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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
+18.33%
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
$855M
AUM Growth
+$59.9M
(+7.5%)
Cap. Flow
-$72.7M
Cap. Flow
% of AUM
-8.5%
Top 10 Holdings %
Top 10 Hldgs %
80.53%
Holding
19
New
2
Increased
4
Reduced
12
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
US Foods
USFD
|
+$12.7M |
| 2 |
CNH
CNH Industrial
CNH
|
+$10.4M |
| 3 |
nCino
NCNO
|
+$6.59M |
| 4 |
Q2 Holdings
QTWO
|
+$3.68M |
| 5 |
PRO
PROS Holdings
PRO
|
+$2.76M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dick's Sporting Goods
DKS
|
+$22.1M |
| 2 |
Vertex
VERX
|
+$17.7M |
| 3 |
Academy Sports + Outdoors
ASO
|
+$16.5M |
| 4 |
BlackLine
BL
|
+$13.1M |
| 5 |
Lithia Motors
LAD
|
+$7.68M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 44.47% |
| 2 | Consumer Discretionary | 41.08% |
| 3 | Consumer Staples | 5.61% |
| 4 | Communication Services | 4.5% |
| 5 | Real Estate | 3% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vertex
VERX
$2.06B
| $138M | 16.11% |
5,114,805
-691,912
| -12% | -$17.7M |
|
2
Valvoline
VVV
$4.36B
| $81.6M | 9.55% |
2,172,060
-225,000
| -9% | -$7.53M |
|
|
3
Dick's Sporting Goods
DKS
$18.1B
| $78.4M | 9.17% |
533,420
-182,228
| -25% | -$22.1M |
|
|
4
Lithia Motors
LAD
$8.3B
| $68.8M | 8.05% |
208,975
-28,000
| -12% | -$7.68M |
|
5
Crown Holdings
CCK
$12.9B
| $61.5M | 7.2% |
668,174
-90,000
| -12% | -$7.63M |
|
|
6
Academy Sports + Outdoors
ASO
$2.98B
| $61M | 7.13% |
924,039
-325,845
| -26% | -$16.5M |
|
7
Alight
ALIT
$372M
| $54.8M | 6.41% |
321,132
-28,030
| -8% | -$4.14M |
|
|
SMAR
8
DELISTED
Smartsheet Inc.
SMAR
| $53.8M | 6.29% |
1,124,516
+30,000
| +3% | +$1.28M |
|
|
9
US Foods
USFD
$23.6B
| $48M | 5.61% |
1,056,314
+306,600
| +41% | +$12.7M |
|
|
10
Q2 Holdings
QTWO
$4.04B
| $43M | 5.03% |
990,017
+103,500
| +12% | +$3.68M |
|
11
Atlanta Braves Holdings Series B
BATRK
$3.44B
| $38.5M | 4.5% |
972,619
-130,000
| -12% | -$4.74M |
|
|
12
nCino
NCNO
$2.28B
| $30.3M | 3.54% |
899,698
+221,580
| +33% | +$6.59M |
|
13
Equinix
EQIX
$109B
| $25.7M | 3% |
31,892
-3,250
| -9% | -$2.5M |
|
14
Donnelley Financial Solutions
DFIN
$1.2B
| $21.9M | 2.56% |
351,209
-47,197
| -12% | -$2.69M |
|
|
15
BlackLine
BL
$1.77B
| $20.9M | 2.44% |
334,729
-231,216
| -41% | -$13.1M |
|
|
EVBG
16
DELISTED
Everbridge, Inc. Common Stock
EVBG
| $14.9M | 1.74% |
613,813
-10,903
| -2% | -$235K |
|
|
CNH
17
CNH Industrial
CNH
$16.8B
| $11.4M | 1.33% |
+934,432
| New | +$10.4M |
|
|
PRO
18
DELISTED
PROS Holdings
PRO
| $2.98M | 0.35% |
+76,834
| New | +$2.76M |
|
|
LGTY
19
DELISTED
Logility Supply Chain Solutions, Inc. Common Stock
LGTY
| – | – |
-303,705
| Closed | -$3.48M |
|
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Tensile Capital Management's Q4 2023 Portfolio in Review
As of Q4 2023, Tensile Capital Management held 19 positions worth $855M, up 7.5% from $795M the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Tensile Capital Management withdrew a net $72.7M in Q4 2023, closing 1 position and reducing 12 holdings. Its most notable exit was Logility Supply Chain Solutions, Inc. Common Stock, an estimated $3.48M position sold in full.
By sector, the portfolio is most concentrated in Technology at 44% of assets, up from 44% a quarter earlier, followed by Consumer Discretionary and Consumer Staples.
Against the trend, Tensile Capital Management opened a new position in CNH Industrial worth $11.4M.
- Tensile Capital Management's largest Q4 2023 buy was CNH Industrial: 934,432 shares worth $11.4M.
- Tensile Capital Management added most to US Foods in Q4 2023, an estimated $12.7M increase.
- Tensile Capital Management's biggest Q4 2023 reduction was Dick's Sporting Goods, cutting an estimated $22.1M.
- Tensile Capital Management fully exited Logility Supply Chain Solutions, Inc. Common Stock in Q4 2023, selling an estimated $3.48M.
- Tensile Capital Management's ten largest holdings make up 81% of its $855M portfolio in Q4 2023.
- Tensile Capital Management opened 2 new positions and closed 1 in Q4 2023.
- Tensile Capital Management's portfolio value rose 7.5% quarter-over-quarter to $855M.
Based on Tensile Capital Management's 13F filing for Q4 2023, filed 14 Feb 2024.