THO: Timucuan Asset Mgmt Discloses 2.67M Shares in Schedule 13G

Rhea-AI Filing Summary

Timucuan Asset Management Inc., a Florida-based investment adviser, has filed a Schedule 13G reporting ownership of 2,674,398 Thor Industries (THO) shares, representing 5.03 % of the company’s outstanding common stock as of 30 June 2025. The shares are held in separately managed client accounts over which the firm exercises shared voting and dispositive power; it holds no sole authority. Timucuan Fund, L.P. and its general partner, Russell B. Newton III, each separately disclose 545,600 shares (1.03 %), also with shared voting and dispositive rights.

The filing is made under Rule 13d-1(b), signalling a passive investment with no intent to influence control. Crossing the 5 % threshold requires public disclosure and alerts investors to a new significant institutional holder, but the absence of sole voting power or activist language suggests minimal near-term governance impact. No other material transactions, financial results or control changes are disclosed.

Insights

Equity Research Analyst

TL;DR: New 5% passive stake by Timucuan adds an institutional holder but doesn’t alter THO’s outlook.

Timucuan’s 2.67 M-share position equals just over 5 % of THO’s float, meeting the disclosure threshold. Because authority is shared and the filing is under Rule 13d-1(b), the firm is signalling a passive stance rather than an activist campaign. Historically, passive 13G filings have limited influence on trading multiples unless the holder later converts to a 13D. The incremental ownership may offer modest validation of THO’s valuation but is unlikely to drive strategic change or immediate repricing.

Corporate Governance Specialist

TL;DR: Shared voting power and 13G status imply negligible governance pressure on THO.

Timucuan, Timucuan Fund, and Newton collectively disclose 5.03 % but wield no sole voting or dispositive rights, limiting their ability to influence board matters. The certification confirms the stake was acquired in the ordinary course without intent to affect control. Unless Timucuan later amends to a 13D, management’s autonomy remains intact. The filing is therefore classified as not impactful from a governance-change perspective.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

THOR INDUSTRIES INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

885160101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 885160101

1

Names of Reporting Persons

TIMUCUAN ASSET MANAGEMENT INC/FL

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

FLORIDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,674,398.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,674,398.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,674,398.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 885160101

1

Names of Reporting Persons

Timucuan Fund, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 545,600.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 545,600.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

545,600.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 885160101

1

Names of Reporting Persons

Russell B. Newton, III

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 545,600.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 545,600.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

545,600.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: THOR INDUSTRIES INC
(b)	Address of issuer's principal executive offices: 52700 INDEPENDENCE COURT, ELKHART, INDIANA, 46514.
Item 2.
(a)	Name of person filing: 1. Timucuan Asset Management Inc with respect to Common Stock directly owned by it. 2. Timucuan Fund, L.P. with respect to Common Stock directly owned by it. 3. Russell B. Newton, III, as General Partner of the General Partner of Timucuan Fund, L.P., with respect to Common Stock directly owned by Timucuan Fund, L.P.
(b)	Address or principal business office or, if none, residence: Address of each of the Reporting Persons is 200 West Forsyth Street, Suite 1600, Jacksonville, FL 32202
(c)	Citizenship: Timucuan Asset Management Inc is a Florida corporation. Timucuan Fund, L.P. is a Delaware limited partnership. Russell B. Newton, III is a United States citizen.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 885160101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1. Timucuan Asset Management Inc: 2,674,398 2. Timucuan Fund, L.P. : 545,600 3. Russell B. Newton, III: 545,600
(b)	Percent of class: 1. Timucuan Asset Management Inc: 5.03% 2. Timucuan Fund, L.P. : 1.03% 3. Russell B. Newton, III: 1.03%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1. Timucuan Asset Management Inc: 0 2. Timucuan Fund, L.P. : 0 3. Russell B. Newton, III: 0
	(ii) Shared power to vote or to direct the vote: 1. Timucuan Asset Management Inc: 2,674,398 2. Timucuan Fund, L.P. : 545,600 3. Russell B. Newton, III: 545,600
	(iii) Sole power to dispose or to direct the disposition of: 1. Timucuan Asset Management Inc: 0 2. Timucuan Fund, L.P. : 0 3. Russell B. Newton, III: 0
	(iv) Shared power to dispose or to direct the disposition of: 1. Timucuan Asset Management Inc: 2,674,398 2. Timucuan Fund, L.P. : 545,600 3. Russell B. Newton, III: 545,600
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Timucuan Asset Management Inc., as the investment manager of separately managed client accounts, has the power to direct the voting and disposition of such shares held in such accounts. Russell B. Newton, III, as General Partner of the General Partner of the Timucuan Fund, L.P., has the power to direct the voting and disposition of shares held by Timucuan Fund, L.P.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Item 2.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

TIMUCUAN ASSET MANAGEMENT INC/FL

Signature:	Russell B. Newton, III
Name/Title:	Chairman
Date:	08/01/2025

Timucuan Fund, L.P.

Signature:	Russell B. Newton, III
Name/Title:	General Parnter
Date:	08/01/2025

Russell B. Newton, III

Signature:	Russell B. Newton, III
Name/Title:	Individual
Date:	08/01/2025

FAQ

What percentage of Thor Industries (THO) does Timucuan Asset Management now own?

Timucuan reports beneficial ownership of 5.03 % (2,674,398 shares) of THO common stock.

Is Timucuan’s stake considered activist or passive?

The filing is a Schedule 13G under Rule 13d-1(b), indicating a passive investment with no intent to influence control.

How much does Timucuan Fund, L.P. hold separately?

Timucuan Fund, L.P. holds 545,600 shares, equal to 1.03 % of THO’s outstanding shares.

Who signed the Schedule 13G for the reporting persons?

Russell B. Newton III signed on 1 Aug 2025 as Chairman of Timucuan Asset Management, General Partner of Timucuan Fund, and in his individual capacity.

Does Timucuan have sole voting authority over the shares?

No. Timucuan and related entities report shared voting and dispositive power and 0 shares with sole authority.

Why was this filing required?

Crossing the 5 % ownership threshold triggers a mandatory Schedule 13G disclosure to inform the market of significant share accumulation.