Tenor Capital Management portfolio

What changed this quarter

29 positions with a change (3 new, 2 added to, 7 trimmed, 17 sold); also, 11 entered through an IPO, 10 exited through an acquisition or merger, 39 entered through a spin-off. 7 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Alphabet+2.6 ppof portfolioNew
  — → 2.6%
• Averin Capital Acquisition−80%fewer sharesReduced
  1.2% → 0.2%
• ClearThink 1 Acquisition−0.8 ppof portfolioSold out
  0.8% → —
• Tavia Acquisition−0.7 ppof portfolioSold out
  0.8% → —
• Real Asset Acquisition−74%fewer sharesReduced
  0.9% → 0.2%
• GP-Act III Acquisition−0.5 ppof portfolioSold out
  0.5% → —
• Centurion Acquisition−0.5 ppof portfolioSold out
  0.5% → —

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• AlphabetGOOG · GOOGL(preferred)8.2%
• Churchill Capital Corp IX/Cayman1.8%
• Armada Acquisition Corp. IIXRPN1.4%
• GigCapital9GIX1.4%
• K&f Growth Acquisition Corp. IIKFII1.3%
• Gores Holdings XGTEN1.3%
• Titan AcquisitionTACH1.3%
• Blue Acquisition Corp/CaymanBACC1.2%
• Sizzle Acquisition Corp. IISZZL1.1%
• Soulpower AcquisitionSOUL1.1%
• Silverbox Corp VSBXE1.0%
• FACT II AcquisitionFACT1.0%
• Hennessy Capital Investment Corp. VIIONEN1.0%
• Fifth ERA Acquisition Corp IFERA1.0%
• New Providence Acquisition Corp. III/CaymanNPAC1.0%
• GigCapital8GIW0.9%
• Drugs Made In America Acquisition IIDMII0.9%
• Yorkville International CapitalYICCU(unit)0.9%
• Art Technology AcquisitionARTC0.9%
• Archimedes Tech Spac Partners IIATII0.9%
• Texas Ventures Acquisition IIITVA0.9%
• EGH AcquisitionEGHA0.9%
• Siddhi AcquisitionSDHI0.9%
• EQV Ventures Acquisition Corp. IIEVAC0.8%
• Digital Asset AcquisitionDAAQ0.8%
• Inflection Point Acquisition Corp. III0.8%
• Inflection Point Acquisition Corp. VIIIPXG0.8%
• American Drive AcquisitionADAC0.8%
• Gesher Acquisition Corp. IIGSHR0.8%
• Meshflow AcquisitionMESH0.8%
• Launchpad Cadenza Acquisition Corp ILPCV0.8%
• Bitcoin Infrastructure AcquisitionBIXI0.8%
• Ithax Acquisition Corp IIIITHA0.8%
• Cal Redwood AcquisitionCRAQ0.8%
• Hennessy Capital Investment Corp. ViiiHCIC0.7%
• Roman DBDR Acquisition Corp. IIDRDB0.7%
• Gores Holdings XIGHXIU(unit)0.7%
• BTC DevelopmentBDCI0.7%
• Soren AcquisitionSORN0.7%
• Crane Harbor Acquisition Corp. IICRAN0.7%
• M3-brigade Acquisition VIMBVI0.7%
• Newhold Investment Corp III0.7%
• Praetorian AcquisitionPTOR0.7%
• Mountain Lake Acquisition Corp. IIMLAA0.7%
• D. Boral ARC ACQ I0.7%
• Collective AcquisitionCCAQ0.7%
• Jena Acquisition Corporation IIJENA0.6%
• Blue Water Acquisition Corp. IIIBLUW0.6%
• Republic Digital AcquisitionRDAG0.6%
• Thayer Ventures Acquisition Corporation IITVAI0.6%
• HCM III AcquisitionHCMA0.6%
• General Fusion GroupGFUZ0.6%
• Lightwave AcquisitionLWAC0.6%
• Trailblazer AcquisitionBLZR0.6%
• Range Capital Acquisition Corp IIRNGT0.6%
• Alussa Energy Acquisition Corp. IIALUB0.6%
• Archimedes Tech Spac Partners IIIARCI0.6%
• Black Spade Acquisition IIIBIII0.6%
• Aldabra 4 Liquidity Opportunity VehicleALOV0.6%
• Iris Acquisition Corp IIIRAB0.6%
• Cambridge AcquisitionCAQ0.6%
• Cantor Equity Partners IVCEPF0.6%
• Legato Merger Corp. IVLEGO0.6%
• Oyster Enterprises II AcquisitionOYSE0.6%
• Lafayette Digital Acquisition Corp. IZKP0.6%
• M EVO Global Acquisition Corp IIMEVO0.6%
• Apex TreasuryAPXT0.5%
• Berto AcquisitionTACO0.5%
• Talon CapitalTLNC0.5%
• WEN AcquisitionWENN0.5%
• Spring Valley Acquisition Corp. IVSVIV0.5%
• Launch One AcquisitionLPAA0.5%
• Andretti Acquisition Corp. IIPOLE0.5%
• Safeguard AcquisitionSAC0.5%
• Hall Chadwick AcquisitionHCAC0.5%
• Invest Green AcquisitionIGAC0.5%
• General Purpose AcquisitionGPAC0.5%
• KRAKacquisitionKRAQ0.5%
• Twelve Seas Investment Co III/CaymanTWLV0.5%
• Muzero AcquisitionMUZE0.5%
• Idea AcquisitionIACO0.5%
• Copley AcquisitionCOPL0.5%
• Bleichroeder Acquisiti0.5%
• X3 AcquisitionXCBE0.5%
• Vine Hill Capital Investment Corp. IIVHCP0.5%
• Aldel Financial IIALDF0.5%
• Plum Acquisition Corp. IVPLMK0.5%
• Keystone AcquisitionKEYY0.5%
• Pyrophyte Acquisition Corp. IIPAII0.4%
• Stellar V CapitalSVCC0.4%
• Abony Acquisition Corp. IAACO0.4%
• Evolution Global AcquisitionEVOX0.4%
• Activate Energy AcquisitionAEAQ0.4%
• Armada Acquisition Corp. IIIAACI0.4%
• MOZAYYX AcquisitionMZYX0.4%
• Translational Development AcquisitionTDAC0.4%
• Axiom Intelligence Acquisition Corp 1AXIN0.4%