Thoma Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 8, 2026), Thoma Capital Management LLC reported 60 stock positions worth $173.6 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 25.5% of the portfolio, followed by iShares 5-10Y Inv Grade (IGIB, 19.4%) and iShares S&P 500 Value ETF (IVE, 13.5%). Compared with Q3 2025, it opened 3 new positions, sold out of 2, added to 20 and reduced 32. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +11%) and the biggest sale iShares 5-10Y Inv Grade (IGIB, shares −8%).
- Most Recent 13F
- Q2 2026
- Location
- TOWSON, MD
- CIK
- 0002060298
- Portfolio Value
- $173.6M (Q4 2025)
- SEC Filing
- 0001172661-26-000045 ↗ filed Jan 8, 2026
Holdings Value
Holdings 60 stocks · $173.6M
| SPY SS SPDR S&P 500 ETF Trust-US | 25.53% | 64,997 | $44.3M | Add +10.6% |
| IGIB iShares 5-10Y Inv Grade Corp. | 19.39% | 624,646 | $33.7M | Reduce -8.3% |
| IVE iShares S&P 500 Value ETF | 13.46% | 110,134 | $23.4M | Add +18.8% |
| XLK SS Technology Select Sector | 5.69% | 68,574 | $9.9M | Reduce -19.7% |
| IWO iShares Russell 2000 Growth | 4.92% | 26,454 | $8.5M | Reduce -22.1% |
| HACK Amplify Cybersecurity ETF | 3.02% | 65,291 | $5.2M | Reduce -13.3% |
| IGLB iShares 10+ Year Inv GR Corp. | 2.33% | 80,209 | $4.0M | Add +573.1% |
| AAPL Apple Inc. | 1.77% | 11,291 | $3.1M | Reduce -5.7% |
| NVDA Nvidia Corp. | 1.17% | 10,843 | $2.0M | Reduce -10.2% |
| AMZN Amazon.com Inc. | 1.15% | 8,666 | $2.0M | Reduce -9.5% |
| MSFT Microsoft Corp. | 1.14% | 4,078 | $2.0M | Reduce -6.2% |
| GOOGL Alphabet Inc. Class A | 0.85% | 4,693 | $1.5M | Reduce -11.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.82% | 2,326 | $1.4M | Reduce -8.8% |
| JPC Nuveen Prefered & Income Opp | 0.72% | 154,498 | $1.3M | Reduce -64.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.72% | 4,195 | $1.2M | Reduce -7.2% |
| TSLA Tesla Inc. | 0.70% | 2,688 | $1.2M | Reduce -3.6% |
| META Meta Platforms Inc. Class A | 0.69% | 1,818 | $1.2M | Reduce -4.1% |
| NET Cloudflare Inc. Class A | 0.69% | 6,036 | $1.2M | Reduce -9.1% |
| LLY Eli Lilly & Co. | 0.62% | 1,003 | $1.1M | Reduce -6.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.61% | 9,367 | $1.1M | Add +1.0% |
| ORCL Oracle Corp. | 0.56% | 4,980 | $971K | Reduce -12.7% |
| AEP American Electric Power | 0.56% | 8,379 | $966K | Reduce -2.4% |
| GOOG Alphabet Inc. Class C | 0.56% | 3,076 | $965K | Reduce -2.4% |
| WMT Walmart Inc. | 0.54% | 8,365 | $932K | Reduce -0.4% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.53% | 8,951 | $916K | Add +6.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.52% | 1,796 | $903K | Add +1.8% |
| PLTR Palantir Technologies Inc. Class A | 0.52% | 5,042 | $896K | Add +3.7% |
| DKNG Draftkings Inc. Class A | 0.48% | 24,431 | $842K | Reduce -2.5% |
| JPM JPMorgan Chase & Co. | 0.48% | 2,588 | $834K | Reduce -7.8% |
| GEHC GE Healthcare Technology | 0.47% | 9,918 | $814K | Add +1.4% |
| CTRA Coterra Energy Inc. | 0.47% | 30,867 | $812K | Reduce -2.9% |
| KO The Coca-Cola Co. | 0.46% | 11,530 | $806K | Add +0.2% |
| BX Blackstone Inc. | 0.46% | 5,208 | $803K | Add +1.9% |
| ETN Eaton Corp. PLC | 0.45% | 2,477 | $789K | Reduce -3.4% |
| BA The Boeing Co. | 0.44% | 3,519 | $764K | Add +0.8% |
| CVX Chevron Corp. | 0.44% | 4,993 | $761K | Add +1.0% |
| HON Honeywell International Inc. | 0.43% | 3,791 | $740K | Add +3.2% |
| MRVL Marvell Technology Inc. | 0.42% | 8,597 | $731K | Reduce -5.7% |
| DVN Devon Energy Corp. | 0.41% | 19,435 | $712K | Add +0.1% |
| FANG Diamondback Energy Inc. | 0.40% | 4,645 | $698K | Add +0.5% |
| LNG Cheniere Energy Inc. | 0.40% | 3,564 | $693K | Add +1.4% |
| AMGN Amgen Inc. | 0.40% | 2,115 | $692K | Reduce -7.8% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.38% | 1,370 | $658K | No change |
| AVGO Broadcom Inc. | 0.33% | 1,676 | $580K | Reduce -21.1% |
| VONG Vanguard Russell 1000 Growth | 0.33% | 4,646 | $566K | New |
| LMT Lockheed Martin Corp. | 0.28% | 1,018 | $492K | No change |
| DLR Digital Realty Trust Inc. | 0.25% | 2,751 | $426K | Add +56.9% |
| V Visa Inc. Class A | 0.23% | 1,134 | $398K | Add +18.4% |
| SGOV iShares 0-3 Month Treasury B | 0.20% | 3,476 | $349K | New |
| ABBV Abbvie Inc. | 0.20% | 1,496 | $342K | Reduce -1.8% |
| RTX RTX Corp. | 0.20% | 1,847 | $339K | Add +24.2% |
| HD Home Depot Inc. | 0.20% | 984 | $339K | Add +21.3% |
| IYW iShares Ustechnology ETF | 0.17% | 1,514 | $302K | Reduce -13.0% |
| CAVA Cava Group Inc. | 0.17% | 4,952 | $291K | Reduce -19.8% |
| PEG Public Service Enterprise GP | 0.14% | 2,997 | $241K | No change |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.13% | 4,400 | $221K | No change |
| CSX CSX Corp. | 0.12% | 5,803 | $210K | No change |
| IWP iShares Russell Mid-Cap Grow | 0.12% | 1,463 | $200K | New |
| WSC Willscot Holdings Corp. | 0.11% | 10,581 | $199K | Reduce -38.4% |
| LEO BNY Mellon Strategic Muni | 0.08% | 22,857 | $145K | Reduce -77.6% |
Portfolio Sells Q3 2025 → Q4 2025
| IGIB iShares 5-10Y Inv Grade Corp. | Reduce -8.3% | 19.39% | −1.77 |
| JPC Nuveen Prefered & Income Opp | Reduce -64.4% | 0.72% | −1.32 |
| IWO iShares Russell 2000 Growth | Reduce -22.1% | 4.92% | −1.32 |
| XLK SS Technology Select Sector | Reduce -19.7% | 5.69% | −1.22 |
| HACK Amplify Cybersecurity ETF | Reduce -13.3% | 3.02% | −0.73 |
| JEF Jefferies Financial Group Inc. | Sold out | 0.00% | −0.58 |
| ORCL Oracle Corp. | Reduce -12.7% | 0.56% | −0.36 |
| LEO BNY Mellon Strategic Muni | Reduce -77.6% | 0.08% | −0.28 |
| MSFT Microsoft Corp. | Reduce -6.2% | 1.14% | −0.16 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −0.14 |
| NET Cloudflare Inc. Class A | Reduce -9.1% | 0.69% | −0.13 |
| NVDA Nvidia Corp. | Reduce -10.2% | 1.17% | −0.13 |
| META Meta Platforms Inc. Class A | Reduce -4.1% | 0.69% | −0.11 |
| ETN Eaton Corp. PLC | Reduce -3.4% | 0.45% | −0.10 |
| WSC Willscot Holdings Corp. | Reduce -38.4% | 0.11% | −0.09 |
| AVGO Broadcom Inc. | Reduce -21.1% | 0.33% | −0.07 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -8.8% | 0.82% | −0.06 |
| AMZN Amazon.com Inc. | Reduce -9.5% | 1.15% | −0.06 |
| DKNG Draftkings Inc. Class A | Reduce -2.5% | 0.48% | −0.05 |
| CAVA Cava Group Inc. | Reduce -19.8% | 0.17% | −0.05 |
| JPM JPMorgan Chase & Co. | Reduce -7.8% | 0.48% | −0.03 |
| IYW iShares Ustechnology ETF | Reduce -13.0% | 0.17% | −0.02 |
| MRVL Marvell Technology Inc. | Reduce -5.7% | 0.42% | −0.02 |
| IBM Intl Business Machines Corp. | Reduce -7.2% | 0.72% | −0.02 |
| TSLA Tesla Inc. | Reduce -3.6% | 0.70% | −0.02 |
| ABBV Abbvie Inc. | Reduce -1.8% | 0.20% | −0.01 |
| AEP American Electric Power | Reduce -2.4% | 0.56% | +0.00 |
| AAPL Apple Inc. | Reduce -5.7% | 1.77% | +0.02 |
| AMGN Amgen Inc. | Reduce -7.8% | 0.40% | +0.03 |
| CTRA Coterra Energy Inc. | Reduce -2.9% | 0.47% | +0.04 |
| WMT Walmart Inc. | Reduce -0.4% | 0.54% | +0.04 |
| GOOGL Alphabet Inc. Class A | Reduce -11.3% | 0.85% | +0.11 |
| GOOG Alphabet Inc. Class C | Reduce -2.4% | 0.56% | +0.12 |
| LLY Eli Lilly & Co. | Reduce -6.0% | 0.62% | +0.15 |
Portfolio Buys Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +10.6% | 25.53% | +3.04 |
| IVE iShares S&P 500 Value ETF | Add +18.8% | 13.46% | +2.46 |
| IGLB iShares 10+ Year Inv GR Corp. | Add +573.1% | 2.33% | +1.98 |
| VONG Vanguard Russell 1000 Growth | New | 0.33% | +0.33 |
| SGOV iShares 0-3 Month Treasury B | New | 0.20% | +0.20 |
| IWP iShares Russell Mid-Cap Grow | New | 0.12% | +0.12 |
| DLR Digital Realty Trust Inc. | Add +56.9% | 0.25% | +0.07 |
| RTX RTX Corp. | Add +24.2% | 0.20% | +0.05 |
| GEHC GE Healthcare Technology | Add +1.4% | 0.47% | +0.05 |
| V Visa Inc. Class A | Add +18.4% | 0.23% | +0.04 |
| TROW T Rowe Price Group Inc. | Add +6.6% | 0.53% | +0.03 |
| KO The Coca-Cola Co. | Add +0.2% | 0.46% | +0.03 |
| FANG Diamondback Energy Inc. | Add +0.5% | 0.40% | +0.02 |
| DVN Devon Energy Corp. | Add +0.1% | 0.41% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.8% | 0.52% | +0.01 |
| BA The Boeing Co. | Add +0.8% | 0.44% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +3.7% | 0.52% | +0.01 |
| HD Home Depot Inc. | Add +21.3% | 0.20% | +0.01 |
| DIS The Walt Disney Co. | Add +1.0% | 0.61% | +0.00 |
| CVX Chevron Corp. | Add +1.0% | 0.44% | −0.00 |
| HON Honeywell International Inc. | Add +3.2% | 0.43% | −0.02 |
| BX Blackstone Inc. | Add +1.9% | 0.46% | −0.04 |
| LNG Cheniere Energy Inc. | Add +1.4% | 0.40% | −0.08 |
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 |