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Tenor Capital Management Portfolio holdings

AUM $6.49B
1-Year Est. Return 3%
This Fund
S&P 500
This Quarter Est. Return
+0.05%
1 Year Est. Return
+3%
3 Year Est. Return
+3.9%
5 Year Est. Return
+4.41%
10 Year Est. Return
+12.14%
AUM
$7.02B
AUM Growth
-$108M
Cap. Flow
-$5.38B
Cap. Flow %
-76.71%
Top 10 Hldgs %
21.71%
Holding
321
New
30
Increased
1
Reduced
2
Closed
19

Top Buys

Rank Stock Value
1
KFIIU
K&F Growth Acquisition Corp II Unit
KFIIU
+$20M
2
ATIIU
Archimedes Tech SPAC Partners II Co Unit
ATIIU
+$15.1M
3
LOKVU
Live Oak Acquisition Corp V Units
LOKVU
+$15.1M
4
HVIIU
Hennessy Capital Investment Corp VII Unit
HVIIU
+$15.1M
5
FERAU
Fifth Era Acquisition Corp I Units
FERAU
+$15M

Top Sells

Rank Stock Value
1
DRDBU
Roman DBDR Acquisition Corp II Unit
DRDBU
+$10.1M
2
TDACU
Translational Development Acquisition Corp Units
TDACU
+$6.37M
3
FACTU
FACT II Acquisition Corp Unit
FACTU
+$5.99M
4
RANGU
Range Capital Acquisition Corp Units
RANGU
+$5.03M
5
MLACU
Mountain Lake Acquisition Corp Units
MLACU
+$5.01M

Sector Composition

Rank Sector Weight
1 Financials 1.69%
2 Healthcare 0.07%
3 Technology 0.03%
4 Utilities 0.03%
5 Communication Services 0.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RAC.U
26
Rithm Acquisition Corp Units
RAC.U
$3.03M 0.04%
+300,000
New +$3.01M
CUB
27
Lionheart Holdings
CUB
$284M
$2.57M 0.04%
250,000
– –
LPBB
28
Launch Two Acquisition Corp
LPBB
$310M
$2.53M 0.04%
250,000
– –
NTWO
29
Newbury Street II Acquisition Corp
NTWO
$2.51M 0.04%
249,418
– –
CCIX
30
DELISTED
Churchill Capital Corp IX
CCIX
$2.16M 0.03%
200,000
– –
WLAC
31
DELISTED
Willow Lane Acquisition Corp
WLAC
$1.86M 0.03%
185,916
– –
IMSR
32
Terrestrial Energy
IMSR
$617M
$1.84M 0.03%
175,000
– –
IPEXU
33
Inflection Point Acquisition Corp V Units
IPEXU
$1.27M 0.02%
+125,000
New +$1.26M
BTDR icon
34
Bitdeer Technologies
BTDR
$2.65B
$1.18M 0.02%
133,800
+200
+0.1% +$2.99K
KDK
35
Kodiak AI
KDK
$865M
$1.11M 0.02%
100,000
– –
NETD
36
DELISTED
Nabors Energy Transition Corp II
NETD
$1.09M 0.02%
100,000
– –
CEP
37
DELISTED
Cantor Equity Partners
CEP
$1.07M 0.02%
100,000
– –
PCSC
38
DELISTED
Perceptive Capital Solutions
PCSC
$1.03M 0.01%
100,000
– –
IBAC
39
IB Acquisition Corp
IBAC
$1.03M 0.01%
100,000
– –
IREN icon
40
Iris Energy
IREN
$14.7B
$942K 0.01%
154,679
– –
HYAC
41
DELISTED
Haymaker Acquisition Corp 4
HYAC
$551K 0.01%
50,099
– –
GRPN icon
42
Groupon
GRPN
$1.02B
$547K 0.01%
29,150
-29,150
-50% -$369K
SPKL
43
Spark I Acquisition Corp
SPKL
$101M
$540K 0.01%
50,000
– –
GSRT
44
DELISTED
GSR III Acquisition Corp
GSRT
$501K 0.01%
50,000
– –
LEGT
45
DELISTED
Legato Merger Corp III
LEGT
$420K 0.01%
40,000
– –
BKHA
46
Black Hawk Acquisition Corp
BKHA
$48.9M
$369K 0.01%
35,000
– –
GCMGW
47
DELISTED
GCM Grosvenor Inc Warrant
GCMGW
$350K 0.01%
200,902
– –
CCIRW
48
DELISTED
Cohen Circle Acquisition Corp. I Warrant
CCIRW
$300K ﹤0.01%
166,666
– –
SHMDW
49
SCHMID Group N.V. Warrants
SHMDW
$172K ﹤0.01%
462,500
– –
BBAI.WS icon
50
BigBear.ai Holdings Warrant
BBAI.WS
$43.5M
$164K ﹤0.01%
200,000
– –
1
2
3 4 5

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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 Q1 2025 Portfolio in Review

As of Q1 2025, Tenor Capital Management held 321 positions worth $7.02B, down 1.5% from $7.13B the previous quarter. Its ten largest holdings account for 22% of the portfolio.

Tenor Capital Management withdrew a net $5.38B in Q1 2025, closing 19 positions and reducing 2 holdings. Its most notable exit was Roman DBDR Acquisition Corp II Unit, an estimated $10.1M position sold in full.

By sector, the portfolio is most concentrated in Financials at 1.7% of assets, up from 0.75% a quarter earlier, followed by Healthcare and Technology.

Against the trend, Tenor Capital Management opened a new position in K&F Growth Acquisition Corp II Unit worth $20.2M.

  • Tenor Capital Management's largest Q1 2025 buy was K&F Growth Acquisition Corp II Unit: 2,000,000 shares worth $20.2M.
  • Tenor Capital Management added most to Bitdeer Technologies in Q1 2025, an estimated $2.99K increase.
  • Tenor Capital Management's biggest Q1 2025 reduction was Groupon, cutting an estimated $369K.
  • Tenor Capital Management fully exited Roman DBDR Acquisition Corp II Unit in Q1 2025, selling an estimated $10.1M.
  • Tenor Capital Management's ten largest holdings make up 22% of its $7.02B portfolio in Q1 2025.
  • Tenor Capital Management opened 30 new positions and closed 19 in Q1 2025.
  • Tenor Capital Management's portfolio value fell 1.5% quarter-over-quarter to $7.02B.

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