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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
+12.38%
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
$639M
AUM Growth
-$9.29M
(-1.4%)
Cap. Flow
-$70.5M
Cap. Flow
% of AUM
-11.04%
Top 10 Holdings %
Top 10 Hldgs %
86.92%
Holding
19
New
3
Increased
5
Reduced
6
Closed
3
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
BlackLine
BL
|
+$26.5M |
| 2 |
SMAR
Smartsheet Inc.
SMAR
|
+$22.9M |
| 3 |
Donnelley Financial Solutions
DFIN
|
+$15.3M |
| 4 |
Vertex
VERX
|
+$12M |
| 5 |
Lithia Motors
LAD
|
+$4.27M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AVLR
Avalara, Inc.
AVLR
|
+$92.1M |
| 2 |
CHNG
Change Healthcare Inc. Common Stock
CHNG
|
+$30.2M |
| 3 |
COUP
Coupa Software Incorporated
COUP
|
+$17.9M |
| 4 |
Asbury Automotive
ABG
|
+$5.98M |
| 5 |
Valvoline
VVV
|
+$4.39M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 53.16% |
| 2 | Technology | 36.69% |
| 3 | Communication Services | 7.73% |
| 4 | Real Estate | 2.37% |
| 5 | Consumer Staples | 0.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vertex
VERX
$2.06B
| $86.6M | 13.56% |
5,970,258
+750,000
| +14% | +$12M |
|
2
Dick's Sporting Goods
DKS
$18.1B
| $72.6M | 11.36% |
603,188
| – | – |
|
|
3
Valvoline
VVV
$4.36B
| $71.2M | 11.15% |
2,182,060
-145,000
| -6% | -$4.39M |
|
4
Crown Holdings
CCK
$12.9B
| $71M | 11.12% |
864,050
+1,253
| +0.1% | +$99.9K |
|
5
Academy Sports + Outdoors
ASO
$2.98B
| $63.4M | 9.93% |
1,207,039
-24,400
| -2% | -$1.16M |
|
|
6
Lithia Motors
LAD
$8.3B
| $61.4M | 9.61% |
299,912
+20,000
| +7% | +$4.27M |
|
7
Alight
ALIT
$372M
| $43.3M | 6.78% |
259,201
+12,681
| +5% | +$2.11M |
|
8
Atlanta Braves Holdings Series B
BATRK
$3.44B
| $30.5M | 4.77% |
945,193
+109,658
| +13% | +$3.42M |
|
|
9
BlackLine
BL
$1.77B
| $28.7M | 4.5% |
+427,021
| New | +$26.5M |
|
|
SMAR
10
DELISTED
Smartsheet Inc.
SMAR
| $26.5M | 4.15% |
+673,424
| New | +$22.9M |
|
|
COUP
11
DELISTED
Coupa Software Incorporated
COUP
| $24M | 3.76% |
303,310
-299,914
| -50% | -$17.9M |
|
12
Take-Two Interactive
TTWO
$46.2B
| $18.9M | 2.96% |
181,475
-20,000
| -10% | -$2.17M |
|
|
13
Donnelley Financial Solutions
DFIN
$1.2B
| $15.8M | 2.47% |
+408,298
| New | +$15.3M |
|
14
Equinix
EQIX
$109B
| $15.2M | 2.37% |
23,142
| – | – |
|
|
EVBG
15
DELISTED
Everbridge, Inc. Common Stock
EVBG
| $9.4M | 1.47% |
317,849
-84,319
| -21% | -$2.59M |
|
|
TUEM
16
DELISTED
Tuesday Morning Corp
TUEM
| $323K | 0.05% |
472,110
-199,843
| -30% | -$660K |
|
|
17
Asbury Automotive
ABG
$3.78B
| – | – |
-39,551
| Closed | -$5.98M |
|
|
AVLR
18
DELISTED
Avalara, Inc.
AVLR
| – | – |
-1,003,408
| Closed | -$92.1M |
|
|
CHNG
19
DELISTED
Change Healthcare Inc. Common Stock
CHNG
| – | – |
-1,097,844
| Closed | -$30.2M |
|
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Tensile Capital Management's Q4 2022 Portfolio in Review
As of Q4 2022, Tensile Capital Management held 19 positions worth $639M, down 1.4% from $648M the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Tensile Capital Management withdrew a net $70.5M in Q4 2022, closing 3 positions and reducing 6 holdings. Its most notable exit was Avalara, Inc., an estimated $92.1M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 53% of assets, up from 48% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Tensile Capital Management opened a new position in BlackLine worth $28.7M.
- Tensile Capital Management's largest Q4 2022 buy was BlackLine: 427,021 shares worth $28.7M.
- Tensile Capital Management added most to Vertex in Q4 2022, an estimated $12M increase.
- Tensile Capital Management's biggest Q4 2022 reduction was Coupa Software Incorporated, cutting an estimated $17.9M.
- Tensile Capital Management fully exited Avalara, Inc. in Q4 2022, selling an estimated $92.1M.
- Tensile Capital Management's ten largest holdings make up 87% of its $639M portfolio in Q4 2022.
- Tensile Capital Management opened 3 new positions and closed 3 in Q4 2022.
- Tensile Capital Management's portfolio value fell 1.4% quarter-over-quarter to $639M.
Based on Tensile Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.