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
-23.9%
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
-10.3%
SPY
+74.2%
Annualised alpha
-23.9%
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. | ||||
2 positions ·
$11,894,500 total
· Consumer Defensive only
· as of Sep 30, 2025
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| ENHA |
Enhanced Group Inc.
Consumer Defensive
|
NEW | 1,200,000 | $11,877,600 | 99.86% | |
| YOUL |
Youlife Group Inc.
Consumer Defensive
|
NEW | 10,000 | $16,900 | 0.14% |