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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
KCHV
76
Kochav Defense Acquisition Corp
KCHV
$5.01M 0.07%
+500,000
New +$5.01M
HVMCU
77
Highview Merger Corp Units
HVMCU
$5M 0.07%
+500,000
New +$5.03M
CHECU
78
Chenghe Acquisition III Co Units
CHECU
$4.99M 0.07%
+500,000
New +$4.99M
CCCX
79
DELISTED
Churchill Capital Corp X
CCCX
$4.76M 0.06%
+370,000
New +$3.91M
CAEP
80
DELISTED
Cantor Equity Partners III
CAEP
$4.39M 0.06%
425,000
– –
BXP icon
81
Boston Properties
BXP
$11.1B
$4.18M 0.05%
+56,200
New +$3.97M
SOCA
82
Solarius Capital Acquisition Corp
SOCA
$4.15M 0.05%
+416,687
New +$4.16M
CEPO
83
Cantor Equity Partners I
CEPO
$272M
$3.84M 0.05%
367,176
-82,824
-18% -$916K
KOYNU
84
CSLM Digital Asset Acquisition Corp III Units
KOYNU
$214M
$3.54M 0.05%
+350,000
New +$3.53M
BCSS.U
85
Bain Capital GSS Investment Corp Units
BCSS.U
$3.53M 0.05%
+350,000
New +$3.53M
FCRS.U
86
FutureCrest Acquisition Corp Units
FCRS.U
$3.18M 0.04%
+300,000
New +$3.15M
OACC
87
Oaktree Acquisition Corp III Life Sciences
OACC
$3.15M 0.04%
300,000
– –
CEPT
88
DELISTED
Cantor Equity Partners II
CEPT
$3.15M 0.04%
300,000
– –
VACH
89
DELISTED
Voyager Acquisition Corp
VACH
$3.15M 0.04%
300,000
– –
RAC
90
Rithm Acquisition Corp
RAC
$309M
$3.08M 0.04%
300,000
– –
FIGX
91
FIGX Capital Acquisition Corp
FIGX
$199M
$3M 0.04%
+300,000
New +$3M
CUB
92
Lionheart Holdings
CUB
$284M
$2.63M 0.03%
250,000
– –
ONCH
93
1RT Acquisition Corp
ONCH
$2.61M 0.03%
+250,000
New +$2.57M
NTWO
94
Newbury Street II Acquisition Corp
NTWO
$2.58M 0.03%
249,418
– –
BCAR
95
D. Boral ARC Acquisition I Corp
BCAR
$190M
$2.48M 0.03%
+250,000
New +$2.48M
RTAC
96
Renatus Tactical Acquisition Corp I
RTAC
$326M
$2.18M 0.03%
200,000
-100,000
-33% -$1.12M
MCGA
97
Yorkville Acquisition Corp
MCGA
$241M
$2.13M 0.03%
+200,000
New +$2.14M
WLAC
98
DELISTED
Willow Lane Acquisition Corp
WLAC
$2.09M 0.03%
180,106
-105,850
-37% -$1.13M
CCII
99
Cohen Circle Acquisition Corp II
CCII
$358M
$2.03M 0.03%
+200,000
New +$2.02M
LPSN icon
100
LivePerson
LPSN
$32.3M
$1.85M 0.02%
+211,327
New +$2.97M
2 3
4
5 6

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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
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LAM
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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.