Thor Investment Management Inc. /Oh/ In its 13F for Q4 2025 (holdings as of December 31, 2025, filed July 9, 2026), Thor Investment Management Inc. /Oh/ reported 39 stock positions worth $174.3 million . Its top holding was Vaneck Junior Gold Miners (GDXJ) at 26.8% of the portfolio, followed by Quadratic Int Rte Vol Infl H (IVOL, 14.2% ) and Applied Digital (APLD, 5.7% ). Compared with Q3 2025, it sold out of 1, added to 22 and reduced 15. The biggest buy was Propetro (PUMP, shares +2% ) and the biggest sale PBF Energy Class A (PBF, shares −0% ).
Location CINCINNATI, OH
CIK 0000883734
Portfolio Value $174.3M (Q4 2025) Holdings 39 stocks · $174.3M 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 Q3 2025 GDXJ Vaneck Junior Gold Miners 410,090 $46.7M Reduce -1.4% IVOL Quadratic Int Rte Vol Infl H 1,293,108 $24.8M Add +0.5% APLD Applied Digital Corp. 406,502 $10.0M Reduce -3.9% MLPX Global X MLP & Energy Infras 127,726 $7.7M Add +9.1% GILD Gilead Sciences Inc. 52,069 $6.4M Reduce -0.3% LNG Cheniere Energy Inc. 31,532 $6.1M Add +0.9% PBF PBF Energy Inc. Class A 209,546 $5.7M Reduce -0.3% VRT Vertiv Holdings Co. Class A 34,571 $5.6M Reduce -6.4% BMY Bristol-Myers Squibb Co. 96,070 $5.2M Add +2.1% PUMP Propetro Holding Corp. 512,085 $4.9M Add +1.7% LULU Lululemon Athletica Inc. 20,084 $4.2M Add +3.9% GNRC Generac Holdings Inc. 27,005 $3.7M Add +2.5% SGDM Sprott Gold Miners ETF 48,280 $3.4M Reduce -0.9% ASO Academy Sports & Outdoors Inc. 63,572 $3.2M Add +0.1% HAS Hasbro Inc. 37,451 $3.1M Add +1.7% ICE Intercontinental Exchange Inc. 18,425 $3.0M Add +2.5% ADBE Adobe Inc. 8,414 $2.9M Add +2.1% GDX Vaneck Gold Miners ETF 32,272 $2.8M Reduce -1.0% GDDY GoDaddy Inc. Class A 20,305 $2.5M Reduce 0.0% NOMD Nomad Foods Ltd. 189,602 $2.4M Add +7.0% ICLR Icon PLC 12,220 $2.2M Add +1.4% MLPA Global X MLP ETF 37,748 $1.8M Add +0.5% OSW Onespaworld Holdings Ltd. 77,656 $1.6M Add +1.0% CRM Salesforce Inc. 5,751 $1.5M Add +1.7% APTV Aptiv PLC 19,773 $1.5M Add +1.0% BIIB Biogen Inc. 8,314 $1.5M Add +0.9% PG The Procter & Gamble Co. 8,818 $1.3M Reduce -3.1% COM Direxion Auspice BRD Cmdty 41,400 $1.2M Reduce -0.3% ROP Roper Technologies Inc. 2,692 $1.2M Add +8.0% OEC Orion SA 206,590 $1.1M Add +0.0% SCHW Schwab (charles) Corp. 10,801 $1.1M Add +0.3% LKQ LKQ Corp. 33,075 $999K Reduce -9.1% DBMF Imgp Dbi MFT STR ETF-Usd Inc. 32,739 $919K Reduce -0.2% AAPL Apple Inc. 1,960 $533K Add +16.2% AVDV Avantis Intl S/C Value ETF 5,111 $480K Reduce -6.2% EEMS iShares MSCI Emerging MKT SM 6,526 $440K Reduce -8.1% VTV Vanguard Mrngstr Val ETF-Aui 2,035 $389K No change TNGY Tortoise Energy ETF 27,754 $251K No change IJH iShares Core S&P Midcap ETF 3,290 $217K Reduce -3.2%
Options reported separately and not counted above: PUMP calls ($124K), GILD calls ($37K), GDXJ calls ($34K), BMY calls ($27K), OEC calls ($24K), PBF calls ($22K), BIIB calls ($18K), APTV calls ($15K).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ PBF PBF Energy Inc. Class A Reduce -0.3% 3.26% −0.56 GDDY GoDaddy Inc. Class A Reduce 0.0% 1.45% −0.23 EME Emcor Group Inc. Sold out 0.00% −0.16 VRT Vertiv Holdings Co. Class A Reduce -6.4% 3.21% −0.14 APLD Applied Digital Corp. Reduce -3.9% 5.72% −0.12 PG The Procter & Gamble Co. Reduce -3.1% 0.73% −0.12 LKQ LKQ Corp. Reduce -9.1% 0.57% −0.10 EEMS iShares MSCI Emerging MKT SM Reduce -8.1% 0.25% −0.04 AVDV Avantis Intl S/C Value ETF Reduce -6.2% 0.28% −0.02 COM Direxion Auspice BRD Cmdty Reduce -0.3% 0.70% −0.02 DBMF Imgp Dbi MFT STR ETF-Usd Inc. Reduce -0.2% 0.53% −0.01 IJH iShares Core S&P Midcap ETF Reduce -3.2% 0.12% −0.01 GDX Vaneck Gold Miners ETF Reduce -1.0% 1.59% +0.09 SGDM Sprott Gold Miners ETF Reduce -0.9% 1.93% +0.11 GILD Gilead Sciences Inc. Reduce -0.3% 3.67% +0.18 GDXJ Vaneck Junior Gold Miners Reduce -1.4% 26.77% +1.96
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ PUMP Propetro Holding Corp. Add +1.7% 2.79% +1.20 BMY Bristol-Myers Squibb Co. Add +2.1% 2.97% +0.42 LULU Lululemon Athletica Inc. Add +3.9% 2.39% +0.32 BIIB Biogen Inc. Add +0.9% 0.84% +0.14 HAS Hasbro Inc. Add +1.7% 1.76% +0.08 CRM Salesforce Inc. Add +1.7% 0.87% +0.07 AAPL Apple Inc. Add +16.2% 0.31% +0.05 MLPX Global X MLP & Energy Infras Add +9.1% 4.44% +0.01 ICLR Icon PLC Add +1.4% 1.28% +0.01 SCHW Schwab (charles) Corp. Add +0.3% 0.62% −0.00 NOMD Nomad Foods Ltd. Add +7.0% 1.36% −0.04 MLPA Global X MLP ETF Add +0.5% 1.05% −0.05 OSW Onespaworld Holdings Ltd. Add +1.0% 0.92% −0.05 ADBE Adobe Inc. Add +2.1% 1.69% −0.06 ROP Roper Technologies Inc. Add +8.0% 0.69% −0.06 ASO Academy Sports & Outdoors Inc. Add +0.1% 1.82% −0.09 ICE Intercontinental Exchange Inc. Add +2.5% 1.71% −0.11 APTV Aptiv PLC Add +1.0% 0.86% −0.15 OEC Orion SA Add +0.0% 0.63% −0.32 GNRC Generac Holdings Inc. Add +2.5% 2.11% −0.54 IVOL Quadratic Int Rte Vol Infl H Add +0.5% 14.22% −0.72 LNG Cheniere Energy Inc. Add +0.9% 3.52% −0.91
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ PUMP Propetro Holding Corp. call Add +38.3% 13,000 $124K GDXJ Vaneck Junior Gold Miners call Reduce -25.0% 300 $34K OEC Orion SA call New 4,500 $24K BIIB Biogen Inc. call New 100 $18K
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