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Tenere Capital Portfolio holdings

AUM $136M
1-Year Est. Return 30.92%
This Fund
S&P 500
This Quarter Est. Return
+6.46%
1 Year Est. Return
+30.92%
3 Year Est. Return
+98.71%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$129M
AUM Growth
-$295M
Cap. Flow
-$295M
Cap. Flow %
-228.72%
Top 10 Hldgs %
67.31%
Holding
31
New
10
Increased
–
Reduced
11
Closed
9

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$8.56M
2
COF icon
Capital One
COF
+$6.61M
3
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$6.2M
4
ADI icon
Analog Devices
ADI
+$4.42M
5
GE icon
GE Aerospace
GE
+$4.05M

Top Sells

Rank Stock Value
1
BX icon
Blackstone
BX
+$32.8M
2
AMZN icon
Amazon
AMZN
+$27.7M
3
MSFT icon
Microsoft
MSFT
+$26.4M
4
V icon
Visa
V
+$26.1M
5
NFLX icon
Netflix
NFLX
+$23.9M

Sector Composition

Rank Sector Weight
1 Technology 35.09%
2 Financials 30.95%
3 Healthcare 11.34%
4 Industrials 8.73%
5 Communication Services 8.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HUBB icon
26
Hubbell
HUBB
$25B
– –
-28,469
Closed -$12.3M
NFLX icon
27
Netflix
NFLX
$299B
– –
-199,460
Closed -$23.9M
NKE icon
28
Nike
NKE
$61.9B
– –
-214,690
Closed -$15M
NOW icon
29
ServiceNow
NOW
$115B
– –
-99,005
Closed -$18.2M
NSC icon
30
Norfolk Southern
NSC
$75.4B
– –
-56,398
Closed -$16.9M
UBER icon
31
Uber
UBER
$143B
– –
-193,690
Closed -$19M
1
2

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WF
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MWA
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SSCM
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Tenere Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Tenere Capital held 31 positions worth $129M, down 70% from $424M the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Tenere Capital withdrew a net $295M in Q4 2025, closing 9 positions and reducing 11 holdings. Its most notable exit was Blackstone, an estimated $32.8M position sold in full.

By sector, the portfolio is most concentrated in Technology at 35% of assets, up from 29% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Tenere Capital opened a new position in TSMC worth $8.86M.

  • Tenere Capital's largest Q4 2025 buy was TSMC: 29,165 shares worth $8.86M.
  • Tenere Capital's biggest Q4 2025 reduction was Amazon, cutting an estimated $27.7M.
  • Tenere Capital fully exited Blackstone in Q4 2025, selling an estimated $32.8M.
  • Tenere Capital's ten largest holdings make up 67% of its $129M portfolio in Q4 2025.
  • Tenere Capital opened 10 new positions and closed 9 in Q4 2025.
  • Tenere Capital's portfolio value fell 70% quarter-over-quarter to $129M.

Based on Tenere Capital's 13F filing for Q4 2025, filed 17 Feb 2026.