SEC 13F Intelligence

Managers / Q2 2025 · view latest →

THOMIST CAPITAL MANAGEMENT, LP

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

Reported Value
$269M
Q2 2025
Positions
43
Filings on Record
18
2019–present window
Filed
Aug 13, 2025
original filing

Summary

Thomist Capital Management, LP reported $269M in U.S.-listed holdings across 43 positions for Q2 2025.

Its largest position, Seadrill, represents 12.3% of the portfolio.

Compared with Q1 2025, the fund opened 25 new positions and exited 21.

Portfolio Metrics

Turnover
+69.1%
vs prior filed quarter
Top-10 Concentration
+42.9%
share of reported value
Largest Position
+12.3%
Seadrill
New / Exited
25 / 21
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: 80.5%Other: 14.6%ETP: 2.8%ADR: 2.2%
  • Common Stock · 80.5% · $217M
  • Other · 14.6% · $39M
  • ETP · 2.8% · $7M
  • ADR · 2.2% · $6M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
DKDELEK US HLDGS INC NEWNEW+2.72M2.72M+$60M$60M
METCRAMACO RES INCNEW+1.64M1.64M+$26M$26M
AAALCOA CORPNEW+707.5K707.5K+$21M$21M
CMCCOMMERCIAL METALS CONEW+298.9K298.9K+$15M$15M
OLNOLIN CORPNEW+352.3K352.3K+$7M$7M
IPXIPERIONX LTDNEW+1.89M1.89M+$6M$6M
MTDRMATADOR RES CONEW+89.0K89.0K+$4M$4M
CLMTCALUMET INCNEW+200.0K200.0K+$3M$3M

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

Holdings — Q2 2025

35 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SEADRILL LTDCOM12.33%$33M1.27M
2CMCCOMMERCIAL METALS COhistory →COM5.56%$15M298.9K
3HBMHUDBAY MINERALS INChistory →COM4.98%$13M1.27M
4DKDELEK US HLDGS INC NEWhistory →COM4.85%$13M615.9K
5METCRAMACO RES INChistory →COM CL A4.11%$11M905.7K
6AAALCOA CORPhistory →COM2.76%$7M260.4K
7TSNTYSON FOODS INChistory →CL A2.24%$6M109.1K
8IPXIPERIONX LTDhistory →SPONSORED ADS2.17%$6M1.89M
9UEOWESTLAKE CORPORATIONhistory →COM2.03%$5M71.6K
10FERROGLOBE PLCSHS1.93%$5M1.42M
11OLNOLIN CORPhistory →COM PAR $11.92%$5M252.3K
12PARRPAR PAC HOLDINGS INChistory →COM NEW1.90%$5M192.1K
13GQ9SPDR GOLD TRhistory →GOLD SHS1.65%$4M14.7K
14MTDRMATADOR RES COhistory →COM1.59%$4M89.0K
15CENXCENTURY ALUM COhistory →COM1.49%$4M221.7K
16DARDARLING INGREDIENTS INChistory →COM1.39%$4M98.1K
17TKRTIMKEN COhistory →COM1.14%$3M41.8K
18DINOHF SINCLAIR CORPhistory →COM1.08%$3M70.6K
19IMGIAMGOLD CORPhistory →COM1.05%$3M398.4K
20LBRTLIBERTY ENERGY INCCOM CL A0.91%$2M210.7K
21SGMLSIGMA LITHIUM CORPORATIONCOM0.75%$2M433.9K
22VANGUARD INDEX FDSS&P 500 ETF SHS0.59%$2M2.8K
23INVESCO EXCHANGE TRADED FD TLEISURE AND ENTE0.52%$1M24.6K
24IREN LIMITEDORDINARY SHARES0.35%$938,00067.0K
25SMSM ENERGY COCOM0.35%$931,21037.1K
26RIOTRIOT PLATFORMS INCCOM0.32%$867,21082.2K
27LUVSOUTHWEST AIRLS COCOM0.32%$852,24026.5K
28INVXINNOVEX INTERNATIONAL INCCOM0.28%$761,21748.6K
29WGOWINNEBAGO INDS INCCOM0.22%$597,93620.5K
30SNCYSUN CTRY AIRLS HLDGS INCCOM0.19%$506,84942.7K
31CWHCAMPING WORLD HLDGS INCCL A0.18%$495,37527.4K
32THOTHOR INDS INCCOM0.18%$484,4885.4K
33DOOBRP INCCOM SUN VTG0.13%$357,4147.4K
34PIIPOLARIS INCCOM0.11%$307,0507.5K
35SPHRSPHERE ENTERTAINMENT COCL A0.08%$212,3505.0K

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 ↗.