SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Thoma Capital Management LLC

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

Reported Value
$174M
Q4 2025
Positions
60
Filings on Record
6
2019–present window
Filed
Jan 8, 2026
original filing

Summary

Thoma Capital Management LLC reported $174M in U.S.-listed holdings across 60 positions for Q4 2025.

The portfolio is heavily concentrated: Spdr S P 500 Etf Tr alone accounts for 25.5% of reported value.

Compared with Q3 2025, the fund opened 3 new positions and exited 2.

Portfolio Metrics

Turnover
+8.8%
vs prior filed quarter
Top-10 Concentration
+78.4%
share of reported value
Largest Position
+25.5%
Spdr S P 500 Etf Tr
New / Exited
3 / 2
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: 76.5%Common Stock: 22.0%Closed-End Fund: 0.8%Other: 0.5%REIT: 0.2%
  • ETP · 76.5% · $133M
  • Common Stock · 22.0% · $38M
  • Closed-End Fund · 0.8% · $1M
  • Other · 0.5% · $788,949
  • REIT · 0.2% · $425,555

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
VANGUARD SCOTTSDALE FDSNEW+4.6K4.6K+$565,651$565,651
ISHARES TRNEW+3.5K3.5K+$348,921$348,921
ISHARES TRNEW+1.5K1.5K+$200,343$200,343
ISHARES TRADDED+68.3K80.2K+$3M$4M
JEFJEFFERIES FINL GROUP INCSOLD OUT−15.5K0−$1M$0
PGPROCTER AND GAMBLE COSOLD OUT−1.6K0−$239,006$0
LEOBNY MELLON STRATEGIC MUNS INTRIMMED−79.2K22.9K−$492,575$145,370
NUVEEN PFD & INCOME OPPORTUNTRIMMED−279.1K154.5K−$2M$1M

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

Holdings — Q4 2025

45 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ISHARES TRISHS 5-10YR INVT · S&P 500 VAL ETF · RUS 2000 GRW ETF · 10+ YR INVST GRD · 0-3 MNTH TREASRY40.30%$70M844.9K
2SPDR S&P 500 ETF TRTR UNIT25.53%$44M65.0K
3SELECT SECTOR SPDR TRSTATE STREET TEC5.69%$10M68.6K
4AMPLIFY ETF TRAMPLIFY CYBERSEC3.02%$5M65.3K
5AAPLAPPLE INChistory →COM1.77%$3M11.3K
6GOOGLALPHABET INCCAP STK CL A · CAP STK CL C1.40%$2M7.8K
7NVDANVIDIA CORPORATIONhistory →COM1.17%$2M10.8K
8AMZNAMAZON COM INChistory →COM1.15%$2M8.7K
9MSFTMICROSOFT CORPhistory →COM1.14%$2M4.1K
10NDQINVESCO QQQ TRUNIT SER 10.82%$1M2.3K
11NUVEEN PFD & INCOME OPPORTUNCOM0.72%$1M154.5K
12IBMINTERNATIONAL BUSINESS MACHSCOM0.72%$1M4.2K
13TSLATESLA INCCOM0.70%$1M2.7K
14METAMETA PLATFORMS INCCL A0.69%$1M1.8K
15NETCLOUDFLARE INCCL A COM0.69%$1M6.0K
16LLYELI LILLY & COCOM0.62%$1M1.0K
17DISDISNEY WALT COCOM0.61%$1M9.4K
18ORCLORACLE CORPCOM0.56%$970,6815.0K
19AEPAMERICAN ELEC PWR CO INCCOM0.56%$966,2088.4K
20WMTWALMART INCCOM0.54%$931,9088.4K
21TROWPRICE T ROWE GROUP INCCOM0.53%$916,4159.0K
22BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.52%$902,7591.8K
23PLTRPALANTIR TECHNOLOGIES INCCL A0.52%$896,2165.0K
24DKNGDRAFTKINGS INC NEWCOM CL A0.49%$841,89224.4K
25JPMJPMORGAN CHASE & CO.COM0.48%$833,9132.6K
26GEHCGE HEALTHCARE TECHNOLOGIES ICOMMON STOCK0.47%$813,5049.9K
27CTRACOTERRA ENERGY INCCOM0.47%$812,43030.9K
28KOCOCA COLA COCOM0.46%$806,07011.5K
29BXBLACKSTONE INCCOM0.46%$802,7305.2K
30EATON CORP PLCSHS0.45%$788,9492.5K
31BABOEING COCOM0.44%$764,0673.5K
32CHVCHEVRON CORP NEWCOM0.44%$760,9235.0K
33HONGBPHONEYWELL INTL INCCOM0.43%$739,6473.8K
34MRVLMARVELL TECHNOLOGY INCCOM0.42%$730,6108.6K
35DVNDEVON ENERGY CORP NEWCOM0.41%$711,89719.4K
36FANGDIAMONDBACK ENERGY INCCOM0.40%$698,2454.6K
37LNGCHENIERE ENERGY INCCOM NEW0.40%$692,8843.6K
38AMGNAMGEN INCCOM0.40%$692,3392.1K
39SPDR DOW JONES INDL AVERAGEUT SER 10.38%$658,3811.4K
40AVGOBROADCOM INCCOM0.33%$579,9621.7K
41VANGUARD SCOTTSDALE FDSVNG RUS1000GRW0.33%$565,6514.6K
42LMTLOCKHEED MARTIN CORPCOM0.28%$492,3761.0K
43FQIDIGITAL RLTY TR INCCOM0.25%$425,5552.8K
44VVISA INCCOM CL A0.23%$397,7051.1K
45ABBVABBVIE INCCOM0.20%$341,8591.5K

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 ↗.