Arkolith/Funds/Thomist Capital Management, LP

Thomist Capital Management, LP

CIK 1767809
Holdings as of Jun 30, 2026·disclosed Aug 14, 2026·~45-day 13F lag·13F-HR
Active Filer

Thomist Capital Management, LP holds a focused book of 39 reported positions worth $271.2M as of Q2 2026 (disclosed Aug 14, 2026, a ~45-day 13F lag). This quarter Trekor Metals Ltd first appears in 13F filings (one of 5 new listings in the book), a listing rather than a purchase; they opened Darling Ingredients Inc and trimmed Delek US Holdings Inc. Their largest long position is Darling Ingredients Inc at 11% of the reported non-option book. They also disclosed $11.2M in put options (a bearish bet) and $32.2M in call options (bullish), shown separately below and excluded from the non-option book. Cloning the disclosed picks since 2025 would be +75% (+68.0%/yr). That is a simulation of the disclosed long book, not audited returns.

Opened
16
bought for the first time
+13 more · largest first
5 newly reportable · first quarter we see the security in 13F filings, a listing not a purchase
Sold out
25
exited the position entirely
+22 more · largest first, by prior value

Growth of $10,000: cloning the disclosed book

If you'd copied them
+75.0%
+68.0%/yr · since Aug '25
Their reported book
+142.9%
held from quarter-end
S&P 500
+19.8%
same window
$10K$12K$14K$16K$17KAug '25Oct '25Jan '26Apr '26Jun '26Sep '26
Thomist Capital Management, LP (copied at disclosure) S&P 500

The reported book (valued from quarter-end) returned +142.9%, a 67.9-point gap that is the cost of the ~45-day 13F disclosure lag a real follower can't avoid.

Growth of $10,000 cloning Thomist Capital Management, LP's disclosed long 13F book, rebalanced on each filing date (so it reflects each quarter's actual reporting lag, ~45 days for the latest filing, with no look-ahead), total-return basis (dividends reinvested), derived from end-of-day prices. “Their reported book” values the same picks from quarter-end, before they were public. S&P 500 is SPY total return over the same window. Excludes shorts, cash, options and non-13F holdings. Not investment advice.

How much sits in the biggest positions

Top-heavy: focused book

Top 5 holdings
45%
Top 10 holdings
69%
Top 20 holdings
89%

Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.

Where the money is, by sector

100% mapped to company sectors

Materials
34%
Industrials
29%
Energy
20%
Consumer Staples
11%
Financials
4%
Information Technology
1%

+2 sectors below the cut, under 0.5% together

Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.

Biggest moves: latest quarter

Estimated $ traded · quarter-end prices (an exit at the prior quarter-end), no cost basis

Bought
Trimmed / exited
Newly reportable· first quarter we see the security in 13F filings · position value, not a trade

Funds with the most overlap

Other tracked managers holding the same core names as Thomist Capital Management, LP

Manager / fundShared namesTheir $ in those
Situational Awareness LP5 / 39$6.3B
GMT Capital Corp3 / 39$550.2M
U S Global Investors Inc6 / 39$244.4M
Rakuten Securities, Inc.8 / 39$98.9M
Central Asset Investments & Management Holdings (HK) Ltd3 / 39$46.7M
L1 Capital Pty Ltd3 / 39$498.1M
Certuity, LLC4 / 39$312.7M
Walnut Level Capital LLC4 / 39$18.0M

Ranked by the share of each fund's own book sitting in the names it shares with Thomist Capital Management, LP: only funds sharing at least a tenth of the book qualify. Index giants, bank custody books and market makers are excluded. They hold everything, so their overlap says nothing.

Holdings: largest first

Bars show each position's share of the portfolio. Click a row for its position history.

39 positions
#SecurityValueShares% PortLast moveHistory
1Darling Ingredients Inc
COM
$30.9M566.1K
11.4%
New
New position
2Aris Mining Corporation
COM
$26.1M1.75M
9.6%
+53%
Added · +604K sh
3DHT Holdings Inc
SHS NEW
$23.0M1.39M
8.5%
+475%
Added · +1.1M sh
4Core Natural Resources Inc
COM SHS
$21.3M266.5K
7.9%
+19%
Added · +42K sh
5Green Plains Inc
COM
$19.5M1.27M
7.2%
New
New position
6Hudbay Minerals Inc
COM
$17.3M734.2K
6.4%
New
New position
7Controladora Vuela Comp De A
SPON ADR RP 10
$16.4M1.75M
6.1%
+14%
Added · +216K sh
8Frontline PLC
COM
$12.9M369.7K
4.7%
New
New position
9Delek US Hldgs Inc New
COM
$10.3M202.3K
3.8%
−46%
Reduced · −171K sh
10Peabody Engr Corp
COM
$9.8M422.4K
3.6%
+82%
Added · +191K sh
11Westlake Corporation
COM
$7.0M96.2K
2.6%
+32%
Added · +23K sh
12HF Sinclair Corp
COM
$6.8M97.1K
2.5%
−83%
Reduced · −469K sh
13Okeanis Eco Tankers Cor
SHS
$6.7M133.9K
2.5%
+143%
Added · +79K sh
14Iamgold Corp
COM
$6.4M404.4K
2.4%
New
New position
15Rice Acquisition Corp 3
UNIT 99/99/9999
$5.7M531.6K
2.1%
+5.0%
Added · +25K sh
16PPG Inds Inc
COM
$5.5M45.1K
2.0%
New
New position
17United Airls Hldgs Inc
COM
$5.0M37.0K
1.9%
New
New position
18Trekor Metals Ltd
COM
$4.2M608.9K
1.5%
Listed
Newly reportable
19Matador Res Co
COM
$4.0M80.2K
1.5%
New
New position
20Par Pac Holdings Inc
COM NEW
$3.7M66.1K
1.4%
+48%
Added · +21K sh
21American Airlines Group Inc
COM
$3.5M195.0K
1.3%
New
New position
22HMH Hldg Inc
CL A
$3.0M158.2K
1.1%
Listed
Newly reportable
23Ferroglobe PLC
SHS
$2.9M922.2K
1.1%
−15%
Reduced · −162K sh
24Chemours Co
COM
$2.9M142.9K
1.1%
New
New position
25CVR Energy Inc
COM
$2.6M93.3K
0.9%
New
New position
26Hut 8 Corp
COM
$2.4M21.2K
0.9%
−28%
Reduced · −8K sh
27Ryanair Holdings PLC
SPONSORED ADR
$2.2M34.4K
0.8%
−37%
Reduced · −21K sh
28Ranger Energy Svcs Inc
COM CL A
$1.8M113.5K
0.7%
+54%
Added · +40K sh
29Eaglerock LD LLC
CL A SHS REP LTD
$1.5M70.0K
0.5%
Listed
Newly reportable
30Riot Platforms Inc
COM
$1.0M36.6K
0.4%
−46%
Reduced · −31K sh
31Solaris Res Inc
COM NEW
$984K182.4K
0.4%
+18%
Added · +28K sh
32Micron Technology Inc
COM
$958K830
0.4%
New
New position
33Greenland Energy Co
SHS
$608K276.5K
0.2%
New
New position
34Cerebras Systems Inc
COM CL A
$597K2.7K
0.2%
Listed
Newly reportable
35Keel Infrastructure Corp
COM SHS
$475K82.8K
0.2%
Listed
Newly reportable
36Bitdeer Technologies Group
CL A ORD SHS
$455K28.7K
0.2%
New
New position
37Futurefuel Corp
COM
$338K74.7K
0.1%
−21%
Reduced · −20K sh
38Greenland Energy Co
*W EXP 04/21/203
$225K265.0K
0.1%
New
New position
39Sable Offshore Corp
COM SHS
$184K59.8K
0.1%
New
New position
Showing all 39 positions
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Largest options & derivatives disclosed

Put / call positions from the 13F — totals include every disclosed option leg

Put notional (bearish)$11.2M
Call notional (bullish)$32.2M
TypeUnderlyingNotional valueUnderlying shares
CALL · bullishPILGRIMS PRIDE CORP$14.1M500K
CALL · bullishMOSAIC CO$10.6M500K
PUT · bearishISHARES TR$10.5M35K
CALL · bullishVANECK ETF TRUST$6.9M70K
CALL · bullishCEREBRAS SYSTEMS INC$663K3K
PUT · bearishISHARES TR$641K1K

13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the non-option book, weighting, concentration and sector figures above.

Filing history

As-of date vs the date the SEC received each filing

$506.3M · Q3 2025Q2 2025 · $269.1MQ2 2026 · $314.6M

Reported 13F total per quarter. Raw filing totals can include option notional.

QuarterAs ofFiledLagPositionsValueForm
Q2 2026Jun 30, 2026Aug 14, 202645d45$314.6M13F-HR
Q1 2026Mar 31, 2026May 15, 202645d57$371.5M13F-HR
Q4 2025Dec 31, 2025Feb 13, 202644d65$471.0M13F-HR
Q3 2025Sep 30, 2025Nov 14, 202545d76$506.3M13F-HR
Q2 2025Jun 30, 2025Aug 13, 202544d43$269.1M13F-HR

Data source

Holdings from SEC EDGAR 13F-HR filings, updated quarterly, filed up to 45 days after quarter-end. Public domain. Book totals and portfolio weights cover reported non-option positions, which can include notes and warrants. Disclosed put/call options are listed separately and excluded from those totals. The performance line is a simulation of the disclosed long book, not an audited return.