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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
+0.05%
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
DRDBW
51
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.21M
$162K ﹤0.01%
+505,000
New +$152K
BEAGR
52
Bold Eagle Acquisition Corp Right
BEAGR
$138K ﹤0.01%
600,000
– –
JACS.RT
53
Jackson Acquisition Co II Rights
JACS.RT
$100K ﹤0.01%
+400,000
New +$90.6K
ALDFW
54
Aldel Financial II Inc Warrants
ALDFW
$93.9K ﹤0.01%
312,900
– –
MLACR
55
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
$92K ﹤0.01%
+500,000
New +$96K
RANGR
56
Range Capital Acquisition Corp Rights
RANGR
$85K ﹤0.01%
+500,000
New +$101K
SVCCW
57
Stellar V Capital Corp Warrant
SVCCW
$74.3K ﹤0.01%
+337,589
New +$75.4K
TDACW
58
Translational Development Acquisition Corp Warrants
TDACW
$16.4M
$63.5K ﹤0.01%
+317,699
New +$55.9K
IMSRW
59
Terrestrial Energy Warrant
IMSRW
$29M
$60.4K ﹤0.01%
87,500
– –
PLMKW
60
Plum Acquisition Corp IV Warrants
PLMKW
$57.6K ﹤0.01%
+350,000
New +$56K
FACTW
61
FACT II Acquisition Corp Warrant
FACTW
$1.84M
$54K ﹤0.01%
+300,000
New +$55.6K
UHGWW
62
DELISTED
United Homes Group Warrant
UHGWW
$47.6K ﹤0.01%
75,000
– –
OACCW
63
Oaktree Acquisition Corp III Life Sciences Warrant
OACCW
$45K ﹤0.01%
60,000
– –
ADSEW icon
64
ADS-TEC Energy Warrant
ADSEW
$43.5K ﹤0.01%
12,500
– –
SATLW icon
65
Satellogic Inc Warrant
SATLW
$79M
$41.4K ﹤0.01%
91,779
– –
GRRRW
66
Gorilla Technology Group Warrant
GRRRW
$1.82M
$40.7K ﹤0.01%
37,500
– –
CCIXW
67
DELISTED
Churchill Capital Corp IX Warrant
CCIXW
$40K ﹤0.01%
50,000
– –
ML.WS
68
DELISTED
MoneyLion Inc. Warrants, each whole warrant exercisable 1/30th of a share of Class A common stock at an exercise price of $345.00 per whole share
ML.WS
$37.6K ﹤0.01%
141,750
– –
AMBI.WS
69
DELISTED
Ambipar Emergency Response Warrants
AMBI.WS
$37.5K ﹤0.01%
150,000
– –
JSPRW icon
70
Japer Therapeutics Warrants
JSPRW
$35.8K ﹤0.01%
250,000
– –
DRTSW icon
71
Alpha Tau Medical Warrant
DRTSW
$79.6M
$35.6K ﹤0.01%
150,000
– –
GB.WS
72
DELISTED
Global Blue Group Holding AG Warrants exercisable for one Ordinary Share of Global Blue Group Holding AG at a price of $11.50 per share
GB.WS
$33.3K ﹤0.01%
1,500,000
-1,000,000
-40% -$26.8K
ENGNW icon
73
enGene Therapeutics Warrants
ENGNW
$33.2K ﹤0.01%
55,243
– –
RSVRW
74
DELISTED
Reservoir Media Inc Warrant
RSVRW
$31.3K ﹤0.01%
25,000
– –
LPAAW
75
Launch One Acquisition Corp Warrant
LPAAW
$1.73M
$29K ﹤0.01%
200,000
– –
1 2
3
4 5

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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.