# Tenere Capital LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1849517. Source: https://holderbook.com/funds/1849517-tenere-capital-llc/

- Reported value: $125.9M
- Positions: 23
- Weight of the ten largest: 60.1%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $13.4M | 66,733 | 10.6% | 8 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $9.9M | 26,403 | 7.8% | 3 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $7.9M | 7,774 | 6.2% | 7 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $7.6M | 160,470 | 6.1% | 2 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $7.5M | 10,332 | 5.9% | 3 |
| HILTON WORLDWIDE HLDGS INC | [HLT](https://holderbook.com/stocks/HLT/) | $6.4M | 19,426 | 5.1% | 1 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $6.2M | 18,104 | 4.9% | 19 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $5.8M | 12,248 | 4.6% | 3 |
| VAIL RESORTS INC | [MTN](https://holderbook.com/stocks/MTN/) | $5.5M | 40,724 | 4.4% | 1 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $5.5M | 15,336 | 4.4% | 3 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $5.5M | 18,925 | 4.4% | 10 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $5.2M | 44,677 | 4.2% | 1 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $4.6M | 9,127 | 3.6% | 1 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $4.6M | 22,805 | 3.6% | 1 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $4.4M | 3,642 | 3.5% | 3 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $4.1M | 17,272 | 3.3% | 7 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $3.8M | 9,122 | 3.0% | 1 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $3.4M | 6,023 | 2.7% | 16 |
| EQUINIX INC | [EQIX](https://holderbook.com/stocks/EQIX/) | $3.1M | 2,998 | 2.5% | 1 |
| DIGITALOCEAN HLDGS INC | [DOCN](https://holderbook.com/stocks/DOCN/) | $3.0M | 18,896 | 2.4% | 1 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $2.9M | 25,691 | 2.3% | 2 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $2.9M | 1,456 | 2.3% | 2 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $2.7M | 6,889 | 2.2% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +31.9% | +14.8% | +17.1% | 100% |
| Q1 2026 | -6.7% | -4.6% | -2.1% | 100% |
| Q4 2025 | -4.5% | +2.4% | -6.9% | 100% |
| Q3 2025 | +5.3% | +7.8% | -2.5% | 100% |
| Q2 2025 | +14.3% | +10.5% | +3.8% | 100% |
| Q1 2025 | -12.9% | -4.6% | -8.3% | 100% |
| Q4 2024 | +2.5% | +2.1% | +0.3% | 100% |
| Q3 2024 | +4.0% | +5.4% | -1.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $125.9M | 23 |
| Q1 2026 | $136.4M | 22 |
| Q4 2025 | $129.1M | 22 |
| Q3 2025 | $845.9M | 21 |
| Q2 2025 | $390.5M | 19 |
| Q1 2025 | $363.4M | 21 |
| Q4 2024 | $377.6M | 23 |
| Q3 2024 | $376.2M | 26 |
| Q2 2024 | $336.9M | 28 |
| Q1 2024 | $335.9M | 27 |
| Q4 2023 | $306.0M | 21 |
| Q3 2023 | $260.0M | 26 |