SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Thoma Capital Management LLC

CIK 0002060298 · 401 JEFFERSON AVENUE, TOWSON, MD, 21286 · 410-823-5442

Reported Value
$174M
Q3 2025
Positions
59
Filings on Record
6
2019–present window
Filed
Oct 21, 2025
original filing

Summary

Thoma Capital Management LLC reported $174M in U.S.-listed holdings across 59 positions for Q3 2025.

The portfolio is heavily concentrated: Spdr S P 500 Etf Tr alone accounts for 22.5% of reported value.

Compared with Q1 2025, the fund opened 4 new positions and exited 8.

Portfolio Metrics

Turnover
+6.8%
vs prior filed quarter
Top-10 Concentration
+77.9%
share of reported value
Largest Position
+22.5%
Spdr S P 500 Etf Tr
New / Exited
4 / 8
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. 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
Q1 ’25: $146MQ1 ’25Q3 ’25: $174MQ3 ’25Q4 ’25: $174MQ4 ’25Q1 ’26: $169MQ1 ’26filingsflow.com

Portfolio Composition

By security type
ETP: 73.5%Common Stock: 23.4%Closed-End Fund: 2.4%Other: 0.6%REIT: 0.2%
  • ETP · 73.5% · $128M
  • Common Stock · 23.4% · $41M
  • Closed-End Fund · 2.4% · $4M
  • Other · 0.6% · $959,951
  • REIT · 0.2% · $303,001

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline) · note: prior filed quarter, not the immediately preceding one

IssuerMoveShare ΔShares nowValue ΔValue now
CAVACAVA GROUP INCNEW+6.2K6.2K+$372,971$372,971
HDHOME DEPOT INCNEW+811811+$328,612$328,612
RTXRTX CORPORATIONNEW+1.5K1.5K+$248,820$248,820
CSXCSX CORPNEW+5.8K5.8K+$206,065$206,065
SELECT SECTOR SPDR TRSOLD OUT−37.4K0−$5M$0
RBLXROBLOX CORPSOLD OUT−11.9K0−$687,435$0
DHRDANAHER CORPORATIONSOLD OUT−2.7K0−$617,901$0
PFEPFIZER INCSOLD OUT−19.7K0−$522,978$0

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

Holdings — Q3 2025

46 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ISHARES TRISHS 5-10YR INVT · S&P 500 VAL ETF · RUS 2000 GRW ETF · 10+ YR INVST GRD38.75%$67M819.6K
2SPDR S&P 500 ETF TRTR UNIT22.49%$39M58.8K
3SELECT SECTOR SPDR TRTECHNOLOGY6.91%$12M42.7K
4AMPLIFY ETF TRAMPLIFY CYBERSEC3.75%$7M75.3K
5NUVEEN PFD & INCOME OPPORTUNCOM2.04%$4M433.6K
6AAPLAPPLE INChistory →COM1.75%$3M12.0K
7MSFTMICROSOFT CORPhistory →COM1.29%$2M4.3K
8NVDANVIDIA CORPORATIONhistory →COM1.29%$2M12.1K
9AMZNAMAZON COM INChistory →COM1.21%$2M9.6K
10GOOGLALPHABET INCCAP STK CL A · CAP STK CL C1.18%$2M8.4K
11ORCLORACLE CORPCOM0.92%$2M5.7K
12NDQINVESCO QQQ TRUNIT SER 10.88%$2M2.6K
13NETCLOUDFLARE INCCL A COM0.82%$1M6.6K
14METAMETA PLATFORMS INCCL A0.80%$1M1.9K
15IBMINTERNATIONAL BUSINESS MACHSCOM0.73%$1M4.5K
16TSLATESLA INCCOM0.71%$1M2.8K
17DISDISNEY WALT COCOM0.61%$1M9.3K
18JEFJEFFERIES FINL GROUP INCCOM0.58%$1M15.5K
19AEPAMERICAN ELEC PWR CO INCCOM0.55%$965,5208.6K
20EATON CORP PLCSHS0.55%$959,9512.6K
21DKNGDRAFTKINGS INC NEWCOM CL A0.54%$937,31925.1K
22BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.51%$887,3361.8K
23PLTRPALANTIR TECHNOLOGIES INCCL A0.51%$887,1084.9K
24JPMJPMORGAN CHASE & CO.COM0.51%$885,7882.8K
25BXBLACKSTONE INCCOM0.50%$873,1385.1K
26WMTWALMART INCCOM0.50%$865,4648.4K
27TROWPRICE T ROWE GROUP INCCOM0.50%$862,0418.4K
28LNGCHENIERE ENERGY INCCOM NEW0.47%$825,7333.5K
29LLYELI LILLY & COCOM0.47%$814,4941.1K
30HONGBPHONEYWELL INTL INCCOM0.44%$773,4743.7K
31CHVCHEVRON CORP NEWCOM0.44%$767,5444.9K
32MRVLMARVELL TECHNOLOGY INCCOM0.44%$766,4599.1K
33KOCOCA COLA COCOM0.44%$763,22411.5K
34BABOEING COCOM0.43%$753,2683.5K
35CTRACOTERRA ENERGY INCCOM0.43%$751,54631.8K
36GEHCGE HEALTHCARE TECHNOLOGIES ICOMMON STOCK0.42%$734,6479.8K
37AVGOBROADCOM INCCOM0.40%$700,9622.1K
38DVNDEVON ENERGY CORP NEWCOM0.39%$680,95919.4K
39FANGDIAMONDBACK ENERGY INCCOM0.38%$661,5744.6K
40AMGNAMGEN INCCOM0.37%$647,3062.3K
41LEOBNY MELLON STRATEGIC MUNS INCOM0.37%$637,945102.1K
42SPDR DOW JONES INDL AVERAGEUT SER 10.36%$635,3241.4K
43LMTLOCKHEED MARTIN CORPCOM0.29%$508,1961.0K
44CAVACAVA GROUP INCCOM0.21%$372,9716.2K
45WSCWILLSCOT HLDGS CORPCOM CL A0.21%$362,79717.2K
46ABBVABBVIE INCCOM0.20%$352,8301.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$169M55Apr 20, 202613F-HRchanges · EDGAR ↗
Q4 2025$174M60Jan 8, 202613F-HRchanges · EDGAR ↗
Q3 2025$174M59Oct 21, 202513F-HRchanges · EDGAR ↗
Q1 2025$146M63Mar 18, 202513F-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 ↗.