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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
CXAIW icon
176
CXApp Inc Warrant
CXAIW
$955K
$11.1K ﹤0.01%
150,000
– –
KIDZW
177
KIDZ AI Inc Warrants
KIDZW
$243K
$9.97K ﹤0.01%
+75,000
New +$11.6K
PDYNW icon
178
Palladyne AI Corp Warrants
PDYNW
$156K
$9.47K ﹤0.01%
24,900
– –
HYAC.WS
179
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
$9.02K ﹤0.01%
25,049
– –
DAICW
180
CID HoldCo Inc Warrants
DAICW
$78.4K
$8.89K ﹤0.01%
+112,500
New +$13.1K
TVGNW icon
181
Tevogen Inc. Warrant
TVGNW
$976K
$8.74K ﹤0.01%
125,000
– –
LVWR.WS icon
182
LiveWire Group Warrants
LVWR.WS
$5.09M
$8.2K ﹤0.01%
160,820
– –
SPWRW
183
SunPower Inc Warrants
SPWRW
$1.15M
$7.83K ﹤0.01%
24,072
– –
ISRLW
184
DELISTED
Israel Acquisitions Corp Warrant
ISRLW
$7.79K ﹤0.01%
35,000
– –
RBOT.WS
185
DELISTED
Vicarious Surgical Inc Warrants
RBOT.WS
$7.28K ﹤0.01%
250,000
– –
LIDRW icon
186
AEye Inc Warrant
LIDRW
$69.2K
$6.34K ﹤0.01%
74,249
– –
LNZAW icon
187
LanzaTech Global Warrant
LNZAW
$6.24K ﹤0.01%
235,341
– –
LEGT.WS
188
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$5.4K ﹤0.01%
20,000
– –
SPKLW
189
Spark I Acquisition Corp Warrant
SPKLW
$5.85M
$4.87K ﹤0.01%
25,000
– –
ECXWW
190
ECARX Holdings Warrants
ECXWW
$4.45K ﹤0.01%
75,000
– –
LMND.WS
191
DELISTED
Lemonade Inc Warrants
LMND.WS
$4.21K ﹤0.01%
50,242
– –
ABPWW
192
DELISTED
Abpro Holdings Warrant
ABPWW
$4.14K ﹤0.01%
200,000
– –
IBACR
193
IB Acquisition Corp Right
IBACR
$4.11K ﹤0.01%
100,000
– –
VLN.WS
194
DELISTED
Valens Semiconductor Ltd Warrants
VLN.WS
$3.87K ﹤0.01%
75,000
– –
LOTWW
195
Lotus Technology Inc Warrants
LOTWW
$3.5K ﹤0.01%
33,333
– –
PBMWW
196
Psyence Biomedical Warrant
PBMWW
$337K
$3.04K ﹤0.01%
150,000
– –
VEEAW
197
Veea Inc Warrant
VEEAW
$604K
$2.72K ﹤0.01%
20,000
– –
RDZNW icon
198
Roadzen Inc Warrants
RDZNW
$8.64M
$2.56K ﹤0.01%
50,000
– –
CCGWW
199
Cheche Group Inc Warrant
CCGWW
$2.53K ﹤0.01%
100,000
– –
ANGHW icon
200
Anghami Inc Warrants
ANGHW
$2.36K ﹤0.01%
200,000
– –
6 7
8
9 10

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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.