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TCM

Tenor Capital Management Portfolio holdings

AUM $6.49B
1-Year Est. Return 3.01%
This Fund
S&P 500
This Quarter Est. Return
+0.08%
1 Year Est. Return
+3.01%
3 Year Est. Return
+3.92%
5 Year Est. Return
+4.42%
10 Year Est. Return
+12.15%
AUM
$1.64B
AUM Growth
-$349M
Cap. Flow
-$1.49B
Cap. Flow %
-90.87%
Top 10 Hldgs %
42.21%
Holding
162
New
26
Increased
2
Reduced
7
Closed
13

Top Buys

Rank Stock Value
1
SPCE icon
Virgin Galactic
SPCE
+$5.44M
2
SBE.U
Switchback Energy Acquisition Corporation
SBE.U
+$3.5M
3
APXTU
Apex Technology Acquisition Corporation Unit
APXTU
+$3.05M
4
THBRU
Thunder Bridge Acquisition II, Ltd. Units
THBRU
+$3.04M
5
SSPKU
Silver Spike Acquisition Corp. Units
SSPKU
+$3.01M

Top Sells

Rank Stock Value
1
WTRU
Essential Utilities, Inc.6.00% Tangible Equity Units
WTRU
+$12.6M
2
ZNGA
ZYNGA INC. CL A COMMON
ZNGA
+$6.84M
3
DCUE
Dominion Energy, Inc. 2019 Series A Corporate Units
DCUE
+$6.72M
4
AVTR.PRA
Avantor, Inc. Series A Mandatory Convertible Preferred Stock
AVTR.PRA
+$5.27M
5
CFXA
Colfax Corporation 5.75% Tangible Equity Units
CFXA
+$5.07M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 2.41%
2 Industrials 2.24%
3 Financials 0.75%
4 Healthcare 0.4%
5 Technology 0.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPCE icon
1
Virgin Galactic
SPCE
$317M
$12.8M 0.79%
60,000
+26,005
+76% +$5.44M
LOTZ
2
DELISTED
CarLotz, Inc. Class A Common Stock
LOTZ
$6.93M 0.42%
700,000
– –
RPLA
3
DELISTED
Replay Acquisition Corp. Ordinary Shares
RPLA
$5.96M 0.36%
600,000
– –
RMO
4
DELISTED
Romeo Power, Inc.
RMO
$5.91M 0.36%
600,000
– –
GOEV
5
DELISTED
Canoo Inc. Class A Common Stock
GOEV
$5.47M 0.33%
1,188
– –
DM
6
DELISTED
Desktop Metal, Inc.
DM
$5.43M 0.33%
55,000
– –
PAE
7
DELISTED
PAE Incorporated Class A Common Stock
PAE
$5.07M 0.31%
501,300
– –
LAZR
8
DELISTED
Luminar Technologies
LAZR
$5.05M 0.31%
33,333
– –
AHCO icon
9
AdaptHealth
AHCO
$1.43B
$4.07M 0.25%
400,000
– –
RIDE
10
DELISTED
Lordstown Motors Corp. Class A Common Stock
RIDE
$3.96M 0.24%
26,667
– –
MVST icon
11
Microvast
MVST
$268M
$3.92M 0.24%
400,000
-100,000
-20% -$990K
SBE.U
12
DELISTED
Switchback Energy Acquisition Corporation
SBE.U
$3.5M 0.21%
+349,917
New +$3.5M
DMS
13
DELISTED
Digital Media Solutions, Inc.
DMS
$3.07M 0.19%
20,000
-20,000
-50% -$3.06M
ID
14
DELISTED
PARTS iD, Inc.
ID
$3.06M 0.19%
300,100
– –
APXTU
15
DELISTED
Apex Technology Acquisition Corporation Unit
APXTU
$3.06M 0.19%
+300,000
New +$3.05M
THBRU
16
DELISTED
Thunder Bridge Acquisition II, Ltd. Units
THBRU
$3.05M 0.19%
+300,000
New +$3.04M
SSPKU
17
DELISTED
Silver Spike Acquisition Corp. Units
SSPKU
$3.03M 0.19%
+300,000
New +$3.01M
PAYA
18
DELISTED
Paya Holdings Inc. Class A Common Stock
PAYA
$3.02M 0.18%
300,000
– –
EXPCU
19
DELISTED
Experience Investment Corp. Unit
EXPCU
$3M 0.18%
+300,000
New +$3M
GCMG icon
20
GCM Grosvenor
GCMG
$746M
$2.72M 0.17%
267,870
– –
THCAU
21
DELISTED
Tuscan Holdings Corp. II Unit
THCAU
$2.51M 0.15%
+250,000
New +$2.51M
ASLE icon
22
AerSale
ASLE
$290M
$2.14M 0.13%
213,745
– –
RWGE
23
DELISTED
Regalwood Global Energy Ltd. Class A Ordinary Shares
RWGE
$2.06M 0.13%
200,000
-300,000
-60% -$3.08M
LACQ
24
DELISTED
Leisure Acquisition Corp.
LACQ
$2.05M 0.13%
200,000
– –
VRT icon
25
Vertiv
VRT
$92.4B
$2.04M 0.12%
200,000
– –
1
2 3 4

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Tenor Capital Management's Q3 2019 Portfolio in Review

As of Q3 2019, Tenor Capital Management held 162 positions worth $1.64B, down 18% from $1.98B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Tenor Capital Management withdrew a net $1.49B in Q3 2019, closing 13 positions and reducing 7 holdings. Its most notable exit was Essential Utilities, Inc.6.00% Tangible Equity Units, an estimated $12.6M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 2.4% of assets, up from 2% a quarter earlier, followed by Industrials and Financials.

Against the trend, Tenor Capital Management opened a new position in Switchback Energy Acquisition Corporation worth $3.5M.

  • Tenor Capital Management's largest Q3 2019 buy was Switchback Energy Acquisition Corporation: 349,917 shares worth $3.5M.
  • Tenor Capital Management added most to Virgin Galactic in Q3 2019, an estimated $5.44M increase.
  • Tenor Capital Management's biggest Q3 2019 reduction was Regalwood Global Energy Ltd. Class A Ordinary Shares, cutting an estimated $3.08M.
  • Tenor Capital Management fully exited Essential Utilities, Inc.6.00% Tangible Equity Units in Q3 2019, selling an estimated $12.6M.
  • Tenor Capital Management's ten largest holdings make up 42% of its $1.64B portfolio in Q3 2019.
  • Tenor Capital Management opened 26 new positions and closed 13 in Q3 2019.
  • Tenor Capital Management's portfolio value fell 18% quarter-over-quarter to $1.64B.

Based on Tenor Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.