TENOR CAPITAL MANAGEMENT Co., L.P.
Filing Date
Global Rank
#2,251
/ 7,976
▲ 349
Top Industry
Shell Companies
91.8%
3Y Alpha vs SPY
-23.8%
Period ended 9 months ago
Filed Nov 14, 2025 · 7mo
22 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
-8.7%
SPY
+76.3%
Annualised alpha
-23.8%
Max drawdown
−27.0%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
78 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025Top Position
3.2%
−1.4 pts
Top 5
14.7%
−6.3 pts
Top 10
27.3%
−11.2 pts
HHI
184
Diversified−77
Portfolio Trend
22 quarters · across all stocks
Sector Breakdown
As of Sep 30, 2025| Sector | % Portfolio | Value |
|---|---|---|
| Financial Services | 90.3% | $584,538,032 |
| Unclassified | 4.0% | $25,650,000 |
| Industrials | 2.8% | $17,870,599 |
| Consumer Defensive | 1.8% | $11,894,500 |
| Real Estate | 0.6% | $4,177,908 |
| Technology | 0.3% | $1,845,129 |
| Healthcare | 0.3% | $1,670,000 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
6 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CCIX | Churchill Capital Corp IX/Cayman | +1,237,500 | 1,437,500 | $15,065,000 | |
| HDRN | Hadron Energy, Inc. | +1,182,437 | 1,690,136 | $17,830,934 | |
| VCIC | Vine Hill Capital Investment Corp. | +509,245 | 1,259,245 | $13,486,513 | |
| MBAV | M3-Brigade Acquisition V Corp. | +437,500 | 1,187,500 | $12,528,125 | |
| FACT | FACT II Acquisition Corp. | +150,050 | 1,000,000 | $10,320,000 | |
| RANG | Range Capital Acquisition Corp. | +101 | 500,101 | $5,146,039 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
5 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| ARAY | Accuray Inc | −500,000 | 1,000,000 | $1,670,000 | |
| WLAC | Willow Lane Acquisition Corp. | −105,850 | 180,106 | $2,085,627 | |
| RTAC | Renatus Tactical Acquisition Corp I | −100,000 | 200,000 | $2,182,000 | |
| CEPO | Cantor Equity Partners I, Inc. | −82,824 | 367,176 | $3,840,660 | |
| IREN | IREN Ltd | −61,300 | 288,579 | $13,543,012 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| XRPN | Armada Acquisition Corp. II | 1,500,000 | $15,651,000 | |
| EVAC | EQV Ventures Acquisition Corp. II | 1,300,000 | $12,935,000 | |
| CRAQ | Cal Redwood Acquisition Corp. | 1,200,000 | $12,001,200 | |
| BACC | Blue Acquisition Corp/Cayman | 1,200,000 | $11,994,000 | |
| ENHA | Enhanced Group Inc. | 1,200,000 | $11,877,600 | |
| JENA | JENA ACQUISITION Corp II | 1,000,000 | $10,150,000 | |
| CCAQ | Collective Acquisition Corp. | 1,000,000 | $10,110,000 | |
| HCMA | Hcm III Acquisition Corp. | 1,000,000 | $10,105,000 | |
| LWAC | LightWave Acquisition Corp. | 1,000,000 | $9,950,000 | |
| OYSE | Oyster Enterprises II Acquisition Corp | 900,000 | $9,019,800 | |
| EGHA | EGH Acquisition Corp. | 700,000 | $7,007,000 | |
| AXIN | Axiom Intelligence Acquisition Corp 1 | 650,000 | $6,474,000 | |
| AEXA | American Exceptionalism Acquisition Corp. A | 513,755 | $5,615,342 | |
| KCHV | Kochav Defense Acquisition Corp. | 500,000 | $5,015,000 | |
| BXP | BXP, Inc. | 56,200 | $4,177,908 | |
| SOCA | Solarius Capital Acquisition Corp. | 416,687 | $4,150,202 | |
| FIGX | FIGX Capital Acquisition Corp. | 300,000 | $2,997,000 | |
| ONCH | 1RT Acquisition Corp. | 250,000 | $2,612,500 | |
| BCAR | D. Boral ARC Acquisition I Corp. | 250,000 | $2,482,500 | |
| MCGA | Yorkville Acquisition Corp. | 200,000 | $2,132,000 | |
| CCII | Cohen Circle Acquisition Corp. II | 200,000 | $2,030,000 | |
| WOLF | Wolfspeed, Inc. | 64,515 | $1,845,129 | |
| SPEG | Silver Pegasus Acquisition Corp. | 176,060 | $1,755,318 | |
| CHPG | ChampionsGate Acquisition Corp | 100,000 | $1,007,000 | |
| SHMD | SCHMID Group N.V. | 14,041 | $39,665 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
6 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| HYAC | Haymaker Acquisition Corp. 4 | 500,000 | $5,550,000 | |
| MIR | Mirion Technologies, Inc. | 42,998 | $925,746 | |
| SPKL | Spark I Acquisition Corp | 50,000 | $545,000 | |
| BKHA | Black Hawk Acquisition Corp | 35,000 | $371,700 | |
| BTDR | Bitdeer Technologies Group | 29,800 | $342,104 | |
| FLYYQ | Spirit Aviation Holdings, Inc. | 37,241 | $185,832 | |
| No positions match the current search. | ||||
78 positions ·
$647,646,168 total
· as of Sep 30, 2025
Showing 1–50
of 78 positions by value
· page 1 of 2
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| GTEN |
Gores Holdings X, Inc. / CI
Financial Services
|
Held | 2,000,000 | $20,420,000 | 3.15% | |
| TACH |
Titan Acquisition Corp.
Financial Services
|
Held | 2,000,000 | $20,240,000 | 3.13% | |
| TVA |
Texas Ventures Acquisition III Corp
Financial Services
|
Held | 1,750,000 | $18,742,500 | 2.89% | |
| LOKV |
Live Oak Acquisition Corp. V
Financial Services
|
Held | 1,750,000 | $17,850,000 | 2.76% | |
| HDRN |
Hadron Energy, Inc.
Industrials
|
Added | 1,690,136 | $17,830,934 | 2.75% | |
| SOUL |
Soulpower Acquisition Corp.
Financial Services
|
Held | 1,750,000 | $17,659,250 | 2.73% | |
| SZZL |
Sizzle Acquisition Corp. II
Financial Services
|
Held | 1,750,000 | $17,640,000 | 2.72% | |
| XRPN |
Armada Acquisition Corp. II
Financial Services
|
NEW | 1,500,000 | $15,651,000 | 2.42% | |
| ATII |
Archimedes Tech SPAC Partners II Co.
Financial Services
|
Held | 1,500,000 | $15,315,000 | 2.36% | |
| HVII |
Hennessy Capital Investment Corp. VII
Financial Services
|
Held | 1,500,000 | $15,285,000 | 2.36% | |
| FERA |
Fifth Era Acquisition Corp I
Financial Services
|
Held | 1,500,000 | $15,255,000 | 2.36% | |
| NPAC |
New Providence Acquisition Corp. III/Cayman
Financial Services
|
Held | 1,500,000 | $15,255,000 | 2.36% | |
| CGCT |
Cartesian Growth Corp III
Financial Services
|
Held | 1,500,000 | $15,067,500 | 2.33% | |
| CCIX |
Churchill Capital Corp IX/Cayman
Financial Services
|
Added | 1,437,500 | $15,065,000 | 2.33% | |
| IREN |
IREN Ltd
Financial Services
|
Reduced | 288,579 | $13,543,012 | 2.09% | |
| VCIC |
Vine Hill Capital Investment Corp.
Financial Services
|
Added | 1,259,245 | $13,486,513 | 2.08% | |
| EVAC |
EQV Ventures Acquisition Corp. II
Financial Services
|
NEW | 1,300,000 | $12,935,000 | 2.00% | |
| RAAQ |
Real Asset Acquisition Corp.
Financial Services
|
Held | 1,250,000 | $12,662,500 | 1.96% | |
| IPCX |
Inflection Point Acquisition Corp. III
Financial Services
|
Held | 1,250,000 | $12,587,500 | 1.94% | |
| MBAV |
M3-Brigade Acquisition V Corp.
Financial Services
|
Added | 1,187,500 | $12,528,125 | 1.93% | |
| GSHR |
Gesher Acquisition Corp. II
Financial Services
|
Held | 1,200,000 | $12,180,000 | 1.88% | |
| CRAQ |
Cal Redwood Acquisition Corp.
Financial Services
|
NEW | 1,200,000 | $12,001,200 | 1.85% | |
| BACC |
Blue Acquisition Corp/Cayman
Financial Services
|
NEW | 1,200,000 | $11,994,000 | 1.85% | |
| ENHA |
Enhanced Group Inc.
Consumer Defensive
|
NEW | 1,200,000 | $11,877,600 | 1.83% | |
| DRDB |
Roman DBDR Acquisition Corp. II
Financial Services
|
Held | 1,110,000 | $11,454,090 | 1.77% | |
| LEGT |
Legato Merger Corp. III
Financial Services
|
Held | 1,000,000 | $10,740,000 | 1.66% | |
| FACT |
FACT II Acquisition Corp.
|
Added | 1,000,000 | $10,320,000 | 1.59% | |
| RDAG |
Republic Digital Acquisition Co
Financial Services
|
Held | 1,000,000 | $10,210,000 | 1.58% | |
| NHIC |
NewHold Investment Corp. III
|
Held | 1,000,000 | $10,180,000 | 1.57% | |
| JENA |
JENA ACQUISITION Corp II
Financial Services
|
NEW | 1,000,000 | $10,150,000 | 1.57% | |
| CCAQ |
Collective Acquisition Corp.
Financial Services
|
NEW | 1,000,000 | $10,110,000 | 1.56% | |
| HCMA |
Hcm III Acquisition Corp.
Financial Services
|
NEW | 1,000,000 | $10,105,000 | 1.56% | |
| LWAC |
LightWave Acquisition Corp.
Financial Services
|
NEW | 1,000,000 | $9,950,000 | 1.54% | |
| OYSE |
Oyster Enterprises II Acquisition Corp
Financial Services
|
NEW | 900,000 | $9,019,800 | 1.39% | |
| TACO |
Berto Acquisition Corp.
Financial Services
|
Held | 800,000 | $8,320,000 | 1.28% | |
| GPAT |
GP-Act III Acquisition Corp.
Financial Services
|
Held | 750,000 | $7,950,000 | 1.23% | |
| ALF |
Centurion Acquisition Corp.
Financial Services
|
Held | 750,000 | $7,912,500 | 1.22% | |
| LPAA |
Launch One Acquisition Corp.
Financial Services
|
Held | 750,000 | $7,875,000 | 1.22% | |
| POLE |
Andretti Acquisition Corp. II
Financial Services
|
Held | 750,000 | $7,845,000 | 1.21% | |
| COPL |
Copley Acquisition Corp
Financial Services
|
Held | 750,000 | $7,582,500 | 1.17% | |
| ALDF |
Aldel Financial II Inc.
Financial Services
|
Held | 699,234 | $7,306,995 | 1.13% | |
| PLMK |
Plum Acquisition Corp, IV
Financial Services
|
Held | 700,000 | $7,224,000 | 1.12% | |
| EGHA |
EGH Acquisition Corp.
Financial Services
|
NEW | 700,000 | $7,007,000 | 1.08% | |
| TDAC |
Translational Development Acquisition Corp.
Financial Services
|
Held | 635,399 | $6,576,379 | 1.02% | |
| AXIN |
Axiom Intelligence Acquisition Corp 1
Financial Services
|
NEW | 650,000 | $6,474,000 | 1.00% | |
| GRAF |
Graf Global Corp.
Financial Services
|
Held | 600,020 | $6,324,210 | 0.98% | |
| BEAG |
Bold Eagle Acquisition Corp.
Financial Services
|
Held | 600,000 | $6,240,000 | 0.96% | |
| JACS |
Jackson Acquisition Co II
Financial Services
|
Held | 600,000 | $6,228,000 | 0.96% | |
| AEXA |
American Exceptionalism Acquisition Corp. A
Financial Services
|
NEW | 513,755 | $5,615,342 | 0.87% | |
| MLAC |
Mountain Lake Acquisition Corp.
|
Held | 500,000 | $5,150,000 | 0.80% |