Thoma Capital Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed October 1, 2025), Thoma Capital Management LLC reported 59 stock positions worth $143.0 million. Its top holding was iShares 5-10Y Inv Grade (IGIB) at 20.9% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 18.9%) and iShares S&P 500 Value ETF (IVE, 9.5%). Compared with Q4 2024, it opened 1 new position, sold out of 5, added to 31 and reduced 22. The biggest buy was iShares 5-10Y Inv Grade (IGIB, shares +7%) and the biggest sale iShares Russell 2000 Growth (IWO, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- TOWSON, MD
- CIK
- 0002060298
- Portfolio Value
- $143.0M (Q1 2025)
- SEC Filing
- 0001172661-25-004145 ↗ filed Oct 1, 2025
Holdings Value
Holdings 59 stocks · $143.0M
| IGIB iShares 5-10Y Inv Grade Corp. | 20.90% | 568,838 | $29.9M | Add +6.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 18.89% | 48,291 | $27.0M | Add +2.7% |
| IVE iShares S&P 500 Value ETF | 9.47% | 71,076 | $13.5M | Add +17.1% |
| IWO iShares Russell 2000 Growth | 6.65% | 37,227 | $9.5M | Reduce -6.2% |
| XLK SS Technology Select Sector | 6.44% | 44,581 | $9.2M | Add +2.8% |
| XLV SS Health Care Select Sector | 4.17% | 40,797 | $6.0M | Add +8.9% |
| HACK Amplify Cybersecurity ETF | 3.91% | 77,765 | $5.6M | Add +0.9% |
| JPC Nuveen Prefered & Income Opp | 2.47% | 443,767 | $3.5M | Reduce -5.0% |
| AAPL Apple Inc. | 2.31% | 14,838 | $3.3M | Reduce -2.5% |
| AMZN Amazon.com Inc. | 1.35% | 10,109 | $1.9M | Add +4.0% |
| MSFT Microsoft Corp. | 1.19% | 4,527 | $1.7M | Reduce -0.3% |
| NVDA Nvidia Corp. | 0.94% | 12,466 | $1.4M | Add +7.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.85% | 2,585 | $1.2M | Reduce -3.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.85% | 4,868 | $1.2M | Reduce -6.6% |
| META Meta Platforms Inc. Class A | 0.74% | 1,846 | $1.1M | Reduce -1.4% |
| CTRA Coterra Energy Inc. | 0.68% | 33,522 | $969K | Add +3.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.65% | 9,378 | $926K | Add +1.0% |
| GOOGL Alphabet Inc. Class A | 0.65% | 5,963 | $922K | Reduce -1.5% |
| AEP American Electric Power | 0.64% | 8,335 | $911K | Add +3.4% |
| LLY Eli Lilly & Co. | 0.61% | 1,060 | $876K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.61% | 1,632 | $869K | Add +7.7% |
| DKNG Draftkings Inc. Class A | 0.57% | 24,598 | $817K | Add +1.5% |
| LNG Cheniere Energy Inc. | 0.56% | 3,459 | $800K | Add +9.4% |
| KO The Coca-Cola Co. | 0.55% | 11,056 | $792K | Add +3.0% |
| CVX Chevron Corp. | 0.55% | 4,729 | $791K | Add +4.0% |
| ORCL Oracle Corp. | 0.55% | 5,609 | $784K | Add +1.5% |
| WMT Walmart Inc. | 0.54% | 8,871 | $779K | Add +10.3% |
| AMGN Amgen Inc. | 0.54% | 2,482 | $773K | Reduce -5.3% |
| GEHC GE Healthcare Technology | 0.54% | 9,503 | $767K | Add +0.2% |
| NET Cloudflare Inc. Class A | 0.53% | 6,770 | $763K | Add +1.2% |
| HON Honeywell International Inc. | 0.53% | 3,565 | $755K | Add +8.3% |
| LEO BNY Mellon Strategic Muni | 0.52% | 121,617 | $744K | Reduce -25.1% |
| JEF Jefferies Financial Group Inc. | 0.52% | 13,824 | $741K | Reduce -4.1% |
| JPM JPMorgan Chase & Co. | 0.51% | 2,982 | $732K | Reduce -0.9% |
| DVN Devon Energy Corp. | 0.50% | 19,019 | $711K | Add +17.4% |
| TSLA Tesla Inc. | 0.49% | 2,730 | $708K | Reduce -2.4% |
| FANG Diamondback Energy Inc. | 0.49% | 4,401 | $704K | Add +12.7% |
| ETN Eaton Corp. PLC | 0.48% | 2,532 | $688K | Add +3.0% |
| BX Blackstone Inc. | 0.47% | 4,761 | $665K | Add +2.6% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.42% | 6,562 | $603K | Add +8.5% |
| BA The Boeing Co. | 0.40% | 3,375 | $576K | Add +17.5% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.40% | 1,370 | $575K | No change |
| IGLB iShares 10+ Year Inv GR Corp. | 0.38% | 10,789 | $542K | Add +60.7% |
| GOOG Alphabet Inc. Class C | 0.35% | 3,232 | $505K | Reduce -3.4% |
| MRVL Marvell Technology Inc. | 0.35% | 8,149 | $502K | Add +1.9% |
| LMT Lockheed Martin Corp. | 0.34% | 1,078 | $482K | No change |
| WSC Willscot Holdings Corp. | 0.33% | 17,106 | $476K | Add +2.3% |
| ABBV Abbvie Inc. | 0.29% | 1,982 | $415K | Reduce -36.1% |
| AVGO Broadcom Inc. | 0.27% | 2,309 | $387K | Reduce -1.4% |
| PFE Pfizer Inc. | 0.26% | 14,590 | $370K | Reduce -26.0% |
| PLTR Palantir Technologies Inc. Class A | 0.26% | 4,352 | $367K | Reduce -14.0% |
| V Visa Inc. Class A | 0.24% | 981 | $344K | Reduce -10.7% |
| QCOM Qualcomm Inc. | 0.22% | 2,075 | $319K | Reduce -7.1% |
| PG The Procter & Gamble Co. | 0.21% | 1,738 | $296K | Reduce -8.4% |
| DLR Digital Realty Trust Inc. | 0.19% | 1,879 | $269K | Reduce -2.6% |
| CAVA Cava Group Inc. | 0.19% | 3,087 | $267K | New |
| PEG Public Service Enterprise GP | 0.17% | 2,997 | $247K | No change |
| IYW iShares Ustechnology ETF | 0.17% | 1,741 | $245K | Add +2.2% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.15% | 4,400 | $218K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| IWO iShares Russell 2000 Growth | Reduce -6.2% | 6.65% | −1.17 |
| RBLX Roblox Corp. Class A | Sold out | 0.00% | −0.47 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.42 |
| AAPL Apple Inc. | Reduce -2.5% | 2.31% | −0.31 |
| TSLA Tesla Inc. | Reduce -2.4% | 0.49% | −0.28 |
| JEF Jefferies Financial Group Inc. | Reduce -4.1% | 0.52% | −0.26 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.20 |
| IWF iShares Russell 1000 Growth | Sold out | 0.00% | −0.19 |
| LEO BNY Mellon Strategic Muni | Reduce -25.1% | 0.52% | −0.15 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.14 |
| GOOGL Alphabet Inc. Class A | Reduce -1.5% | 0.65% | −0.14 |
| MSFT Microsoft Corp. | Reduce -0.3% | 1.19% | −0.12 |
| AVGO Broadcom Inc. | Reduce -1.4% | 0.27% | −0.10 |
| PFE Pfizer Inc. | Reduce -26.0% | 0.26% | −0.10 |
| ABBV Abbvie Inc. | Reduce -36.1% | 0.29% | −0.09 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -3.0% | 0.85% | −0.09 |
| GOOG Alphabet Inc. Class C | Reduce -3.4% | 0.35% | −0.08 |
| DLR Digital Realty Trust Inc. | Reduce -2.6% | 0.19% | −0.05 |
| JPC Nuveen Prefered & Income Opp | Reduce -5.0% | 2.47% | −0.04 |
| QCOM Qualcomm Inc. | Reduce -7.1% | 0.22% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -8.4% | 0.21% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -1.4% | 0.74% | −0.01 |
| PLTR Palantir Technologies Inc. Class A | Reduce -14.0% | 0.26% | −0.01 |
| V Visa Inc. Class A | Reduce -10.7% | 0.24% | +0.00 |
| JPM JPMorgan Chase & Co. | Reduce -0.9% | 0.51% | +0.02 |
| IBM Intl Business Machines Corp. | Reduce -6.6% | 0.85% | +0.06 |
| AMGN Amgen Inc. | Reduce -5.3% | 0.54% | +0.07 |
Portfolio Buys Q4 2024 → Q1 2025
| IGIB iShares 5-10Y Inv Grade Corp. | Add +6.8% | 20.90% | +2.10 |
| IVE iShares S&P 500 Value ETF | Add +17.1% | 9.47% | +1.54 |
| XLV SS Health Care Select Sector | Add +8.9% | 4.17% | +0.64 |
| CAVA Cava Group Inc. | New | 0.19% | +0.19 |
| IGLB iShares 10+ Year Inv GR Corp. | Add +60.7% | 0.38% | +0.15 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +7.7% | 0.61% | +0.14 |
| DVN Devon Energy Corp. | Add +17.4% | 0.50% | +0.13 |
| AEP American Electric Power | Add +3.4% | 0.64% | +0.13 |
| CTRA Coterra Energy Inc. | Add +3.4% | 0.68% | +0.11 |
| CVX Chevron Corp. | Add +4.0% | 0.55% | +0.10 |
| KO The Coca-Cola Co. | Add +3.0% | 0.55% | +0.10 |
| LNG Cheniere Energy Inc. | Add +9.4% | 0.56% | +0.09 |
| BA The Boeing Co. | Add +17.5% | 0.40% | +0.05 |
| FANG Diamondback Energy Inc. | Add +12.7% | 0.49% | +0.05 |
| WMT Walmart Inc. | Add +10.3% | 0.54% | +0.05 |
| NET Cloudflare Inc. Class A | Add +1.2% | 0.53% | +0.04 |
| GEHC GE Healthcare Technology | Add +0.2% | 0.54% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +2.7% | 18.89% | +0.03 |
| HON Honeywell International Inc. | Add +8.3% | 0.53% | +0.02 |
| IYW iShares Ustechnology ETF | Add +2.2% | 0.17% | −0.02 |
| HACK Amplify Cybersecurity ETF | Add +0.9% | 3.91% | −0.03 |
| DKNG Draftkings Inc. Class A | Add +1.5% | 0.57% | −0.05 |
| TROW T Rowe Price Group Inc. | Add +8.5% | 0.42% | −0.05 |
| WSC Willscot Holdings Corp. | Add +2.3% | 0.33% | −0.05 |
| DIS The Walt Disney Co. | Add +1.0% | 0.65% | −0.06 |
| ETN Eaton Corp. PLC | Add +3.0% | 0.48% | −0.08 |
| ORCL Oracle Corp. | Add +1.5% | 0.55% | −0.08 |
| BX Blackstone Inc. | Add +2.6% | 0.47% | −0.08 |
| AMZN Amazon.com Inc. | Add +4.0% | 1.35% | −0.12 |
| NVDA Nvidia Corp. | Add +7.4% | 0.94% | −0.12 |
| MRVL Marvell Technology Inc. | Add +1.9% | 0.35% | −0.25 |
| XLK SS Technology Select Sector | Add +2.8% | 6.44% | −0.47 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 53 | $187.5M | SPY, IGIB, IVE, XLK, IGLB |
| Q1 2026 | 55 | $169.1M | SPY, IGIB, IVE, XLK, IWO |
| Q4 2025 | 60 | $173.6M | SPY, IGIB, IVE, XLK, IWO |
| Q3 2025 | 59 | $174.1M | SPY, IGIB, IVE, XLK, IWO |
| Q2 2025 | 58 | $157.1M | SPY, IGIB, IVE, XLK, IWO |
| Q1 2025 | 59 | $143.0M | IGIB, SPY, IVE, IWO, XLK |
| Q4 2024 | 63 | $146.0M | SPY, IGIB, IVE, IWO, XLK |