13F
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TENOR CAPITAL MANAGEMENT Co., L.P.

13F equity value
$6.5B
Positions
501
Top 10 concentration
23.2%
Quarters / total new picks
22 / 41
13F equity value over time
$0M$3.8T$7.6T2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 22 quarters, returned +6.1% per quarter — versus +3.6% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = 0.27, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+2.6%
t-stat
0.27
Quarterly win rate
50%
Annualized excess
+2.6%
$1 → follow vs universe
$2.27 vs $2.01
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720200331: universe 1.35820200630: universe 1.50120200930: universe 1.84020210331: universe 1.85720210930: universe 1.66720211231: universe 1.41820220930: universe 1.52420221231: universe 1.41520230930: universe 1.60620240331: universe 1.64220241231: universe 1.53320250331: universe 1.67120250630: universe 1.72420250930: universe 1.93820251231: universe 2.005 20180331: follow 1.35320180630: follow 1.51720180930: follow 2.02320181231: follow 2.38320190331: follow 2.08320190630: follow 1.74720190930: follow 2.35620200331: follow 3.17620200630: follow 3.58820200930: follow 4.65020210331: follow 4.16320210930: follow 3.64520211231: follow 4.37020220930: follow 5.30720221231: follow 4.43820230930: follow 4.12920240331: follow 3.69020241231: follow 4.94520250331: follow 4.32720250630: follow 4.02020250930: follow 3.65620251231: follow 2.273 0.88 3.31 5.73 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 501 · 2026 Q1

Ticker Value Weight QoQ
LITE $390M
6.0%
HOLD
TDOC $182M
2.8%
HOLD
U $132M
2.0%
HOLD
MIRM $132M
2.0%
ADD
CNMD $122M
1.9%
HOLD
VTR $114M
1.8%
NEW
AKAM $110M
1.7%
TRIM
BMRN $108M
1.7%
TRIM
JBTM $100M
1.5%
HOLD
AKAM $94M
1.5%
NEW
IRTC $93M
1.4%
ADD
LYV $90M
1.4%
ADD
ON $72M
1.1%
ADD
HALO $71M
1.1%
ADD
SNOW $70M
1.1%
ADD
ETSY $70M
1.1%
ADD
BSY $69M
1.1%
HOLD
NTNX $68M
1.1%
ADD
TMDX $62M
1.0%
TRIM
NET $62M
0.9%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

AKAMBOXFLRITRIMKSIVTR

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.