Thor Investment Management Inc. /Oh/ In its 13F for Q1 2025 (holdings as of March 31, 2025, filed July 20, 2026), Thor Investment Management Inc. /Oh/ reported 35 stock positions worth $136.2 million . Its top holding was Vaneck Junior Gold Miners (GDXJ) at 19.2% of the portfolio, followed by Quadratic Int Rte Vol Infl H (IVOL, 17.3% ) and Cheniere Energy (LNG, 5.3% ). Compared with Q4 2024, it sold out of 5, added to 29 and reduced 5. The biggest buy was Vaneck Junior Gold Miners (GDXJ, shares +0% ) and the biggest sale an exit from Emcor (EME).
Location CINCINNATI, OH
CIK 0000883734
Portfolio Value $136.2M (Q1 2025) Holdings 35 stocks · $136.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 GDXJ Vaneck Junior Gold Miners 456,068 $26.1M Add +0.4% IVOL Quadratic Int Rte Vol Infl H 1,259,803 $23.5M Reduce -1.7% LNG Cheniere Energy Inc. 31,106 $7.2M Add +1.9% MLPX Global X MLP & Energy Infras 105,392 $6.7M Add +2.4% GILD Gilead Sciences Inc. 52,211 $5.9M Reduce -0.4% COM Direxion Auspice BRD Cmdty 186,471 $5.5M Add +1.9% BMY Bristol-Myers Squibb Co. 87,026 $5.3M Add +2.3% GDDY GoDaddy Inc. Class A 28,997 $5.2M Add +1.0% PBF PBF Energy Inc. Class A 179,111 $3.4M Add +13.3% AER Aercap Holdings NV 33,064 $3.4M Reduce -2.3% NOMD Nomad Foods Ltd. 168,008 $3.3M Add +6.2% ASO Academy Sports & Outdoors Inc. 71,685 $3.3M Add +5.0% GNRC Generac Holdings Inc. 25,384 $3.2M Add +3.7% ICE Intercontinental Exchange Inc. 17,606 $3.0M Add +2.5% VRT Vertiv Holdings Co. Class A 37,353 $2.7M Add +1.1% APLD Applied Digital Corp. 426,475 $2.4M Add +7.3% OEC Orion SA 171,903 $2.2M Add +7.6% PUMP Propetro Holding Corp. 291,565 $2.1M Add +4.5% HAS Hasbro Inc. 34,250 $2.1M Add +5.0% MLPA Global X MLP ETF 37,301 $2.0M Add +0.1% SGDM Sprott Gold Miners ETF 51,013 $1.9M Reduce -0.0% GDX Vaneck Gold Miners ETF 35,624 $1.6M Add +2.2% PG The Procter & Gamble Co. 9,450 $1.6M Add +1.9% LKQ LKQ Corp. 37,682 $1.6M Add +2.0% ICLR Icon PLC 9,129 $1.6M Add +6.1% BIIB Biogen Inc. 10,971 $1.5M Add +22.3% CRM Salesforce Inc. 5,444 $1.5M Add +4.0% KLAC KLA Corp. 2,066 $1.4M Add +1.0% APTV Aptiv PLC 19,576 $1.2M Add +1.8% DBMF Imgp Dbi MFT STR ETF-Usd Inc. 42,962 $1.1M Add +0.3% SCHW Schwab (charles) Corp. 10,707 $838K Add +0.3% AVDV Avantis Intl S/C Value ETF 11,634 $811K Add +1.1% EEMS iShares MSCI Emerging MKT SM 6,951 $387K Reduce -6.5% VTV Vanguard Mrngstr Val ETF-Aui 2,035 $352K No change AAPL Apple Inc. 1,195 $265K Add +1.1%
Options reported separately and not counted above: GDXJ calls ($69K), GILD calls ($45K), PBF calls ($25K), BMY calls ($12K), APTV calls ($12K).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ EME Emcor Group Inc. Sold out 0.00% −0.27 IVOL Quadratic Int Rte Vol Infl H Reduce -1.7% 17.28% −0.25 MSFT Microsoft Corp. Sold out 0.00% −0.23 GOOGL Alphabet Inc. Class A Sold out 0.00% −0.19 DUK Duke Energy Corp. Sold out 0.00% −0.18 IJH iShares Core S&P Midcap ETF Sold out 0.00% −0.16 EEMS iShares MSCI Emerging MKT SM Reduce -6.5% 0.28% −0.05 AER Aercap Holdings NV Reduce -2.3% 2.48% −0.02 SGDM Sprott Gold Miners ETF Reduce -0.0% 1.42% +0.33 GILD Gilead Sciences Inc. Reduce -0.4% 4.29% +0.56
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ GDXJ Vaneck Junior Gold Miners Add +0.4% 19.15% +4.19 NOMD Nomad Foods Ltd. Add +6.2% 2.42% +0.38 GDX Vaneck Gold Miners ETF Add +2.2% 1.20% +0.29 ICE Intercontinental Exchange Inc. Add +2.5% 2.23% +0.26 LNG Cheniere Energy Inc. Add +1.9% 5.28% +0.23 BMY Bristol-Myers Squibb Co. Add +2.3% 3.90% +0.19 HAS Hasbro Inc. Add +5.0% 1.55% +0.14 MLPX Global X MLP & Energy Infras Add +2.4% 4.94% +0.14 LKQ LKQ Corp. Add +2.0% 1.18% +0.13 BIIB Biogen Inc. Add +22.3% 1.10% +0.05 MLPA Global X MLP ETF Add +0.1% 1.46% +0.04 KLAC KLA Corp. Add +1.0% 1.03% +0.04 COM Direxion Auspice BRD Cmdty Add +1.9% 4.02% +0.03 AVDV Avantis Intl S/C Value ETF Add +1.1% 0.60% +0.02 SCHW Schwab (charles) Corp. Add +0.3% 0.62% +0.01 PG The Procter & Gamble Co. Add +1.9% 1.18% −0.02 AAPL Apple Inc. Add +1.1% 0.19% −0.03 APTV Aptiv PLC Add +1.8% 0.86% −0.04 DBMF Imgp Dbi MFT STR ETF-Usd Inc. Add +0.3% 0.80% −0.07 ICLR Icon PLC Add +6.1% 1.17% −0.22 CRM Salesforce Inc. Add +4.0% 1.07% −0.28 OEC Orion SA Add +7.6% 1.63% −0.31 PUMP Propetro Holding Corp. Add +4.5% 1.57% −0.43 GDDY GoDaddy Inc. Class A Add +1.0% 3.83% −0.53 GNRC Generac Holdings Inc. Add +3.7% 2.36% −0.56 APLD Applied Digital Corp. Add +7.3% 1.76% −0.58 ASO Academy Sports & Outdoors Inc. Add +5.0% 2.40% −0.62 PBF PBF Energy Inc. Class A Add +13.3% 2.51% −0.72 VRT Vertiv Holdings Co. Class A Add +1.1% 1.98% −1.25
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ GDXJ Vaneck Junior Gold Miners call Reduce -14.3% 1,200 $69K PUMP Propetro Holding Corp. call Sold out 4,700 $44Kbefore exit PBF PBF Energy Inc. Class A call Add +30.0% 1,300 $25K
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 48 $175.5M GDXJ, IVOL, VRT, APLD, PUMP Q1 2026 42 $188.1M GDXJ, IVOL, APLD, PUMP, LNG Q4 2025 39 $174.3M GDXJ, IVOL, APLD, MLPX, GILD Q3 2025 40 $166.0M GDXJ, IVOL, APLD, MLPX, LNG Q2 2025 40 $147.3M GDXJ, IVOL, LNG, MLPX, GILD Q1 2025 35 $136.2M GDXJ, IVOL, LNG, MLPX, GILD Q4 2024 40 $129.8M IVOL, GDXJ, LNG, MLPX, GDDY Q3 2024 43 $137.0M IVOL, GDXJ, GDDY, MLPX, LNG Q2 2024 42 $127.3M IVOL, GDXJ, GDDY, COM, MLPX Q1 2024 42 $126.1M IVOL, GDXJ, AER, PBF, GDDY