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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
+0.08%
1 Year Est. Return
+3%
3 Year Est. Return
+3.9%
5 Year Est. Return
+4.41%
10 Year Est. Return
+12.14%
AUM
$1.64B
AUM Growth
-$349M
Cap. Flow
-$1.49B
Cap. Flow %
-90.87%
Top 10 Hldgs %
42.21%
Holding
162
New
26
Increased
2
Reduced
7
Closed
13

Top Buys

Rank Stock Value
1
SPCE icon
Virgin Galactic
SPCE
+$5.44M
2
SBE.U
Switchback Energy Acquisition Corporation
SBE.U
+$3.5M
3
APXTU
Apex Technology Acquisition Corporation Unit
APXTU
+$3.05M
4
THBRU
Thunder Bridge Acquisition II, Ltd. Units
THBRU
+$3.04M
5
SSPKU
Silver Spike Acquisition Corp. Units
SSPKU
+$3.01M

Top Sells

Rank Stock Value
1
WTRU
Essential Utilities, Inc.6.00% Tangible Equity Units
WTRU
+$12.6M
2
ZNGA
ZYNGA INC. CL A COMMON
ZNGA
+$6.84M
3
DCUE
Dominion Energy, Inc. 2019 Series A Corporate Units
DCUE
+$6.72M
4
AVTR.PRA
Avantor, Inc. Series A Mandatory Convertible Preferred Stock
AVTR.PRA
+$5.27M
5
CFXA
Colfax Corporation 5.75% Tangible Equity Units
CFXA
+$5.07M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 2.41%
2 Industrials 2.24%
3 Financials 0.75%
4 Healthcare 0.4%
5 Technology 0.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UIS icon
51
Unisys
UIS
$210M
$372K 0.02%
+50,000
New +$445K
GOEVW
52
DELISTED
Canoo Inc. Warrant
GOEVW
$313K 0.02%
409,850
– –
GMHIW
53
DELISTED
Gores Metropoulos, Inc. Warrant
GMHIW
$231K 0.01%
166,666
– –
TRNE.WS
54
DELISTED
Trine Acquisition Corp. Redeemable Warrants, each whole warrant exercisable for one share of Class A
TRNE.WS
$207K 0.01%
275,000
– –
TMCXW
55
DELISTED
Trinity Merger Corp. Warrant
TMCXW
$203K 0.01%
150,000
– –
ARKO icon
56
ARKO Corp
ARKO
$818M
$198K 0.01%
+20,000
New +$198K
RMG.WS
57
DELISTED
RMG Acquisition Corp. Warrants, each whole warrant exercisable for one share of Class A Common Stoc
RMG.WS
$186K 0.01%
200,000
– –
FTACW
58
DELISTED
FinTech Acquisition Corp. III Warrant
FTACW
$186K 0.01%
150,000
– –
RPLA.WS
59
DELISTED
Replay Acquisition Corp. Warrants
RPLA.WS
$180K 0.01%
300,000
+50,000
+20% +$29.6K
LOTZW
60
DELISTED
CarLotz, Inc. Warrant
LOTZW
$173K 0.01%
233,333
– –
DFBHW
61
DELISTED
DFB Healthcare Acquisitions Corp. Warrant
DFBHW
$154K 0.01%
133,333
– –
RWGE.WS
62
DELISTED
Regalwood Global Energy Ltd. Warrants, each whole warrant exercisable for one Class A ordinary share
RWGE.WS
$151K 0.01%
166,666
– –
BWMCW
63
DELISTED
Boxwood Merger Corp. Warrant
BWMCW
$137K 0.01%
200,000
– –
SHLL.WS
64
DELISTED
Tortoise Acquisition Corp. Warrants, each whole warrant exercisable for one share of Class A common
SHLL.WS
$123K 0.01%
175,000
– –
CFFAW
65
DELISTED
CF Finance Acquisition Corp. Warrant
CFFAW
$121K 0.01%
200,902
– –
DPHCW
66
DELISTED
DiamondPeak Holdings Corp. Warrant
DPHCW
$107K 0.01%
133,333
– –
LGC.WS
67
DELISTED
Legacy Acquisition Corp. Warrants, exercisable for one-half of one share of Class A Common Stock for
LGC.WS
$105K 0.01%
300,100
– –
SPAQ.WS
68
DELISTED
Spartan Energy Acquisition Corp. Warrants, each whole warrant exercisable for one Class A common sto
SPAQ.WS
$92K 0.01%
100,000
– –
GSAH.WS
69
DELISTED
GS Acquisition Holdings Corp Warrants, each whole warrant exercisable for one share of Class A Commo
GSAH.WS
$88K 0.01%
66,666
– –
BTRSW
70
DELISTED
BTRS Holdings Inc. Warrants
BTRSW
$84K 0.01%
+100,000
New +$83.8K
GRSHW
71
DELISTED
Gores Holdings III, Inc. Warrants
GRSHW
$83K 0.01%
66,666
– –
ASLEW
72
DELISTED
AerSale Corp Warrants
ASLEW
$80K ﹤0.01%
213,745
– –
LACQW
73
DELISTED
Leisure Acquisition Corp. Warrant
LACQW
$75K ﹤0.01%
100,000
– –
LHC.WS
74
DELISTED
Leo Holdings Corp. Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exe
LHC.WS
$72K ﹤0.01%
100,000
– –
PACQW
75
DELISTED
Pure Acquisition Corp. Warrant
PACQW
$70K ﹤0.01%
62,500
– –
1 2
3
4

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Tenor Capital Management's Q3 2019 Portfolio in Review

As of Q3 2019, Tenor Capital Management held 162 positions worth $1.64B, down 18% from $1.98B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Tenor Capital Management withdrew a net $1.49B in Q3 2019, closing 13 positions and reducing 7 holdings. Its most notable exit was Essential Utilities, Inc.6.00% Tangible Equity Units, an estimated $12.6M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 2.4% of assets, up from 2% a quarter earlier, followed by Industrials and Financials.

Against the trend, Tenor Capital Management opened a new position in Switchback Energy Acquisition Corporation worth $3.5M.

  • Tenor Capital Management's largest Q3 2019 buy was Switchback Energy Acquisition Corporation: 349,917 shares worth $3.5M.
  • Tenor Capital Management added most to Virgin Galactic in Q3 2019, an estimated $5.44M increase.
  • Tenor Capital Management's biggest Q3 2019 reduction was Regalwood Global Energy Ltd. Class A Ordinary Shares, cutting an estimated $3.08M.
  • Tenor Capital Management fully exited Essential Utilities, Inc.6.00% Tangible Equity Units in Q3 2019, selling an estimated $12.6M.
  • Tenor Capital Management's ten largest holdings make up 42% of its $1.64B portfolio in Q3 2019.
  • Tenor Capital Management opened 26 new positions and closed 13 in Q3 2019.
  • Tenor Capital Management's portfolio value fell 18% quarter-over-quarter to $1.64B.

Based on Tenor Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.