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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
+4.33%
1 Year Est. Return
+42.13%
3 Year Est. Return
+131.42%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$424M
AUM Growth
+$33.6M
Cap. Flow
+$16.7M
Cap. Flow %
3.94%
Top 10 Hldgs %
66.11%
Holding
23
New
4
Increased
12
Reduced
5
Closed
2

Top Buys

Rank Stock Value
1
NFLX icon
Netflix
NFLX
+$24.3M
2
V icon
Visa
V
+$15.3M
3
HUBB icon
Hubbell
HUBB
+$12.3M
4
AMZN icon
Amazon
AMZN
+$10.3M
5
COIN icon
Coinbase
COIN
+$9.97M

Top Sells

Rank Stock Value
1
ADI icon
Analog Devices
ADI
+$24.5M
2
HD icon
Home Depot
HD
+$13.2M
3
META icon
Meta Platforms (Facebook)
META
+$12.3M
4
ADSK icon
Autodesk
ADSK
+$9.58M
5
MSFT icon
Microsoft
MSFT
+$6.53M

Sector Composition

Rank Sector Weight
1 Financials 30.65%
2 Technology 29.37%
3 Communication Services 11.79%
4 Consumer Discretionary 11.45%
5 Industrials 6.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
V icon
1
Visa
V
$712B
$34.5M 8.13%
100,969
+44,274
+78% +$15.3M
AMZN icon
2
Amazon
AMZN
$2.87T
$33.6M 7.92%
152,864
+45,326
+42% +$10.3M
BX icon
3
Blackstone
BX
$107B
$32.8M 7.75%
192,269
+2,169
+1% +$372K
MSFT icon
4
Microsoft
MSFT
$3.81T
$32M 7.54%
61,762
-12,794
-17% -$6.53M
NVDA icon
5
NVIDIA
NVDA
$5.25T
$27.9M 6.57%
149,404
-27,073
-15% -$4.72M
META icon
6
Meta Platforms (Facebook)
META
$1.47T
$26.1M 6.15%
35,507
-16,500
-32% -$12.3M
GS icon
7
Goldman Sachs
GS
$301B
$25.9M 6.1%
32,497
+7,821
+32% +$5.8M
BLK icon
8
Blackrock
BLK
$180B
$24.7M 5.83%
21,211
+239
+1% +$267K
NFLX icon
9
Netflix
NFLX
$340B
$23.9M 5.64%
+199,460
New +$24.3M
UBER icon
10
Uber
UBER
$161B
$19M 4.48%
193,690
+25,090
+15% +$2.35M
NOW icon
11
ServiceNow
NOW
$150B
$18.2M 4.3%
99,005
+11,005
+13% +$2.06M
AAPL icon
12
Apple
AAPL
$4.67T
$17.2M 4.07%
67,700
+2,895
+4% +$654K
DHR icon
13
Danaher
DHR
$152B
$17.2M 4.05%
86,628
-10,473
-11% -$2.08M
NSC icon
14
Norfolk Southern
NSC
$78.3B
$16.9M 4%
56,398
+638
+1% +$177K
EQIX icon
15
Equinix
EQIX
$103B
$16M 3.77%
20,430
+230
+1% +$180K
NKE icon
16
Nike
NKE
$58.7B
$15M 3.53%
214,690
+40,628
+23% +$3.03M
HUBB icon
17
Hubbell
HUBB
$24.3B
$12.3M 2.89%
+28,469
New +$12.3M
ADSK icon
18
Autodesk
ADSK
$55B
$10.2M 2.41%
32,163
-31,437
-49% -$9.58M
COIN icon
19
Coinbase
COIN
$47.1B
$9.92M 2.34%
+29,400
New +$9.97M
CCI icon
20
Crown Castle
CCI
$32.4B
$8.64M 2.04%
89,511
+1,011
+1% +$102K
KLAR
21
Klarna Group
KLAR
$5.37B
$2.13M 0.5%
+57,984
New +$2.48M
ADI icon
22
Analog Devices
ADI
$175B
– –
-103,000
Closed -$24.5M
HD icon
23
Home Depot
HD
$329B
– –
-35,950
Closed -$13.2M

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SPWM
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MIA
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Tenere Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Tenere Capital held 23 positions worth $424M, up 8.6% from $390M the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Tenere Capital deployed $16.7M of net new capital in Q3 2025, opening 4 new positions and adding to 12 existing holdings. Its largest new stake was Netflix: 199,460 shares worth $23.9M.

By sector, the portfolio is most concentrated in Financials at 31% of assets, up from 23% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was Meta Platforms (Facebook), an estimated $12.3M trimmed.

  • Tenere Capital's largest Q3 2025 buy was Netflix: 199,460 shares worth $23.9M.
  • Tenere Capital added most to Visa in Q3 2025, an estimated $15.3M increase.
  • Tenere Capital's biggest Q3 2025 reduction was Meta Platforms (Facebook), cutting an estimated $12.3M.
  • Tenere Capital fully exited Analog Devices in Q3 2025, selling an estimated $24.5M.
  • Tenere Capital's ten largest holdings make up 66% of its $424M portfolio in Q3 2025.
  • Tenere Capital opened 4 new positions and closed 2 in Q3 2025.
  • Tenere Capital's portfolio value rose 8.6% quarter-over-quarter to $424M.

Based on Tenere Capital's 13F filing for Q3 2025, filed 14 Nov 2025.