CIK: 0001346554
Total reported value
$6.5B
Reporting period: 2026-03-31 · Number of holdings: 501
TENOR CAPITAL MANAGEMENT Co., L.P. disclosed 501 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $6.5B and a quarterly turnover rate of 68.2%.
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TENOR CAPITAL MANAGEMENT Co., L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.012 — mathematically equivalent to about 83 equally-sized positions, well below its 501 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.25), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 61% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add LITE 0.5 12-15-26
-0.0% $185.4B
Add COLL 2.875 02-15-29
+664.5% $67.4B
Add LYV 3.125 01-15-29
+195.0% $60.8B
Add MIRM 4 05-01-29
+53.2% $57.5B
Trim AKAM 0.375 09-01-27
-44.9% -$63.5B
Trim NET 0 08-15-26
-47.5% -$56.0B
TENOR CAPITAL is rotating aggressively out of maturing convertible bonds into fresh positions, extending its convexity bet while maintaining an extreme momentum tilt. This is pure alpha hunting—the fund is not fortifying; it's doubling down on Tech and Health Care momentum with high turnover and zero hedging intent.
The portfolio is pricing in a continuation of the current regime: strong sector dispersion, AI-driven earnings momentum, and a benign rate environment that supports convertible premiums. The opposing thesis is a sharp mean-reversion event—a liquidity squeeze or rotation into defensives that would crush the fund's extreme factor exposure and concentrated sector bets simultaneously.
This strategy lives and dies by the momentum factor. The 100th-percentile tilt means the entire book is one crowded trade away from a liquidation cascade. When the inflection hits, the high turnover amplifies slippage, and the heavy convertible allocation adds convexity that cuts both ways—if volatility spikes, the gamma wipes out the carry.
This overview is machine-generated from public regulatory data and describes past filings only — it does not constitute financial advice.
Showing top 200 holdings (of 501 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | LITE 0.5 12-15-26 | Lumentum Holdings INC | Stock-Tech | 6.01% | +3.13% | -0.00% | |
| 2 | TDOC 1.25 06-01-27 | Teladoc Health INC | Stock-Healthcare | 2.80% | — | — | |
| 3 | U 0 11-15-26 | Unity Software INC | Stock-Tech | 2.03% | — | — | |
| 4 | MIRM 4 05-01-29 | Mirum Pharmaceuticals | Stock-Other | 2.03% | +0.98% | +53.25% | |
| 5 | CNMD 2.25 06-15-27 | Conmed CORP | Stock-Other | 1.89% | — | — | |
| 6 | SHAK 0 03-01-28 | Shake Shack INC | Stock-Consumer Disc | 1.79% | — | +12.15% | |
| 7 | VTR 3.75 06-01-26 | Ventas Realty LP | Stock-Real Estate | 1.75% | +1.75% | NEW | |
| 8 | AKAM 0.375 09-01-27 | Akamai Technologies INC | Stock-Tech | 1.69% | -0.75% | -44.90% | |
| 9 | BMRN 1.25 05-15-27 | Biomarin Pharmaceutical | Stock-Healthcare | 1.67% | — | -4.29% | |
| 10 | JBTM 0.25 05-15-26 | Jbt Marel CORP | Stock-Industrials | 1.54% | — | +1.85% | |
| 11 | NEO 0.25 01-15-28 | Neogenomics INC | Stock-Healthcare | 1.53% | — | +10.20% | |
| 12 | RPD 0.25 03-15-27 | Rapid7 INC | Stock-Other | 1.46% | — | +11.69% | |
| 13 | JAZZ 2 06-15-26 | Jazz Investments I LTD | Stock-Healthcare | 1.46% | — | +7.17% | |
| 14 | UGI 5 06-01-28 | Ugi CORP | Stock-Utilities | 1.46% | — | +9.57% | |
| 15 | AKAM 1.125 02-15-29 | Akamai Technologies INC | Stock-Tech | 1.45% | +1.45% | NEW | |
| 16 | IRTC 1.5 09-01-29 | Irhythm Holdings INC | Stock-Healthcare | 1.44% | — | +23.99% | |
| 17 | LYV 3.125 01-15-29 | Live Nation Entertainmen | Stock-Comm Services | 1.39% | +0.98% | +195.00% | |
| 18 | COLL 2.875 02-15-29 | Collegium Pharma INC | Stock-Other | 1.24% | +1.06% | +664.52% | |
| 19 | UPWK 0.25 08-15-26 | Upwork INC | Stock-Other | 1.14% | — | -1.32% | |
| 20 | GBX 2.875 04-15-28 | Greenbrier Cos INC | Stock-Other | 1.14% | +0.52% | +55.24% | |
| 21 | ON 0 05-01-27 | On Semiconductor CORP | Stock-Tech | 1.11% | — | +12.36% | |
| 22 | QTWO 0.75 06-01-26 | Q2 Holdings INC | Stock-Tech | 1.10% | — | +7.58% | |
| 23 | HALO 1 08-15-28 | Halozyme Therapeutics In | Stock-Healthcare | 1.09% | — | +38.86% | |
| 24 | SNOW 0 10-01-27 | Snowflake INC | Stock-Tech | 1.08% | — | +2.60% | |
| 25 | ETSY 0.125 09-01-27 | Etsy INC | Stock-Consumer Disc | 1.07% | — | +7.18% | |
| 26 | BSY 0.375 07-01-27 | Bentley Systems | Stock-Tech | 1.07% | — | — | |
| 27 | NTNX 0.5 12-15-29 | Nutanix INC | Stock-Tech | 1.05% | +0.61% | +134.38% | |
| 28 | PTCT 1.5 09-15-26 | Ptc Therapeutics INC | Stock-Healthcare | 1.03% | — | — | |
| 29 | DOCN 0 12-01-26 | Digitalocean Holdings | Stock-Tech | 1.00% | — | +33.33% | |
| 30 | STX 3.5 06-01-28 | Seagate Hdd Cayman | Stock-Tech | 1.00% | — | — | |
| 31 | TMDX 1.5 06-01-28 | Transmedics Group INC | Stock-Healthcare | 0.96% | -0.31% | -20.00% | |
| 32 | NET 0 08-15-26 | Cloudflare INC | Stock-Tech | 0.95% | -0.71% | -47.50% | |
| 33 | LRN 1.125 09-01-27 | Stride INC | Stock-Consumer Staples | 0.93% | +0.43% | +33.69% | |
| 34 | ZD 3.625 03-01-28 | Ziff Davis INC | Stock-Other | 0.91% | — | -7.69% | |
| 35 | LCII 3 03-01-30 | Lci Industries | Stock-Consumer Disc | 0.82% | +0.82% | NEW | |
| 36 | POST 2.5 08-15-27 | Post Holdings INC | Stock-Consumer Staples | 0.81% | +0.58% | +222.41% | |
| 37 | LNTH 2.625 12-15-27 | Lantheus Holdings INC | Stock-Healthcare | 0.80% | +0.43% | +86.91% | |
| 38 | MKSI 1.25 06-01-30 | Mks INC | Stock-Tech | 0.79% | +0.79% | NEW | |
| 39 | MCHP 0.75 06-01-30 | Microchip Technology INC | Stock-Tech | 0.73% | — | -20.83% | |
| 40 | CALY 2.75 05-01-26 | Callaway Golf Co | Stock-Other | 0.72% | — | +39.77% | |
| 41 | WT 3.25 06-15-26 | Wisdomtree Investments | Stock-Other | 0.72% | +0.72% | NEW | |
| 42 | DXCM 0.375 05-15-28 | Dexcom INC | Stock-Healthcare | 0.71% | +0.51% | +233.33% | |
| 43 | PEB 1.75 12-15-26 | Pebblebrook Hotel Trust | Stock-Other | 0.71% | — | — | |
| 44 | U 0 03-15-30 | Unity Software INC | Stock-Tech | 0.69% | +0.69% | NEW | |
| 45 | AEIS 2.5 09-15-28 | Advanced Energy Ind | Stock-Industrials | 0.69% | +0.41% | +55.91% | |
| 46 | BL 1 06-01-29 | Blackline INC | Stock-Tech | 0.65% | — | +28.49% | |
| 47 | DKNG 0 03-15-28 | Draftkings Holdings INC | Stock-Consumer Disc | 0.64% | — | +53.65% | |
| 48 | TVTX 2.25 03-01-29 | Travere Therapeutics INC | Stock-Other | 0.62% | +0.34% | +132.56% | |
| 49 | CNP 4.25 08-15-26 | Centerpoint Energy INC | Stock-Utilities | 0.55% | — | — | |
| 50 | MSTR 0.625 03-15-30 | Strategy INC | Stock-Tech | 0.53% | — | — |
Performance for Q3 2026
—
Performance Last 4 Quarters
—
Based on 0 months of available history
Based on 1% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 501 | $6.5B | 68 | |
| 2025-12-31 | 438 | $7.1B | 50 | |
| 2025-09-30 | 398 | $7.6B | 88 | |
| 2025-06-30 | 363 | $7.4B | 0 | |
| 2025-03-31 | 302 | $7.0B | 100 | |
| 2024-12-31 | 291 | $7.1B | 0 | |
| 2024-09-30 | 292 | $7.1B | 0 | |
| 2024-06-30 | 310 | $6.4B | 0 | |
| 2024-03-31 | 349 | $6.3B | 0 | |
| 2023-12-31 | 352 | $5.6B | 0 | |
| 2023-09-30 | 390 | $4.7B | 0 | |
| 2023-06-30 | 421 | $4.8B | 0 | |
| 2023-03-31 | 500 | $5.0B | 0 | |
| 2022-12-31 | 632 | $4.2B | 0 | |
| 2022-09-30 | 836 | $4.4B | 0 | |
| 2022-06-30 | 879 | $4.4B | 0 | |
| 2022-03-31 | 900 | $5.1B | 0 | |
| 2021-12-31 | 827 | $4.8B | 0 | |
| 2021-09-30 | 765 | $4.4B | 0 | |
| 2021-06-30 | 793 | $4.6B | 76 | |
| 2021-03-31 | 678 | $3.9B | 80 | |
| 2020-12-31 | 380 | $3.6B | 74 | |
| 2020-09-30 | 284 | $2.6B | 65 | |
| 2020-06-30 | 197 | $2.2B | 61 | |
| 2020-03-31 | 196 | $2.1B | 72 | |
| 2019-12-31 | 166 | $1.9B | 61 | |
| 2019-09-30 | 149 | $1.6B | 56 | |
| 2019-06-30 | 139 | $2.0B | 60 | |
| 2019-03-31 | 121 | $1.7B | 65 | |
| 2018-12-31 | 91 | $1.5B | 63 | |
| 2018-09-30 | 80 | $1.7B | 80 | |
| 2018-06-30 | 73 | $1.7B | 62 | |
| 2018-03-31 | 71 | $1.6B | 46 | |
| 2017-12-31 | 66 | $1.3B | 48 | |
| 2017-09-30 | 64 | $1.3B | 59 | |
| 2017-06-30 | 59 | $1.1B | 64 | |
| 2017-03-31 | 55 | $981.0M | 75 | |
| 2016-12-31 | 51 | $1.1B | 81 | |
| 2016-09-30 | 43 | $711.1M | 93 | |
| 2016-06-30 | 38 | $411.5M | 99 | |
| 2016-03-31 | 45 | $368.3M | 72 | |
| 2015-12-31 | 49 | $443.6M | 55 | |
| 2015-09-30 | 48 | $398.9M | 73 | |
| 2015-06-30 | 49 | $509.5M | 71 | |
| 2015-03-31 | 49 | $578.9M | 81 | |
| 2014-12-31 | 42 | $376.6M | 55 | |
| 2014-09-30 | 41 | $368.7M | 70 | |
| 2014-06-30 | 50 | $557.2M | 100 | |
| 2014-03-31 | 48 | $638.1M | 64 | |
| 2013-12-31 | 44 | $780.2M | 84 | |
| 2013-09-30 | 54 | $1.1B | 44 | |
| 2013-06-30 | 48 | $952.3M | 0 |
TENOR CAPITAL MANAGEMENT Co., L.P.'s most significant position changes for 2026-03-31: Sold out: Interdigital INC (IDCC 3.5 06-01-27); Sold out: Ringcentral INC (RNG 0 03-15-26); Sold out: Bentley Systems INC (BSY 0.125 01-15-26); Sold out: Jamf Holding CORP (JAMF 0.125 09-01-26); Sold out: Haemonetics CORP (HAE 0 03-01-26).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | LITE 0.5 12-15-26 | Lumentum Holdings INC | +3.1% | -0.00% | Trim |
| 2 | COLL 2.875 02-15-29 | Collegium Pharma INC | +1.1% | +664.52% | Add |
| 3 | LYV 3.125 01-15-29 | Live Nation Entertainmen | +1% | +195.00% | Add |
| 4 | MIRM 4 05-01-29 | Mirum Pharmaceuticals | +1% | +53.25% | Add |
| 5 | NTNX 0.5 12-15-29 | Nutanix INC | +0.6% | +134.38% | Add |
| 6 | POST 2.5 08-15-27 | Post Holdings INC | +0.6% | +222.41% | Add |
| 7 | GBX 2.875 04-15-28 | Greenbrier Cos INC | +0.5% | +55.24% | Add |
| 8 | DXCM 0.375 05-15-28 | Dexcom INC | +0.5% | +233.33% | Add |
| 9 | LNTH 2.625 12-15-27 | Lantheus Holdings INC | +0.4% | +86.91% | Add |
| 10 | LRN 1.125 09-01-27 | Stride INC | +0.4% | +33.69% | Add |
| 11 | AEIS 2.5 09-15-28 | Advanced Energy Ind | +0.4% | +55.91% | Add |
| 12 | TVTX 2.25 03-01-29 | Travere Therapeutics INC | +0.3% | +132.56% | Add |
| 13 | TMDX 1.5 06-01-28 | Transmedics Group INC | -0.3% | -20.00% | Trim |
| 14 | PAR 1.5 10-15-27 | Par Technology CORP | -0.6% | -92.97% | Trim |
| 15 | SMCI 3.5 03-01-29 | Super Micro Computer INC | -0.6% | -81.67% | Trim |
| 16 | BBIO 2.5 03-15-27 | Bridgebio Pharma INC | -0.6% | -62.03% | Trim |
| 17 | NET 0 08-15-26 | Cloudflare INC | -0.7% | -47.50% | Trim |
| 18 | AKAM 0.375 09-01-27 | Akamai Technologies INC | -0.8% | -44.90% | Trim |
| 19 | IDCC 3.5 06-01-27 | Interdigital INC | — | EXIT | Sold out |
| 20 | RNG 0 03-15-26 | Ringcentral INC | — | EXIT | Sold out |
| 21 | BSY 0.125 01-15-26 | Bentley Systems INC | — | EXIT | Sold out |
| 22 | JAMF 0.125 09-01-26 | Jamf Holding CORP | — | EXIT | Sold out |
| 23 | HAE 0 03-01-26 | Haemonetics CORP | — | EXIT | Sold out |
| 24 | TRIP 0.25 04-01-26 | Tripadvisor INC | — | EXIT | Sold out |
| 25 | VTR 3.75 06-01-26 | Ventas Realty LP | — | NEW | New buy |
| 26 | CFLT 0 01-15-27 | Confluent INC | — | EXIT | Sold out |
| 27 | AKAM 1.125 02-15-29 | Akamai Technologies INC | — | NEW | New buy |
| 28 | DAY 0.25 03-15-26 | Dayforce INC | — | EXIT | Sold out |
| 29 | BL 0 03-15-26 | Blackline INC | — | EXIT | Sold out |
| 30 | ITRI 0 03-15-26 | Itron INC | — | EXIT | Sold out |
| 31 | MTN 0 01-01-26 | Vail Resorts INC | — | EXIT | Sold out |
| 32 | SEALTD 0.25 09-15-26 | Sea LTD | — | EXIT | Sold out |
| 33 | LCII 3 03-01-30 | Lci Industries | — | NEW | New buy |
| 34 | MKSI 1.25 06-01-30 | Mks INC | — | NEW | New buy |
| 35 | WT 3.25 06-15-26 | Wisdomtree Investments | — | NEW | New buy |
| 36 | EXAS 0.375 03-01-28 | Exact Sciences CORP | — | EXIT | Sold out |
| 37 | U 0 03-15-30 | Unity Software INC | — | NEW | New buy |
| 38 | EXPE 0 02-15-26 | Expedia Group INC | — | EXIT | Sold out |
| 39 | EXAS 0.375 03-15-27 | Exact Sciences CORP | — | EXIT | Sold out |
| 40 | SPOT 0 03-15-26 | Spotify USA INC | — | EXIT | Sold out |
| 41 | MITK 0.75 02-01-26 | Mitek Systems INC | — | EXIT | Sold out |
| 42 | IONS 0 04-01-26 | Ionis Pharmaceuticals In | — | EXIT | Sold out |
| 43 | SOFI 1.25 03-15-29 | Sofi Technologies INC | — | NEW | New buy |
| 44 | ASND 2.25 04-01-28 | Ascendis Pharma A/s | — | EXIT | Sold out |
| 45 | ZD 1.75 11-01-26 | Ziff Davis INC | — | EXIT | Sold out |
| 46 | FLR 1.125 08-15-29 | Fluor CORP | — | NEW | New buy |
| 47 | HASI 3.75 08-15-28 | Hat Holdings I Llc/hat | — | NEW | New buy |
| 48 | FWONK 2.25 08-15-27 | Liberty Media CORP | — | EXIT | Sold out |
| 49 | ✓ | Gigcapital9 CORP | — | NEW | New buy |
| 50 | ✓ | Dynavax Technol | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-09 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-10 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-03 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-15 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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