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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

MetricValue
Total return-1.2%
YTD return-0.7%
Sharpe ratio0.26
Win rate42%
AUM$0.4B
InceptionOct 1, 2025
UpdatedAug 20, 2026

Institution Status

FieldValue
AUM$0.4B
TurnoverLow (<15%)
Avg holding18 Months
InceptionOct 1, 2025
Websitehttps://www.tenorcapital.com/

Current Holdings

Updated on Aug 20, 2026.

TickerNamePortfolio %Return
CHACCrane Harbor Acquisition Corp. - Class A Ordinary Shares6.8%-3.9%
KFIIK&F Growth Acquisition Corp. II Class A Ordinary shares5.9%+3.9%
GTENGores Holdings X, Inc. Class A ordinary shares5.9%+4.1%
TACHTitan Acquisition Corp5.8%+3.5%
TVATexas Ventures Acquisition III Corp5.3%-1.3%
CCIXChurchill Capital Corp IX5.3%+3.6%
LOKVLive Oak Acquisition Corp. V Class A Ordinary Shares5.1%+13.2%
SZZLSizzle Acquisition Corp. II - Class A ordinary shares5.1%+3.5%
GIGGigCapital7 Corp. Class A Ordinary Share5.1%-51.0%
SOULSoulpower Acquisition Corporation5.1%+3.5%
IRENIREN Ltd4.9%-9.5%
SBXE-USilverBox Corp V4.7%0.0%
ATIIUArchimedes Tech SPAC Partners II Co. Unit4.5%-7.7%
HVIIHennessy Capital Investment Corp. VII Ordinary Shares4.4%-19.7%
FERAFifth Era Acquisition Corp I Class A Ordinary Shares4.4%+3.0%
CGCTCartesian Growth Corporation III Class A Ordinary Shares4.4%+18.5%
NPACNew Providence Acquisition Corp. III Class A Ordinary Shares4.4%+2.9%
XRPNArmada Acquisition Corp. II4.4%+0.3%
MBAVM3-Brigade Acquisition V Corp. Class A Ordinary shares4.4%+5.3%
ARTCUArt Technology Acquisition Corp. Units4.2%+0.4%

Recent activity

DateActionTickerWeight
Aug 3, 2026BUYDMII0.0% → 4.4%
Aug 3, 2026SELLTACH5.8% → 6.0%
Aug 3, 2026BUYARTC0.0% → 4.3%
Aug 3, 2026BUYYICC0.0% → 4.3%
Aug 3, 2026SELLIREN4.9% → 0.0%

Investment Style Analysis

Tenor Capital Management Company, L.P. is widely recognized for employing a Event-Driven strategy. As of Aug 20, 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 Aug 3, Tenor Capital Management Company, L.P. made a significant move by increasing exposure to DMII. 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..

Similar Investment Style

Based on Event-Driven.

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  • Owl Creek Asset Management, L.P. — Jeffrey Altman · 3M +9.5%

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 Crane Harbor Acquisition Corp. - Class A Ordinary Shares (CHAC), representing 6.8% 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 -1.2% with a win rate of 42%. Notably, the portfolio maintains a Sharpe Ratio of 0.26, suggesting an standard 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 80.3% 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 18.6% 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 -0.7%. 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.