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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
SZZLR
101
Sizzle Acquisition Corp II Right
SZZLR
$350K ﹤0.01%
+1,750,000
New +$339K
BTDR icon
102
Bitdeer Technologies
BTDR
$2.65B
$342K ﹤0.01%
29,800
-104,000
-78% -$1.2M
CCIRW
103
DELISTED
Cohen Circle Acquisition Corp. I Warrant
CCIRW
$326K ﹤0.01%
163,179
-3,487
-2% -$6.46K
KFIIR
104
K&F Growth Acquisition Corp II Rights
KFIIR
$319K ﹤0.01%
+2,000,000
New +$272K
TACOW
105
Berto Acquisition Corp Warrant
TACOW
$16.5M
$318K ﹤0.01%
+400,000
New +$299K
NPACW
106
New Providence Acquisition Corp III Warrants
NPACW
$2.1M
$313K ﹤0.01%
+500,000
New +$370K
ATIIW
107
Archimedes Tech SPAC Partners II Co Warrant
ATIIW
$17.9M
$305K ﹤0.01%
+750,000
New +$232K
GTENW
108
Gores Holdings X Warrants
GTENW
$295K ﹤0.01%
+500,000
New +$298K
RAAQW
109
DELISTED
Real Asset Acquisition Corp Warrants
RAAQW
$288K ﹤0.01%
+625,000
New +$257K
DRDBW
110
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.21M
$253K ﹤0.01%
505,000
– –
TVACW
111
Texas Ventures Acquisition III Corp Warrants
TVACW
$6.62M
$236K ﹤0.01%
+875,000
New +$200K
SOUL.RT
112
Soulpower Acquisition Corp Rights
SOUL.RT
$228K ﹤0.01%
+1,750,000
New +$334K
IMSRW
113
Terrestrial Energy Warrant
IMSRW
$29M
$206K ﹤0.01%
87,500
– –
FACWW
114
Factorial Energy Inc Warrant
FACWW
$10.1M
$203K ﹤0.01%
+750,000
New +$219K
BEAGR
115
Bold Eagle Acquisition Corp Right
BEAGR
$188K ﹤0.01%
600,000
– –
FLYY
116
DELISTED
Spirit Aviation Holdings, Inc.
FLYY
$186K ﹤0.01%
+37,241
New +$222K
GSHRW
117
Gesher Acquisition Corp II Warrants
GSHRW
$169K ﹤0.01%
+600,000
New +$170K
ALDFW
118
Aldel Financial II Inc Warrants
ALDFW
$163K ﹤0.01%
312,900
– –
SHMDW
119
SCHMID Group N.V. Warrants
SHMDW
$139K ﹤0.01%
462,500
– –
NHICW
120
NewHold Investment Corp III Warrants
NHICW
$130K ﹤0.01%
+400,000
New +$108K
GCMGW
121
DELISTED
GCM Grosvenor Inc Warrant
GCMGW
$129K ﹤0.01%
200,902
– –
RANGR
122
Range Capital Acquisition Corp Rights
RANGR
$125K ﹤0.01%
500,000
– –
JACS.RT
123
Jackson Acquisition Co II Rights
JACS.RT
$112K ﹤0.01%
400,000
– –
TMCWW
124
TMC The Metals Company Warrants
TMCWW
$1.19M
$99.2K ﹤0.01%
67,500
– –
SVCCW
125
Stellar V Capital Corp Warrant
SVCCW
$91.1K ﹤0.01%
337,589
– –
3 4
5
6 7

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CG
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BF
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BFS
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LAM
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OCM
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HFS
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PCH
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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.