Thomist Capital Management, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Thomist Capital Management, LP reported 59 stock positions worth $320.9 million. Its top holding was Seadrill (SDRL) at 12.1% of the portfolio, followed by Bunge Global (BG, 6.9%) and Darling Ingredients (DAR, 6.4%). Compared with Q2 2025, it opened 37 new positions, sold out of 13, added to 15 and reduced 7. The biggest buy was a new position in Bunge Global (BG) and the biggest sale Commercial Metals (CMC, shares −92%).
- Most Recent 13F
- Q2 2026
- Location
- Houston, TX
- CIK
- 0001767809
- Portfolio Value
- $320.9M (Q3 2025)
- SEC Filing
- 0001420506-25-003334 ↗ filed Nov 14, 2025
Holdings Value
Holdings 59 stocks · $320.9M
| SDRL Seadrill Limited | 12.08% | 1,269,299 | $38.7M | Reduce -0.3% |
| BG Bunge Global SA | 6.85% | 266,664 | $22.0M | New |
| DAR Darling Ingredients Inc. | 6.37% | 667,347 | $20.5M | Add +580.6% |
| VLO Valero Energy Corp. | 6.16% | 114,900 | $19.8M | New |
| GLD SPDR Gold Shares | 5.31% | 48,300 | $17.0M | Add +228.6% |
| DINO HF Sinclair Corp. | 5.11% | 312,400 | $16.4M | Add +342.5% |
| OLN Olin Corp. | 4.75% | 623,386 | $15.2M | Add +147.1% |
| KRE SS SPDR S&P Regional Bank | 4.25% | 214,300 | $13.6M | New |
| IAG Iamgold Corp. | 4.20% | 1,050,227 | $13.5M | Add +163.6% |
| RIO Rio Tinto PLC-Spon ADR | 3.58% | 174,400 | $11.5M | New |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 3.12% | 1,018,106 | $10.0M | New |
| ADM Archer-Daniels-Midland Co. | 2.39% | 127,300 | $7.7M | New |
| TSN Tyson Foods Inc. Class A | 2.22% | 131,298 | $7.1M | Add +20.4% |
| B Barrick Mining Corp. | 2.10% | 203,000 | $6.7M | New |
| BTU Peabody Energy Corp. | 2.07% | 247,600 | $6.6M | New |
| VLRS Controladora Vuela Cia-ADR | 2.07% | 972,195 | $6.6M | New |
| GSM Ferroglobe PLC | 2.03% | 1,494,911 | $6.5M | Add +5.3% |
| SHW The Sherwin-Williams Co. | 2.00% | 18,700 | $6.4M | New |
| STLD Steel Dynamics Inc. | 1.94% | 44,770 | $6.2M | New |
| IBIT iShares Bitcoin Trust ETF | 1.88% | 92,900 | $6.0M | New |
| SCCO Southern Copper Corp. | 1.84% | 48,700 | $5.9M | New |
| AMZN Amazon.com Inc. | 1.59% | 22,900 | $5.1M | New |
| EXE Expand Energy Corp. | 1.39% | 41,900 | $4.5M | New |
| RRC Range Resources Corp. | 1.35% | 115,900 | $4.3M | New |
| SGML Sigma Lithium Corp. | 1.21% | 570,089 | $3.9M | Add +31.4% |
| WLK Westlake Corp. | 1.11% | 46,200 | $3.6M | Reduce -35.5% |
| CENX Century Aluminum Company | 0.77% | 83,991 | $2.5M | Reduce -62.1% |
| NUE Nucor Corp. | 0.76% | 17,900 | $2.4M | New |
| AR Antero Resources Corp. | 0.68% | 64,900 | $2.2M | New |
| EQT Eqt Corp. | 0.66% | 38,800 | $2.1M | New |
| CIVI Civitas Resources Inc. | 0.64% | 61,300 | $2.0M | New |
| GPOR Gulfport Energy Corp. | 0.63% | 11,300 | $2.0M | New |
| PARR Par Pacific Holdings Inc. | 0.60% | 54,200 | $1.9M | Reduce -71.8% |
| LUV Southwest Airlines Co. | 0.56% | 55,410 | $1.8M | Add +109.1% |
| HOG Harley-Davidson Inc. | 0.52% | 57,850 | $1.7M | New |
| PII Polaris Inc. | 0.43% | 23,391 | $1.4M | Add +211.9% |
| CMC Commercial Metals Co. | 0.40% | 22,600 | $1.3M | Reduce -92.4% |
| CWH Camping World Holdings Inc. Class A | 0.39% | 76,865 | $1.2M | Add +180.5% |
| WGO Winnebago Industries | 0.36% | 34,315 | $1.2M | Add +67.4% |
| INVX Innovex International Inc. | 0.35% | 60,909 | $1.1M | Add +25.3% |
| XHB SS SPDR S&P Homebldrs ETF | 0.31% | 9,000 | $996K | New |
| GPRE Green Plains Inc. | 0.30% | 103,800 | $950K | New |
| THO Thor Industries Inc. | 0.29% | 8,820 | $924K | Add +63.3% |
| DOO BRP Inc./Ca- Sub Voting | 0.26% | 13,980 | $845K | Add +88.9% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.26% | 14,070 | $823K | New |
| SLSR Solaris Resources Inc. | 0.25% | 126,800 | $806K | New |
| LTM Latam Airlines Group SA-ADR | 0.25% | 17,945 | $801K | New |
| SD Sandridge Energy Inc. | 0.21% | 59,200 | $666K | New |
| CPA Copa Holdings SA Class A | 0.18% | 4,875 | $581K | New |
| SKYW Skywest Inc. | 0.17% | 5,545 | $558K | New |
| VTWO Vanguard Russell 2000 ETF | 0.13% | 4,151 | $405K | New |
| RGR Sturm Ruger & Co. Inc. | 0.12% | 9,000 | $385K | New |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.11% | 28,300 | $339K | Reduce -33.7% |
| NCLH Norwegian Cruise Line Holdin | 0.10% | 12,708 | $315K | New |
| APLD Applied Digital Corp. | 0.10% | 14,000 | $310K | New |
| SPHR Sphere Entertainment Co. | 0.10% | 4,990 | $310K | Reduce -0.2% |
| WBI Waterbridge Infrastruc Class A | 0.08% | 10,000 | $245K | New |
| EVEX Eve Holding Inc. filed as EVE HLDG INC | 0.06% | 48,596 | $189K | New |
| EVLV Evolv Technologies Holdings | 0.04% | 17,400 | $137K | New |
Options reported separately and not counted above: SPDR SERIES TRUST calls ($55.1M), NUTRIEN LTD puts ($47.7M), STATE STR SPDR S&P 500 ETF T puts ($33.3M), BUNGE GLOBAL SA calls ($8.1M), AMPLIFY ENERGY CORP NEW calls ($7.9M), CLEVELAND-CLIFFS INC NEW calls ($6.1M), IREN LIMITED puts ($6.1M), SABLE OFFSHORE CORP calls ($4.2M), HUNTSMAN CORP calls ($2.7M), OLIN CORP calls ($2.5M), TRONOX HOLDINGS PLC calls ($2.0M), PLUG PWR INC puts ($1.9M), and 5 more.
Portfolio Sells Q2 2025 → Q3 2025
| CMC Commercial Metals Co. | Reduce -92.4% | 0.40% | −8.61 |
| HBM Hudbay Minerals Inc. | Sold out | 0.00% | −8.08 |
| SDRL Seadrill Limited | Reduce -0.3% | 12.08% | −7.93 |
| DK Delek US Holdings Inc. | Sold out | 0.00% | −7.87 |
| METC Ramaco Resources Inc. Class A | Sold out | 0.00% | −6.66 |
| AA Alcoa Corp. | Sold out | 0.00% | −4.47 |
| IPX Iperionx Ltd. - ADR | Sold out | 0.00% | −3.52 |
| MTDR Matador Resources Co. | Sold out | 0.00% | −2.59 |
| PARR Par Pacific Holdings Inc. | Reduce -71.8% | 0.60% | −2.48 |
| WLK Westlake Corp. | Reduce -35.5% | 1.11% | −2.18 |
| TKR Timken Co. | Sold out | 0.00% | −1.85 |
| CENX Century Aluminum Company | Reduce -62.1% | 0.77% | −1.64 |
| LBRT Liberty Energy Inc. | Sold out | 0.00% | −1.48 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −0.96 |
| PEJ Invesco Leisure & Entertainm | Sold out | 0.00% | −0.84 |
| IREN Iren Ltd. | Sold out | 0.00% | −0.57 |
| SM SM Energy Co. | Sold out | 0.00% | −0.56 |
| RIOT Riot Platforms Inc. | Sold out | 0.00% | −0.52 |
| SNCY Sun Country Airlines Holding | Reduce -33.7% | 0.11% | −0.20 |
| SPHR Sphere Entertainment Co. | Reduce -0.2% | 0.10% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| BG Bunge Global SA | New | 6.85% | +6.85 |
| VLO Valero Energy Corp. | New | 6.16% | +6.16 |
| KRE SS SPDR S&P Regional Bank | New | 4.25% | +4.25 |
| DAR Darling Ingredients Inc. | Add +580.6% | 6.37% | +4.12 |
| RIO Rio Tinto PLC-Spon ADR | New | 3.58% | +3.58 |
| DINO HF Sinclair Corp. | Add +342.5% | 5.11% | +3.36 |
| ARIS Aris Mining Corp. | New | 3.12% | +3.12 |
| GLD SPDR Gold Shares | Add +228.6% | 5.31% | +2.64 |
| IAG Iamgold Corp. | Add +163.6% | 4.20% | +2.50 |
| ADM Archer-Daniels-Midland Co. | New | 2.39% | +2.39 |
| B Barrick Mining Corp. | New | 2.10% | +2.10 |
| BTU Peabody Energy Corp. | New | 2.07% | +2.07 |
| VLRS Controladora Vuela Cia-ADR | New | 2.07% | +2.07 |
| SHW The Sherwin-Williams Co. | New | 2.00% | +2.00 |
| STLD Steel Dynamics Inc. | New | 1.94% | +1.94 |
| IBIT iShares Bitcoin Trust ETF | New | 1.88% | +1.88 |
| SCCO Southern Copper Corp. | New | 1.84% | +1.84 |
| OLN Olin Corp. | Add +147.1% | 4.75% | +1.64 |
| AMZN Amazon.com Inc. | New | 1.59% | +1.59 |
| EXE Expand Energy Corp. | New | 1.39% | +1.39 |
| RRC Range Resources Corp. | New | 1.35% | +1.35 |
| NUE Nucor Corp. | New | 0.76% | +0.76 |
| AR Antero Resources Corp. | New | 0.68% | +0.68 |
| EQT Eqt Corp. | New | 0.66% | +0.66 |
| CIVI Civitas Resources Inc. | New | 0.64% | +0.64 |
| GPOR Gulfport Energy Corp. | New | 0.63% | +0.63 |
| HOG Harley-Davidson Inc. | New | 0.52% | +0.52 |
| XHB SS SPDR S&P Homebldrs ETF | New | 0.31% | +0.31 |
| GPRE Green Plains Inc. | New | 0.30% | +0.30 |
| RYAAY Ryanair Holdings PLC-SP ADR | New | 0.26% | +0.26 |
| SLSR Solaris Resources Inc. | New | 0.25% | +0.25 |
| LTM Latam Airlines Group SA-ADR | New | 0.25% | +0.25 |
| PII Polaris Inc. | Add +211.9% | 0.43% | +0.25 |
| SD Sandridge Energy Inc. | New | 0.21% | +0.21 |
| CPA Copa Holdings SA Class A | New | 0.18% | +0.18 |
| SKYW Skywest Inc. | New | 0.17% | +0.17 |
| VTWO Vanguard Russell 2000 ETF | New | 0.13% | +0.13 |
| RGR Sturm Ruger & Co. Inc. | New | 0.12% | +0.12 |
| NCLH Norwegian Cruise Line Holdin | New | 0.10% | +0.10 |
| APLD Applied Digital Corp. | New | 0.10% | +0.10 |
| CWH Camping World Holdings Inc. Class A | Add +180.5% | 0.39% | +0.09 |
| WBI Waterbridge Infrastruc Class A | New | 0.08% | +0.08 |
| EVEX Eve Holding Inc. | New | 0.06% | +0.06 |
| LUV Southwest Airlines Co. | Add +109.1% | 0.56% | +0.05 |
| DOO BRP Inc./Ca- Sub Voting | Add +88.9% | 0.26% | +0.05 |
| EVLV Evolv Technologies Holdings | New | 0.04% | +0.04 |
| WGO Winnebago Industries | Add +67.4% | 0.36% | +0.00 |
| SGML Sigma Lithium Corp. | Add +31.4% | 1.21% | −0.00 |
| THO Thor Industries Inc. | Add +63.3% | 0.29% | −0.00 |
| INVX Innovex International Inc. | Add +25.3% | 0.35% | −0.11 |
Options Activity Q2 2025 → Q3 2025
| SPDR SERIES TRUST | call | New | 870,000 | $55.1M |
| NUTRIEN LTD | put | New | 813,000 | $47.7M |
| DK Delek US Holdings Inc. | call | Sold out | 2,100,000 | $47.0Mbefore exit |
| STATE STR SPDR S&P 500 ETF T | put | New | 50,000 | $33.3M |
| PARR Par Pacific Holdings Inc. | call | Sold out | 704,300 | $22.1Mbefore exit |
| METC Ramaco Resources Inc. Class A | call | Sold out | 735,100 | $15.0Mbefore exit |
| AA Alcoa Corp. | call | Sold out | 447,100 | $13.4Mbefore exit |
| BUNGE GLOBAL SA | call | New | 100,000 | $8.1M |
| AMPLIFY ENERGY CORP NEW | call | New | 1,500,000 | $7.9M |
| CLEVELAND-CLIFFS INC NEW | call | New | 500,300 | $6.1M |
| IREN LIMITED | put | New | 130,000 | $6.1M |
| SABLE OFFSHORE CORP | call | New | 240,000 | $4.2M |
| CLMT Calumet Inc. | call | Sold out | 200,000 | $3.2Mbefore exit |
| HUNTSMAN CORP | call | New | 300,000 | $2.7M |
| OLIN CORP | call | New | 100,000 | $2.5M |
| TRONOX HOLDINGS PLC | call | New | 500,000 | $2.0M |
| OLN Olin Corp. | call | Sold out | 100,000 | $1.9Mbefore exit |
| PLUG PWR INC | put | New | 800,000 | $1.9M |
| HYLIION HOLDINGS CORP | call | New | 927,600 | $1.8M |
| TERAWULF INC | put | New | 150,000 | $1.7M |
| OKLO INC | put | New | 15,100 | $1.7M |
| COREWEAVE INC | put | New | 10,000 | $1.4M |
| CIPHER MINING INC | put | New | 100,000 | $1.3M |
| ASTL Algoma Steel Group Inc. | call | Sold out | 100,000 | $535Kbefore exit |
| RUN Sunrun Inc. | call | Sold out | 20,000 | $205Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 38 | $271.0M | DAR, ARIS, DHT, CNR, GPRE |
| Q1 2026 | 43 | $292.5M | DINO, CNR, ARIS, STLD, DK |
| Q4 2025 | 58 | $366.6M | SDRL, SOC, CNR, MPC, B |
| Q3 2025 | 59 | $320.9M | SDRL, BG, DAR, VLO, GLD |
| Q2 2025 | 35 | $165.8M | SDRL, CMC, HBM, DK, METC |
| Q1 2025 | 33 | $237.7M | SDRL, SPY, DINO, SOC, HBM |
| Q4 2024 | 45 | $310.6M | STLD, ASTL, SDRL, CHRD, DAR |
| Q3 2024 | 28 | $396.1M | BTU, PSX, ASTL, CIVI, SDRL |
| Q2 2024 | 35 | $276.9M | BTU, ASTL, MPC, GSM, VOO |
| Q1 2024 | 26 | $238.9M | BTU, ASTL, MPC, SBOW, VOO |