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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
CCX.WS
76
DELISTED
Churchill Capital Corp II Warrants, each exercisable for one share of Class A common stock at an exe
CCX.WS
$61K ﹤0.01%
+41,667
New +$57.4K
THWWW
77
DELISTED
Target Hospitality Corp. Warrant expiring 3/15/2024
THWWW
$55K ﹤0.01%
50,000
– –
NEBUW
78
DELISTED
Nebula Acquisition Corporation Warrant
NEBUW
$50K ﹤0.01%
50,000
– –
SWN
79
DELISTED
Southwestern Energy Company
SWN
$48K ﹤0.01%
25,000
– –
CCH.WS
80
DELISTED
Collier Creek Holdings Warrants, each whole warrant exercisable for one Class A ordinary share at an
CCH.WS
$45K ﹤0.01%
33,333
– –
DEACW
81
DELISTED
Diamond Eagle Acquisition Corp. Warrant
DEACW
$28K ﹤0.01%
+33,333
New +$29K
ENT
82
DELISTED
Global Eagle Entertainment Inc.
ENT
$25K ﹤0.01%
+1,400
New +$25.3K
STNLW
83
DELISTED
Sentinel Energy Services Inc. Warrant
STNLW
$24K ﹤0.01%
33,333
– –
FPAC.WS
84
DELISTED
Far Point Acquisition Corporation Warrants, exercisable for one share of Class A Common Stock for $1
FPAC.WS
$20K ﹤0.01%
16,666
– –
HPK icon
85
HighPeak Energy
HPK
$882M
– –
-150,000
Closed -$1.52M
QTWO icon
86
Q2 Holdings
QTWO
$4.01B
– –
-31,700
Closed -$2.42M
CHNGU
87
DELISTED
Change Healthcare Inc. Tangible Equity Units
CHNGU
– –
-40,000
Closed -$2.25M
DCUE
88
DELISTED
Dominion Energy, Inc. 2019 Series A Corporate Units
DCUE
– –
-65,000
Closed -$6.72M
ZNGA
89
DELISTED
ZYNGA INC. CL A COMMON
ZNGA
– –
-1,116,300
Closed -$6.84M
AVTR.PRA
90
DELISTED
Avantor, Inc. Series A Mandatory Convertible Preferred Stock
AVTR.PRA
– –
-80,000
Closed -$5.27M
CFXA
91
DELISTED
Colfax Corporation 5.75% Tangible Equity Units
CFXA
– –
-40,000
Closed -$5.07M
TLGT
92
DELISTED
Teligent, Inc
TLGT
– –
-7,000
Closed -$44K
CCX.U
93
DELISTED
Churchill Capital Corp II
CCX.U
– –
-125,000
Closed -$1.27M
SMMCU
94
DELISTED
South Mountain Merger Corp. Unit
SMMCU
– –
-200,000
Closed -$2M
HYACU
95
DELISTED
Haymaker Acquisition Corp. II Unit
HYACU
– –
-20,000
Closed -$204K
DEACU
96
DELISTED
Diamond Eagle Acquisition Corp. Unit
DEACU
– –
-100,000
Closed -$1.01M
WTRU
97
DELISTED
Essential Utilities, Inc.6.00% Tangible Equity Units
WTRU
– –
-220,000
Closed -$12.6M
1 2 3
4

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LAM
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HFS
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PCH
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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.