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TCM

Tenor Capital Management Portfolio holdings

AUM $6.49B
1-Year Est. Return 3%
This Fund
S&P 500
This Quarter Est. Return
+2.32%
1 Year Est. Return
+3%
3 Year Est. Return
+3.9%
5 Year Est. Return
+4.41%
10 Year Est. Return
+12.14%
AUM
$7.61B
AUM Growth
+$197M
Cap. Flow
-$5.25B
Cap. Flow %
-68.92%
Top 10 Hldgs %
28.59%
Holding
435
New
84
Increased
7
Reduced
7
Closed
37

Top Buys

Rank Stock Value
1
XRPN
Armada Acquisition Corp II
XRPN
+$15.3M
2
DMIIU
Drugs Made In America Acquisition II Corp Unit
DMIIU
+$15M
3
CCIX
Churchill Capital Corp IX
CCIX
+$13M
4
EVAC
EQV Ventures Acquisition Corp II
EVAC
+$12.9M
5
HDRN
Hadron Energy
HDRN
+$12.3M

Top Sells

Rank Stock Value
1
XRPNU
Armada Acquisition Corp II Units
XRPNU
+$15.3M
2
CRAQU
Cal Redwood Acquisition Corp Units
CRAQU
+$12.3M
3
BACCU
Blue Acquisition Corp Unit
BACCU
+$12M
4
CCCXU
Churchill Capital Corp X Unit
CCCXU
+$10.3M
5
JENA.U
Jena Acquisition Corp II Units
JENA.U
+$10.3M

Sector Composition

Rank Sector Weight
1 Financials 9.69%
2 Industrials 0.5%
3 Consumer Staples 0.16%
4 Real Estate 0.05%
5 Technology 0.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HYAC.WS
226
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
$9.89K ﹤0.01%
25,049
– –
IBACR
227
IB Acquisition Corp Right
IBACR
$8.37K ﹤0.01%
100,000
– –
LEGT.WS
228
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$7.42K ﹤0.01%
20,000
– –
TVGNW icon
229
Tevogen Inc. Warrant
TVGNW
$976K
$6.94K ﹤0.01%
125,000
– –
SPWRW
230
SunPower Inc Warrants
SPWRW
$1.49M
$6.39K ﹤0.01%
24,072
– –
ISRLW
231
DELISTED
Israel Acquisitions Corp Warrant
ISRLW
$6.39K ﹤0.01%
35,000
– –
AMBI.WS
232
DELISTED
Ambipar Emergency Response Warrants
AMBI.WS
$6.3K ﹤0.01%
150,000
– –
KIDZW
233
KIDZ AI Inc Warrants
KIDZW
$257K
$6.01K ﹤0.01%
75,000
– –
RNWWW
234
ReNew Energy Global PLC Warrant
RNWWW
$44.5K
$5.32K ﹤0.01%
116,666
– –
RBOT.WS
235
DELISTED
Vicarious Surgical Inc Warrants
RBOT.WS
$5K ﹤0.01%
250,000
– –
PDYNW icon
236
Palladyne AI Corp Warrants
PDYNW
$150K
$4.99K ﹤0.01%
24,900
– –
ABPWW
237
DELISTED
Abpro Holdings Warrant
ABPWW
$4.72K ﹤0.01%
200,000
– –
VLN.WS
238
DELISTED
Valens Semiconductor Ltd Warrants
VLN.WS
$4.51K ﹤0.01%
75,000
– –
ECXWW
239
ECARX Holdings Warrants
ECXWW
$4.5K ﹤0.01%
75,000
– –
BENFW icon
240
Beneficient Warrant
BENFW
$168K
$4.32K ﹤0.01%
300,000
– –
CCGWW
241
Cheche Group Inc Warrant
CCGWW
$4.28K ﹤0.01%
100,000
– –
LNZAW icon
242
LanzaTech Global Warrant
LNZAW
$4.26K ﹤0.01%
235,341
– –
PBMWW
243
Psyence Biomedical Warrant
PBMWW
$337K
$3.78K ﹤0.01%
150,000
– –
SDSTW
244
Stardust Power Inc Warrant
SDSTW
$3.75K ﹤0.01%
49,432
– –
RDZNW icon
245
Roadzen Inc Warrants
RDZNW
$8.64M
$3.5K ﹤0.01%
50,000
– –
LMND.WS
246
DELISTED
Lemonade Inc Warrants
LMND.WS
$3.41K ﹤0.01%
50,242
– –
STLNW
247
Starling Oncology, Inc. Warrant
STLNW
$5.04M
$3K ﹤0.01%
25,000
– –
GDEVW icon
248
GDEV Inc Warrant
GDEVW
$154K
$2.9K ﹤0.01%
124,999
– –
UWMC.WS
249
DELISTED
UWM Holdings Warrants
UWMC.WS
$2.85K ﹤0.01%
20,560
– –
OAKUW
250
DELISTED
Oak Woods Acquisition Corp Warrant
OAKUW
$2.63K ﹤0.01%
75,000
– –
8 9
10
11 12

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CG
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BF
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BFS
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LAM
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OCM
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HFS
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PCH
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Tenor Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Tenor Capital Management held 435 positions worth $7.61B, up 2.7% from $7.41B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

Tenor Capital Management withdrew a net $5.25B in Q3 2025, closing 37 positions and reducing 7 holdings. Its most notable exit was Armada Acquisition Corp II Units, an estimated $15.3M position sold in full.

By sector, the portfolio is most concentrated in Financials at 9.7% of assets, up from 6.9% a quarter earlier, followed by Industrials and Consumer Staples.

Against the trend, Tenor Capital Management opened a new position in Armada Acquisition Corp II worth $15.7M.

  • Tenor Capital Management's largest Q3 2025 buy was Armada Acquisition Corp II: 1,500,000 shares worth $15.7M.
  • Tenor Capital Management added most to Churchill Capital Corp IX in Q3 2025, an estimated $13M increase.
  • Tenor Capital Management's biggest Q3 2025 reduction was Iris Energy, cutting an estimated $1.49M.
  • Tenor Capital Management fully exited Armada Acquisition Corp II Units in Q3 2025, selling an estimated $15.3M.
  • Tenor Capital Management's ten largest holdings make up 29% of its $7.61B portfolio in Q3 2025.
  • Tenor Capital Management opened 84 new positions and closed 37 in Q3 2025.
  • Tenor Capital Management's portfolio value rose 2.7% quarter-over-quarter to $7.61B.

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