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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
-5.93%
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
$800M
AUM Growth
-$28.1M
Cap. Flow
+$47.5M
Cap. Flow %
5.93%
Top 10 Hldgs %
76.14%
Holding
24
New
3
Increased
9
Reduced
7
Closed
2

Top Buys

Rank Stock Value
1
CWAN
Clearwater Analytics
CWAN
+$23.7M
2
SKY icon
Champion Homes
SKY
+$21.8M
3
CTRI icon
Centuri Holdings
CTRI
+$17.2M
4
NE icon
Noble Corp
NE
+$8.57M
5
WBI
WaterBridge Infrastructure LLC
WBI
+$7.03M

Top Sells

Rank Stock Value
1
NCNO icon
nCino
NCNO
+$13.1M
2
WK icon
Workiva
WK
+$13M
3
DKS icon
Dick's Sporting Goods
DKS
+$5.44M
4
NEOG icon
Neogen
NEOG
+$4.85M
5
ASO icon
Academy Sports + Outdoors
ASO
+$4.59M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 39.33%
2 Technology 38.58%
3 Consumer Staples 7.31%
4 Energy 5.98%
5 Communication Services 3.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VERX icon
1
Vertex
VERX
$2.06B
$94.3M 11.78%
3,804,409
+160,559
+4% +$4.65M
DKS icon
2
Dick's Sporting Goods
DKS
$18.1B
$79.5M 9.94%
357,844
-25,000
-7% -$5.44M
VVV icon
3
Valvoline
VVV
$4.36B
$74.7M 9.33%
2,078,843
+38,664
+2% +$1.48M
LAD icon
4
Lithia Motors
LAD
$8.3B
$74.4M 9.3%
235,527
+12,000
+5% +$3.87M
USFD icon
5
US Foods
USFD
$23.6B
$58.5M 7.31%
764,042
-35,000
-4% -$2.78M
QTWO icon
6
Q2 Holdings
QTWO
$4.04B
$56.4M 7.05%
779,767
– –
CCK icon
7
Crown Holdings
CCK
$12.9B
$51.5M 6.43%
533,165
-12,265
-2% -$1.23M
CWAN
8
DELISTED
Clearwater Analytics
CWAN
$45.5M 5.68%
2,524,672
+1,166,682
+86% +$23.7M
BL icon
9
BlackLine
BL
$1.77B
$43.2M 5.39%
812,685
+1,200
+0.1% +$64.8K
BATRK icon
10
Atlanta Braves Holdings Series B
BATRK
$3.44B
$31.4M 3.92%
753,907
– –
NCNO icon
11
nCino
NCNO
$2.28B
$24.4M 3.05%
901,539
-449,165
-33% -$13.1M
SKY icon
12
Champion Homes
SKY
$5.13B
$23.5M 2.94%
+308,162
New +$21.8M
ALIT icon
13
Alight
ALIT
$372M
$22.7M 2.83%
347,445
+36,911
+12% +$3.26M
PRO
14
DELISTED
PROS Holdings
PRO
$22.3M 2.79%
974,126
+173,990
+22% +$2.83M
EQIX icon
15
Equinix
EQIX
$109B
$21.8M 2.73%
27,892
– –
VAL icon
16
Valaris
VAL
$5.95B
$19M 2.37%
389,419
-55,581
-12% -$2.71M
CTRI icon
17
Centuri Holdings
CTRI
$2.38B
$17.2M 2.15%
+812,088
New +$17.2M
NE icon
18
Noble Corp
NE
$7.2B
$12.8M 1.6%
452,611
+302,611
+202% +$8.57M
ASO icon
19
Academy Sports + Outdoors
ASO
$2.98B
$9.75M 1.22%
194,875
-90,000
-32% -$4.59M
HLX icon
20
Helix Energy Solutions
HLX
$1.54B
$8.47M 1.06%
1,290,959
+200,000
+18% +$1.26M
WBI
21
WaterBridge Infrastructure LLC
WBI
$1.76B
$7.57M 0.95%
+300,000
New +$7.03M
RUSHA icon
22
Rush Enterprises Class A
RUSHA
$9.6B
$1.41M 0.18%
26,454
-7,900
-23% -$440K
NEOG icon
23
Neogen
NEOG
$2.54B
– –
-1,015,295
Closed -$4.85M
WK icon
24
Workiva
WK
$3.84B
– –
-189,742
Closed -$13M

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Tensile Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Tensile Capital Management held 24 positions worth $800M, down 3.4% from $828M the previous quarter. Its ten largest holdings account for 76% of the portfolio.

Tensile Capital Management deployed $47.5M of net new capital in Q3 2025, opening 3 new positions and adding to 9 existing holdings. Its largest new stake was Champion Homes: 308,162 shares worth $23.5M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 39% of assets, up from 36% a quarter earlier, followed by Technology and Consumer Staples.

On the sell side, the largest reduction was nCino, an estimated $13.1M trimmed.

  • Tensile Capital Management's largest Q3 2025 buy was Champion Homes: 308,162 shares worth $23.5M.
  • Tensile Capital Management added most to Clearwater Analytics in Q3 2025, an estimated $23.7M increase.
  • Tensile Capital Management's biggest Q3 2025 reduction was nCino, cutting an estimated $13.1M.
  • Tensile Capital Management fully exited Workiva in Q3 2025, selling an estimated $13M.
  • Tensile Capital Management's ten largest holdings make up 76% of its $800M portfolio in Q3 2025.
  • Tensile Capital Management opened 3 new positions and closed 2 in Q3 2025.
  • Tensile Capital Management's portfolio value fell 3.4% quarter-over-quarter to $800M.

Based on Tensile Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.