Thomist Capital Management, LP

CIK

1767809

Location

Houston, TX

Portfolio Value

Small $275,997,654

Diversification

Diversified

Filing Date

Global Rank

#3,556 / 8,622 ▼ 282 · as of Mar 2026

Top Industry

Gold 22.6%

3Y Alpha vs SPY

-12.8%

Period ended 4 months ago

Filed May 15, 2026 · 2mo

18 quarters · since Dec 2021

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+14.2%

SPY

+67.9%

Annualised alpha

-14.3%

Max drawdown

−51.1%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 96% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

40 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

12.8%

−5.6 pts

Top 5

42.0%

+4.3 pts

Top 10

64.4%

+7.2 pts

HHI

550

Diversified−40

Portfolio Trend

18 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Energy	44.8%	$123,617,821	15
Basic Materials	38.6%	$106,468,198	12
Industrials	10.5%	$28,974,245	5
Consumer Cyclical	4.6%	$12,593,371	4
Financial Services	1.1%	$2,924,403	3
Technology	0.5%	$1,419,616	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

7 positions

Ticker	Company	Δ Shares	Shares	Value
VLRS	Controladora Vuela Compania de Aviacion, S.A.B. de C.V.	+529,442	1,539,094	$11,143,040
CWH	Camping World Holdings, Inc.	+293,290	457,270	$3,123,154
DINO	HF Sinclair Corp	+258,008	566,090	$35,318,355
LUV	Southwest Airlines Co	+185,141	288,001	$10,820,197
PII	Polaris Inc.	+43,737	68,785	$3,748,782
PARR	Par Pacific Holdings, Inc.	+36,327	44,750	$2,803,140
HUT	Hut 8 Corp.	+15,975	29,575	$1,387,363
No positions match the current search.

Trimmed

Positions the filer reduced

7 positions

Ticker	Company	Δ Shares	Shares	Value
AMPY	Amplify Energy Corp.	−3,016,288	130,842	$816,454
BTE	Baytex Energy Corp.	−1,095,392	1,885,306	$8,427,317
OLN	OLIN Corp	−371,833	134,000	$3,983,820
GSM	Ferroglobe PLC	−366,643	1,083,764	$4,465,107
INR	Infinity Natural Resources, Inc.	−191,025	11,770	$207,269
WLK	Westlake Corp	−38,900	73,000	$8,527,860
CNR	Core Natural Resources, Inc.	−9,201	224,799	$23,543,199
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
ARIS	Aris Mining Corp	1,147,572	$21,310,412
STLD	Steel Dynamics Inc	105,300	$18,954,000
DK	Delek US Holdings, Inc.	372,937	$16,808,270
SSRM	Ssr Mining Inc.	548,900	$16,137,660
EQX	Equinox Gold Corp.	890,919	$12,882,688
PR	Permian Resources Corp	511,346	$10,901,896
RGLD	Royal Gold Inc	37,262	$9,482,806
BTU	Peabody Energy Corp	231,553	$7,629,671
EMN	Eastman Chemical Co	84,700	$6,464,304
STNG	Scorpio Tankers Inc.	61,855	$4,618,094
DHT	DHT Holdings, Inc.	241,696	$4,415,785
RYAAY	Ryanair Holdings PLC	54,980	$3,177,844
DOO	BRP Inc.	40,085	$2,878,503
HOG	Harley-Davidson, Inc.	140,600	$2,842,932
ECO	Okeanis Eco Tankers Corp.	55,100	$2,787,509
KOS	Kosmos Energy Ltd.	927,209	$2,577,641
OGG	Osisko Gold Group Inc.	790,000	$2,567,500
LNG	Cheniere Energy, Inc.	8,100	$2,298,456
NAT	NORDIC AMERICAN TANKERS Ltd	338,900	$1,985,954
NVDA	Nvidia Corp	8,140	$1,419,616
SLSR	Solaris Resources Inc.	154,632	$1,326,742
RNGR	Ranger Energy Services, Inc.	73,881	$1,266,320
ALK	Alaska Air Group, Inc.	28,430	$1,045,655
RIOT	Riot Platforms, Inc.	67,500	$834,300
IREN	IREN Ltd	20,500	$702,740
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
SDRL	SEADRILL Ltd	1,835,718	$63,515,842
SOC	Sable Offshore Corp.	1,818,181	$16,399,992
MPC	Marathon Petroleum Corp	96,100	$15,628,743
B	Barrick Mining Corp	330,600	$14,397,630
NUE	Nucor Corp	86,500	$14,109,015
DAR	Darling Ingredients Inc.	360,803	$12,988,908
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
IAG	Iamgold Corp	493,625	$8,139,876
SNCY	Sun Country Airlines Holdings, LLC	555,935	$7,999,904
GPRE	Green Plains Inc.	747,192	$7,322,481
CVI	Cvr Energy Inc	199,200	$5,067,648
PSX	Phillips 66	38,900	$5,019,656
GLD	Spdr Gold Trust	12,150	$4,815,166
CENX	Century Aluminum Co	100,000	$3,918,000
AESI	Atlas Energy Solutions Inc.	407,316	$3,836,916
BG	Bunge Global SA	33,600	$2,993,088
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
WGO	Winnebago Industries Inc	46,700	$1,892,284
THO	Thor Industries Inc	18,360	$1,885,021
SLV	iShares Silver Trust	26,100	$1,681,362
CPA	Copa Holdings, S.A.	11,660	$1,406,312
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

40 positions · $275,997,654 total · as of Mar 31, 2026

All sectors Basic Materials Consumer Cyclical Energy Financial Services Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
DINO	HF Sinclair Corp Energy	Added	566,090	+258,008	$35,318,355	+148.8%	12.80%
CNR	Core Natural Resources, Inc. Energy	Reduced	224,799	-9,201	$23,543,199	+13.7%	8.53%
ARIS	Aris Mining Corp Basic Materials	NEW	1,147,572	NEW	$21,310,412	NEW	7.72%
STLD	Steel Dynamics Inc Basic Materials	NEW	105,300	NEW	$18,954,000	NEW	6.87%
DK	Delek US Holdings, Inc. Energy	NEW	372,937	NEW	$16,808,270	NEW	6.09%
SSRM	Ssr Mining Inc. Basic Materials	NEW	548,900	NEW	$16,137,660	NEW	5.85%
EQX	Equinox Gold Corp. Basic Materials	NEW	890,919	NEW	$12,882,688	NEW	4.67%
VLRS	Controladora Vuela Compania de Aviacion, S.A.B. de C.V. Industrials	Added	1,539,094	+529,442	$11,143,040	+24.3%	4.04%
PR	Permian Resources Corp Energy	NEW	511,346	NEW	$10,901,896	NEW	3.95%
LUV	Southwest Airlines Co Industrials	Added	288,001	+185,141	$10,820,197	+154.5%	3.92%
RGLD	Royal Gold Inc Basic Materials	NEW	37,262	NEW	$9,482,806	NEW	3.44%
WLK	Westlake Corp Basic Materials	Reduced	73,000	-38,900	$8,527,860	+3.1%	3.09%
BTE	Baytex Energy Corp. Energy	Reduced	1,885,306	-1,095,392	$8,427,317	−12.5%	3.05%
BTU	Peabody Energy Corp Energy	NEW	231,553	NEW	$7,629,671	NEW	2.76%
EMN	Eastman Chemical Co Basic Materials	NEW	84,700	NEW	$6,464,304	NEW	2.34%
STNG	Scorpio Tankers Inc. Energy	NEW	61,855	NEW	$4,618,094	NEW	1.67%
GSM	Ferroglobe PLC Basic Materials	Reduced	1,083,764	-366,643	$4,465,107	−33.7%	1.62%
DHT	DHT Holdings, Inc. Energy	NEW	241,696	NEW	$4,415,785	NEW	1.60%
OLN	OLIN Corp Basic Materials	Reduced	134,000	-371,833	$3,983,820	−62.2%	1.44%
PII	Polaris Inc. Consumer Cyclical	Added	68,785	+43,737	$3,748,782	+136.6%	1.36%
RYAAY	Ryanair Holdings PLC Industrials	NEW	54,980	NEW	$3,177,844	NEW	1.15%
CWH	Camping World Holdings, Inc. Consumer Cyclical	Added	457,270	+293,290	$3,123,154	+95.7%	1.13%
DOO	BRP Inc. Consumer Cyclical	NEW	40,085	NEW	$2,878,503	NEW	1.04%
HOG	Harley-Davidson, Inc. Consumer Cyclical	NEW	140,600	NEW	$2,842,932	NEW	1.03%
PARR	Par Pacific Holdings, Inc. Energy	Added	44,750	+36,327	$2,803,140	+847.1%	1.02%
ECO	Okeanis Eco Tankers Corp. Industrials	NEW	55,100	NEW	$2,787,509	NEW	1.01%
KOS	Kosmos Energy Ltd. Energy	NEW	927,209	NEW	$2,577,641	NEW	0.93%
OGG	Osisko Gold Group Inc. Basic Materials	NEW	790,000	NEW	$2,567,500	NEW	0.93%
LNG	Cheniere Energy, Inc. Energy	NEW	8,100	NEW	$2,298,456	NEW	0.83%
NAT	NORDIC AMERICAN TANKERS Ltd Energy	NEW	338,900	NEW	$1,985,954	NEW	0.72%
NVDA	Nvidia Corp Technology	NEW	8,140	NEW	$1,419,616	NEW	0.51%
HUT	Hut 8 Corp. Financial Services	Added	29,575	+15,975	$1,387,363	+122.1%	0.50%
SLSR	Solaris Resources Inc. Basic Materials	NEW	154,632	NEW	$1,326,742	NEW	0.48%
RNGR	Ranger Energy Services, Inc. Energy	NEW	73,881	NEW	$1,266,320	NEW	0.46%
ALK	Alaska Air Group, Inc. Industrials	NEW	28,430	NEW	$1,045,655	NEW	0.38%
RIOT	Riot Platforms, Inc. Financial Services	NEW	67,500	NEW	$834,300	NEW	0.30%
AMPY	Amplify Energy Corp. Energy	Reduced	130,842	-6,163,418	$816,454	−97.2%	0.30%
IREN	IREN Ltd Financial Services	NEW	20,500	NEW	$702,740	NEW	0.25%
FF	FutureFuel Corp. Basic Materials	NEW	94,883	NEW	$365,299	NEW	0.13%
INR	Infinity Natural Resources, Inc. Energy	Reduced	11,770	-191,025	$207,269	−93.1%	0.08%