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Tenor Capital Management Company, L.P.
Robin Shah · Hedge Fund · Event-Driven
Tenor Capital Management Company, L.P. is an alternative asset manager based in New York City, founded in 2004 as a spin-off from the relative value and convertible arbitrage group at Putnam Lovell NBF. The firm specializes in a diverse range of opportunistic and complex investment strategies, including convertible arbitrage, special situations, litigation finance, and credit relative value. Tenor seeks to provide its institutional and high-net-worth clients with attractive risk-adjusted returns by applying a rigorous, research-intensive approach to identifying mispriced assets and navigating intricate corporate events. The firm is known for its collaborative investment process and deep expertise in catalyst-driven markets, including legal and regulatory arbitrage.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +16.0% |
| YTD return | +16.6% |
| Sharpe ratio | 1.29 |
| Win rate | 44% |
| AUM | $0.4B |
| Inception | Oct 1, 2025 |
| Updated | Oct 2, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $0.4B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.tenorcapital.com/ |
Current Holdings
Updated on Oct 2, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| GOOGL | Alphabet Inc Class A | 10.7% | -0.2% |
| XRPN | Armada Acquisition Corp. II | 6.2% | +275.5% |
| GIX | GigCapital9 Corp. | 5.9% | +0.0% |
| KFII | K&F Growth Acquisition Corp. II Class A Ordinary shares | 5.8% | +4.5% |
| GTEN | Gores Holdings X, Inc. Class A ordinary shares | 5.6% | +2.6% |
| TACH | Titan Acquisition Corp | 5.6% | +4.2% |
| BACC | Blue Acquisition Corp. Class A Ordinary Shares | 4.9% | 0.0% |
| SZZL | Sizzle Acquisition Corp. II - Class A ordinary shares | 4.9% | +3.8% |
| SOUL | Soulpower Acquisition Corporation | 4.9% | +4.0% |
| SBXE | SilverBox Corp V | 4.5% | +0.1% |
| FACT | FACT II Acquisition Corp. Class A Ordinary Shares | 4.3% | -0.0% |
| NPAC | New Providence Acquisition Corp. III Class A Ordinary Shares | 4.2% | +3.7% |
| FERA | Fifth Era Acquisition Corp I Class A Ordinary Shares | 4.2% | +3.7% |
| GIW | GigCapital8 Corp. | 4.1% | +0.2% |
| DMII | Drugs Made In America Acquisition II Corp. Ordinary Shares | 4.1% | +0.3% |
| ARTC | Art Technology Acquisition Corp. | 4.0% | 0.0% |
| EGHA | EGH Acquisition Corp. Class A Ordinary Shares | 4.0% | +0.3% |
| TVA | Texas Ventures Acquisition III Corp | 4.0% | -0.9% |
| ATII | Archimedes Tech SPAC Partners II Co. Ordinary Shares | 3.9% | -0.1% |
| SDHI | Siddhi Acquisition Corp Class A Common stock | 3.9% | +0.3% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 28, 2026 | SELL | SBXE-U | 4.7% → 0.0% |
| Sep 28, 2026 | SELL | GIG | 5.1% → 0.0% |
| Sep 28, 2026 | SELL | TVA | 5.3% → 4.0% |
| Sep 28, 2026 | BUY | SBXE | 0.0% → 4.5% |
| Sep 28, 2026 | BUY | BACC | 0.0% → 4.9% |
Investment Style Analysis
Tenor Capital Management Company, L.P. is widely recognized for employing a Event-Driven strategy. As of Oct 2, 2026, the firm oversees approximately $0.4B in assets under management (AUM). The portfolio demonstrates a clear preference for the Shell Companies and Other sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 28, Tenor Capital Management Company, L.P. made a significant move by reducing the position in SBXE-U. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Tenor Capital’s investment philosophy centers on identifying and capturing value in complex market segments through a multi-faceted, event-driven approach. The firm integrates fundamental analysis with a sophisticated understanding of credit and volatility dynamics to exploit mispricings in convertible securities, capital structures, and litigation claims. By maintaining a flexible and opportunistic mandate, Tenor allocates capital across arbitrage and special situation strategies where it believes it has a research-driven edge. The philosophy emphasizes generating idiosyncratic, non-correlated returns while managing systematic risk through disciplined hedging and diversification across diverse asset classes and global markets.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Tenor Capital Management Company, L.P..
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Frequently asked questions
How is the simulated portfolio for Tenor Capital Management Company, L.P. constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Tenor Capital Management Company, L.P.'s largest holding?
As of the latest filing, Tenor Capital Management Company, L.P.'s top position is Alphabet Inc Class A (GOOGL), representing 10.7% of the portfolio. This reflects a high-conviction bet by the institution.
What is Tenor Capital Management Company, L.P.'s historical performance and risk profile?
Our simulation indicates a total return of +16.0% with a win rate of 44%. Notably, the portfolio maintains a Sharpe Ratio of 1.29, suggesting an strong level of risk-adjusted returns compared to the broader market.
What sectors does Tenor Capital Management Company, L.P. primarily invest in?
Tenor Capital Management Company, L.P. has a strong preference for the Shell Companies sector, which makes up 65.3% of their disclosed assets. The portfolio also has exposure to Other, indicating a specific thematic focus.
Is Tenor Capital Management Company, L.P.'s portfolio concentrated or diversified?
Tenor Capital Management Company, L.P. runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 22.8% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Tenor Capital Management Company, L.P. performed in 2026?
Our AI-simulated model portfolio for Tenor Capital Management Company, L.P. tracks a Year-to-Date (YTD) return of +16.6%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Robin Shah manage Tenor Capital Management Company, L.P. directly?
Yes, Robin Shah serves as the key portfolio manager for Tenor Capital Management Company, L.P., overseeing the investment strategy and final capital allocation decisions.