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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
+17.18%
1 Year Est. Return
+42.13%
3 Year Est. Return
+131.42%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$390M
AUM Growth
+$27M
Cap. Flow
-$20.1M
Cap. Flow %
-5.15%
Top 10 Hldgs %
66.82%
Holding
25
New
4
Increased
4
Reduced
5
Closed
6

Top Buys

Rank Stock Value
1
ADI icon
Analog Devices
ADI
+$21.4M
2
EQIX icon
Equinix
EQIX
+$17.1M
3
UBER icon
Uber
UBER
+$13.9M
4
META icon
Meta Platforms (Facebook)
META
+$11.6M
5
CCI icon
Crown Castle
CCI
+$8.96M

Top Sells

Rank Stock Value
1
UNP icon
Union Pacific
UNP
+$19M
2
ADBE icon
Adobe
ADBE
+$13.8M
3
APO icon
Apollo Global Management
APO
+$13.1M
4
ROK icon
Rockwell Automation
ROK
+$12.9M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$11.8M

Sector Composition

Rank Sector Weight
1 Technology 40.03%
2 Financials 22.55%
3 Consumer Discretionary 12.58%
4 Communication Services 9.83%
5 Real Estate 6.44%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
META icon
1
Meta Platforms (Facebook)
META
$1.38T
$38.4M 9.83%
52,007
+18,800
+57% +$11.6M
MSFT icon
2
Microsoft
MSFT
$3.58T
$37.1M 9.5%
74,556
+7,400
+11% +$3.21M
BX icon
3
Blackstone
BX
$107B
$28.4M 7.28%
190,100
+19,700
+12% +$2.71M
NVDA icon
4
NVIDIA
NVDA
$5.26T
$27.9M 7.14%
176,477
-42,100
-19% -$5.3M
ADI icon
5
Analog Devices
ADI
$183B
$24.5M 6.28%
+103,000
New +$21.4M
AMZN icon
6
Amazon
AMZN
$2.82T
$23.6M 6.04%
107,538
-3,848
-3% -$761K
BLK icon
7
Blackrock
BLK
$178B
$22M 5.64%
20,972
– –
V icon
8
Visa
V
$686B
$20.1M 5.16%
56,695
– –
ADSK icon
9
Autodesk
ADSK
$53.5B
$19.7M 5.04%
63,600
+21,700
+52% +$6.16M
DHR icon
10
Danaher
DHR
$154B
$19.2M 4.91%
97,101
-25,000
-20% -$4.85M
NOW icon
11
ServiceNow
NOW
$135B
$18.1M 4.63%
88,000
– –
GS icon
12
Goldman Sachs
GS
$294B
$17.5M 4.47%
24,676
– –
EQIX icon
13
Equinix
EQIX
$106B
$16.1M 4.12%
+20,200
New +$17.1M
UBER icon
14
Uber
UBER
$161B
$15.7M 4.03%
+168,600
New +$13.9M
NSC icon
15
Norfolk Southern
NSC
$78.9B
$14.3M 3.66%
55,760
– –
AAPL icon
16
Apple
AAPL
$4.63T
$13.3M 3.41%
64,805
-24,515
-27% -$4.95M
HD icon
17
Home Depot
HD
$335B
$13.2M 3.38%
35,950
– –
NKE icon
18
Nike
NKE
$59.9B
$12.4M 3.17%
174,062
-155,186
-47% -$9.32M
CCI icon
19
Crown Castle
CCI
$32.2B
$9.09M 2.33%
+88,500
New +$8.96M
ADBE icon
20
Adobe
ADBE
$108B
– –
-35,907
Closed -$13.8M
APO icon
21
Apollo Global Management
APO
$77.5B
– –
-95,791
Closed -$13.1M
GOOGL icon
22
Alphabet (Google) Class A
GOOGL
$4.17T
– –
-75,983
Closed -$11.8M
ROK icon
23
Rockwell Automation
ROK
$48.2B
– –
-49,815
Closed -$12.9M
TSM icon
24
TSMC
TSM
$2.15T
– –
-57,500
Closed -$9.54M
UNP icon
25
Union Pacific
UNP
$183B
– –
-80,330
Closed -$19M

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Tenere Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Tenere Capital held 25 positions worth $390M, up 7.4% from $363M the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Tenere Capital withdrew a net $20.1M in Q2 2025, closing 6 positions and reducing 5 holdings. Its most notable exit was Union Pacific, an estimated $19M position sold in full.

By sector, the portfolio is most concentrated in Technology at 40% of assets, up from 32% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Tenere Capital opened a new position in Analog Devices worth $24.5M.

  • Tenere Capital's largest Q2 2025 buy was Analog Devices: 103,000 shares worth $24.5M.
  • Tenere Capital added most to Meta Platforms (Facebook) in Q2 2025, an estimated $11.6M increase.
  • Tenere Capital's biggest Q2 2025 reduction was Nike, cutting an estimated $9.32M.
  • Tenere Capital fully exited Union Pacific in Q2 2025, selling an estimated $19M.
  • Tenere Capital's ten largest holdings make up 67% of its $390M portfolio in Q2 2025.
  • Tenere Capital opened 4 new positions and closed 6 in Q2 2025.
  • Tenere Capital's portfolio value rose 7.4% quarter-over-quarter to $390M.

Based on Tenere Capital's 13F filing for Q2 2025, filed 14 Aug 2025.