Thoma Capital Management LLC
Thoma Capital Management LLC reported 54 US-listed holdings worth $191.3 million in its 13F for the quarter ended 30 September 2026, filed 19 October 2026. Its largest: SPDR S&P 500 (26.0%), iShares Trust (18.4%) and iShares S&P 500 Value ETF (17.2%). Against the quarter before, it opened 3 positions, added to 14, trimmed 32 and sold out of 2.
The 14 largest of its 54 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q2 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +21.8% over the 7 quarters to 30 September 2026, against +30.1% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 30 June 2026; a change under 0.1% of a position counts as held
Opened 3
- Honeywell International Inc. HON$410,547
- Honeywell Aerospace Inc. Com HONA$302,966
- Lennar Corp. LEN$245,586
Added to 14
- iShares S&P 500 Value ETF IVE+11,782 shares · +9%
- iShares Trust IGIB+20,874 shares · +3%
- iShares ETFs IGLB+8,058 shares · +5%
- J P Morgan Exchange Traded F JMST+3,992 shares · +80%
- Air Products & Chemicals, Inc. APD+283 shares · +32%
- Home Depot, Inc. HD+85 shares · +8%
- International Business Machines Corp. IBM+96 shares · +2%
- Digital Realty Trust, Inc. DLR+108 shares · +3%
and 6 more in the table below
Trimmed 32
- Amplify ETF Trust HACK-4,602 shares · -7%
- SPDR S&P 500 SPY-690 shares · -1%
- Technology Select Sector SPDR ETF XLK-1,374 shares · -3%
- Cloudflare Inc. NET-582 shares · -10%
- Devon Energy Corp. DVN-2,873 shares · -7%
- Marvell Technology, Inc. MRVL-345 shares · -4%
- Tesla, Inc. TSLA-241 shares · -9%
- NVIDIA Corp. NVDA-362 shares · -4%
and 24 more in the table below
Sold out of 2
- Advanced Micro Devices Inc. AMD$232,364 last quarter
- BNY Mellon Strategic Muns in LEO$70,079 last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| SPDR S&P 500 SPY | 65.2K | $49.7 million | 25.99% | -690 |
| iShares Trust IGIB | 698.6K | $35.2 million | 18.39% | +20.9K |
| iShares S&P 500 Value ETF IVE | 144.4K | $33.0 million | 17.23% | +11.8K |
| Technology Select Sector SPDR ETF XLK | 51.2K | $10.0 million | 5.24% | -1.4K |
| iShares ETFs IGLB | 166.9K | $7.6 million | 3.98% | +8.1K |
| Amplify ETF Trust HACK | 62.7K | $7.6 million | 3.97% | -4.6K |
| iShares Trust IWO | 14.2K | $5.1 million | 2.65% | -228 |
| Apple Inc. AAPL | 10.6K | $3.5 million | 1.84% | -117 |
| Microsoft Corp. MSFT | 4.4K | $2.3 million | 1.19% | -108 |
| Amazon.com Inc. AMZN | 8.2K | $2.0 million | 1.07% | -104 |
| Marvell Technology, Inc. MRVL | 7.7K | $2.0 million | 1.06% | -345 |
| NVIDIA Corp. NVDA | 8.3K | $1.9 million | 0.99% | -362 |
| Cloudflare Inc. NET | 5.1K | $1.8 million | 0.93% | -582 |
| Devon Energy Corp. DVN | 37.7K | $1.7 million | 0.91% | -2.9K |
| Alphabet Inc. GOOGL | 4.7K | $1.6 million | 0.84% | -8 |
| Meta Platforms, Inc. META | 2.1K | $1.5 million | 0.80% | -54 |
| Eli Lilly & Co. LLY | 1.0K | $1.2 million | 0.61% | -28 |
| Coca-Cola Co. KO | 12.8K | $1.1 million | 0.58% | -132 |
| T. Rowe Price Group, Inc. TROW | 10.2K | $1.1 million | 0.55% | -152 |
| Chevron Corp. CVX | 5.1K | $1.0 million | 0.55% | -48 |
| Eaton Corp. plc ETN | 2.4K | $1.0 million | 0.54% | -30 |
| Cheniere Energy Inc. LNG | 3.7K | $1.0 million | 0.52% | -73 |
| American Electric Power Co. Inc. AEP | 8.3K | $983,680 | 0.51% | -77 |
| International Business Machines Corp. IBM | 4.4K | $976,277 | 0.51% | +96 |
| Berkshire Hathaway Inc. Class B BRKB | 1.9K | $966,521 | 0.51% | -18 |
| Palantir Technologies Inc. PLTR | 5.1K | $960,128 | 0.50% | -352 |
| Amgen Inc. AMGN | 2.2K | $924,569 | 0.48% | no change |
| Walt Disney Co. DIS | 8.8K | $918,229 | 0.48% | -83 |
| Alphabet Inc. GOOG | 2.6K | $901,135 | 0.47% | -122 |
| Diamondback Energy, Inc. FANG | 4.9K | $900,822 | 0.47% | -28 |
| Walmart Inc. WMT | 8.5K | $885,144 | 0.46% | +180 |
| Tesla, Inc. TSLA | 2.4K | $843,029 | 0.44% | -241 |
| Digital Realty Trust, Inc. DLR | 4.3K | $753,594 | 0.39% | +108 |
| Boeing Co. BA | 4.0K | $745,413 | 0.39% | +5 |
| Blackstone Inc. BX | 6.3K | $705,867 | 0.37% | +108 |
| JPMorgan Chase & Co. JPM | 1.9K | $637,738 | 0.33% | -69 |
| RTX Corp. RTX | 3.4K | $628,425 | 0.33% | -18 |
| Oracle Corp. ORCL | 3.6K | $492,747 | 0.26% | +11 |
| J P Morgan Exchange Traded F JMST | 9.0K | $455,242 | 0.24% | +4.0K |
| AbbVie Inc. ABBV | 1.7K | $446,645 | 0.23% | +4 |
| Broadcom Inc. AVGO | 1.2K | $424,486 | 0.22% | -40 |
| Honeywell International Inc. HON | 1.9K | $410,547 | 0.21% | new |
| Home Depot, Inc. HD | 1.2K | $339,297 | 0.18% | +85 |
| Air Products & Chemicals, Inc. APD | 1.2K | $326,086 | 0.17% | +283 |
| iShares Trust SGOV | 3.2K | $324,794 | 0.17% | no change |
| Invesco QQQ Trust QQQ | 436 | $322,670 | 0.17% | -43 |
| CSX Corp. CSX | 6.7K | $311,757 | 0.16% | no change |
| Cava Group, Inc. CAVA | 5.8K | $311,237 | 0.16% | +55 |
| Honeywell Aerospace Inc. Com HONA | 2.0K | $302,966 | 0.16% | new |
| Lennar Corp. LEN | 3.0K | $245,586 | 0.13% | new |
| Micron Technology Inc. MU | 225 | $239,650 | 0.13% | no change |
| Visa Inc. V | 652 | $234,283 | 0.12% | -2 |
| Draftkings Inc. New DKNG | 11.3K | $213,845 | 0.11% | -4.2K |
| Public Service Enterprise Group Inc. PEG | 3.0K | $201,818 | 0.11% | no change |