Thomist Capital Management, LP
Thomist Capital Management, LP reported 39 US-listed holdings worth $271.2 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Darling Ingredients Inc. (11.4%), Aris MNG Corp. (9.6%) and DHT Holdings Inc. (8.5%). Against the quarter before, it opened 21 positions, added to 11, trimmed 7 and sold out of 25.
The 14 largest of its 39 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 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 +39.9% over the 3 quarters to 30 June 2026, against +12.1% 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 31 March 2026; a change under 0.1% of a position counts as held
Opened 21
- Darling Ingredients Inc. DAR$30.9 million
- Green Plains Inc. GPRE$19.5 million
- Hudbay Minerals Inc. HBM$17.3 million
- Frontline PLC FRO$12.9 million
- Iamgold Corp. IAG$6.4 million
- PPG Industries Inc. PPG$5.5 million
- United Airlines Holdings, Inc. UAL$5.0 million
- Trekor Metals Ltd Com TGB$4.2 million
and 13 more in the table below
Added to 11
- DHT Holdings Inc. DHT+1.1 million shares · +475%
- Aris MNG Corp. ARIS+603,649 shares · +53%
- Peabody Energy Corp. BTU+190,879 shares · +82%
- Okeanis Eco Tankers Cor ECO+78,822 shares · +143%
- Core Natural Resources, Inc. CNR+41,733 shares · +19%
- Controladora Vuela Cia De Aviac VLRS+215,620 shares · +14%
- Westlake Corp. WLK+23,200 shares · +32%
- Par Pacific Holdings, Inc. PARR+21,310 shares · +48%
and 3 more in the table below
Trimmed 7
- HF Sinclair Corp. DINO-469,027 shares · -83%
- Delek US Holdings, Inc. DK-170,637 shares · -46%
- Ryanair Holdings PLC RYAAY-20,610 shares · -37%
- Hut 8 Corp. HUT-8,390 shares · -28%
- Riot Platforms, Inc. RIOT-30,900 shares · -46%
- Ferroglobe PLC GSM-161,547 shares · -15%
- Futurefuel Corp. Com FF-20,156 shares · -21%
Sold out of 25
- Steel Dynamics Inc. STLD$19.0 million last quarter
- SSR Mining Inc. SSRM$16.1 million last quarter
- Equinox Gold Corp. EQX$12.9 million last quarter
- Permian Resources Corp. PR$10.9 million last quarter
- Southwest Airlines Co. LUV$10.8 million last quarter
- Vanguard S&P 500 VOO$10.2 million last quarter
- Royal Gold Inc. RGLD$9.5 million last quarter
- Baytex Energy Corp. BTE$8.4 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Darling Ingredients Inc. DAR | 566.1K | $30.9 million | 11.40% | new |
| Aris MNG Corp. ARIS | 1.8M | $26.1 million | 9.63% | +603.6K |
| DHT Holdings Inc. DHT | 1.4M | $23.0 million | 8.47% | +1.1M |
| Core Natural Resources, Inc. CNR | 266.5K | $21.3 million | 7.86% | +41.7K |
| Green Plains Inc. GPRE | 1.3M | $19.5 million | 7.20% | new |
| Hudbay Minerals Inc. HBM | 734.2K | $17.3 million | 6.38% | new |
| Controladora Vuela Cia De Aviac VLRS | 1.8M | $16.4 million | 6.06% | +215.6K |
| Frontline PLC FRO | 369.7K | $12.9 million | 4.74% | new |
| Delek US Holdings, Inc. DK | 202.3K | $10.3 million | 3.79% | -170.6K |
| Peabody Energy Corp. BTU | 422.4K | $9.8 million | 3.60% | +190.9K |
| Westlake Corp. WLK | 96.2K | $7.0 million | 2.59% | +23.2K |
| HF Sinclair Corp. DINO | 97.1K | $6.8 million | 2.49% | -469.0K |
| Okeanis Eco Tankers Cor ECO | 133.9K | $6.7 million | 2.47% | +78.8K |
| Iamgold Corp. IAG | 404.4K | $6.4 million | 2.36% | new |
| Rice Acquisition Corp. 3 KRSPU | 531.6K | $5.7 million | 2.10% | +25.3K |
| PPG Industries Inc. PPG | 45.1K | $5.5 million | 2.02% | new |
| United Airlines Holdings, Inc. UAL | 37.0K | $5.0 million | 1.85% | new |
| Trekor Metals Ltd Com TGB | 608.9K | $4.2 million | 1.54% | new |
| Matador Resources Co. MTDR | 80.2K | $4.0 million | 1.47% | new |
| Par Pacific Holdings, Inc. PARR | 66.1K | $3.7 million | 1.37% | +21.3K |
| American Airlines Group Inc. AAL | 195.0K | $3.5 million | 1.30% | new |
| HMH Holding Inc. Class A HMH | 158.2K | $3.0 million | 1.09% | new |
| Ferroglobe PLC GSM | 922.2K | $2.9 million | 1.08% | -161.5K |
| Chemours Co. CC | 142.9K | $2.9 million | 1.08% | new |
| CVR Energy Inc. CVI | 93.3K | $2.6 million | 0.95% | new |
| Hut 8 Corp. HUT | 21.2K | $2.4 million | 0.90% | -8.4K |
| Ryanair Holdings PLC RYAAY | 34.4K | $2.2 million | 0.82% | -20.6K |
| Ranger Energy Svcs Inc. RNGR | 113.5K | $1.8 million | 0.67% | +39.6K |
| Eaglerock Land LLC -CL A EROK | 70.0K | $1.5 million | 0.55% | new |
| Riot Platforms, Inc. RIOT | 36.6K | $1.0 million | 0.37% | -30.9K |
| Solaris Res Inc. SLSR | 182.4K | $983,701 | 0.36% | +27.7K |
| Micron Technology Inc. MU | 830 | $958,061 | 0.35% | new |
| Greenland Energy Co. GLND | 276.5K | $608,300 | 0.22% | new |
| Cerebras Systems Inc. Com Class A CBRS | 2.7K | $596,700 | 0.22% | new |
| Keel Infrastructure Corp. KEEL | 82.8K | $475,272 | 0.18% | new |
| Bitdeer Technologies Group BTDR | 28.7K | $455,469 | 0.17% | new |
| Futurefuel Corp. Com FF | 74.7K | $337,766 | 0.12% | -20.2K |
| Greenland Energy Co W Exp 04/21/203 GLNDW | 265.0K | $225,250 | 0.08% | new |
| Sable Offshore Corp. SOC | 59.8K | $184,166 | 0.07% | new |
Read more
Change is shares against its 13F for the quarter before; the 25 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| Pilgrims Pride Corp. | Calls | 500.0K | $14.1 million |
| Mosaic Co. New | Calls | 500.0K | $10.6 million |
| iShares Trust | Puts | 35.0K | $10.5 million |
| Vaneck ETF Trust | Calls | 70.0K | $6.9 million |
| Cerebras Systems Inc. | Calls | 3.0K | $663,000 |
| iShares Trust | Puts | 1.0K | $640,760 |
6 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.