SEC 13F Intelligence

Managers / Q1 2025 · view latest →

THOMIST CAPITAL MANAGEMENT, LP

CIK 0001767809 · 3773 RICHMOND AVE, SUITE 777, HOUSTON, TX, 77046 · 8326782412

Reported Value
$254M
Q1 2025
Positions
38
Filings on Record
18
2019–present window
Filed
May 14, 2025
original filing

Summary

Thomist Capital Management, LP reported $254M in U.S.-listed holdings across 38 positions for Q1 2025.

Its largest position, SDRL, represents 16.0% of the portfolio.

Compared with Q4 2024, the fund opened 19 new positions and exited 35.

Portfolio Metrics

Turnover
+46.8%
vs prior filed quarter
Top-10 Concentration
+58.5%
share of reported value
Largest Position
+16.0%
Seadrill
New / Exited
19 / 35
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’21: $102MQ4 ’21Q1 ’22: $188MQ2 ’22: $143MQ3 ’22: $134MQ3 ’22Q4 ’22: $203MQ1 ’23: $169MQ2 ’23: $159MQ2 ’23Q3 ’23: $161MQ4 ’23: $226MQ1 ’24: $243MQ1 ’24Q2 ’24: $280MQ3 ’24: $510MQ4 ’24: $385MQ4 ’24Q1 ’25: $254MQ2 ’25: $269MQ3 ’25: $506MQ3 ’25Q4 ’25: $471MQ1 ’26: $371Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 84.8%ETP: 15.2%
  • Common Stock · 84.8% · $215M
  • ETP · 15.2% · $39M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPYSPDR S&P 500 ETF TRNEW+34.4K34.4K+$19M$19M
HBMHUDBAY MINERALS INCNEW+1.68M1.68M+$13M$13M
GPORGULFPORT ENERGY CORPNEW+44.6K44.6K+$8M$8M
CTVACORTEVA INCNEW+129.7K129.7K+$8M$8M
CRGYCRESCENT ENERGY COMPANYNEW+579.1K579.1K+$6M$6M
CNRCORE NATURAL RESOURCES INCNEW+83.5K83.5K+$6M$6M
MPCMARATHON PETE CORPNEW+44.0K44.0K+$6M$6M
DIASPDR DOW JONES INDL AVERAGENEW+14.0K14.0K+$6M$6M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2025

33 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SDRLSEADRILL LTDhistory →COM16.03%$41M1.61M
2SPYSPDR S&P 500 ETF TRhistory →TR UNIT7.53%$19M34.4K
3DINOHF SINCLAIR CORPhistory →COM7.15%$18M548.4K
4SOCSABLE OFFSHORE CORPhistory →COM SHS6.04%$15M591.5K
5HBMHUDBAY MINERALS INChistory →COM5.11%$13M1.68M
6GLDSPDR GOLD TRhistory →GOLD SHS3.69%$9M32.9K
7DARDARLING INGREDIENTS INChistory →COM3.61%$9M290.6K
8GPORGULFPORT ENERGY CORPhistory →COMMON SHARES3.22%$8M44.6K
9CTVACORTEVA INChistory →COM3.12%$8M129.7K
10NUENUCOR CORPhistory →COM3.05%$8M63.5K
11GSMFERROGLOBE PLChistory →SHS2.87%$7M2.00M
12ADMARCHER DANIELS MIDLAND COhistory →COM2.85%$7M151.3K
13STLDSTEEL DYNAMICS INChistory →COM2.68%$7M54.8K
14CRGYCRESCENT ENERGY COMPANYhistory →CL A COM2.54%$6M579.1K
15CNRCORE NATURAL RESOURCES INChistory →COM SHS2.54%$6M83.5K
16MPCMARATHON PETE CORPhistory →COM2.50%$6M44.0K
17UNITED STATES STL CORP NEWCOM2.42%$6M142.6K
18DIASPDR DOW JONES INDL AVERAGEhistory →UT SER 12.29%$6M14.0K
19BGBUNGE GLOBAL SAhistory →COM SHS2.03%$5M67.4K
20SGMLSIGMA LITHIUM CORPORATIONhistory →COM2.01%$5M444.0K
21LYBLYONDELLBASELL INDUSTRIES Nhistory →SHS - A -1.92%$5M69.7K
22WLKWESTLAKE CORPORATIONhistory →COM1.80%$5M46.1K
23ASTLALGOMA STL GROUP INChistory →COM1.66%$4M737.9K
24SLVISHARES SILVER TRhistory →ISHARES1.30%$3M106.6K
25PPCPILGRIMS PRIDE CORPhistory →COM1.24%$3M58.7K
26PARRPAR PAC HOLDINGS INCCOM NEW0.63%$2M111.8K
27VITAL ENERGY INCCOM0.44%$1M51.6K
28TSNTYSON FOODS INCCL A0.37%$951,45415.3K
29IBITISHARES BITCOIN TRUST ETFSHS BEN INT0.36%$922,66419.4K
30CENXCENTURY ALUM COCOM0.28%$698,71037.6K
31ATLXATLAS LITHIUM CORPCOM NEW0.20%$513,86797.0K
32INVXINNOVEX INTERNATIONAL INCCOM0.14%$367,31620.5K
33BERRY CORPCOM0.05%$118,87237.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$371M57May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$471M65Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$506M76Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$269M43Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$254M38May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$385M50Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$510M29Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$280M37Aug 12, 202413F-HRchanges · EDGAR ↗
Q1 2024$243M27Apr 30, 202413F-HRchanges · EDGAR ↗
Q4 2023$226M29Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$161M25Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$159M22Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$169M20May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$203M29Feb 9, 202313F-HRchanges · EDGAR ↗
Q3 2022$134M20Oct 21, 202213F-HRchanges · EDGAR ↗
Q2 2022$143M22Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$188M20May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$102M13Feb 11, 202213F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.