Thoma Capital Management LLC
Long book
$169.1M
Q1 2026
Positions
55
Top-10 weight
80%
concentration
Last quarter
+12.4%
SPY +14.8%
Turnover
15%
of book per quarter
Strategy in plain words
auto-generated from filingsThoma Capital Management LLC is a wealth-management firm allocating client money, running a $169.1M US long book across 55 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: SS SPDR S&P 500 ETF TRUST-US, ISHARES 5-10Y INV GRADE CORP, ISHARES S&P 500 VALUE ETF, SS TECHNOLOGY SELECT SECTOR, ISHARES RUSSELL 2000 GROWTH.
Over the last 6 quarters its long book ran on average 0.7pp per quarter behind the S&P 500, beating the index in 2 of 6 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2024
-3.6%
Q1 2025
+9.0%
Q2 2025
+6.9%
Q3 2025
+1.4%
Q4 2025
-2.7%
Q1 2026
+12.4%
Sector allocation
Technology 38%
Industrials 12%
Consumer discretionary 9%
Financials 8%
Energy 8%
Healthcare 7%
Utilities 7%
Services media 4%
Long book by quarter
What does Thoma Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 10.6K | $2.7M | 1.6% | -6.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 8.7K | $1.8M | 1.1% | +0.2% |
| MSFT MICROSOFT CORP | Technology | 4.8K | $1.8M | 1.0% | +17.5% |
| NVDA NVIDIA CORP | Technology | 9.4K | $1.6M | 1.0% | -12.9% |
| GOOGL ALPHABET INC-CL A | Technology | 4.7K | $1.3M | 0.8% | -0.6% |
| NET CLOUDFLARE INC - CLASS A | Technology | 6.1K | $1.3M | 0.7% | +1.8% |
| AEP AMERICAN ELECTRIC POWER | Utilities | 8.8K | $1.1M | 0.7% | +4.6% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 4.5K | $1.1M | 0.6% | +7.3% |
| CVX CHEVRON CORP | Energy | 5.1K | $1.1M | 0.6% | +2.2% |
| LNG CHENIERE ENERGY INC | Utilities | 3.7K | $1.1M | 0.6% | +4.3% |
| CTRA COTERRA ENERGY INC | — | 29.9K | $1.0M | 0.6% | -3.2% |
| META META PLATFORMS INC-CLASS A | Technology | 1.8K | $1.0M | 0.6% | -0.1% |
| DVN DEVON ENERGY CORP | Energy | 20.3K | $1.0M | 0.6% | +4.4% |
| FANG DIAMONDBACK ENERGY INC | Energy | 5.1K | $1.0M | 0.6% | +9.0% |
| TSLA TESLA INC | Industrials | 2.7K | $993K | 0.6% | -0.6% |
| WMT WALMART INC | Consumer discretionary | 8.0K | $991K | 0.6% | -4.6% |
| LLY ELI LILLY & CO | Healthcare | 1.1K | $985K | 0.6% | +6.7% |
| KO COCA-COLA CO/THE | Consumer staples | 12.8K | $970K | 0.6% | +10.6% |
| TROW T ROWE PRICE GROUP INC | Financials | 10.7K | $960K | 0.6% | +19.0% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 2.0K | $945K | 0.6% | +9.7% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 4.0K | $902K | 0.5% | +5.3% |
| MRVL MARVELL TECHNOLOGY INC | Technology | 8.7K | $863K | 0.5% | +1.3% |
| ETN EATON CORP PLC | Industrials | 2.4K | $861K | 0.5% | -2.8% |
| DIS WALT DISNEY CO/THE | Services media | 8.8K | $853K | 0.5% | -5.6% |
| GOOG ALPHABET INC-CL C | Technology | 2.8K | $816K | 0.5% | -7.5% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 5.4K | $787K | 0.5% | +6.7% |
| BA BOEING CO/THE | Industrials | 3.9K | $769K | 0.5% | +9.8% |
| AMGN AMGEN INC | Healthcare | 2.2K | $762K | 0.5% | +2.4% |
| ORCL ORACLE CORP | Technology | 4.9K | $723K | 0.4% | -1.3% |
| GEHC GE HEALTHCARE TECHNOLOGY | Healthcare | 9.8K | $698K | 0.4% | -1.1% |
| BX BLACKSTONE INC | Financials | 5.9K | $676K | 0.4% | +12.9% |
| JPM JPMORGAN CHASE & CO | Financials | 1.8K | $542K | 0.3% | -28.9% |
| DKNG DRAFTKINGS INC-CL A | Services media | 24.7K | $535K | 0.3% | +1.2% |
| AVGO BROADCOM INC | Technology | 1.5K | $464K | 0.3% | -10.5% |
| RTX RTX CORP | Industrials | 2.3K | $447K | 0.3% | +25.4% |
| CAVA CAVA GROUP INC | Consumer discretionary | 5.4K | $437K | 0.3% | +9.0% |
| ABBV ABBVIE INC | Healthcare | 1.7K | $370K | 0.2% | +13.6% |
| HD HOME DEPOT INC | Consumer discretionary | 1.1K | $354K | 0.2% | +9.5% |
| V VISA INC-CLASS A SHARES | Services media | 954 | $288K | 0.2% | -15.9% |
| CSX CSX CORP | Industrials | 6.7K | $275K | 0.2% | +15.5% |
| GLW CORNING INC | Industrials | 2.0K | $268K | 0.2% | New |
| PEG PUBLIC SERVICE ENTERPRISE GP | Utilities | 3.0K | $243K | 0.1% | Held |
| NEE NEXTERA ENERGY INC | Utilities | 2.2K | $208K | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 20, 2026 | 55 | $169.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 8, 2026 | 60 | $173.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 21, 2025 | 59 | $174.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Oct 1, 2025 | 58 | $157.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Oct 1, 2025 | 59 | $143.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Mar 18, 2025 | 63 | $146.0M | canonical | SEC ↗ |