Thomist Capital Management, LP

CIK

1767809

Location

Houston, TX

Portfolio Value

Small $346,157,098

Diversification

Diversified

Filing Date

Global Rank

#3,055 / 8,420 ▲ 312

Top Industry

Oil & Gas Drilling 23.5%

3Y Alpha vs SPY

-16.5%

Period ended 6 months ago

Filed Feb 13, 2026 · 4mo

17 quarters · since Dec 2021

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+13.5%

SPY

+76.3%

Annualised alpha

-16.5%

Max drawdown

−51.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

54 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

18.3%

+5.7 pts

Top 5

37.7%

−0.9 pts

Top 10

57.3%

−3.5 pts

HHI

591

Diversified+97

Portfolio Trend

17 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Energy	53.8%	$186,132,379	15
Basic Materials	28.8%	$99,807,439	12
Industrials	7.5%	$25,981,738	10
Consumer Defensive	4.6%	$15,981,996	2
Consumer Cyclical	2.4%	$8,206,679	8
Unclassified	1.9%	$6,496,528	2
Technology	0.5%	$1,568,764	3
Communication Services	0.4%	$1,356,791	1
Financial Services	0.2%	$624,784	1

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

20 positions

Ticker	Company	Δ Shares	Shares	Value
GPRE	Green Plains Inc.	+643,392	747,192	$7,322,481
SDRL	Seadrill Ltd	+566,419	1,835,718	$63,515,842
SNCY	Sun Country Airlines Holdings, LLC	+527,635	555,935	$7,999,904
B	Barrick Mining Corp	+127,600	330,600	$14,397,630
CWH	Camping World Holdings, Inc.	+87,115	163,980	$1,595,525
NUE	Nucor Corp	+68,600	86,500	$14,109,015
WLK	Westlake Corp	+65,700	111,900	$8,273,886
LUV	Southwest Airlines Co	+47,450	102,860	$4,251,203
VLRS	Controladora Vuela Compania de Aviacion, S.A.B. de C.V.	+37,457	1,009,652	$8,965,709
EVEX	Eve Holding, Inc.	+32,284	80,880	$322,711
EVLV	Evolv Technologies Holdings, Inc.	+16,690	34,090	$244,084
CENX	Century Aluminum Co	+16,009	100,000	$3,918,000
RGR	Sturm Ruger & Co Inc	+13,940	22,940	$748,991
WGO	Winnebago Industries Inc	+12,385	46,700	$1,892,284
THO	Thor Industries Inc	+9,540	18,360	$1,885,021
SPHR	Sphere Entertainment Co.	+9,280	14,270	$1,356,791
APLD	Applied Digital Corp.	+7,700	21,700	$532,084
CPA	Copa Holdings, S.A.	+6,785	11,660	$1,406,312
NCLH	Norwegian Cruise Line Holdings Ltd.	+2,101	14,809	$330,536
PII	Polaris Inc.	+1,657	25,048	$1,584,286
No positions match the current search.

Trimmed

Positions the filer reduced

9 positions

Ticker	Company	Δ Shares	Shares	Value
IAG	Iamgold Corp	−556,602	493,625	$8,139,876
DAR	Darling Ingredients Inc.	−306,544	360,803	$12,988,908
BG	Bunge Global SA	−233,064	33,600	$2,993,088
OLN	OLIN Corp	−117,553	505,833	$10,536,501
PARR	Par Pacific Holdings, Inc.	−45,777	8,423	$295,984
GSM	Ferroglobe PLC	−44,504	1,450,407	$6,729,888
GLD	Spdr Gold Trust	−36,150	12,150	$4,815,166
DINO	HF Sinclair Corp	−4,318	308,082	$14,196,418
SKYW	Skywest Inc	−835	4,710	$472,931
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
CNR	Core Natural Resources, Inc.	234,000	$20,711,340
SOC	Sable Offshore Corp.	1,818,181	$16,399,992
MPC	Marathon Petroleum Corp	96,100	$15,628,743
AMPY	Amplify Energy Corp.	3,147,130	$14,382,384
HBM	Hudbay Minerals Inc.	599,600	$11,902,060
LIN	Linde PLC	24,350	$10,382,596
SM	SM Energy Co	552,905	$10,339,323
BTE	Baytex Energy Corp.	2,980,698	$9,627,654
CVI	Cvr Energy Inc	199,200	$5,067,648
PSX	Phillips 66	38,900	$5,019,656
AESI	Atlas Energy Solutions Inc.	407,316	$3,836,916
INR	Infinity Natural Resources, Inc.	202,795	$2,987,170
CC	Chemours Co	245,400	$2,893,266
LBRT	Liberty Energy Inc.	117,713	$2,172,981
OIS	Oil States International, Inc	288,084	$1,950,328
SLV	iShares Silver Trust	26,100	$1,681,362
ALB	Albemarle Corp	8,500	$1,202,240
UAL	United Airlines Holdings, Inc.	9,710	$1,085,772
HUT	Hut 8 Corp.	13,600	$624,784
CRWV	CoreWeave, Inc.	7,400	$529,914
ORCL	Oracle Corp	2,600	$506,766
AAL	American Airlines Group Inc.	31,580	$484,121
VIK	Viking Holdings Ltd	5,710	$407,751
LIND	Lindblad Expeditions Holdings, Inc.	19,800	$285,516
MTN	Vail Resorts Inc	1,700	$225,760
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
VLO	Valero Energy Corp/Tx	114,900	$19,562,874
RIO	Rio Tinto PLC	174,400	$11,512,144
ARIS	Aris Mining Corp	1,018,106	$9,977,438
ADM	Archer-Daniels-Midland Co	127,300	$7,604,902
TSN	Tyson Foods, Inc.	131,298	$7,129,481
BTU	Peabody Energy Corp	247,600	$6,566,352
SHW	Sherwin Williams Co	18,700	$6,475,062
STLD	Steel Dynamics Inc	44,770	$6,242,281
IBIT	iShares Bitcoin Trust ETF	92,900	$6,038,500
SCCO	Southern Copper Corp/	48,700	$5,816,791
AMZN	Amazon Com Inc	22,900	$5,028,153
EXE	EXPAND ENERGY Corp	41,900	$4,451,456
RRC	Range Resources Corp	115,900	$4,362,476
SGML	Sigma Lithium Corp	570,089	$3,654,270
AR	ANTERO RESOURCES Corp	64,900	$2,178,044
EQT	EQT Corp	38,800	$2,111,884
GPOR	Gulfport Energy Corp	11,300	$2,045,074
HOG	Harley-Davidson, Inc.	57,850	$1,614,015
CMC	COMMERCIAL METALS Co	22,600	$1,294,528
INVX	Innovex International, Inc.	60,909	$1,129,252
DOO	BRP Inc.	13,980	$849,704
RYAAY	Ryanair Holdings PLC	14,070	$847,295
LTM	Latam Airlines Group S.A.	17,945	$812,011
SLSR	Solaris Resources Inc.	126,800	$807,716
SD	Sandridge Energy Inc	59,200	$667,776
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

54 positions · $346,157,098 total · as of Dec 31, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Industrials Technology

Showing 1–50 of 54 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SDRL	Seadrill Ltd Energy	Added	1,835,718	+566,419	$63,515,842	+65.6%	18.35%
CNR	Core Natural Resources, Inc. Energy	NEW	234,000	NEW	$20,711,340	NEW	5.98%
SOC	Sable Offshore Corp. Energy	NEW	1,818,181	NEW	$16,399,992	NEW	4.74%
MPC	Marathon Petroleum Corp Energy	NEW	96,100	NEW	$15,628,743	NEW	4.51%
B	Barrick Mining Corp Basic Materials	Added	330,600	+127,600	$14,397,630	+116.4%	4.16%
AMPY	Amplify Energy Corp. Energy	NEW	3,147,130	NEW	$14,382,384	NEW	4.15%
DINO	HF Sinclair Corp Energy	Reduced	308,082	-4,318	$14,196,418	−13.2%	4.10%
NUE	Nucor Corp Basic Materials	Added	86,500	+68,600	$14,109,015	+482.0%	4.08%
DAR	Darling Ingredients Inc. Consumer Defensive	Reduced	360,803	-306,544	$12,988,908	−37.0%	3.75%
HBM	Hudbay Minerals Inc. Basic Materials	NEW	599,600	NEW	$11,902,060	NEW	3.44%
OLN	OLIN Corp Basic Materials	Reduced	505,833	-117,553	$10,536,501	−32.4%	3.04%
LIN	Linde PLC Basic Materials	NEW	24,350	NEW	$10,382,596	NEW	3.00%
SM	SM Energy Co Energy	NEW	552,905	NEW	$10,339,323	NEW	2.99%
BTE	Baytex Energy Corp. Energy	NEW	2,980,698	NEW	$9,627,654	NEW	2.78%
VLRS	Controladora Vuela Compania de Aviacion, S.A.B. de C.V. Industrials	Added	1,009,652	+37,457	$8,965,709	+28.4%	2.59%
WLK	Westlake Corp Basic Materials	Added	111,900	+65,700	$8,273,886	+132.4%	2.39%
IAG	Iamgold Corp Basic Materials	Reduced	493,625	-556,602	$8,139,876	−40.1%	2.35%
SNCY	Sun Country Airlines Holdings, LLC Industrials	Added	555,935	+527,635	$7,999,904	+2293.6%	2.31%
GPRE	Green Plains Inc. Basic Materials	Added	747,192	+643,392	$7,322,481	+702.5%	2.12%
GSM	Ferroglobe PLC Basic Materials	Reduced	1,450,407	-44,504	$6,729,888	−1.1%	1.94%
CVI	Cvr Energy Inc Energy	NEW	199,200	NEW	$5,067,648	NEW	1.46%
PSX	Phillips 66 Energy	NEW	38,900	NEW	$5,019,656	NEW	1.45%
GLD	Spdr Gold Trust	Reduced	12,150	-36,150	$4,815,166	−72.0%	1.39%
LUV	Southwest Airlines Co Industrials	Added	102,860	+47,450	$4,251,203	+140.4%	1.23%
CENX	Century Aluminum Co Basic Materials	Added	100,000	+16,009	$3,918,000	+58.9%	1.13%
AESI	Atlas Energy Solutions Inc. Energy	NEW	407,316	NEW	$3,836,916	NEW	1.11%
BG	Bunge Global SA Consumer Defensive	Reduced	33,600	-233,064	$2,993,088	−86.2%	0.86%
INR	Infinity Natural Resources, Inc. Energy	NEW	202,795	NEW	$2,987,170	NEW	0.86%
CC	Chemours Co Basic Materials	NEW	245,400	NEW	$2,893,266	NEW	0.84%
LBRT	Liberty Energy Inc. Energy	NEW	117,713	NEW	$2,172,981	NEW	0.63%
OIS	Oil States International, Inc Energy	NEW	288,084	NEW	$1,950,328	NEW	0.56%
WGO	Winnebago Industries Inc Consumer Cyclical	Added	46,700	+12,385	$1,892,284	+64.9%	0.55%
THO	Thor Industries Inc Consumer Cyclical	Added	18,360	+9,540	$1,885,021	+106.1%	0.54%
SLV	iShares Silver Trust	NEW	26,100	NEW	$1,681,362	NEW	0.49%
CWH	Camping World Holdings, Inc. Consumer Cyclical	Added	163,980	+87,115	$1,595,525	+31.5%	0.46%
PII	Polaris Inc. Consumer Cyclical	Added	25,048	+1,657	$1,584,286	+16.5%	0.46%
CPA	Copa Holdings, S.A. Industrials	Added	11,660	+6,785	$1,406,312	+142.8%	0.41%
SPHR	Sphere Entertainment Co. Communication Services	Added	14,270	+9,280	$1,356,791	+337.7%	0.39%
ALB	Albemarle Corp Basic Materials	NEW	8,500	NEW	$1,202,240	NEW	0.35%
UAL	United Airlines Holdings, Inc. Industrials	NEW	9,710	NEW	$1,085,772	NEW	0.31%
RGR	Sturm Ruger & Co Inc Industrials	Added	22,940	+13,940	$748,991	+91.4%	0.22%
HUT	Hut 8 Corp. Financial Services	NEW	13,600	NEW	$624,784	NEW	0.18%
APLD	Applied Digital Corp. Technology	Added	21,700	+7,700	$532,084	+65.7%	0.15%
CRWV	CoreWeave, Inc. Technology	NEW	7,400	NEW	$529,914	NEW	0.15%
ORCL	Oracle Corp Technology	NEW	2,600	NEW	$506,766	NEW	0.15%
AAL	American Airlines Group Inc. Industrials	NEW	31,580	NEW	$484,121	NEW	0.14%
SKYW	Skywest Inc Industrials	Reduced	4,710	-835	$472,931	−15.2%	0.14%
VIK	Viking Holdings Ltd Consumer Cyclical	NEW	5,710	NEW	$407,751	NEW	0.12%
NCLH	Norwegian Cruise Line Holdings Ltd. Consumer Cyclical	Added	14,809	+2,101	$330,536	+5.6%	0.10%
EVEX	Eve Holding, Inc. Industrials	Added	80,880	+32,284	$322,711	+74.3%	0.09%