Thames Capital Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Thames Capital Management LLC reported 48 stock positions worth $687.8 million. Its top holding was GE Vernova (GEV) at 5.2% of the portfolio, followed by State Street (STT, 4.9%) and Nvidia (NVDA, 4.6%). Compared with Q3 2025, it opened 12 new positions, sold out of 20, added to 12 and reduced 8. The biggest buy was State Street (STT, shares +219%) and the biggest sale an exit from Iren (IREN).

Most Recent 13F
Q2 2026
Location
Roseland, NJ
CIK
0001714267
Portfolio Value
$687.8M (Q4 2025)
SEC Filing
0001714267-26-000001 ↗ filed Feb 10, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $240.3M Q1 2024 Q2 2024: $255.4M Q2 2024 Q3 2024: $321.0M Q3 2024 Q4 2024: $368.9M Q4 2024 Q1 2025: $260.4M Q1 2025 Q2 2025: $441.4M Q2 2025 Q3 2025: $688.8M Q3 2025 Q4 2025: $687.8M $687.8M Q4 2025 Q1 2026: $557.9M Q1 2026 Q2 2026: $1.2B Q2 2026

Holdings 48 stocks · $687.8M
GEV GE Vernova Inc. 5.17% 54,439 $35.6M No change
STT State Street Corp. 4.92% 262,094 $33.8M Add +218.8%
NVDA Nvidia Corp. 4.58% 168,785 $31.5M Add +86.5%
AXP American Express Co. 4.33% 80,463 $29.8M Add +189.6%
VRT Vertiv Holdings Co. Class A 4.22% 178,980 $29.0M No change
HUT Hut 8 Corp. 3.53% 528,246 $24.3M Reduce -26.7%
TSM Taiwan Semiconductor-SP ADR 3.39% 76,789 $23.3M Add +17.9%
META Meta Platforms Inc. Class A 3.24% 33,767 $22.3M Add +23.0%
MSFT Microsoft Corp. 3.18% 45,217 $21.9M Add +10.7%
URI United Rentals Inc. 3.17% 26,964 $21.8M New
MA Mastercard Inc. Class A 3.17% 38,155 $21.8M Add +10.8%
MU Micron Technology Inc. 3.02% 72,852 $20.8M New
APH Amphenol Corp. Class A 3.00% 152,712 $20.6M Add +8.9%
GE General Electric filed as GE AEROSPACE 2.78% 62,061 $19.1M No change
RKT Rocket Cos Inc. Class A 2.64% 938,659 $18.2M Reduce -15.1%
V Visa Inc. Class A 2.63% 51,568 $18.1M Add +13.4%
C Citigroup Inc. 2.59% 152,640 $17.8M New
AAPL Apple Inc. 2.44% 61,806 $16.8M No change
AGX Argan Inc. 2.36% 51,794 $16.2M Add +25.2%
SPOT Spotify Technology SA 2.35% 27,881 $16.2M No change
EVR Evercore Inc. Class A 2.32% 46,881 $16.0M No change
ONDS Ondas Inc. filed as ONDAS HLDGS INC 2.27% 1,596,709 $15.6M Reduce -18.7%
COHR Coherent Corp. 2.23% 83,171 $15.4M New
CE Celanese Corp. 2.04% 331,276 $14.0M New
GOOGL Alphabet Inc. Class A 1.85% 40,702 $12.7M No change
APP AppLovin Corp. Class A 1.83% 18,727 $12.6M Add +12.1%
PRIM Primoris Services Corp. 1.81% 100,005 $12.4M No change
ASH Ashland Inc. 1.50% 176,276 $10.3M New
AMZN Amazon.com Inc. 1.30% 38,810 $9.0M Add +15.1%
WULF Terawulf Inc. 1.29% 770,267 $8.9M Reduce -46.8%
FIX Comfort Systems USA Inc. 1.26% 9,273 $8.7M No change
UBER Uber Technologies Inc. 1.25% 105,224 $8.6M Reduce -33.4%
JCI Johnson Controls Internation 1.16% 66,704 $8.0M New
TMO Thermo Fisher Scientific Inc. 1.11% 13,202 $7.6M No change
CRM Salesforce Inc. 1.07% 27,755 $7.4M Reduce -15.1%
NOVT Novanta Inc. 0.92% 53,301 $6.3M No change
CLS Celestica Inc. 0.84% 19,655 $5.8M No change
BKD Brookdale Senior Living Inc. 0.83% 531,255 $5.7M New
SNDK Sandisk Corp. 0.78% 22,636 $5.4M New
VTR Ventas Inc. 0.70% 61,830 $4.8M New
CHWY Chewy Inc. Class A 0.68% 141,813 $4.7M No change
WELL Welltower Inc. 0.68% 25,195 $4.7M New
AIP Arteris Inc. 0.66% 293,973 $4.6M No change
AMPX Amprius Technologies Inc. 0.60% 526,832 $4.2M No change
CECO Ceco Environmental Corp. 0.60% 69,403 $4.2M No change
AHR American Healthcare REIT Inc. 0.59% 85,883 $4.0M New
QS Quantumscape Corp. 0.56% 369,686 $3.9M Reduce -46.2%
IDR Idaho Strategic Resources Inc. 0.54% 91,929 $3.7M Reduce -28.0%

Portfolio Sells Q3 2025 → Q4 2025
IREN Iren Ltd. Sold out 0.00% −3.50
BITF Bitfarms Ltd./Canada Sold out 0.00% −2.88
CIFR Cipher Digital Inc. Sold out 0.00% −2.77
BE Bloom Energy Corp. Class A Sold out 0.00% −2.63
ETHU 2X Ether ETF Sold out 0.00% −2.37
NFLX Netflix Inc. Sold out 0.00% −1.73
BMNR Bitmine Immersion Technologi Sold out 0.00% −1.72
RIOT Riot Platforms Inc. Sold out 0.00% −1.63
VST Vistra Corp. Sold out 0.00% −1.36
CCJ Cameco Corp. Sold out 0.00% −1.30
LYV Live Nation Entertainment Inc. Sold out 0.00% −1.19
OPEN Opendoor Technologies Inc. Sold out 0.00% −1.13
WULF Terawulf Inc. Reduce -46.8% 1.29% −1.12
UBER Uber Technologies Inc. Reduce -33.4% 1.25% −1.00
TLN Talen Energy Corp. Sold out 0.00% −0.86
GLXY Galaxy Digital Inc. Class A Sold out 0.00% −0.84
EME Emcor Group Inc. Sold out 0.00% −0.73
QS Quantumscape Corp. Reduce -46.2% 0.56% −0.67
ORCL Oracle Corp. Sold out 0.00% −0.67
PGY Pagaya Technologies Ltd. Class A Sold out 0.00% −0.59
BW Babcock & Wilcox Enterpr Sold out 0.00% −0.59
NBIS Nebius Group NV Sold out 0.00% −0.54
RKT Rocket Cos Inc. Class A Reduce -15.1% 2.64% −0.47
HUT Hut 8 Corp. Reduce -26.7% 3.53% −0.11
GLW Corning Inc. Sold out 0.00% −0.11
IDR Idaho Strategic Resources Inc. Reduce -28.0% 0.54% −0.09
CRM Salesforce Inc. Reduce -15.1% 1.07% −0.06
ONDS Ondas Inc. Reduce -18.7% 2.27% +0.07

Portfolio Buys Q3 2025 → Q4 2025
STT State Street Corp. Add +218.8% 4.92% +3.53
URI United Rentals Inc. New 3.17% +3.17
MU Micron Technology Inc. New 3.02% +3.02
AXP American Express Co. Add +189.6% 4.33% +2.99
C Citigroup Inc. New 2.59% +2.59
COHR Coherent Corp. New 2.23% +2.23
NVDA Nvidia Corp. Add +86.5% 4.58% +2.13
CE Celanese Corp. New 2.04% +2.04
ASH Ashland Inc. New 1.50% +1.50
JCI Johnson Controls Internation New 1.16% +1.16
BKD Brookdale Senior Living Inc. New 0.83% +0.83
SNDK Sandisk Corp. New 0.78% +0.78
TSM Taiwan Semiconductor-SP ADR Add +17.9% 3.39% +0.75
AGX Argan Inc. Add +25.2% 2.36% +0.74
VTR Ventas Inc. New 0.70% +0.70
WELL Welltower Inc. New 0.68% +0.68
AHR American Healthcare REIT Inc. New 0.59% +0.59
APH Amphenol Corp. Class A Add +8.9% 3.00% +0.48
V Visa Inc. Class A Add +13.4% 2.63% +0.38
MA Mastercard Inc. Class A Add +10.8% 3.17% +0.32
META Meta Platforms Inc. Class A Add +23.0% 3.24% +0.31
AMZN Amazon.com Inc. Add +15.1% 1.30% +0.23
MSFT Microsoft Corp. Add +10.7% 3.18% +0.11
APP AppLovin Corp. Class A Add +12.1% 1.83% +0.09

Notes & Other Activity Q3 2025 → Q4 2025
BETRW Better Home & Finance-CW26 *W EXP 08/22/202 Sold out 145,138 $8.1Mbefore exit
BKKT.WS Bakkt Holdings Inc. -CW26 *W EXP 10/25/202 Sold out 115,577 $3.9Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 56$1.2BSTT, GE, MU, GEV, VRT
Q1 2026 43$557.9MGEV, VRT, TSM, NVDA, HUT
Q4 2025 48$687.8MGEV, STT, NVDA, AXP, VRT
Q3 2025 56$688.8MGEV, VRT, HUT, IREN, RKT
Q2 2025 43$441.4MGEV, VRT, SPOT, MSFT, MA
Q1 2025 28$260.4MMA, GEV, FAS, V, SPOT
Q4 2024 37$368.9MGEV, META, SPOT, VRT, NVDA
Q3 2024 38$321.0MMETA, MSFT, MA, GEV, VRT
Q2 2024 25$255.4MMSFT, AAPL, META, MA, AMZN
Q1 2024 24$240.3MMSFT, META, MA, UBER, AAPL