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Tenor Capital Management Portfolio holdings
AUM
$7.09B
Turnover
16.75%
1-Year Est. Return
3.55%
This Fund
S&P 500
This Quarter
Est. Return
+2.3%
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
$7.61B
AUM Growth
+$197M
(+2.7%)
Cap. Flow
-$5.25B
Cap. Flow
% of AUM
-68.92%
Top 10 Holdings %
Top 10 Hldgs %
28.59%
Holding
435
New
84
Increased
7
Reduced
7
Closed
37
Avg Time Held
1.1
years
Top 10 Avg Time Held
0.4
years
Top 20 Avg Time Held
0.4
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Evernorth Holdings Inc. Class A Ordinary Shares
XRPN
|
+$15.3M |
| 2 |
Drugs Made In America Acquisition II Corp Unit
DMIIU
|
+$15M |
| 3 |
CCIX
Churchill Capital Corp IX
CCIX
|
+$13M |
| 4 |
EQV Ventures Acquisition Corp II
EVAC
|
+$12.9M |
| 5 |
Hadron Energy
HDRN
|
+$12.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
XRPNU
Armada Acquisition Corp II Units
XRPNU
|
+$15.3M |
| 2 |
Cal Redwood Acquisition Corp Units
CRAQU
|
+$12.3M |
| 3 |
Blue Acquisition Corp Unit
BACCU
|
+$12M |
| 4 |
CCCXU
Churchill Capital Corp X Unit
CCCXU
|
+$10.3M |
| 5 |
Jena Acquisition Corp II Units
JENA.U
|
+$10.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 89.36% |
| 2 | Financials | 9.85% |
| 3 | Industrials | 0.5% |
| 4 | Consumer Staples | 0.16% |
| 5 | Real Estate | 0.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
CHAC
1
DELISTED
Crane Harbor Acquisition Corp
CHAC
| $21.9M | 0.29% |
2,160,000
| – | – |
2025 Q2
1 quarter
|
|
2
K&F Growth Acquisition Corp II
KFII
$420M
| $20.4M | 0.27% |
2,001,000
+1,000
| +0.1% | +$10.2K |
2025 Q2
1 quarter
|
|
3
Gores Holdings X
GTEN
$469M
| $20.4M | 0.27% |
2,000,000
| – | – |
2025 Q2
1 quarter
|
|
4
Titan Acquisition Corp
TACH
$364M
| $20.2M | 0.27% |
2,000,000
| – | – |
2025 Q2
1 quarter
|
|
5
Texas Ventures Acquisition III Corp
TVA
$318M
| $18.7M | 0.25% |
1,750,000
| – | – |
2025 Q2
1 quarter
|
|
|
LOKV
6
DELISTED
Live Oak Acquisition Corp V
LOKV
| $17.9M | 0.23% |
1,750,000
| – | – |
2025 Q2
1 quarter
|
|
|
7
Hadron Energy
HDRN
$48M
| $17.8M | 0.23% |
1,690,136
+1,182,437
| +233% | +$12.3M |
2025 Q2
1 quarter
|
|
8
Soulpower Acquisition Corp
SOUL
$357M
| $17.7M | 0.23% |
1,750,000
| – | – |
2025 Q2
1 quarter
|
|
9
Sizzle Acquisition Corp II
SZZL
$328M
| $17.6M | 0.23% |
1,750,000
| – | – |
2025 Q2
1 quarter
|
|
|
10
Evernorth Holdings Inc. Class A Ordinary Shares
XRPN
$358M
| $15.7M | 0.21% |
+1,500,000
| New | +$15.3M |
2025 Q3
0 quarters
|
|
11
Archimedes Tech SPAC Partners II Co
ATII
$262M
| $15.3M | 0.2% |
1,500,000
| – | – |
2025 Q2
1 quarter
|
|
|
HVII
12
DELISTED
Hennessy Capital Investment Corp VII
HVII
| $15.3M | 0.2% |
1,500,000
| – | – |
2025 Q2
1 quarter
|
|
13
Fifth Era Acquisition Corp I
FERA
$330M
| $15.3M | 0.2% |
1,500,000
| – | – |
2025 Q2
1 quarter
|
|
14
New Providence Acquisition Corp III
NPAC
$403M
| $15.3M | 0.2% |
1,500,000
| – | – |
2025 Q2
1 quarter
|
|
|
FAC
15
Factorial Energy Inc
FAC
$516M
| $15.1M | 0.2% |
1,500,000
| – | – |
2025 Q2
1 quarter
|
|
|
CCIX
16
DELISTED
Churchill Capital Corp IX
CCIX
| $15.1M | 0.2% |
1,437,500
+1,237,500
| +619% | +$13M |
2024 Q2
5 quarters
|
|
|
17
Drugs Made In America Acquisition II Corp Unit
DMIIU
| $14.9M | 0.2% |
+1,500,000
| New | +$15M |
2025 Q3
0 quarters
|
|
18
Siddhi Acquisition Corp Unit
SDHIU
| $14.2M | 0.19% |
1,374,599
| – | – |
2025 Q2
1 quarter
|
|
19
Iris Energy
IREN
$12B
| $13.5M | 0.18% |
288,579
-61,300
| -18% | -$1.49M |
2024 Q4
3 quarters
|
|
|
VCIC
20
DELISTED
Vine Hill Capital Investment Corp
VCIC
| $13.5M | 0.18% |
1,259,245
+509,245
| +68% | +$5.36M |
2025 Q2
1 quarter
|
|
|
21
EQV Ventures Acquisition Corp II
EVAC
$602M
| $12.9M | 0.17% |
+1,300,000
| New | +$12.9M |
2025 Q3
0 quarters
|
|
22
Digital Asset Acquisition Corp
DAAQ
$241M
| $12.7M | 0.17% |
1,250,000
| – | – |
2025 Q2
1 quarter
|
|
|
RAAQ
23
DELISTED
Real Asset Acquisition Corp
RAAQ
| $12.7M | 0.17% |
1,250,000
| – | – |
2025 Q2
1 quarter
|
|
|
IPCX
24
DELISTED
Inflection Point Acquisition Corp III
IPCX
| $12.6M | 0.17% |
1,250,000
| – | – |
2025 Q2
1 quarter
|
|
25
Velos Acquisition I Corp
VLOS
$253M
| $12.5M | 0.16% |
1,187,500
+437,500
| +58% | +$4.67M |
2024 Q3
4 quarters
|
|
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Tenor Capital Management's Q3 2025 Portfolio in Review
As of Q3 2025, Tenor Capital Management held 435 positions worth $7.61B, up 2.7% from $7.41B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Tenor Capital Management withdrew a net $5.25B in Q3 2025, closing 37 positions and reducing 7 holdings. Its most notable exit was Armada Acquisition Corp II Units, an estimated $15.3M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 89% of assets, down from 93% a quarter earlier, followed by Financials and Industrials.
Against the trend, Tenor Capital Management opened a new position in Evernorth Holdings Inc. Class A Ordinary Shares worth $15.7M.
- Tenor Capital Management's largest Q3 2025 buy was Evernorth Holdings Inc. Class A Ordinary Shares: 1,500,000 shares worth $15.7M.
- Tenor Capital Management added most to Churchill Capital Corp IX in Q3 2025, an estimated $13M increase.
- Tenor Capital Management's biggest Q3 2025 reduction was Iris Energy, cutting an estimated $1.49M.
- Tenor Capital Management fully exited Armada Acquisition Corp II Units in Q3 2025, selling an estimated $15.3M.
- Tenor Capital Management's ten largest holdings make up 29% of its $7.61B portfolio in Q3 2025.
- Tenor Capital Management opened 84 new positions and closed 37 in Q3 2025.
- Tenor Capital Management's portfolio value rose 2.7% quarter-over-quarter to $7.61B.
Based on Tenor Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.