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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
+0.37%
1 Year Est. Return
+3%
3 Year Est. Return
+3.9%
5 Year Est. Return
+4.41%
10 Year Est. Return
+12.14%
AUM
$7.41B
AUM Growth
+$397M
Cap. Flow
-$4.77B
Cap. Flow %
-64.38%
Top 10 Hldgs %
22.71%
Holding
384
New
86
Increased
12
Reduced
5
Closed
23

Top Buys

Rank Stock Value
1
CHAC
Crane Harbor Acquisition Corp
CHAC
+$21.6M
2
GTEN
Gores Holdings X
GTEN
+$20.5M
3
KFII
K&F Growth Acquisition Corp II
KFII
+$20.1M
4
TACH
Titan Acquisition Corp
TACH
+$20.1M
5
LOKV
Live Oak Acquisition Corp V
LOKV
+$18M

Top Sells

Rank Stock Value
1
KFIIU
K&F Growth Acquisition Corp II Unit
KFIIU
+$20.2M
2
ATIIU
Archimedes Tech SPAC Partners II Co Unit
ATIIU
+$15.2M
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
+$15.1M

Sector Composition

Rank Sector Weight
1 Financials 6.89%
2 Industrials 0.29%
3 Technology 0.09%
4 Healthcare 0.03%
5 Utilities 0.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MCGAU
76
Yorkville Acquisition Corp Unit
MCGAU
$158M
$2.25M 0.03%
+200,000
New +$2.21M
CCIX
77
DELISTED
Churchill Capital Corp IX
CCIX
$2.1M 0.03%
200,000
– –
ARAY icon
78
Accuray
ARAY
$34M
$2.06M 0.03%
+1,500,000
New +$2.22M
IMSR
79
Terrestrial Energy
IMSR
$617M
$1.59M 0.02%
142,960
-32,040
-18% -$356K
IPEX
80
Inflection Point Acquisition Corp V
IPEX
$126M
$1.26M 0.02%
+125,000
New +$1.25M
NETD
81
DELISTED
Nabors Energy Transition Corp II
NETD
$1.11M 0.02%
100,000
– –
PCSC
82
DELISTED
Perceptive Capital Solutions
PCSC
$1.06M 0.01%
100,000
– –
PMTRU
83
Perimeter Acquisition Corp I Unit
PMTRU
$195M
$1.05M 0.01%
+100,000
New +$1.03M
IBAC
84
IB Acquisition Corp
IBAC
$1.05M 0.01%
100,000
– –
CHPGU
85
ChampionsGate Acquisition Corp Unit
CHPGU
$1.02M 0.01%
+100,000
New +$1.01M
MIR icon
86
Mirion Technologies
MIR
$3.91B
$926K 0.01%
+42,998
New +$741K
BRRWW
87
ProCap Financial Inc
BRRWW
$3.02M
$623K 0.01%
+375,000
New +$688K
SPKL
88
Spark I Acquisition Corp
SPKL
$101M
$545K 0.01%
50,000
– –
GSRT
89
DELISTED
GSR III Acquisition Corp
GSRT
$540K 0.01%
50,000
– –
CHACR
90
DELISTED
Crane Harbor Acquistion Corp Rights
CHACR
$535K 0.01%
+1,980,000
New +$452K
DAAQW
91
Digital Asset Acquisition Corp Warrant
DAAQW
$531K 0.01%
+625,000
New +$593K
LOKVW
92
DELISTED
Live Oak Acquisition Corp V Warrants
LOKVW
$525K 0.01%
+750,000
New +$380K
IPCXR
93
Inflection Point Acquisition Corp III Rights
IPCXR
$498K 0.01%
+1,250,000
New +$444K
HVIIR
94
Hennessy Capital Investment Corp VII Rights
HVIIR
$495K 0.01%
+1,500,000
New +$425K
BBAI.WS icon
95
BigBear.ai Holdings Warrant
BBAI.WS
$43.5M
$480K 0.01%
200,000
– –
FERAR
96
Fifth Era Acquisition Corp I Rights
FERAR
$422K 0.01%
+1,500,000
New +$334K
RTACW
97
Renatus Tactical Acquisition Corp I Warrant
RTACW
$7.72M
$408K 0.01%
+200,000
New +$405K
BKHA
98
Black Hawk Acquisition Corp
BKHA
$48.9M
$372K 0.01%
35,000
– –
TACHW
99
Titan Acquisition Corp Warrants
TACHW
$370K 0.01%
+1,000,000
New +$288K
RDAGW
100
Republic Digital Acquisition Co Warrants
RDAGW
$360K ﹤0.01%
+500,000
New +$434K
2 3
4
5 6

Similar funds

HI
Harbour Investments Madison, Wisconsin $6.48B AUM 18.23% 1-Year Est. Return
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 Q2 2025 Portfolio in Review

As of Q2 2025, Tenor Capital Management held 384 positions worth $7.41B, up 5.7% from $7.02B the previous quarter. Its ten largest holdings account for 23% of the portfolio.

Tenor Capital Management withdrew a net $4.77B in Q2 2025, closing 23 positions and reducing 5 holdings. Its most notable exit was K&F Growth Acquisition Corp II Unit, an estimated $20.2M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6.9% of assets, up from 1.7% a quarter earlier, followed by Industrials and Technology.

Against the trend, Tenor Capital Management opened a new position in Crane Harbor Acquisition Corp worth $21.8M.

  • Tenor Capital Management's largest Q2 2025 buy was Crane Harbor Acquisition Corp: 2,160,000 shares worth $21.8M.
  • Tenor Capital Management added most to Legato Merger Corp III in Q2 2025, an estimated $10.2M increase.
  • Tenor Capital Management's biggest Q2 2025 reduction was Cantor Equity Partners I, cutting an estimated $9.52M.
  • Tenor Capital Management fully exited K&F Growth Acquisition Corp II Unit in Q2 2025, selling an estimated $20.2M.
  • Tenor Capital Management's ten largest holdings make up 23% of its $7.41B portfolio in Q2 2025.
  • Tenor Capital Management opened 86 new positions and closed 23 in Q2 2025.
  • Tenor Capital Management's portfolio value rose 5.7% quarter-over-quarter to $7.41B.

Based on Tenor Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.