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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
+0.05%
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
$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 1.73%
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
KFIIU
1
K&F Growth Acquisition Corp II Unit
KFIIU
$276M
$20.2M 0.29%
+2,000,000
New +$20M
ATIIU
2
Archimedes Tech SPAC Partners II Co Unit
ATIIU
$15.2M 0.22%
+1,500,000
New +$15.1M
LOKVU
3
DELISTED
Live Oak Acquisition Corp V Units
LOKVU
$15.1M 0.22%
+1,500,000
New +$15.1M
HVIIU
4
Hennessy Capital Investment Corp VII Unit
HVIIU
$15.1M 0.22%
+1,500,000
New +$15.1M
FERAU
5
Fifth Era Acquisition Corp I Units
FERAU
$15.1M 0.22%
+1,500,000
New +$15M
CEPO
6
Cantor Equity Partners I
CEPO
$272M
$13M 0.19%
+1,268,007
New +$12.8M
DRDB
7
Roman DBDR Acquisition Corp II
DRDB
$325M
$11.1M 0.16%
+1,110,000
New +$11.1M
NHICU
8
NewHold Investment Corp III Units
NHICU
$8.06M 0.11%
+800,000
New +$8.03M
GSHRU
9
Gesher Acquisition Corp II Units
GSHRU
$7.72M 0.11%
+769,478
New +$7.72M
PLMK
10
Plum Acquisition Corp IV
PLMK
$256M
$7.03M 0.1%
+700,000
New +$7.01M
SVCC
11
Stellar V Capital Corp
SVCC
$230M
$6.75M 0.1%
+675,179
New +$6.74M
TDAC
12
Translational Development Acquisition Corp
TDAC
$209M
$6.4M 0.09%
+635,399
New +$6.38M
ALDF
13
Aldel Financial II Inc
ALDF
$322M
$6.2M 0.09%
625,800
– –
BEAG
14
Bold Eagle Acquisition Corp
BEAG
$334M
$6.09M 0.09%
600,000
– –
FACT
15
FACT II Acquisition Corp
FACT
$259M
$6.01M 0.09%
+600,000
New +$5.98M
CCIR
16
DELISTED
Cohen Circle Acquisition Corp. I Class A Ordinary Shares
CCIR
$5.61M 0.08%
500,000
– –
RANG
17
Range Capital Acquisition Corp
RANG
$23.2M
$5.03M 0.07%
+500,000
New +$4.99M
MLAC
18
DELISTED
Mountain Lake Acquisition Corp
MLAC
$5.03M 0.07%
+500,000
New +$5M
ITGR icon
19
Integer Holdings
ITGR
$3.39B
$4.86M 0.07%
+41,188
New +$5.39M
TONT
20
Graf Global Corp
TONT
$153M
$4.1M 0.06%
400,000
– –
LPAA
21
DELISTED
Launch One Acquisition Corp
LPAA
$4.08M 0.06%
400,000
– –
JACS
22
Jackson Acquisition Co II
JACS
$317M
$4.03M 0.06%
+400,000
New +$4.01M
ALF
23
Centurion Acquisition Corp
ALF
$386M
$3.09M 0.04%
300,000
– –
OACC
24
Oaktree Acquisition Corp III Life Sciences
OACC
$264M
$3.07M 0.04%
300,000
– –
VACH
25
DELISTED
Voyager Acquisition Corp
VACH
$3.05M 0.04%
300,000
– –
1
2 3 4 5

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HI
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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 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 0.79% 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.