SEC 13F Intelligence

Managers / Q3 2025 · view latest →

THOMIST CAPITAL MANAGEMENT, LP

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

Reported Value
$506M
Q3 2025
Positions
76
Filings on Record
18
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Thomist Capital Management, LP reported $506M in U.S.-listed holdings across 76 positions for Q3 2025.

Its largest position, Seadrill, represents 7.7% of the portfolio.

Compared with Q2 2025, the fund opened 54 new positions and exited 16.

Portfolio Metrics

Turnover
+48.5%
vs prior filed quarter
Top-10 Concentration
+37.4%
share of reported value
Largest Position
+7.7%
Seadrill
New / Exited
54 / 16
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
Other: 50.1%Common Stock: 38.5%ETP: 7.5%ADR: 3.9%
  • Other · 50.1% · $254M
  • Common Stock · 38.5% · $195M
  • ETP · 7.5% · $38M
  • ADR · 3.9% · $20M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPDR SERIES TRUSTNEW+870.0K870.0K+$55M$55M
NUTRIEN LTDNEW+813.0K813.0K+$48M$48M
SPDR S&P 500 ETF TRNEW+50.0K50.0K+$33M$33M
BUNGE GLOBAL SANEW+266.7K266.7K+$22M$22M
VLOVALERO ENERGY CORPNEW+114.9K114.9K+$20M$20M
SPDR SERIES TRUSTNEW+214.3K214.3K+$14M$14M
RIORIO TINTO PLCNEW+174.4K174.4K+$11M$11M
ARISARIS MNG CORPNEW+1.02M1.02M+$10M$10M

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

Holdings — Q3 2025

58 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SEADRILL LTDCOM7.65%$39M1.27M
2BUNGE GLOBAL SACOM SHS4.34%$22M266.7K
3DARDARLING INGREDIENTS INChistory →COM4.04%$20M667.3K
4VLOVALERO ENERGY CORPhistory →COM3.91%$20M114.9K
5GQ9SPDR GOLD TRhistory →GOLD SHS3.36%$17M48.3K
6DINOHF SINCLAIR CORPhistory →COM3.24%$16M312.4K
7OLNOLIN CORPhistory →COM PAR $13.01%$15M623.4K
8SPDR SERIES TRUSTS&P REGL BKG · S&P HOMEBUILD2.89%$15M223.3K
9IMGIAMGOLD CORPhistory →COM2.66%$13M1.05M
10RIORIO TINTO PLChistory →SPONSORED ADR2.27%$11M174.4K
11ARISARIS MNG CORPhistory →COM1.98%$10M1.02M
12ADMARCHER DANIELS MIDLAND COhistory →COM1.52%$8M127.3K
13TSNTYSON FOODS INChistory →CL A1.40%$7M131.3K
14BBARRICK MNG CORPhistory →COM SHS1.33%$7M203.0K
15BTUPEABODY ENERGY CORPhistory →COM1.31%$7M247.6K
16VLRSCONTROLADORA VUELA COMP DE Ahistory →SPON ADR RP 101.31%$7M972.2K
17FERROGLOBE PLCSHS1.28%$7M1.49M
18SHWSHERWIN WILLIAMS COhistory →COM1.27%$6M18.7K
19STLDSTEEL DYNAMICS INChistory →COM1.23%$6M44.8K
20IBITISHARES BITCOIN TRUST ETFhistory →SHS BEN INT1.19%$6M92.9K
21SCCOSOUTHERN COPPER CORPhistory →COM1.16%$6M48.7K
22AMZNAMAZON COM INChistory →COM1.00%$5M22.9K
23EXEEXPAND ENERGY CORPORATIONCOM0.88%$4M41.9K
24RRCRANGE RES CORPCOM0.86%$4M115.9K
25SGMLSIGMA LITHIUM CORPORATIONCOM0.77%$4M570.1K
26UEOWESTLAKE CORPORATIONCOM0.70%$4M46.2K
27CENXCENTURY ALUM COCOM0.49%$2M84.0K
28NUENUCOR CORPCOM0.48%$2M17.9K
29ARANTERO RESOURCES CORPCOM0.43%$2M64.9K
30EQTEQT CORPCOM0.42%$2M38.8K
31CIVICIVITAS RESOURCES INCCOM NEW0.40%$2M61.3K
32GPORGULFPORT ENERGY CORPCOMMON SHARES0.40%$2M11.3K
33PARRPAR PAC HOLDINGS INCCOM NEW0.38%$2M54.2K
34LUVSOUTHWEST AIRLS COCOM0.36%$2M55.4K
35HOGHARLEY DAVIDSON INCCOM0.33%$2M57.9K
36PIIPOLARIS INCCOM0.27%$1M23.4K
37CMCCOMMERCIAL METALS COCOM0.26%$1M22.6K
38CWHCAMPING WORLD HLDGS INCCL A0.25%$1M76.9K
39WGOWINNEBAGO INDS INCCOM0.23%$1M34.3K
40INVXINNOVEX INTERNATIONAL INCCOM0.22%$1M60.9K
41G3VGREEN PLAINS INCCOM0.19%$949,770103.8K
42THOTHOR INDS INCCOM0.18%$923,5588.8K
43DOOBRP INCCOM SUN VTG0.17%$844,58714.0K
44RYAAYRYANAIR HOLDINGS PLCSPONSORED ADR0.16%$823,21614.1K
45SLSSOLARIS RES INCCOM NEW0.16%$805,600126.8K
46LTMLATAM AIRLINES GROUP SASPONSORED ADR0.16%$801,24417.9K
47SA2DSANDRIDGE ENERGY INCCOM NEW0.13%$666,00059.2K
48COPA HOLDINGS SACL A0.11%$581,2954.9K
49SKYWSKYWEST INCCOM0.11%$558,3065.5K
50VANGUARD SCOTTSDALE FDSVNG RUS2000IDX0.08%$405,4284.2K
51RGRSTURM RUGER & CO INCCOM0.08%$384,9309.0K
52SNCYSUN CTRY AIRLS HLDGS INCCOM0.07%$338,75128.3K
53NORWEGIAN CRUISE LINE HLDG LSHS0.06%$314,52312.7K
54APLDAPPLIED DIGITAL CORPCOM NEW0.06%$310,10014.0K
55SPHRSPHERE ENTERTAINMENT COCL A0.06%$309,9795.0K
56WBIWATERBRIDGE INFRASTRUCTURE LCL A SHS REPSTG0.05%$245,20010.0K
57EVEXEVE HLDG INCCOM0.04%$189,03848.6K
58EVLVEVOLV TECHNOLOGIES HLDNGS INCOM CL A0.03%$137,46017.4K

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 ↗.