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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
+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
ALF
51
Centurion Acquisition Corp
ALF
$388M
$7.91M 0.1%
750,000
– –
LPAA
52
Launch One Acquisition Corp
LPAA
$81.4M
$7.88M 0.1%
750,000
– –
POLE
53
Andretti Acquisition Corp II
POLE
$319M
$7.84M 0.1%
750,000
– –
BRR
54
ProCap Financial Inc
BRR
$160M
$7.59M 0.1%
750,000
– –
COPL
55
Copley Acquisition Corp
COPL
$249M
$7.58M 0.1%
750,000
– –
ALDF
56
Aldel Financial II Inc
ALDF
$7.31M 0.1%
699,234
– –
PLMK
57
Plum Acquisition Corp IV
PLMK
$256M
$7.22M 0.09%
700,000
– –
EGHA
58
EGH Acquisition Corp
EGHA
$7.01M 0.09%
+700,000
New +$7.01M
PAII
59
Pyrophyte Acquisition Corp II
PAII
$280M
$6.97M 0.09%
+700,000
New +$6.96M
SVCC
60
Stellar V Capital Corp
SVCC
$6.95M 0.09%
675,179
– –
TDAC
61
Translational Development Acquisition Corp
TDAC
$238M
$6.58M 0.09%
635,399
– –
AXIN
62
Axiom Intelligence Acquisition Corp 1
AXIN
$280M
$6.47M 0.09%
+650,000
New +$6.48M
TONT
63
Graf Global Corp
TONT
$153M
$6.32M 0.08%
600,020
– –
BEAG
64
Bold Eagle Acquisition Corp
BEAG
$335M
$6.24M 0.08%
600,000
– –
JACS
65
Jackson Acquisition Co II
JACS
$6.23M 0.08%
600,000
– –
PCAP
66
ProCap Acquisition Corp
PCAP
$327M
$6.16M 0.08%
+600,000
New +$6.19M
LATAU
67
Galata Acquisition Corp. II Units
LATAU
$5.99M 0.08%
+600,000
New +$5.99M
PACH
68
Pioneer Acquisition I Corp
PACH
$5.98M 0.08%
+600,000
New +$5.97M
OBA
69
Oxley Bridge Acquisition Ltd
OBA
$325M
$5.98M 0.08%
+600,000
New +$5.97M
AEXA
70
American Exceptionalism Acquisition Corp
AEXA
$573M
$5.62M 0.07%
+513,755
New +$5.53M
MRLN
71
Merlin Inc
MRLN
$429M
$5.44M 0.07%
+523,075
New +$5.42M
MLAC
72
DELISTED
Mountain Lake Acquisition Corp
MLAC
$5.15M 0.07%
500,000
– –
RANG
73
Range Capital Acquisition Corp
RANG
$23.2M
$5.15M 0.07%
500,101
+101
+0% +$1.04K
LPBB
74
Launch Two Acquisition Corp
LPBB
$310M
$5.12M 0.07%
489,947
– –
OTGAU
75
OTG Acquisition Corp I Unit
OTGAU
$5.04M 0.07%
+500,000
New +$5.02M
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 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.