Thomist Capital Management, LP
Long book
$292.5M
Q1 2026
Positions
43
Top-10 weight
61%
concentration
Last quarter
-0.4%
SPY +14.8%
Turnover
83%
of book per quarter
Strategy in plain words
auto-generated from filingsThomist Capital Management, LP is a concentrated fundamental stock-picker, running a $292.5M US long book across 43 positions.
The portfolio is concentrated: the top 10 names carry 61% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: HF SINCLAIR CORP, CORE NATURAL RESOURCES INC, ARIS MINING CORP, STEEL DYNAMICS INC, DELEK US HOLDINGS INC.
Over the last 9 quarters its long book ran on average 2pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-10.5%
Q2 2024
+12.4%
Q3 2024
-14.4%
Q4 2024
-10.5%
Q1 2025
+6.8%
Q2 2025
+33.6%
Q3 2025
+10.9%
Q4 2025
+30.5%
Q1 2026
-0.4%
Sector allocation
Materials 32%
Energy 30%
Industrials 21%
Financials 11%
Other 3%
Consumer discretionary 1%
Utilities 1%
Technology 1%
Long book by quarter
What does Thomist Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| DINO HF SINCLAIR CORP | Energy | 566.1K | $35.3M | 12.1% | +83.7% |
| CNR CORE NATURAL RESOURCES INC | Materials | 224.8K | $23.5M | 8.0% | -3.9% |
| ARIS ARIS MINING CORP | Materials | 1.1M | $21.3M | 7.3% | New |
| STLD STEEL DYNAMICS INC | Industrials | 105.3K | $19.0M | 6.5% | New |
| DK DELEK US HOLDINGS INC | Energy | 372.9K | $16.8M | 5.7% | New |
| SSRM SSR MINING INC | Financials | 548.9K | $16.1M | 5.5% | New |
| EQX EQUINOX GOLD CORP | Materials | 890.9K | $12.9M | 4.4% | New |
| PR PERMIAN RESOURCES CORP-CL A | Energy | 511.3K | $10.9M | 3.7% | New |
| LUV SOUTHWEST AIRLINES CO | Industrials | 288.0K | $10.8M | 3.7% | +180.0% |
| RGLD ROYAL GOLD INC | Financials | 37.3K | $9.5M | 3.2% | New |
| WLK WESTLAKE CORP | Other | 73.0K | $8.5M | 2.9% | -34.8% |
| BTE BAYTEX ENERGY CORP | Energy | 1.9M | $8.4M | 2.9% | -36.7% |
| BTU PEABODY ENERGY CORP | Materials | 231.6K | $7.6M | 2.6% | New |
| EMN EASTMAN CHEMICAL CO | Materials | 84.7K | $6.5M | 2.2% | New |
| STNG SCORPIO TANKERS INC | Industrials | 61.9K | $4.6M | 1.6% | New |
| GSM FERROGLOBE PLC | Materials | 1.1M | $4.5M | 1.5% | -25.3% |
| DHT DHT HOLDINGS INC | Industrials | 241.7K | $4.4M | 1.5% | New |
| OLN OLIN CORP | Materials | 134.0K | $4.0M | 1.4% | -73.5% |
| PII POLARIS INC | Industrials | 68.8K | $3.7M | 1.3% | +174.6% |
| CWH CAMPING WORLD HOLDINGS INC-A | Consumer discretionary | 457.3K | $3.1M | 1.1% | +178.9% |
| DOO BRP INC/CA- SUB VOTING | Industrials | 40.1K | $2.9M | 1.0% | New |
| HOG HARLEY-DAVIDSON INC | Industrials | 140.6K | $2.8M | 1.0% | New |
| PARR PAR PACIFIC HOLDINGS INC | Energy | 44.8K | $2.8M | 1.0% | +431.3% |
| ECO OKEANIS ECO TANKERS CORP | Industrials | 55.1K | $2.8M | 1.0% | New |
| KOS KOSMOS ENERGY LTD | Energy | 927.2K | $2.6M | 0.9% | New |
| ODV OSISKO DEVELOPMENT CORP | Materials | 790.0K | $2.6M | 0.9% | New |
| LNG CHENIERE ENERGY INC | Utilities | 8.1K | $2.3M | 0.8% | New |
| NAT NORDIC AMERICAN TANKERS LTD | Industrials | 338.9K | $2.0M | 0.7% | New |
| NVDA NVIDIA CORP | Technology | 8.1K | $1.4M | 0.5% | New |
| HUT HUT 8 CORP | Financials | 29.6K | $1.4M | 0.5% | +117.5% |
| SLSR SOLARIS RESOURCES INC | Materials | 154.6K | $1.3M | 0.5% | New |
| RNGR RANGER ENERGY SERVICES-CL A | Energy | 73.9K | $1.3M | 0.4% | New |
| ALK ALASKA AIR GROUP INC | Industrials | 28.4K | $1.0M | 0.4% | New |
| XPRO EXPRO GROUP HOLDINGS NV | Energy | 54.6K | $951K | 0.3% | New |
| RIOT RIOT PLATFORMS INC | Financials | 67.5K | $834K | 0.3% | New |
| AMPY AMPLIFY ENERGY CORP | Energy | 130.8K | $816K | 0.3% | -95.8% |
| IREN IREN LTD | Financials | 20.5K | $703K | 0.2% | New |
| FF FUTUREFUEL CORP | Other | 94.9K | $365K | 0.1% | New |
| INR INFINITY NATURAL RESOUR-CL A | Energy | 11.8K | $207K | 0.1% | -94.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 57 | $371.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 65 | $471.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 76 | $506.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 43 | $269.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 38 | $253.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 50 | $384.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 29 | $510.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 37 | $280.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 30, 2024 | 27 | $243.5M | canonical | SEC ↗ |
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