TC
Tenere Capital LLC 13F Holdings (Q2 2026) — Stock Portfolio & Buys
Tenere Capital LLCCIK: 0001849517
ContrarianHigh-turnover traderQuality / disciplined sizing
Total reported value
$125.9M
Reporting period: 2026-06-30 · Number of holdings: 23
Tenere Capital LLC disclosed 23 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $125.9M and a quarterly turnover rate of 84.0%.
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Personality snowflake
- Concentration
- 20.96
- Portfolio Stability
- 84.01
- Momentum
- 0
- Sector conviction
- 67.34
- Diversification
- 46
- Sizing Uniformity
- 95.37
Tenere Capital LLC's disclosed holdings carry a Herfindahl concentration index of 0.052 — mathematically equivalent to about 19 equally-sized positions, close to its 23 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.46), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim META
-73.2% -$9.5M
Trim ASML
-81.7% -$7.6M
New buy HLT
Sold out BLK
New buy MTN
New buy CSCO
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 10.61% | +0.72% | -13.68% | |
| 2 | GE | General Electric | Stock-Industrials | 7.84% | +0.88% | -21.03% | |
| 3 | GS | Goldman Sachs Group Inc | Stock-Financials | 6.25% | +2.66% | +34.43% | |
| 4 | CSX | Csx CORP | Stock-Industrials | 6.06% | +3.25% | +71.95% | |
| 5 | AMAT | Applied Materials Inc | Stock-Tech | 5.93% | +1.82% | -37.07% | |
| 6 | HLT | Hilton Worldwide Holdings In | Stock-Consumer Disc | 5.10% | +5.10% | NEW | |
| 7 | V | Visa Inc-class A Shares | Stock-Financials | 4.93% | +1.76% | +26.46% | |
| 8 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 4.65% | -2.37% | -56.78% | |
| 9 | MTN | Vail Resorts Inc | Stock-Consumer Disc | 4.40% | +4.40% | NEW | |
| 10 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 4.35% | +1.66% | +20.10% | |
| 11 | AAPL | Apple Inc | Stock-Tech | 4.35% | -4.04% | -58.00% | |
| 12 | CSCO | Cisco Systems Inc | Stock-Tech | 4.17% | +4.17% | NEW | |
| 13 | TMO | Thermo Fisher Scientific Inc | Stock-Healthcare | 3.63% | +3.63% | NEW | |
| 14 | COF | Capital One Financial CORP | Stock-Financials | 3.63% | +3.63% | NEW | |
| 15 | LLY | Eli Lilly & Co | Stock-Healthcare | 3.47% | -0.97% | -44.73% | |
| 16 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.27% | +0.91% | +11.54% | |
| 17 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 3.01% | +3.01% | NEW | |
| 18 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.70% | -6.72% | -73.19% | |
| 19 | EQIX | Equinix Inc | Stock-Real Estate | 2.48% | +2.48% | NEW | |
| 20 | DOCN | Digitalocean Holdings Inc | Stock-Tech | 2.36% | +2.36% | NEW | |
| 21 | SHOP | Shopify Inc - Class A | Stock-Tech | 2.33% | -1.23% | -37.31% | |
| 22 | ASML | ASML Holding N.V. | Stock-Tech | 2.30% | -5.40% | -81.69% | |
| 23 | ADI | Analog Devices Inc | Stock-Tech | 2.17% | -2.47% | -65.40% |
Portfolio Performance
Performance for Q3 2026
+0.2%
Performance Last 4 Quarters
+2.9%
- Stdev
- +17.4%
- Beta
- +1.16
- Alpha
- -10.2%
- Max Drawdown
- -15.5%
- Annualized Perf
- +12.1%
- Batting Avg vs S&P
- +33.3%
- Sortino
- +1.27
- Stutzer
- +0.22
- Treynor
- +0.11
- Sterling
- +0.57
- Calmar
- +0.78
- Information Ratio
- -0.77
- Tracking Error
- +9.2%
- Stdev Down
- +10.1%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +30.2%
- Worst 12 Months
- -5.3%
- Efficiency Ratio
- +0.28
- Sharpe
- +0.74
- Stdev Sectors
- +10.8%
- Skewness
- +0.06
- Kurtosis
- -0.09
- Upside Potential
- +3.01
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 23 | $125.9M | 84 | ||
| 2026 Q1 | 22 | $136.4M | 73 | ||
| 2025 Q4 | 22 | $129.1M | 100 | ||
| 2025 Q3 | 20 | $421.9M | 69 | ||
| 2025 Q2 | 19 | $390.5M | 0 | ||
| 2025 Q1 | 21 | $363.4M | 0 | ||
| 2024 Q4 | 23 | $377.6M | 0 | ||
| 2024 Q3 | 26 | $376.2M | 0 | ||
| 2024 Q2 | 28 | $336.9M | 0 | ||
| 2024 Q1 | 27 | $335.9M | 0 | ||
| 2023 Q4 | 21 | $306.0M | 0 | ||
| 2023 Q3 | 26 | $260.0M | 0 | ||
| 2023 Q2 | 27 | $203.9M | 0 | ||
| 2023 Q1 | 26 | $191.3M | 0 | ||
| 2022 Q4 | 22 | $226.0M | 0 | ||
| 2022 Q3 | 22 | $205.7M | 0 | ||
| 2022 Q2 | 20 | $212.5M | 0 | ||
| 2022 Q1 | 23 | $261.0M | 0 | ||
| 2021 Q4 | 25 | $251.8M | 0 |
Holding changes this quarter
Tenere Capital LLC's most significant position changes for 2026-06-30: New buy: Hilton Worldwide Holdings In (HLT); Sold out: Blackrock Inc (BLK); New buy: Vail Resorts Inc (MTN); Sold out: Caterpillar Inc (CAT); New buy: Cisco Systems Inc (CSCO).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | HLT | Hilton Worldwide Holdings In | +5.1% | NEW | New buy |
| 2 | MTN | Vail Resorts Inc | +4.4% | NEW | New buy |
| 3 | CSCO | Cisco Systems Inc | +4.2% | NEW | New buy |
| 4 | TMO | Thermo Fisher Scientific Inc | +3.6% | NEW | New buy |
| 5 | COF | Capital One Financial CORP | +3.6% | NEW | New buy |
| 6 | CSX | Csx CORP | +3.3% | +71.95% | Add |
| 7 | UNH | Unitedhealth Group Inc | +3% | NEW | New buy |
| 8 | GS | Goldman Sachs Group Inc | +2.7% | +34.43% | Add |
| 9 | EQIX | Equinix Inc | +2.5% | NEW | New buy |
| 10 | DOCN | Digitalocean Holdings Inc | +2.4% | NEW | New buy |
| 11 | AMAT | Applied Materials Inc | +1.8% | -37.07% | Trim |
| 12 | V | Visa Inc-class A Shares | +1.8% | +26.46% | Add |
| 13 | GOOGL | Alphabet Inc-cl A | +1.7% | +20.10% | Add |
| 14 | AMZN | Amazon.com Inc | +0.9% | +11.54% | Add |
| 15 | GE | General Electric | +0.9% | -21.03% | Trim |
| 16 | NVDA | Nvidia CORP | +0.7% | -13.68% | Trim |
| 17 | KLAR | Klarna Group plc | -0.6% | EXIT | Sold out |
| 18 | LLY | Eli Lilly & Co | -1% | -44.73% | Trim |
| 19 | SHOP | Shopify Inc - Class A | -1.2% | -37.31% | Trim |
| 20 | COIN | Coinbase Global Inc -class A | -1.5% | EXIT | Sold out |
| 21 | MSFT | Microsoft CORP | -2% | EXIT | Sold out |
| 22 | TSM | Taiwan Semiconductor-sp Adr | -2.4% | -56.78% | Trim |
| 23 | ADI | Analog Devices Inc | -2.5% | -65.40% | Trim |
| 24 | GEV | GE Vernova Inc | -3.1% | EXIT | Sold out |
| 25 | INTC | Intel CORP | -3.6% | EXIT | Sold out |
| 26 | CAT | Caterpillar Inc | -3.9% | EXIT | Sold out |
| 27 | AAPL | Apple Inc | -4% | -58.00% | Trim |
| 28 | BLK | Blackrock Inc | -4.6% | EXIT | Sold out |
| 29 | ASML | ASML Holding N.V. | -5.4% | -81.69% | Trim |
| 30 | META | Meta Platforms Inc-class A | -6.7% | -73.19% | Trim |
Filing History
FAQ
What is Tenere Capital LLC and what type of investor is it?
Tenere Capital LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $125.9M, spread across 23 disclosed positions.
What are Tenere Capital LLC's largest equity positions?
Based on the latest 13F filing, Tenere Capital LLC's top holdings by market value are:
1. Nvidia CORP (NVDA) — $13.4M (10.6%)
2. General Electric (GE) — $9.9M (7.8%)
3. Goldman Sachs Group Inc (GS) — $7.9M (6.3%)
4. Csx CORP (CSX) — $7.6M (6.1%)
5. Applied Materials Inc (AMAT) — $7.5M (5.9%)
What changes did Tenere Capital LLC make in its most recent portfolio filing?
In the latest reported quarter, Tenere Capital LLC made 30 notable position adjustments: 8 new positions were initiated, 5 existing holdings were added to, 10 positions were partially reduced, and 7 were completely exited. The largest of these moves: New buy: Hilton Worldwide Holdings In (HLT); Sold out: Blackrock Inc (BLK); New buy: Vail Resorts Inc (MTN); Sold out: Caterpillar Inc (CAT); New buy: Cisco Systems Inc (CSCO)
What sectors does Tenere Capital LLC focus on?
Tenere Capital LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 38.9%
• Financials: 14.8%
• Industrials: 13.9%
• Consumer Discretionary: 12.8%
• Health Care: 10.1%
• Communication Services: 7.0%
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Investment Profile
Tenere Capital LLC returned an annualized 12.1% over the trailing 36 months — underperforming the S&P 500 by 10.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.16 (more volatile than the market) and a 33% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 38.9% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 84 over the past 4 quarters — a shift toward more active trading.
It has added to its GE position over the past two quarters (+$5.7M, now $9.9M), while trimming AAPL over the same stretch (-$7.2M, still holding $5.5M).
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