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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
GRRRW
151
Gorilla Technology Group Warrant
GRRRW
$1.82M
$29.9K ﹤0.01%
37,500
– –
KVACW
152
DELISTED
Keen Vision Acquisition Corp Warrant
KVACW
$27.7K ﹤0.01%
513,600
– –
EVLVW
153
DELISTED
Evolv Technologies Warrant
EVLVW
$27.5K ﹤0.01%
50,000
– –
AMBI.WS
154
DELISTED
Ambipar Emergency Response Warrants
AMBI.WS
$25.5K ﹤0.01%
150,000
– –
ADSEW icon
155
ADS-TEC Energy Warrant
ADSEW
$24.6K ﹤0.01%
12,500
– –
NETDW
156
DELISTED
Nabors Energy Transition Corp II Warrant
NETDW
$24.1K ﹤0.01%
50,000
– –
AERTW
157
Aeries Technology Warrant
AERTW
$21.6K ﹤0.01%
750,000
– –
BAERW icon
158
Bridger Aerospace Warrant
BAERW
$8.48M
$21.3K ﹤0.01%
274,854
– –
DISTR
159
DELISTED
Distoken Acquisition Corporation Right
DISTR
$20.6K ﹤0.01%
100,000
– –
FBYDW icon
160
Falcon's Beyond Global Warrants
FBYDW
$10.9M
$20.2K ﹤0.01%
24,900
– –
LZM.WS icon
161
Lifezone Metals Ltd Warrants
LZM.WS
$29.5M
$19.4K ﹤0.01%
50,000
– –
BGLWW
162
Blue Gold Ltd Warrant
BGLWW
$736K
$19K ﹤0.01%
+100,000
New +$19.3K
CNCKW
163
Coincheck Group Warrant expiring 12/10/2029
CNCKW
$1.31M
$17.4K ﹤0.01%
20,000
– –
NIOBW
164
NioCorp Developments Ltd Warrant
NIOBW
$79.3M
$16.9K ﹤0.01%
33,333
– –
OAKUR
165
DELISTED
Oak Woods Acquisition Corp Right
OAKUR
$16.4K ﹤0.01%
75,000
– –
ZEOWW
166
Zeo Energy Corp Warrants
ZEOWW
$16K ﹤0.01%
250,000
– –
CLSKW
167
CleanSpark Inc Warrant
CLSKW
$267K
$15.9K ﹤0.01%
37,500
– –
PETWW
168
DELISTED
Wag! Group Co Warrant
PETWW
$15.8K ﹤0.01%
990,000
– –
RNWWW
169
ReNew Energy Global PLC Warrant
RNWWW
$44.5K
$15.8K ﹤0.01%
116,666
– –
NVNIW
170
Nvni Group Limited Warrants
NVNIW
$836K
$12.9K ﹤0.01%
250,000
– –
GCTS.WS
171
GCT Semiconductor Holding Warrants
GCTS.WS
$21.7M
$12.1K ﹤0.01%
125,000
– –
BDMDW
172
Baird Medical Investment Holdings Warrant
BDMDW
$12K ﹤0.01%
150,000
– –
DISTW
173
DELISTED
Distoken Acquisition Corporation Warrant
DISTW
$12K ﹤0.01%
100,000
– –
AIIOW
174
Robo.ai Inc Warrant
AIIOW
$436K
$11.3K ﹤0.01%
199,998
– –
PGYWW
175
Pagaya Technologies Ltd Warrants
PGYWW
$1.38M
$11.2K ﹤0.01%
66,666
– –
5 6
7
8 9

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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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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.