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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
CNCKW
101
Coincheck Group Warrant expiring 12/10/2029
CNCKW
$1.31M
$11.2K ﹤0.01%
20,000
– –
GCTS.WS
102
GCT Semiconductor Holding Warrants
GCTS.WS
$21.7M
$9.05K ﹤0.01%
125,000
– –
PGYWW
103
Pagaya Technologies Ltd Warrants
PGYWW
$1.38M
$9K ﹤0.01%
66,666
– –
EVLVW
104
DELISTED
Evolv Technologies Warrant
EVLVW
$8.99K ﹤0.01%
50,000
– –
RBOT.WS
105
DELISTED
Vicarious Surgical Inc Warrants
RBOT.WS
$7.85K ﹤0.01%
250,000
– –
IBACR
106
IB Acquisition Corp Right
IBACR
$7.5K ﹤0.01%
100,000
– –
NVNIW
107
Nvni Group Limited Warrants
NVNIW
$836K
$7.15K ﹤0.01%
250,000
– –
PDYNW icon
108
Palladyne AI Corp Warrants
PDYNW
$156K
$6.97K ﹤0.01%
24,900
– –
TVGNW icon
109
Tevogen Inc. Warrant
TVGNW
$976K
$6.74K ﹤0.01%
125,000
– –
CLSKW
110
CleanSpark Inc Warrant
CLSKW
$267K
$6.67K ﹤0.01%
37,500
– –
PITAW
111
DELISTED
Heramba Electric plc Warrants
PITAW
$6.25K ﹤0.01%
618,750
– –
NIOBW
112
NioCorp Developments Ltd Warrant
NIOBW
$79.3M
$5.33K ﹤0.01%
33,333
– –
HYAC.WS
113
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
$5.25K ﹤0.01%
25,049
– –
ABPWW
114
DELISTED
Abpro Holdings Warrant
ABPWW
$5.1K ﹤0.01%
200,000
– –
VSTEW
115
DELISTED
Vast Renewables Limited Warrants
VSTEW
$5.08K ﹤0.01%
150,000
– –
AIIOW
116
Robo.ai Inc Warrant
AIIOW
$436K
$5K ﹤0.01%
199,998
– –
SPWRW
117
SunPower Inc Warrants
SPWRW
$1.15M
$4.81K ﹤0.01%
24,072
– –
ECXWW
118
ECARX Holdings Warrants
ECXWW
$4.5K ﹤0.01%
75,000
– –
LIDRW icon
119
AEye Inc Warrant
LIDRW
$69.2K
$4.42K ﹤0.01%
74,249
– –
LOTWW
120
Lotus Technology Inc Warrants
LOTWW
$4.07K ﹤0.01%
33,333
– –
LEGT.WS
121
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$3.86K ﹤0.01%
20,000
– –
SPKLW
122
Spark I Acquisition Corp Warrant
SPKLW
$5.85M
$3.85K ﹤0.01%
25,000
– –
ISRLW
123
DELISTED
Israel Acquisitions Corp Warrant
ISRLW
$3.85K ﹤0.01%
35,000
– –
SLXNW
124
Silexion Therapeutics Warrant
SLXNW
$130K
$3.83K ﹤0.01%
50,000
– –
UWMC.WS
125
DELISTED
UWM Holdings Warrants
UWMC.WS
$3.61K ﹤0.01%
20,560
– –
3 4
5
6 7

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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.