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Tenere Capital Portfolio holdings

AUM $126M
1-Year Est. Return 42.13%
This Fund
S&P 500
This Quarter Est. Return
-10.17%
1 Year Est. Return
+42.13%
3 Year Est. Return
+131.42%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$363M
AUM Growth
-$14.1M
Cap. Flow
+$25.9M
Cap. Flow %
7.13%
Top 10 Hldgs %
60.13%
Holding
26
New
3
Increased
14
Reduced
4
Closed
5

Top Buys

Rank Stock Value
1
NOW icon
ServiceNow
NOW
+$17M
2
ADBE icon
Adobe
ADBE
+$15.4M
3
DHR icon
Danaher
DHR
+$14M
4
HD icon
Home Depot
HD
+$14M
5
NVDA icon
NVIDIA
NVDA
+$11.9M

Top Sells

Rank Stock Value
1
MRVL icon
Marvell Technology
MRVL
+$18.5M
2
EQIX icon
Equinix
EQIX
+$16.9M
3
AVGO icon
Broadcom
AVGO
+$15.6M
4
DDOG icon
Datadog
DDOG
+$13.8M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$11.7M

Sector Composition

Rank Sector Weight
1 Technology 32.2%
2 Financials 24.8%
3 Consumer Discretionary 15.21%
4 Industrials 12.4%
5 Communication Services 8.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.58T
$25.2M 6.94%
67,156
-2,777
-4% -$1.13M
DHR icon
2
Danaher
DHR
$154B
$25M 6.89%
122,101
+64,173
+111% +$14M
BX icon
3
Blackstone
BX
$107B
$23.8M 6.55%
170,400
+58,100
+52% +$9.43M
NVDA icon
4
NVIDIA
NVDA
$5.26T
$23.7M 6.52%
218,577
+93,680
+75% +$11.9M
AMZN icon
5
Amazon
AMZN
$2.82T
$21.2M 5.83%
111,386
+10,686
+11% +$2.32M
NKE icon
6
Nike
NKE
$59.9B
$20.9M 5.75%
329,248
+143,686
+77% +$10.6M
V icon
7
Visa
V
$686B
$19.9M 5.47%
56,695
-24,208
-30% -$8.19M
BLK icon
8
Blackrock
BLK
$178B
$19.8M 5.46%
20,972
-1,814
-8% -$1.78M
AAPL icon
9
Apple
AAPL
$4.63T
$19.8M 5.46%
89,320
+8,989
+11% +$2.08M
META icon
10
Meta Platforms (Facebook)
META
$1.38T
$19.1M 5.27%
33,207
+2,194
+7% +$1.42M
UNP icon
11
Union Pacific
UNP
$183B
$19M 5.22%
80,330
+21,301
+36% +$5.13M
NOW icon
12
ServiceNow
NOW
$135B
$14M 3.86%
+88,000
New +$17M
ADBE icon
13
Adobe
ADBE
$108B
$13.8M 3.79%
+35,907
New +$15.4M
GS icon
14
Goldman Sachs
GS
$294B
$13.5M 3.71%
24,676
+6,676
+37% +$4.02M
NSC icon
15
Norfolk Southern
NSC
$78.8B
$13.2M 3.63%
55,760
+8,564
+18% +$2.09M
HD icon
16
Home Depot
HD
$335B
$13.2M 3.63%
+35,950
New +$14M
APO icon
17
Apollo Global Management
APO
$77.5B
$13.1M 3.61%
95,791
+34,291
+56% +$5.27M
ROK icon
18
Rockwell Automation
ROK
$48.2B
$12.9M 3.54%
49,815
+7,415
+17% +$2.06M
GOOGL icon
19
Alphabet (Google) Class A
GOOGL
$4.17T
$11.8M 3.23%
75,983
-64,576
-46% -$11.7M
ADSK icon
20
Autodesk
ADSK
$53.5B
$11M 3.02%
41,900
+4,800
+13% +$1.37M
TSM icon
21
TSMC
TSM
$2.15T
$9.54M 2.63%
57,500
+3,653
+7% +$710K
AVGO icon
22
Broadcom
AVGO
$1.73T
– –
-67,435
Closed -$15.6M
DDOG icon
23
Datadog
DDOG
$83.1B
– –
-96,719
Closed -$13.8M
EQIX icon
24
Equinix
EQIX
$106B
– –
-17,900
Closed -$16.9M
MRVL icon
25
Marvell Technology
MRVL
$220B
– –
-167,423
Closed -$18.5M
1
2

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Tenere Capital's Q1 2025 Portfolio in Review

As of Q1 2025, Tenere Capital held 26 positions worth $363M, down 3.7% from $378M the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Tenere Capital deployed $25.9M of net new capital in Q1 2025, opening 3 new positions and adding to 14 existing holdings. Its largest new stake was ServiceNow: 88,000 shares worth $14M.

By sector, the portfolio is most concentrated in Technology at 32% of assets, down from 37% a quarter earlier, followed by Financials and Consumer Discretionary.

On the sell side, the largest reduction was Alphabet (Google) Class A, an estimated $11.7M trimmed.

  • Tenere Capital's largest Q1 2025 buy was ServiceNow: 88,000 shares worth $14M.
  • Tenere Capital added most to Danaher in Q1 2025, an estimated $14M increase.
  • Tenere Capital's biggest Q1 2025 reduction was Alphabet (Google) Class A, cutting an estimated $11.7M.
  • Tenere Capital fully exited Marvell Technology in Q1 2025, selling an estimated $18.5M.
  • Tenere Capital's ten largest holdings make up 60% of its $363M portfolio in Q1 2025.
  • Tenere Capital opened 3 new positions and closed 5 in Q1 2025.
  • Tenere Capital's portfolio value fell 3.7% quarter-over-quarter to $363M.

Based on Tenere Capital's 13F filing for Q1 2025, filed 15 May 2025.