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Thomist Capital Management, LP
Thomist Capital Management, LP is a Texas-based hedge fund manager headquartered in Houston. The firm was founded in 2018 and primarily manages investment portfolios for institutional clients and high-net-worth individuals. Thomist Capital specializes in active portfolio management, employing a focused team of investment professionals. As of 2025, the firm reportedly consists of approximately nine employees, all of whom are investment professionals.
Investment Strategy
Thomist Capital Management, LP employs an active, research-driven hedge fund strategy with a focus on equities and related instruments. The fund’s approach emphasizes concentrated positions in sectors such as water transportation, energy, chemicals, and industrials, aiming to capitalize on both fundamental and event-driven investment opportunities. Portfolio turnover is significant, showing dynamic position management, while the manager seeks value and growth through both long and short exposures across U.S. and global markets.
Latest 13F Filing Activity
Thomist Capital Management, LP filed their most recent 13F report on Jun 30, 2025 disclosing 35 equity positions and 8 options positions with a total 13F market value of $269M. The fund increased holdings in Commercial Metals Co., Delek Us HLDGS Inc. New, Ramaco Res Inc. among other positions. Thomist Capital Management, LP reduced exposure to SPDR S&P 500 Etf TR, Sable Offshore Corp., HF Sinclair Corp. among others.
Top Holdings
Equity Positions (35)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
S SDRL | SEADRILL LTD | 12.33% | $33.2M | 1,273,094 | $31.27 | $26.25 | -$7.5M |
C CMC | COMMERCIAL METALS CO | 5.56% | $14.9M | 298,871 | $48.91 | $48.91 | +$14.9M |
H HBM | HUDBAY MINERALS INC | 4.98% | $13.4M | 1,268,513 | $7.59 | $10.61 | +$440.2K |
D DK | DELEK US HLDGS INC NEW | 4.85% | $13.1M | 615,907 | $21.18 | $21.18 | +$13.1M |
M METC | RAMACO RES INC | 4.11% | $11.1M | 905,747 | $13.14 | $13.14 | +$11.1M |
Options Positions (8)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
D DK | DELEK US HLDGS INC NEW | New | Call | $47.0M | 21,000 | $21.18 | $21.18 | +21,000 | +$47.0M |
P PARR | PAR PAC HOLDINGS INC | New | Call | $22.1M | 7,043 | $26.53 | $26.53 | +7,043 | +$22.1M |
M METC | RAMACO RES INC | New | Call | $15.0M | 7,351 | $13.14 | $13.14 | +7,351 | +$15.0M |
A AA | ALCOA CORP | New | Call | $13.4M | 4,471 | $29.51 | $29.51 | +4,471 | +$13.4M |
C CLMT | CALUMET INC | New | Call | $3.2M | 2,000 | $15.76 | $15.76 | +2,000 | +$3.2M |
Industry Allocation
Investment Team (6)
| Name | Role | Location | |
|---|---|---|---|
 | L and S Equity Analyst | Houston, TX , United States | |
 | President and Partner | Houston, TX , United States | |
 | Downstream Analyst | Houston, TX , United States | |
 | Associate Analyst | Houston, TX , United States | |
 | Analyst | Houston, TX , United States | |
 | Upstream Analyst | Houston, TX , United States |
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