Thoma Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed October 1, 2025), Thoma Capital Management LLC reported 58 stock positions worth $157.1 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 21.2% of the portfolio, followed by iShares 5-10Y Inv Grade (IGIB, 20.9%) and iShares S&P 500 Value ETF (IVE, 10.5%). Compared with Q1 2025, it opened 1 new position, sold out of 2, added to 29 and reduced 21. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +12%) and the biggest sale an exit from SS Health Care Select Sector (XLV).
- Most Recent 13F
- Q2 2026
- Location
- TOWSON, MD
- CIK
- 0002060298
- Portfolio Value
- $157.1M (Q2 2025)
- SEC Filing
- 0001172661-25-004146 ↗ filed Oct 1, 2025
Holdings Value
Holdings 58 stocks · $157.1M
| SPY SS SPDR S&P 500 ETF Trust-US | 21.19% | 53,881 | $33.3M | Add +11.6% |
| IGIB iShares 5-10Y Inv Grade Corp. | 20.85% | 614,627 | $32.8M | Add +8.1% |
| IVE iShares S&P 500 Value ETF | 10.46% | 84,121 | $16.4M | Add +18.4% |
| XLK SS Technology Select Sector | 7.02% | 43,578 | $11.0M | Reduce -2.3% |
| IWO iShares Russell 2000 Growth | 6.43% | 35,346 | $10.1M | Reduce -5.0% |
| HACK Amplify Cybersecurity ETF | 4.21% | 76,564 | $6.6M | Reduce -1.5% |
| JPC Nuveen Prefered & Income Opp | 2.28% | 446,090 | $3.6M | Add +0.5% |
| AAPL Apple Inc. | 1.82% | 13,953 | $2.9M | Reduce -6.0% |
| MSFT Microsoft Corp. | 1.44% | 4,562 | $2.3M | Add +0.8% |
| AMZN Amazon.com Inc. | 1.34% | 9,602 | $2.1M | Reduce -5.0% |
| NVDA Nvidia Corp. | 1.26% | 12,489 | $2.0M | Add +0.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.91% | 4,871 | $1.4M | Add +0.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.90% | 2,552 | $1.4M | Reduce -1.3% |
| META Meta Platforms Inc. Class A | 0.88% | 1,868 | $1.4M | Add +1.2% |
| NET Cloudflare Inc. Class A | 0.86% | 6,866 | $1.3M | Add +1.4% |
| ORCL Oracle Corp. | 0.79% | 5,645 | $1.2M | Add +0.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.74% | 9,354 | $1.2M | Reduce -0.3% |
| DKNG Draftkings Inc. Class A | 0.69% | 25,264 | $1.1M | Add +2.7% |
| GOOGL Alphabet Inc. Class A | 0.66% | 5,894 | $1.0M | Reduce -1.2% |
| ETN Eaton Corp. PLC | 0.58% | 2,559 | $914K | Add +1.1% |
| WMT Walmart Inc. | 0.56% | 8,940 | $874K | Add +0.8% |
| TSLA Tesla Inc. | 0.55% | 2,731 | $868K | Add +0.0% |
| AEP American Electric Power | 0.54% | 8,212 | $852K | Reduce -1.5% |
| JPM JPMorgan Chase & Co. | 0.54% | 2,933 | $851K | Reduce -1.6% |
| LLY Eli Lilly & Co. | 0.53% | 1,065 | $830K | Add +0.5% |
| LNG Cheniere Energy Inc. | 0.53% | 3,394 | $827K | Reduce -1.9% |
| HON Honeywell International Inc. | 0.53% | 3,546 | $826K | Reduce -0.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.52% | 1,690 | $821K | Add +3.5% |
| JEF Jefferies Financial Group Inc. | 0.51% | 14,690 | $803K | Add +6.3% |
| CTRA Coterra Energy Inc. | 0.51% | 31,411 | $797K | Reduce -6.3% |
| KO The Coca-Cola Co. | 0.50% | 11,107 | $786K | Add +0.5% |
| BX Blackstone Inc. | 0.48% | 5,001 | $748K | Add +5.0% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.45% | 7,362 | $710K | Add +12.2% |
| LEO BNY Mellon Strategic Muni | 0.45% | 119,882 | $710K | Reduce -1.4% |
| GEHC GE Healthcare Technology | 0.45% | 9,513 | $705K | Add +0.1% |
| AMGN Amgen Inc. | 0.45% | 2,517 | $703K | Add +1.4% |
| BA The Boeing Co. | 0.45% | 3,352 | $702K | Reduce -0.7% |
| CVX Chevron Corp. | 0.44% | 4,857 | $696K | Add +2.7% |
| MRVL Marvell Technology Inc. | 0.43% | 8,739 | $676K | Add +7.2% |
| AVGO Broadcom Inc. | 0.41% | 2,309 | $637K | No change |
| PLTR Palantir Technologies Inc. Class A | 0.40% | 4,627 | $631K | Add +6.3% |
| FANG Diamondback Energy Inc. | 0.39% | 4,471 | $614K | Add +1.6% |
| DVN Devon Energy Corp. | 0.38% | 19,004 | $605K | Reduce -0.1% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.38% | 1,370 | $604K | No change |
| GOOG Alphabet Inc. Class C | 0.37% | 3,233 | $574K | Add +0.0% |
| IGLB iShares 10+ Year Inv GR Corp. | 0.34% | 10,746 | $540K | Reduce -0.4% |
| CAVA Cava Group Inc. | 0.32% | 6,047 | $509K | Add +95.9% |
| LMT Lockheed Martin Corp. | 0.32% | 1,078 | $499K | No change |
| WSC Willscot Holdings Corp. | 0.30% | 17,038 | $467K | Reduce -0.4% |
| V Visa Inc. Class A | 0.22% | 981 | $348K | No change |
| ABBV Abbvie Inc. | 0.21% | 1,757 | $326K | Reduce -11.3% |
| QCOM Qualcomm Inc. | 0.21% | 2,031 | $324K | Reduce -2.1% |
| DLR Digital Realty Trust Inc. | 0.19% | 1,738 | $303K | Reduce -7.5% |
| IYW iShares Ustechnology ETF | 0.19% | 1,741 | $302K | No change |
| PG The Procter & Gamble Co. | 0.18% | 1,739 | $277K | Add +0.1% |
| HD Home Depot Inc. | 0.16% | 698 | $256K | New |
| PEG Public Service Enterprise GP | 0.16% | 2,997 | $252K | No change |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.14% | 4,400 | $216K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| XLV SS Health Care Select Sector | Sold out | 0.00% | −4.17 |
| AAPL Apple Inc. | Reduce -6.0% | 1.82% | −0.48 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.26 |
| IWO iShares Russell 2000 Growth | Reduce -5.0% | 6.43% | −0.22 |
| CTRA Coterra Energy Inc. | Reduce -6.3% | 0.51% | −0.17 |
| DVN Devon Energy Corp. | Reduce -0.1% | 0.38% | −0.11 |
| AEP American Electric Power | Reduce -1.5% | 0.54% | −0.09 |
| ABBV Abbvie Inc. | Reduce -11.3% | 0.21% | −0.08 |
| LEO BNY Mellon Strategic Muni | Reduce -1.4% | 0.45% | −0.07 |
| IGLB iShares 10+ Year Inv GR Corp. | Reduce -0.4% | 0.34% | −0.04 |
| WSC Willscot Holdings Corp. | Reduce -0.4% | 0.30% | −0.04 |
| LNG Cheniere Energy Inc. | Reduce -1.9% | 0.53% | −0.03 |
| QCOM Qualcomm Inc. | Reduce -2.1% | 0.21% | −0.02 |
| AMZN Amazon.com Inc. | Reduce -5.0% | 1.34% | −0.00 |
| HON Honeywell International Inc. | Reduce -0.5% | 0.53% | −0.00 |
| DLR Digital Realty Trust Inc. | Reduce -7.5% | 0.19% | +0.00 |
| GOOGL Alphabet Inc. Class A | Reduce -1.2% | 0.66% | +0.02 |
| JPM JPMorgan Chase & Co. | Reduce -1.6% | 0.54% | +0.03 |
| BA The Boeing Co. | Reduce -0.7% | 0.45% | +0.04 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -1.3% | 0.90% | +0.05 |
| DIS The Walt Disney Co. | Reduce -0.3% | 0.74% | +0.09 |
| HACK Amplify Cybersecurity ETF | Reduce -1.5% | 4.21% | +0.30 |
| XLK SS Technology Select Sector | Reduce -2.3% | 7.02% | +0.59 |
Portfolio Buys Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +11.6% | 21.19% | +2.30 |
| IVE iShares S&P 500 Value ETF | Add +18.4% | 10.46% | +0.99 |
| NET Cloudflare Inc. Class A | Add +1.4% | 0.86% | +0.32 |
| NVDA Nvidia Corp. | Add +0.2% | 1.26% | +0.31 |
| MSFT Microsoft Corp. | Add +0.8% | 1.44% | +0.26 |
| ORCL Oracle Corp. | Add +0.6% | 0.79% | +0.24 |
| HD Home Depot Inc. | New | 0.16% | +0.16 |
| PLTR Palantir Technologies Inc. Class A | Add +6.3% | 0.40% | +0.14 |
| CAVA Cava Group Inc. | Add +95.9% | 0.32% | +0.14 |
| META Meta Platforms Inc. Class A | Add +1.2% | 0.88% | +0.13 |
| DKNG Draftkings Inc. Class A | Add +2.7% | 0.69% | +0.12 |
| ETN Eaton Corp. PLC | Add +1.1% | 0.58% | +0.10 |
| MRVL Marvell Technology Inc. | Add +7.2% | 0.43% | +0.08 |
| IBM Intl Business Machines Corp. | Add +0.1% | 0.91% | +0.07 |
| TSLA Tesla Inc. | Add +0.0% | 0.55% | +0.06 |
| TROW T Rowe Price Group Inc. | Add +12.2% | 0.45% | +0.03 |
| GOOG Alphabet Inc. Class C | Add +0.0% | 0.37% | +0.01 |
| WMT Walmart Inc. | Add +0.8% | 0.56% | +0.01 |
| BX Blackstone Inc. | Add +5.0% | 0.48% | +0.01 |
| JEF Jefferies Financial Group Inc. | Add +6.3% | 0.51% | −0.01 |
| PG The Procter & Gamble Co. | Add +0.1% | 0.18% | −0.03 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +8.1% | 20.85% | −0.05 |
| KO The Coca-Cola Co. | Add +0.5% | 0.50% | −0.05 |
| LLY Eli Lilly & Co. | Add +0.5% | 0.53% | −0.08 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +3.5% | 0.52% | −0.09 |
| GEHC GE Healthcare Technology | Add +0.1% | 0.45% | −0.09 |
| AMGN Amgen Inc. | Add +1.4% | 0.45% | −0.09 |
| FANG Diamondback Energy Inc. | Add +1.6% | 0.39% | −0.10 |
| CVX Chevron Corp. | Add +2.7% | 0.44% | −0.11 |
| JPC Nuveen Prefered & Income Opp | Add +0.5% | 2.28% | −0.19 |
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 |