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TCM
Tensile Capital Management Portfolio holdings
AUM
$698M
1-Year Est. Return
2.4%
This Fund
S&P 500
This Quarter
Est. Return
+49.74%
1 Year Est. Return
-2.4%
3 Year Est. Return
+33.76%
5 Year Est. Return
+74.93%
10 Year Est. Return
+487.97%
AUM
$660M
AUM Growth
+$153M
(+30%)
Cap. Flow
-$52.3M
Cap. Flow
% of AUM
-7.91%
Top 10 Holdings %
Top 10 Hldgs %
83.5%
Holding
22
New
–
Increased
7
Reduced
9
Closed
3
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
O'Reilly Automotive
ORLY
|
+$4.41M |
| 2 |
Crown Holdings
CCK
|
+$4.35M |
| 3 |
TLND
Talend S.A. American Depositary Shares
TLND
|
+$2.21M |
| 4 |
Equinix
EQIX
|
+$2.03M |
| 5 |
PS
Pluralsight, Inc. Class A Common Stock
PS
|
+$1.19M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CSOD
Cornerstone OnDemand, Inc.
CSOD
|
+$12.3M |
| 2 |
CDK
CDK Global, Inc.
CDK
|
+$10.6M |
| 3 |
AVLR
Avalara, Inc.
AVLR
|
+$10.4M |
| 4 |
PTC
PTC
|
+$9.19M |
| 5 |
Advance Auto Parts
AAP
|
+$7.46M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 37.75% |
| 2 | Technology | 35% |
| 3 | Communication Services | 14.96% |
| 4 | Real Estate | 8.03% |
| 5 | Industrials | 3.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AVLR
1
DELISTED
Avalara, Inc.
AVLR
| $170M | 25.73% |
1,276,489
-106,300
| -8% | -$10.4M |
|
2
Valvoline
VVV
$4.36B
| $60.8M | 9.2% |
3,144,158
| – | – |
|
|
3
Crown Holdings
CCK
$12.9B
| $55.2M | 8.35% |
846,990
+69,086
| +9% | +$4.35M |
|
|
4
Equinix
EQIX
$109B
| $53.1M | 8.03% |
75,542
+3,000
| +4% | +$2.03M |
|
5
Take-Two Interactive
TTWO
$46.2B
| $49.6M | 7.51% |
355,098
-20,000
| -5% | -$2.62M |
|
6
Lithia Motors
LAD
$8.3B
| $47M | 7.11% |
310,342
+5,592
| +2% | +$640K |
|
7
Dick's Sporting Goods
DKS
$18.1B
| $38.8M | 5.87% |
939,579
-200,000
| -18% | -$6.35M |
|
|
CSOD
8
DELISTED
Cornerstone OnDemand, Inc.
CSOD
| $26.3M | 3.99% |
682,602
-348,668
| -34% | -$12.3M |
|
9
Atlanta Braves Holdings Series B
BATRK
$3.44B
| $26M | 3.94% |
1,317,217
-80,000
| -6% | -$1.59M |
|
|
10
O'Reilly Automotive
ORLY
$73.7B
| $24.9M | 3.76% |
884,010
+168,750
| +24% | +$4.41M |
|
|
TLND
11
DELISTED
Talend S.A. American Depositary Shares
TLND
| $24.7M | 3.74% |
712,976
+75,000
| +12% | +$2.21M |
|
|
12
Advance Auto Parts
AAP
$3.41B
| $22.7M | 3.44% |
159,608
-58,677
| -27% | -$7.46M |
|
|
PS
13
DELISTED
Pluralsight, Inc. Class A Common Stock
PS
| $20.7M | 3.14% |
1,148,224
+70,117
| +7% | +$1.19M |
|
14
Expeditors International
EXPD
$24.2B
| $15.7M | 2.38% |
206,487
| – | – |
|
|
AYX
15
DELISTED
Alteryx Inc
AYX
| $10.2M | 1.54% |
61,993
-15,000
| -19% | -$1.94M |
|
16
Transocean
RIG
$6.43B
| $5.93M | 0.9% |
3,242,940
-150,000
| -4% | -$233K |
|
17
Matsons
MATX
$6.5B
| $5.38M | 0.82% |
185,000
+35,000
| +23% | +$1.01M |
|
|
AUD
18
DELISTED
Audacy, Inc.
AUD
| $2.52M | 0.38% |
1,826,087
-231,973
| -11% | -$328K |
|
|
VTNR
19
DELISTED
Vertex Energy, Inc
VTNR
| $1.07M | 0.16% |
1,500,000
| – | – |
|
|
20
PTC
PTC
$16.2B
| – | – |
-150,168
| Closed | -$9.19M |
|
21
Texas Pacific Land
TPL
$24.7B
| – | – |
-118,971
| Closed | -$5.02M |
|
|
CDK
22
DELISTED
CDK Global, Inc.
CDK
| – | – |
-323,697
| Closed | -$10.6M |
|
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Tensile Capital Management's Q2 2020 Portfolio in Review
As of Q2 2020, Tensile Capital Management held 22 positions worth $660M, up 30% from $508M the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Tensile Capital Management withdrew a net $52.3M in Q2 2020, closing 3 positions and reducing 9 holdings. Its most notable exit was CDK Global, Inc., an estimated $10.6M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 38% of assets, up from 34% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Tensile Capital Management added an estimated $4.41M to O'Reilly Automotive.
- Tensile Capital Management added most to O'Reilly Automotive in Q2 2020, an estimated $4.41M increase.
- Tensile Capital Management's biggest Q2 2020 reduction was Cornerstone OnDemand, Inc., cutting an estimated $12.3M.
- Tensile Capital Management fully exited CDK Global, Inc. in Q2 2020, selling an estimated $10.6M.
- Tensile Capital Management's ten largest holdings make up 83% of its $660M portfolio in Q2 2020.
- Tensile Capital Management opened 0 new positions and closed 3 in Q2 2020.
- Tensile Capital Management's portfolio value rose 30% quarter-over-quarter to $660M.
Based on Tensile Capital Management's 13F filing for Q2 2020, filed 14 Aug 2020.