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TCM

Tenor Capital Management Portfolio holdings

AUM $7.09B
1-Year Est. Return 3.55%
This Fund
S&P 500
This Quarter Est. Return
+0.4%
1 Year Est. Return
+3.55%
3 Year Est. Return
+4.73%
5 Year Est. Return
+5.18%
10 Year Est. Return
+13.14%
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 Miscellaneous 92.57%
2 Financials 7%
3 Industrials 0.29%
4 Technology 0.09%
5 Healthcare 0.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CHAC
1
DELISTED
Crane Harbor Acquisition Corp
CHAC
$21.8M 0.29%
+2,160,000
New +$21.6M
GTEN
2
Gores Holdings X
GTEN
$20.5M 0.28%
+2,000,000
New +$20.5M
KFII
3
K&F Growth Acquisition Corp II
KFII
$20.4M 0.27%
+2,000,000
New +$20.1M
TACH
4
Titan Acquisition Corp
TACH
$362M
$20.2M 0.27%
+2,000,000
New +$20.1M
LOKV
5
DELISTED
Live Oak Acquisition Corp V
LOKV
$18.7M 0.25%
+1,750,000
New +$18M
TVA
6
Texas Ventures Acquisition III Corp
TVA
$317M
$17.7M 0.24%
+1,750,000
New +$17.6M
SZZL
7
Sizzle Acquisition Corp II
SZZL
$327M
$17.6M 0.24%
+1,750,000
New +$17.5M
SOUL
8
Soulpower Acquisition Corp
SOUL
$355M
$17.3M 0.23%
+1,750,000
New +$17.4M
ATII
9
Archimedes Tech SPAC Partners II Co
ATII
$316M
$15.3M 0.21%
+1,500,000
New +$15.1M
XRPNU
10
Armada Acquisition Corp II Units
XRPNU
$231M
$15.3M 0.21%
+1,500,000
New +$15.1M
NPAC
11
New Providence Acquisition Corp III
NPAC
$401M
$15.3M 0.21%
+1,500,000
New +$15.5M
HVII
12
Hennessy Capital Investment Corp VII
HVII
$194M
$15.2M 0.21%
+1,500,000
New +$15M
FERA
13
Fifth Era Acquisition Corp I
FERA
$328M
$15.2M 0.21%
+1,500,000
New +$15.1M
FAC
14
Factorial Energy Inc
FAC
$525M
$15M 0.2%
+1,500,000
New +$15M
SDHIU
15
Siddhi Acquisition Corp Unit
SDHIU
$14.2M 0.19%
+1,374,599
New +$13.9M
DAAQ
16
Digital Asset Acquisition Corp
DAAQ
$240M
$13.1M 0.18%
+1,250,000
New +$13.2M
IPCX
17
DELISTED
Inflection Point Acquisition Corp III
IPCX
$12.7M 0.17%
+1,250,000
New +$12.8M
RAAQ
18
DELISTED
Real Asset Acquisition Corp
RAAQ
$12.7M 0.17%
+1,250,000
New +$12.7M
CRAQU
19
Cal Redwood Acquisition Corp Units
CRAQU
$12.3M 0.17%
+1,200,000
New +$12.1M
GSHR
20
Gesher Acquisition Corp II
GSHR
$215M
$12.1M 0.16%
+1,200,000
New +$12.1M
BACCU
21
Blue Acquisition Corp Unit
BACCU
$12M 0.16%
+1,200,000
New +$12.1M
DRDB
22
Roman DBDR Acquisition Corp II
DRDB
$327M
$11.4M 0.15%
1,110,000
– –
ANSC
23
DELISTED
Agriculture & Natural Solutions Acquisition Corp
ANSC
$10.8M 0.15%
+1,000,000
New +$10.7M
LEGT
24
DELISTED
Legato Merger Corp III
LEGT
$10.7M 0.14%
1,000,000
+960,000
+2,400% +$10.2M
CCCXU
25
DELISTED
Churchill Capital Corp X Unit
CCCXU
$10.3M 0.14%
+1,000,000
New +$10.4M
1
2 3 4 5

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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 Miscellaneous at 93% of assets, down from 98% a quarter earlier, followed by Financials and Industrials.

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.