Thor Investment Management Inc. /Oh/ In its 13F for Q3 2025 (holdings as of September 30, 2025, filed July 9, 2026), Thor Investment Management Inc. /Oh/ reported 40 stock positions worth $166.0 million . Its top holding was Vaneck Junior Gold Miners (GDXJ) at 24.8% of the portfolio, followed by Quadratic Int Rte Vol Infl H (IVOL, 14.9% ) and Applied Digital (APLD, 5.8% ). Compared with Q2 2025, it opened 2 new positions, sold out of 2, added to 22 and reduced 12. The biggest buy was a new position in Lululemon Athletica (LULU) and the biggest sale Direxion Auspice BRD Cmdty (COM, shares −78% ).
Location CINCINNATI, OH
CIK 0000883734
Portfolio Value $166.0M (Q3 2025) Holdings 40 stocks · $166.0M 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 Q2 2025 GDXJ Vaneck Junior Gold Miners 415,941 $41.2M Reduce -1.8% IVOL Quadratic Int Rte Vol Infl H 1,286,178 $24.8M Add +2.2% APLD Applied Digital Corp. 422,866 $9.7M Reduce -6.0% MLPX Global X MLP & Energy Infras 117,128 $7.3M Add +8.3% LNG Cheniere Energy Inc. 31,257 $7.3M Add +0.8% PBF PBF Energy Inc. Class A 210,211 $6.3M Add +3.4% GILD Gilead Sciences Inc. 52,226 $5.8M Reduce -0.4% VRT Vertiv Holdings Co. Class A 36,931 $5.6M Reduce -1.3% GNRC Generac Holdings Inc. 26,333 $4.4M Add +2.4% BMY Bristol-Myers Squibb Co. 94,133 $4.2M Add +6.0% LULU Lululemon Athletica Inc. 19,338 $3.4M New ASO Academy Sports & Outdoors Inc. 63,476 $3.2M Reduce -13.7% ICE Intercontinental Exchange Inc. 17,981 $3.0M Add +1.9% SGDM Sprott Gold Miners ETF 48,705 $3.0M Reduce -0.2% ADBE Adobe Inc. 8,238 $2.9M New HAS Hasbro Inc. 36,827 $2.8M Add +6.7% GDDY GoDaddy Inc. Class A 20,306 $2.8M Reduce -29.6% PUMP Propetro Holding Corp. 503,669 $2.6M Add +56.6% GDX Vaneck Gold Miners ETF 32,593 $2.5M Reduce -5.6% NOMD Nomad Foods Ltd. 177,109 $2.3M Add +3.5% ICLR Icon PLC 12,049 $2.1M Add +89.0% MLPA Global X MLP ETF 37,569 $1.8M Add +0.5% APTV Aptiv PLC 19,580 $1.7M Add +0.9% OSW Onespaworld Holdings Ltd. 76,893 $1.6M Add +4.0% OEC Orion SA 206,561 $1.6M Add +15.3% PG The Procter & Gamble Co. 9,097 $1.4M Reduce -0.1% CRM Salesforce Inc. 5,655 $1.3M Add +1.6% ROP Roper Technologies Inc. 2,493 $1.2M Add +6.7% COM Direxion Auspice BRD Cmdty 41,518 $1.2M Reduce -77.5% BIIB Biogen Inc. 8,238 $1.2M Add +13.8% LKQ LKQ Corp. 36,404 $1.1M Reduce -4.5% SCHW Schwab (charles) Corp. 10,770 $1.0M Add +0.3% DBMF Imgp Dbi MFT STR ETF-Usd Inc. 32,790 $895K Reduce -24.2% AVDV Avantis Intl S/C Value ETF 5,447 $485K Add +1.4% EEMS iShares MSCI Emerging MKT SM 7,102 $482K Add +6.3% AAPL Apple Inc. 1,687 $430K Add +55.3% VTV Vanguard Mrngstr Val ETF-Aui 2,035 $380K No change EME Emcor Group Inc. 410 $266K No change TNGY Tortoise Energy ETF 27,754 $252K No change IJH iShares Core S&P Midcap ETF 3,400 $222K No change
Options reported separately and not counted above: PUMP calls ($49K), GDXJ calls ($40K), GILD calls ($33K), PBF calls ($24K), BMY calls ($23K), APTV calls ($17K).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ COM Direxion Auspice BRD Cmdty Reduce -77.5% 0.72% −2.75 AER Aercap Holdings NV Sold out 0.00% −2.69 GDDY GoDaddy Inc. Class A Reduce -29.6% 1.67% −1.85 KLAC KLA Corp. Sold out 0.00% −1.26 GILD Gilead Sciences Inc. Reduce -0.4% 3.49% −0.46 ASO Academy Sports & Outdoors Inc. Reduce -13.7% 1.91% −0.33 LKQ LKQ Corp. Reduce -4.5% 0.67% −0.29 DBMF Imgp Dbi MFT STR ETF-Usd Inc. Reduce -24.2% 0.54% −0.22 PG The Procter & Gamble Co. Reduce -0.1% 0.84% −0.14 VRT Vertiv Holdings Co. Class A Reduce -1.3% 3.36% +0.10 GDX Vaneck Gold Miners ETF Reduce -5.6% 1.50% +0.28 SGDM Sprott Gold Miners ETF Reduce -0.2% 1.82% +0.32 APLD Applied Digital Corp. Reduce -6.0% 5.84% +2.77 GDXJ Vaneck Junior Gold Miners Reduce -1.8% 24.81% +5.37
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ LULU Lululemon Athletica Inc. New 2.07% +2.07 ADBE Adobe Inc. New 1.75% +1.75 PBF PBF Energy Inc. Class A Add +3.4% 3.82% +0.83 ICLR Icon PLC Add +89.0% 1.27% +0.64 PUMP Propetro Holding Corp. Add +56.6% 1.59% +0.29 GNRC Generac Holdings Inc. Add +2.4% 2.65% +0.15 APTV Aptiv PLC Add +0.9% 1.02% +0.12 AAPL Apple Inc. Add +55.3% 0.26% +0.11 BIIB Biogen Inc. Add +13.8% 0.69% +0.08 AVDV Avantis Intl S/C Value ETF Add +1.4% 0.29% +0.00 EEMS iShares MSCI Emerging MKT SM Add +6.3% 0.29% −0.00 OSW Onespaworld Holdings Ltd. Add +4.0% 0.98% −0.04 SCHW Schwab (charles) Corp. Add +0.3% 0.62% −0.05 HAS Hasbro Inc. Add +6.7% 1.68% −0.05 ROP Roper Technologies Inc. Add +6.7% 0.75% −0.15 MLPX Global X MLP & Energy Infras Add +8.3% 4.42% −0.18 MLPA Global X MLP ETF Add +0.5% 1.10% −0.18 CRM Salesforce Inc. Add +1.6% 0.81% −0.22 BMY Bristol-Myers Squibb Co. Add +6.0% 2.56% −0.23 OEC Orion SA Add +15.3% 0.94% −0.33 ICE Intercontinental Exchange Inc. Add +1.9% 1.82% −0.37 NOMD Nomad Foods Ltd. Add +3.5% 1.40% −0.57 LNG Cheniere Energy Inc. Add +0.8% 4.42% −0.70 IVOL Quadratic Int Rte Vol Infl H Add +2.2% 14.94% −1.78
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ PUMP Propetro Holding Corp. call New 9,400 $49K GDXJ Vaneck Junior Gold Miners call Reduce -60.0% 400 $40K PBF PBF Energy Inc. Class A call Reduce -38.5% 800 $24K
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