Thoma Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Thoma Capital Management LLC reported 59 stock positions worth $174.1 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 22.5% of the portfolio, followed by iShares 5-10Y Inv Grade (IGIB, 21.2%) and iShares S&P 500 Value ETF (IVE, 11.0%). Compared with Q2 2025, it opened 2 new positions, sold out of 1, added to 29 and reduced 24. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +9%) and the biggest sale Amplify Cybersecurity ETF (HACK, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- TOWSON, MD
- CIK
- 0002060298
- Portfolio Value
- $174.1M (Q3 2025)
- SEC Filing
- 0001172661-25-004341 ↗ filed Oct 21, 2025
Holdings Value
Holdings 59 stocks · $174.1M
| SPY SS SPDR S&P 500 ETF Trust-US | 22.49% | 58,776 | $39.2M | Add +9.1% |
| IGIB iShares 5-10Y Inv Grade Corp. | 21.16% | 681,054 | $36.8M | Add +10.8% |
| IVE iShares S&P 500 Value ETF | 11.00% | 92,717 | $19.1M | Add +10.2% |
| XLK SS Technology Select Sector | 6.91% | 42,679 | $12.0M | Reduce -2.1% |
| IWO iShares Russell 2000 Growth | 6.24% | 33,937 | $10.9M | Reduce -4.0% |
| HACK Amplify Cybersecurity ETF | 3.75% | 75,290 | $6.5M | Reduce -1.7% |
| JPC Nuveen Prefered & Income Opp | 2.04% | 433,571 | $3.6M | Reduce -2.8% |
| AAPL Apple Inc. | 1.75% | 11,978 | $3.1M | Reduce -14.2% |
| MSFT Microsoft Corp. | 1.29% | 4,349 | $2.3M | Reduce -4.7% |
| NVDA Nvidia Corp. | 1.29% | 12,073 | $2.3M | Reduce -3.3% |
| AMZN Amazon.com Inc. | 1.21% | 9,579 | $2.1M | Reduce -0.2% |
| ORCL Oracle Corp. | 0.92% | 5,705 | $1.6M | Add +1.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.88% | 2,551 | $1.5M | Reduce -0.0% |
| NET Cloudflare Inc. Class A | 0.82% | 6,641 | $1.4M | Reduce -3.3% |
| META Meta Platforms Inc. Class A | 0.80% | 1,895 | $1.4M | Add +1.4% |
| GOOGL Alphabet Inc. Class A | 0.74% | 5,289 | $1.3M | Reduce -10.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.73% | 4,522 | $1.3M | Reduce -7.2% |
| TSLA Tesla Inc. | 0.71% | 2,789 | $1.2M | Add +2.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.61% | 9,272 | $1.1M | Reduce -0.9% |
| JEF Jefferies Financial Group Inc. | 0.58% | 15,524 | $1.0M | Add +5.7% |
| AEP American Electric Power | 0.55% | 8,582 | $966K | Add +4.5% |
| ETN Eaton Corp. PLC | 0.55% | 2,565 | $960K | Add +0.2% |
| DKNG Draftkings Inc. Class A | 0.54% | 25,062 | $937K | Reduce -0.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.51% | 1,765 | $887K | Add +4.4% |
| PLTR Palantir Technologies Inc. Class A | 0.51% | 4,863 | $887K | Add +5.1% |
| JPM JPMorgan Chase & Co. | 0.51% | 2,808 | $886K | Reduce -4.3% |
| BX Blackstone Inc. | 0.50% | 5,111 | $873K | Add +2.2% |
| WMT Walmart Inc. | 0.50% | 8,398 | $865K | Reduce -6.1% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.50% | 8,399 | $862K | Add +14.1% |
| LNG Cheniere Energy Inc. | 0.47% | 3,514 | $826K | Add +3.5% |
| LLY Eli Lilly & Co. | 0.47% | 1,067 | $814K | Add +0.2% |
| HON Honeywell International Inc. | 0.44% | 3,674 | $773K | Add +3.6% |
| GOOG Alphabet Inc. Class C | 0.44% | 3,153 | $768K | Reduce -2.5% |
| CVX Chevron Corp. | 0.44% | 4,943 | $768K | Add +1.8% |
| MRVL Marvell Technology Inc. | 0.44% | 9,117 | $766K | Add +4.3% |
| KO The Coca-Cola Co. | 0.44% | 11,508 | $763K | Add +3.6% |
| BA The Boeing Co. | 0.43% | 3,490 | $753K | Add +4.1% |
| CTRA Coterra Energy Inc. | 0.43% | 31,778 | $752K | Add +1.2% |
| GEHC GE Healthcare Technology | 0.42% | 9,782 | $735K | Add +2.8% |
| AVGO Broadcom Inc. | 0.40% | 2,125 | $701K | Reduce -8.0% |
| DVN Devon Energy Corp. | 0.39% | 19,423 | $681K | Add +2.2% |
| FANG Diamondback Energy Inc. | 0.38% | 4,623 | $662K | Add +3.4% |
| AMGN Amgen Inc. | 0.37% | 2,294 | $647K | Reduce -8.9% |
| LEO BNY Mellon Strategic Muni | 0.37% | 102,071 | $638K | Reduce -14.9% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.36% | 1,370 | $635K | No change |
| IGLB iShares 10+ Year Inv GR Corp. | 0.35% | 11,917 | $614K | Add +10.9% |
| LMT Lockheed Martin Corp. | 0.29% | 1,018 | $508K | Reduce -5.6% |
| CAVA Cava Group Inc. | 0.21% | 6,174 | $373K | Add +2.1% |
| WSC Willscot Holdings Corp. | 0.21% | 17,186 | $363K | Add +0.9% |
| ABBV Abbvie Inc. | 0.20% | 1,524 | $353K | Reduce -13.3% |
| IYW iShares Ustechnology ETF | 0.20% | 1,741 | $341K | No change |
| HD Home Depot Inc. | 0.19% | 811 | $329K | Add +16.2% |
| V Visa Inc. Class A | 0.19% | 958 | $327K | Reduce -2.3% |
| DLR Digital Realty Trust Inc. | 0.17% | 1,753 | $303K | Add +0.9% |
| PEG Public Service Enterprise GP | 0.14% | 2,997 | $250K | No change |
| RTX RTX Corp. | 0.14% | 1,487 | $249K | New |
| PG The Procter & Gamble Co. | 0.14% | 1,556 | $239K | Reduce -10.5% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.13% | 4,400 | $220K | No change |
| CSX CSX Corp. | 0.12% | 5,803 | $206K | New |
Portfolio Sells Q2 2025 → Q3 2025
| HACK Amplify Cybersecurity ETF | Reduce -1.7% | 3.75% | −0.46 |
| JPC Nuveen Prefered & Income Opp | Reduce -2.8% | 2.04% | −0.24 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −0.21 |
| IWO iShares Russell 2000 Growth | Reduce -4.0% | 6.24% | −0.19 |
| IBM Intl Business Machines Corp. | Reduce -7.2% | 0.73% | −0.18 |
| DKNG Draftkings Inc. Class A | Reduce -0.8% | 0.54% | −0.15 |
| MSFT Microsoft Corp. | Reduce -4.7% | 1.29% | −0.15 |
| AMZN Amazon.com Inc. | Reduce -0.2% | 1.21% | −0.13 |
| DIS The Walt Disney Co. | Reduce -0.9% | 0.61% | −0.13 |
| XLK SS Technology Select Sector | Reduce -2.1% | 6.91% | −0.12 |
| LEO BNY Mellon Strategic Muni | Reduce -14.9% | 0.37% | −0.09 |
| AMGN Amgen Inc. | Reduce -8.9% | 0.37% | −0.08 |
| AAPL Apple Inc. | Reduce -14.2% | 1.75% | −0.07 |
| WMT Walmart Inc. | Reduce -6.1% | 0.50% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -10.5% | 0.14% | −0.04 |
| NET Cloudflare Inc. Class A | Reduce -3.3% | 0.82% | −0.04 |
| V Visa Inc. Class A | Reduce -2.3% | 0.19% | −0.03 |
| JPM JPMorgan Chase & Co. | Reduce -4.3% | 0.51% | −0.03 |
| LMT Lockheed Martin Corp. | Reduce -5.6% | 0.29% | −0.03 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -0.0% | 0.88% | −0.02 |
| ABBV Abbvie Inc. | Reduce -13.3% | 0.20% | −0.01 |
| AVGO Broadcom Inc. | Reduce -8.0% | 0.40% | −0.00 |
| NVDA Nvidia Corp. | Reduce -3.3% | 1.29% | +0.04 |
| GOOG Alphabet Inc. Class C | Reduce -2.5% | 0.44% | +0.08 |
| GOOGL Alphabet Inc. Class A | Reduce -10.3% | 0.74% | +0.08 |
Portfolio Buys Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +9.1% | 22.49% | +1.30 |
| IVE iShares S&P 500 Value ETF | Add +10.2% | 11.00% | +0.53 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +10.8% | 21.16% | +0.31 |
| TSLA Tesla Inc. | Add +2.1% | 0.71% | +0.16 |
| RTX RTX Corp. | New | 0.14% | +0.14 |
| ORCL Oracle Corp. | Add +1.1% | 0.92% | +0.14 |
| CSX CSX Corp. | New | 0.12% | +0.12 |
| PLTR Palantir Technologies Inc. Class A | Add +5.1% | 0.51% | +0.11 |
| JEF Jefferies Financial Group Inc. | Add +5.7% | 0.58% | +0.07 |
| TROW T Rowe Price Group Inc. | Add +14.1% | 0.50% | +0.04 |
| HD Home Depot Inc. | Add +16.2% | 0.19% | +0.03 |
| BX Blackstone Inc. | Add +2.2% | 0.50% | +0.03 |
| AEP American Electric Power | Add +4.5% | 0.55% | +0.01 |
| MRVL Marvell Technology Inc. | Add +4.3% | 0.44% | +0.01 |
| IGLB iShares 10+ Year Inv GR Corp. | Add +10.9% | 0.35% | +0.01 |
| DVN Devon Energy Corp. | Add +2.2% | 0.39% | +0.01 |
| CVX Chevron Corp. | Add +1.8% | 0.44% | −0.00 |
| FANG Diamondback Energy Inc. | Add +3.4% | 0.38% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +4.4% | 0.51% | −0.01 |
| BA The Boeing Co. | Add +4.1% | 0.43% | −0.01 |
| DLR Digital Realty Trust Inc. | Add +0.9% | 0.17% | −0.02 |
| GEHC GE Healthcare Technology | Add +2.8% | 0.42% | −0.03 |
| ETN Eaton Corp. PLC | Add +0.2% | 0.55% | −0.03 |
| LNG Cheniere Energy Inc. | Add +3.5% | 0.47% | −0.05 |
| LLY Eli Lilly & Co. | Add +0.2% | 0.47% | −0.06 |
| KO The Coca-Cola Co. | Add +3.6% | 0.44% | −0.06 |
| CTRA Coterra Energy Inc. | Add +1.2% | 0.43% | −0.08 |
| META Meta Platforms Inc. Class A | Add +1.4% | 0.80% | −0.08 |
| HON Honeywell International Inc. | Add +3.6% | 0.44% | −0.08 |
| WSC Willscot Holdings Corp. | Add +0.9% | 0.21% | −0.09 |
| CAVA Cava Group Inc. | Add +2.1% | 0.21% | −0.11 |
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 |