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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
+0.37%
1 Year Est. Return
+3%
3 Year Est. Return
+3.9%
5 Year Est. Return
+4.41%
10 Year Est. Return
+12.14%
AUM
$7.41B
AUM Growth
+$397M
Cap. Flow
-$4.77B
Cap. Flow %
-64.38%
Top 10 Hldgs %
22.71%
Holding
384
New
86
Increased
12
Reduced
5
Closed
23

Top Buys

Rank Stock Value
1
CHAC
Crane Harbor Acquisition Corp
CHAC
+$21.6M
2
GTEN
Gores Holdings X
GTEN
+$20.5M
3
KFII
K&F Growth Acquisition Corp II
KFII
+$20.1M
4
TACH
Titan Acquisition Corp
TACH
+$20.1M
5
LOKV
Live Oak Acquisition Corp V
LOKV
+$18M

Top Sells

Rank Stock Value
1
KFIIU
K&F Growth Acquisition Corp II Unit
KFIIU
+$20.2M
2
ATIIU
Archimedes Tech SPAC Partners II Co Unit
ATIIU
+$15.2M
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
+$15.1M

Sector Composition

Rank Sector Weight
1 Financials 6.89%
2 Industrials 0.29%
3 Technology 0.09%
4 Healthcare 0.03%
5 Utilities 0.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JENA.U
26
Jena Acquisition Corp II Units
JENA.U
$10.3M 0.14%
+1,000,000
New +$10.3M
RDAG
27
Republic Digital Acquisition Co
RDAG
$10.3M 0.14%
+1,000,000
New +$10.3M
CCAQU
28
Collective Acquisition Corp Units
CCAQU
$10.2M 0.14%
+1,000,000
New +$10.1M
TVAIU
29
Thayer Ventures Acquisition Corporation II Unit
TVAIU
$10.2M 0.14%
+1,000,000
New +$10.1M
LWACU
30
LightWave Acquisition Corp Units
LWACU
$10.1M 0.14%
+1,000,000
New +$10M
BLUWU
31
Blue Water Acquisition Corp III Unit
BLUWU
$10M 0.14%
+1,000,000
New +$10M
NHIC
32
NewHold Investment Corp III
NHIC
$294M
$9.95M 0.13%
+1,000,000
New +$10.1M
OYSEU
33
Oyster Enterprises II Acquisition Corp Units
OYSEU
$9.11M 0.12%
+900,000
New +$9.07M
FACT
34
FACT II Acquisition Corp
FACT
$260M
$8.75M 0.12%
849,950
+249,950
+42% +$2.53M
WENNU
35
Wen Acquisition Corp Unit
WENNU
$8.46M 0.11%
+800,000
New +$8.49M
TACO
36
Berto Acquisition Corp
TACO
$392M
$8.34M 0.11%
+800,000
New +$8.32M
BRR
37
ProCap Financial Inc
BRR
$166M
$7.96M 0.11%
+750,000
New +$8.9M
ALF
38
Centurion Acquisition Corp
ALF
$388M
$7.89M 0.11%
750,000
+450,000
+150% +$4.7M
LPAA
39
Launch One Acquisition Corp
LPAA
$80.8M
$7.81M 0.11%
750,000
+350,000
+88% +$3.62M
GPAT
40
GP-Act III Acquisition Corp
GPAT
$7.8M 0.11%
+750,000
New +$7.84M
VCIC
41
DELISTED
Vine Hill Capital Investment Corp
VCIC
$7.8M 0.11%
+750,000
New +$7.71M
POLE
42
Andretti Acquisition Corp II
POLE
$319M
$7.79M 0.11%
+750,000
New +$7.7M
COPL
43
Copley Acquisition Corp
COPL
$249M
$7.55M 0.1%
+750,000
New +$7.52M
ALDF
44
Aldel Financial II Inc
ALDF
$7.33M 0.1%
699,234
+73,434
+12% +$758K
PLMK
45
Plum Acquisition Corp IV
PLMK
$256M
$7.2M 0.1%
700,000
– –
EGHAU
46
EGH Acquisition Corp Unit
EGHAU
$7.13M 0.1%
+700,000
New +$7.08M
SVCC
47
Stellar V Capital Corp
SVCC
$230M
$6.75M 0.09%
675,179
– –
AXINU
48
Axiom Intelligence Acquisition Corp 1 Units
AXINU
$191M
$6.56M 0.09%
+650,000
New +$6.55M
TDAC
49
Translational Development Acquisition Corp
TDAC
$238M
$6.53M 0.09%
635,399
– –
PCAPU
50
ProCap Acquisition Corp Unit
PCAPU
$212M
$6.43M 0.09%
+600,000
New +$6.65M
1
2
3 4 5

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HI
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CG
Carmignac Gestion Paris, France $6.51B AUM 19.13% 1-Year Est. Return
BF
BOK Financial Tulsa, Oklahoma $6.54B AUM 25.41% 1-Year Est. Return
BFS
Bradley Foster & Sargent Hartford, Connecticut $6.44B AUM 25.27% 1-Year Est. Return
LAM
Lyrical Asset Management New York $6.56B AUM 20.06% 1-Year Est. Return
OCM
Oaktree Capital Management Los Angeles, California $6.56B AUM 42.97% 1-Year Est. Return
HFS
Hantz Financial Services Southfield, Michigan $6.56B AUM 16.11% 1-Year Est. Return
PCH
PGIM Custom Harvest Newark, New Jersey $6.4B AUM 18.53% 1-Year Est. Return

Tenor Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Tenor Capital Management held 384 positions worth $7.41B, up 5.7% from $7.02B the previous quarter. Its ten largest holdings account for 23% of the portfolio.

Tenor Capital Management withdrew a net $4.77B in Q2 2025, closing 23 positions and reducing 5 holdings. Its most notable exit was K&F Growth Acquisition Corp II Unit, an estimated $20.2M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6.9% of assets, up from 1.7% a quarter earlier, followed by Industrials and Technology.

Against the trend, Tenor Capital Management opened a new position in Crane Harbor Acquisition Corp worth $21.8M.

  • Tenor Capital Management's largest Q2 2025 buy was Crane Harbor Acquisition Corp: 2,160,000 shares worth $21.8M.
  • Tenor Capital Management added most to Legato Merger Corp III in Q2 2025, an estimated $10.2M increase.
  • Tenor Capital Management's biggest Q2 2025 reduction was Cantor Equity Partners I, cutting an estimated $9.52M.
  • Tenor Capital Management fully exited K&F Growth Acquisition Corp II Unit in Q2 2025, selling an estimated $20.2M.
  • Tenor Capital Management's ten largest holdings make up 23% of its $7.41B portfolio in Q2 2025.
  • Tenor Capital Management opened 86 new positions and closed 23 in Q2 2025.
  • Tenor Capital Management's portfolio value rose 5.7% quarter-over-quarter to $7.41B.

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