Holdings Plc-sp Adr | -0.2% | -37.49% | Trim |
| 46 | AMD | Advanced Micro Devices, Inc. | -0.2% | EXIT | Sold out |
| 47 | IREN | IREN Limited | -0.2% | EXIT | Sold out |
| 48 | AMPY | Amplify Energy CORP | -0.2% | EXIT | Sold out |
| 49 | ✓ | Jetblue Awys CORP | -0.2% | EXIT | Sold out |
| 50 | ✓ | Mp Materials CORP | -0.3% | EXIT | Sold out |
1–50 of 84
Filing History
FAQ
What is Thomist Capital Management, LP and what type of investor is it?
Thomist Capital Management, LP 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 $314.6M, spread across 45 disclosed positions.
What are Thomist Capital Management, LP's largest equity positions?
Based on the latest 13F filing, Thomist Capital Management, LP's top holdings by market value are:
1. Darling Ingredients Inc (DAR) — $30.9M (9.8%)
2. Aris Mining CORP (ARIS) — $26.1M (8.3%)
3. DHT Holdings, Inc. (DHT) — $23.0M (7.3%)
4. Core Natural Resources Inc (CNR) — $21.3M (6.8%)
5. Green Plains Inc (GPRE) — $19.5M (6.2%)
What changes did Thomist Capital Management, LP make in its most recent portfolio filing?
In the latest reported quarter, Thomist Capital Management, LP made 84 notable position adjustments: 27 new positions were initiated, 11 existing holdings were added to, 7 positions were partially reduced, and 39 were completely exited. The largest of these moves: New buy: Darling Ingredients Inc (DAR); Sold out: Darling Ingredients Inc; New buy: Green Plains Inc (GPRE); Sold out: Cf Inds Hldgs Inc; Sold out: Steel Dynamics Inc (STLD)
What sectors does Thomist Capital Management, LP focus on?
Thomist Capital Management, LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 38.7%
• Consumer Staples: 26.3%
• Materials: 22.1%
• Industrials: 9.2%
• Financials: 2.9%
• Information Technology: 0.8%
Investment Profile
Thomist Capital Management, LP returned an annualized 6.8% over the trailing 36 months — underperforming the S&P 500 by 2.5 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.62 (less volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 38.7% of the portfolio concentrated in Energy.
Its turnover score has risen from 0 to 100 over the past 4 quarters — a shift toward more active trading.
It has added to its VLRS position over the past two quarters (+$7.5M, now $16.4M), while trimming Ferroglobe PLC over the same stretch (-$3.8M, still holding $2.9M).
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