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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
NTWOW
76
Newbury Street II Acquisition Corp Warrant
NTWOW
$27.4K ﹤0.01%
124,709
– –
LPBBW
77
Launch Two Acquisition Corp Warrant
LPBBW
$3.33M
$26.3K ﹤0.01%
125,000
– –
BKSY.WS icon
78
BlackSky Technology Inc Warrants
BKSY.WS
$65.9K
$25.7K ﹤0.01%
198,855
– –
FBYDW icon
79
Falcon's Beyond Global Warrants
FBYDW
$10.9M
$24.9K ﹤0.01%
24,900
– –
LZM.WS icon
80
Lifezone Metals Ltd Warrants
LZM.WS
$29.5M
$23K ﹤0.01%
50,000
– –
VACHW
81
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$22.5K ﹤0.01%
150,000
– –
ALFUW
82
Centurion Acquisition Corp Warrant
ALFUW
$22.5K ﹤0.01%
150,000
– –
AERTW
83
Aeries Technology Warrant
AERTW
$22.4K ﹤0.01%
750,000
– –
WLACW
84
DELISTED
Willow Lane Acquisition Corp Warrants
WLACW
$21.2K ﹤0.01%
+92,958
New +$19.2K
DISTR
85
DELISTED
Distoken Acquisition Corporation Right
DISTR
$20.6K ﹤0.01%
100,000
– –
CXAIW icon
86
CXApp Inc Warrant
CXAIW
$955K
$19.9K ﹤0.01%
150,000
– –
NETDW
87
DELISTED
Nabors Energy Transition Corp II Warrant
NETDW
$19.9K ﹤0.01%
50,000
– –
OAKUR
88
DELISTED
Oak Woods Acquisition Corp Right
OAKUR
$19.5K ﹤0.01%
75,000
– –
CUBWW
89
Lionheart Holdings Warrant
CUBWW
$5.87M
$17.5K ﹤0.01%
125,000
– –
MDAIW icon
90
Spectral AI Warrants
MDAIW
$5.45M
$17.1K ﹤0.01%
66,666
– –
CRMLW icon
91
Critical Metals Corp Warrants
CRMLW
$20.5M
$16.9K ﹤0.01%
100,000
– –
KVACW
92
DELISTED
Keen Vision Acquisition Corp Warrant
KVACW
$16.7K ﹤0.01%
513,600
– –
TMCWW
93
TMC The Metals Company Warrants
TMCWW
$1.19M
$15K ﹤0.01%
67,500
– –
BAERW icon
94
Bridger Aerospace Warrant
BAERW
$8.48M
$14.7K ﹤0.01%
274,854
– –
KDKRW
95
Kodiak AI Warrants
KDKRW
$14.5K ﹤0.01%
50,000
– –
ZEOWW
96
Zeo Energy Corp Warrants
ZEOWW
$14.2K ﹤0.01%
250,000
– –
RNWWW
97
ReNew Energy Global PLC Warrant
RNWWW
$44.5K
$14K ﹤0.01%
116,666
– –
LNZAW icon
98
LanzaTech Global Warrant
LNZAW
$13.9K ﹤0.01%
235,341
– –
PETWW
99
DELISTED
Wag! Group Co Warrant
PETWW
$12.9K ﹤0.01%
990,000
– –
BDMDW
100
Baird Medical Investment Holdings Warrant
BDMDW
$11.3K ﹤0.01%
150,000
– –
2 3
4
5 6

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LAM
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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.