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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
-9.14%
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
$688M
AUM Growth
-$144M
(-17%)
Cap. Flow
-$49M
Cap. Flow
% of AUM
-7.12%
Top 10 Holdings %
Top 10 Hldgs %
83.46%
Holding
18
New
1
Increased
5
Reduced
10
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
COUP
Coupa Software Incorporated
COUP
|
+$48.9M |
| 2 |
Alight
ALIT
|
+$14.2M |
| 3 |
Academy Sports + Outdoors
ASO
|
+$11.5M |
| 4 |
CHNG
Change Healthcare Inc. Common Stock
CHNG
|
+$3.64M |
| 5 |
EVBG
Everbridge, Inc. Common Stock
EVBG
|
+$1.94M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Advance Auto Parts
AAP
|
+$52.8M |
| 2 |
Take-Two Interactive
TTWO
|
+$13.6M |
| 3 |
Equinix
EQIX
|
+$12.9M |
| 4 |
Crown Holdings
CCK
|
+$12.4M |
| 5 |
Lithia Motors
LAD
|
+$11M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 51.6% |
| 2 | Technology | 30.45% |
| 3 | Communication Services | 8.98% |
| 4 | Real Estate | 4.14% |
| 5 | Consumer Staples | 3.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AVLR
1
DELISTED
Avalara, Inc.
AVLR
| $85.4M | 12.42% |
858,608
-27,932
| -3% | -$2.83M |
|
|
2
Crown Holdings
CCK
$12.9B
| $84.2M | 12.23% |
673,055
-105,140
| -14% | -$12.4M |
|
|
3
Lithia Motors
LAD
$8.3B
| $84M | 12.21% |
279,912
-35,133
| -11% | -$11M |
|
4
Valvoline
VVV
$4.36B
| $67.5M | 9.81% |
2,139,335
-301,556
| -12% | -$9.85M |
|
5
Dick's Sporting Goods
DKS
$18.1B
| $60.3M | 8.77% |
603,188
-24,694
| -4% | -$2.72M |
|
|
6
Academy Sports + Outdoors
ASO
$2.98B
| $45.8M | 6.65% |
1,162,039
+312,255
| +37% | +$11.5M |
|
|
COUP
7
DELISTED
Coupa Software Incorporated
COUP
| $41.1M | 5.97% |
+404,245
| New | +$48.9M |
|
|
8
Alight
ALIT
$372M
| $39M | 5.67% |
196,009
+72,259
| +58% | +$14.2M |
|
|
9
Take-Two Interactive
TTWO
$46.2B
| $38.5M | 5.6% |
250,475
-85,274
| -25% | -$13.6M |
|
|
10
Equinix
EQIX
$109B
| $28.5M | 4.14% |
38,442
-17,900
| -32% | -$12.9M |
|
|
CHNG
11
DELISTED
Change Healthcare Inc. Common Stock
CHNG
| $23.9M | 3.48% |
1,097,844
+175,519
| +19% | +$3.64M |
|
12
Atlanta Braves Holdings Series B
BATRK
$3.44B
| $23.3M | 3.39% |
835,535
-38,940
| -4% | -$1.02M |
|
|
TUEM
13
DELISTED
Tuesday Morning Corp
TUEM
| $22.2M | 3.22% |
671,953
| – | – |
|
14
Cannae Holdings
CNNE
$635M
| $13.2M | 1.92% |
553,331
-347,025
| -39% | -$9.77M |
|
|
VTNR
15
DELISTED
Vertex Energy, Inc
VTNR
| $11.1M | 1.61% |
1,112,728
+82,785
| +8% | +$506K |
|
16
Vertex
VERX
$2.06B
| $10.7M | 1.55% |
694,732
-56,147
| -7% | -$786K |
|
|
EVBG
17
DELISTED
Everbridge, Inc. Common Stock
EVBG
| $9.42M | 1.37% |
215,868
+40,983
| +23% | +$1.94M |
|
|
18
Advance Auto Parts
AAP
$3.41B
| – | – |
-219,916
| Closed | -$52.8M |
|
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Tensile Capital Management's Q1 2022 Portfolio in Review
As of Q1 2022, Tensile Capital Management held 18 positions worth $688M, down 17% from $832M the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Tensile Capital Management withdrew a net $49M in Q1 2022, closing 1 position and reducing 10 holdings. Its most notable exit was Advance Auto Parts, an estimated $52.8M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 52% of assets, down from 56% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Tensile Capital Management opened a new position in Coupa Software Incorporated worth $41.1M.
- Tensile Capital Management's largest Q1 2022 buy was Coupa Software Incorporated: 404,245 shares worth $41.1M.
- Tensile Capital Management added most to Alight in Q1 2022, an estimated $14.2M increase.
- Tensile Capital Management's biggest Q1 2022 reduction was Take-Two Interactive, cutting an estimated $13.6M.
- Tensile Capital Management fully exited Advance Auto Parts in Q1 2022, selling an estimated $52.8M.
- Tensile Capital Management's ten largest holdings make up 83% of its $688M portfolio in Q1 2022.
- Tensile Capital Management opened 1 new position and closed 1 in Q1 2022.
- Tensile Capital Management's portfolio value fell 17% quarter-over-quarter to $688M.
Based on Tensile Capital Management's 13F filing for Q1 2022, filed 16 May 2022.