Tenere Capital LLC — 13F Holdings & Portfolio
CIK 1849517 · latest 13F-HR filed 2026-08-14
Tenere Capital LLC manages $125.9M in 13F-reported U.S. long-equity assets across 23 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are NVDA (10.61%), GE (7.84%), GS (6.25%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 8 new positions and exited 7; 6 existing positions rose in reported value and 7 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Loading holdings…
AUM
$125.9M
Long-equity book
Holdings
23
Distinct positions
Period
2026-06-30
Filed 2026-08-14
Q/Q Activity
+8 / −7 / ↑6 / ↓7
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26NVDA10.6% · -14%GE7.8% · -21%GS6.2% · +34%CSX6.1% · +72%AMAT5.9% · -37%HLT5.1% · newV4.9% · +26%TSM4.6% · -57%MTN4.4% · newGOOGL4.4% · +20%AAPL4.3% · -58%CSCO4.2% · newTMO3.6% · newCOF3.6% · newLLY3.5% · -45%AMZN3.3% · +12%UNH3.0% · newMETA2.7% · -73%EQIX2.5% · newDOCN2.4% · newSHOP2.3% · -37%ASML2.3% · -82%ADI2.2% · -65%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 60.1%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Sep 25, 2026.
Assets Under Management
$241.1M
Discretionary
$241.1M
Employees
5
Accounts
5
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BENEL, DANIEL, SHALOM Control | PRESIDENT since Mar 2021 | 50–75% | Individual |
| BOURKOFF, ARYEH, BENJAMIN Control | OWNER since Mar 2021 | 10–25% | Individual |
| LIONTREE TENERE LLC Control | OWNER since Mar 2021 | 10–25% | Domestic Entity |
| SARRETT, JEFFREY, EVAN Control | CHIEF FINANCIAL OFFICER & CHIEF COMPLIANCE OFFICER since Mar 2021 | Less than 5% | Individual |
| ELANA BOURKOFF 2020 DYNASTY TRUST | OWNER since Oct 2022 | 10–25% | Domestic Entity |
| BOURKOFF, ARYEH, BENJAMIN Control Indirect owner via LIONTREE GP LLC | MANAGING MEMBER since May 2012 | 25–50% | Individual |
| BOURKOFF, ARYEH, BENJAMIN Control Indirect owner via LIONTREE LLC | LIMITED PARTNER since Apr 2021 | 75% or more | Individual |
| BOURKOFF, ARYEH, BENJAMIN Control Indirect owner via LIONTREE LLC | SOLE MEMBER since Apr 2021 | 75% or more | Individual |
| BOURKOFF, ARYEH, BENJAMIN Control Indirect owner via LIONTREE HOLDINGS LP | SOLE OWNER since Jan 2024 | 75% or more | Individual |
| LIONTREE GP LLC Control Indirect owner via LIONTREE HOLDINGS LP | GENERAL PARTNER since May 2012 | General partner, trustee or manager | Domestic Entity |
| LIONTREE HOLDINGS LP Control Indirect owner via LIONTREE LLC | MANAGING MEMBER since Oct 2015 | 75% or more | Domestic Entity |
| LIONTREE LLC Control Indirect owner via LIONTREE PARTNERS LLC | MEMBER since May 2012 | 75% or more | Domestic Entity |
| LIONTREE PARTNERS LLC Control Indirect owner via LIONTREE TENERE LLC | OWNER since Mar 2021 | 75% or more | Domestic Entity |
| THE BRYN MAWR TRUST COMPANY OF DELAWARE Control Indirect owner via ELANA BOURKOFF 2020 DYNASTY TRUST | TRUSTEE since Oct 2022 | General partner, trustee or manager | Domestic Entity |
Ownership & leadership changes · 5 filings with changes since Mar 5, 2021
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Mar 21, 2024 filing
- No longer listedBENJAMIN GROUP FINANCIAL INTERMEDIATE HOLDINGS (GP) LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via BG FINANCIAL INTERMEDIATE LTA HOLDINGS LP · control person · listed since Apr 2021
- No longer listedBG FINANCIAL INTERMEDIATE LTA HOLDINGS LP · LIMITED PARTNER · 75% or more · indirect via LIONTREE HOLDINGS LP · control person · listed since Apr 2021
- No longer listedBOURKOFF, ARYEH, BENJAMIN · LIMITED PARTNER · 75% or more · indirect via BG FINANCIAL INTERMEDIATE LTA HOLDINGS LP · control person · listed since Apr 2021
- No longer listedBOURKOFF, ARYEH, BENJAMIN · SOLE MEMBER · 75% or more · indirect via BENJAMIN GROUP FINANCIAL INTERMEDIATE HOLDINGS (GP) LLC · control person · listed since Apr 2021
- AddedBOURKOFF, ARYEH, BENJAMIN · LIMITED PARTNER / SOLE MEMBER · 75% or more · indirect via LIONTREE LLC · control person
- Listed againBOURKOFF, ARYEH, BENJAMIN · SOLE OWNER · 75% or more · indirect via LIONTREE HOLDINGS LP · control person
Mar 24, 2023 filing
- No longer listedBOURKOFF, ARYEH, BENJAMIN · LIMITED PARTNER · 75% or more · indirect via LT FINANCIAL INTERMEDIATE HOLDINGS LP · control person · listed since Apr 2021
- No longer listedBOURKOFF, ARYEH, BENJAMIN · SOLE MEMBER · 75% or more · indirect via LT FINANCIAL INTERMEDIATE HOLDINGS (GP) LLC · control person · listed since Apr 2021
- No longer listedLT FINANCIAL INTERMEDIATE HOLDINGS (GP) LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via LT FINANCIAL INTERMEDIATE HOLDINGS LP · control person · listed since Apr 2021
- No longer listedLT FINANCIAL INTERMEDIATE HOLDINGS LP · LIMITED PARTNER · 75% or more · indirect via LIONTREE HOLDINGS LP · control person · listed since Apr 2021
- AddedBENJAMIN GROUP FINANCIAL INTERMEDIATE HOLDINGS (GP) LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via BG FINANCIAL INTERMEDIATE LTA HOLDINGS LP · control person
- AddedBG FINANCIAL INTERMEDIATE LTA HOLDINGS LP · LIMITED PARTNER · 75% or more · indirect via LIONTREE HOLDINGS LP · control person
- AddedBOURKOFF, ARYEH, BENJAMIN · LIMITED PARTNER · 75% or more · indirect via BG FINANCIAL INTERMEDIATE LTA HOLDINGS LP · control person
- AddedBOURKOFF, ARYEH, BENJAMIN · SOLE MEMBER · 75% or more · indirect via BENJAMIN GROUP FINANCIAL INTERMEDIATE HOLDINGS (GP) LLC · control person
Oct 18, 2022 filing
- AddedELANA BOURKOFF 2020 DYNASTY TRUST · OWNER · 10–25%
- AddedTHE BRYN MAWR TRUST COMPANY OF DELAWARE · TRUSTEE · General partner, trustee or manager · indirect via ELANA BOURKOFF 2020 DYNASTY TRUST · control person
- ChangedBOURKOFF, ARYEH, BENJAMIN · ownership 25–50% → 10–25%
Mar 31, 2022 filing
- No longer listedBOURKOFF, ARYEH, BENJAMIN · SOLE MEMBER · 75% or more · indirect via LT FINANCIAL HOLDINGS LLC · control person · listed since Apr 2021
- No longer listedLT FINANCIAL HOLDINGS LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via LT FINANCIAL INTERMEDIATE HOLDINGS LP · control person · listed since Apr 2021
- No longer listedMODLIN, WENDY, KREINEN · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Mar 2021
- No longer listedSTENZLER, EHREN, BRYANT · MANAGING MEMBER · 25–50% · indirect via LIONTREE HOLDINGS LP · control person · listed since May 2012
- No longer listedSTENZLER, EHREN, BRYANT · MEMBER · 25–50% · indirect via LIONTREE GP LLC · control person · listed since May 2012
- AddedBOURKOFF, ARYEH, BENJAMIN · SOLE MEMBER · 75% or more · indirect via LT FINANCIAL INTERMEDIATE HOLDINGS (GP) LLC · control person
- AddedLT FINANCIAL INTERMEDIATE HOLDINGS (GP) LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via LT FINANCIAL INTERMEDIATE HOLDINGS LP · control person
- ChangedBOURKOFF, ARYEH, BENJAMIN · indirect via LIONTREE GP LLC: title MEMBER → MANAGING MEMBER
- ChangedBOURKOFF, ARYEH, BENJAMIN · indirect via LT FINANCIAL INTERMEDIATE HOLDINGS LP: title PARTNER → LIMITED PARTNER
- ChangedLT FINANCIAL INTERMEDIATE HOLDINGS LP · indirect via LIONTREE HOLDINGS LP: title PARTNER → LIMITED PARTNER
- ChangedSARRETT, JEFFREY, EVAN · title CHIEF FINANCIAL OFFICER → CHIEF FINANCIAL OFFICER & CHIEF COMPLIANCE OFFICER
Jul 16, 2021 filing
- No longer listedBOURKOFF, ARYEH, BENJAMIN · PARTNER · 50–75% · indirect via LIONTREE HOLDINGS LP · control person · listed since May 2012
- AddedBOURKOFF, ARYEH, BENJAMIN · MEMBER · 25–50% · indirect via LIONTREE GP LLC · control person
- AddedBOURKOFF, ARYEH, BENJAMIN · PARTNER · 75% or more · indirect via LT FINANCIAL INTERMEDIATE HOLDINGS LP · control person
- AddedBOURKOFF, ARYEH, BENJAMIN · SOLE MEMBER · 75% or more · indirect via LT FINANCIAL HOLDINGS LLC · control person
- AddedLIONTREE GP LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via LIONTREE HOLDINGS LP · control person
- AddedLT FINANCIAL HOLDINGS LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via LT FINANCIAL INTERMEDIATE HOLDINGS LP · control person
- AddedLT FINANCIAL INTERMEDIATE HOLDINGS LP · PARTNER · 75% or more · indirect via LIONTREE HOLDINGS LP · control person
- AddedSTENZLER, EHREN, BRYANT · MEMBER · 25–50% · indirect via LIONTREE GP LLC · control person
Mar 5, 2021 filing (earliest on record)
- ListedBENEL, DANIEL, SHALOM · PRESIDENT · 50–75% · control person
- ListedBOURKOFF, ARYEH, BENJAMIN · OWNER · 25–50% · control person
- ListedBOURKOFF, ARYEH, BENJAMIN · PARTNER · 50–75% · indirect via LIONTREE HOLDINGS LP · control person
- ListedLIONTREE HOLDINGS LP · MANAGING MEMBER · 75% or more · indirect via LIONTREE LLC · control person
- ListedLIONTREE LLC · MEMBER · 75% or more · indirect via LIONTREE PARTNERS LLC · control person
- ListedLIONTREE PARTNERS LLC · OWNER · 75% or more · indirect via LIONTREE TENERE LLC · control person
- ListedLIONTREE TENERE LLC · OWNER · 10–25% · control person
- ListedMODLIN, WENDY, KREINEN · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ListedSARRETT, JEFFREY, EVAN · CHIEF FINANCIAL OFFICER · Less than 5% · control person
- ListedSTENZLER, EHREN, BRYANT · MANAGING MEMBER · 25–50% · indirect via LIONTREE HOLDINGS LP · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- CSX CORP$3.8M +99.1%
- GOLDMAN SACHS$3.0M +60.7%
- VISA INC-CLASS A SHARES$1.9M +43.6%
- APPLIED MATERIALS$1.9M +33.1%
- ALPHABET INC CLASS A COMMON STOCK$1.8M +49.3%
Top Trims
- META PLATFORMS INC-$9.5M -73.6%
- ASML HOLDING N.V. NEW YORK REGISTRY SHAR-$7.6M -72.4%
- APPLE INC-$6.0M -52.1%
- TAIWAN SEMI ADR-$3.7M -38.9%
- ANALOG DEVICES-$3.6M -56.8%
New Positions
- HILTON INC$6.4M
- VAIL RESORTS$5.5M
- CISCO SYSTEMS INC$5.2M
- THERMO FISHER SCIENTIFIC INC.$4.6M
- CAPITAL ONE FINANCIAL CORP$4.6M
Exited Positions
- BLACKROCK FUNDING INC/DE$6.3M
- CATERPILLAR INC$5.3M
- INTEL CORP$4.9M
- GE VERNOVA LLC$4.2M
- MICROSOFT CORPORATION$2.7M
Tenere Capital LLC Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | NVIDIA CORP | NVDA | 67066G104 | $13.4M | 10.61% | 66,733 | SH |
| 2 | GENERAL ELECTRIC | GE | 369604301 | $9.9M | 7.84% | 26,403 | SH |
| 3 | GOLDMAN SACHS | GS | 38141G104 | $7.9M | 6.25% | 7,774 | SH |
| 4 | CSX CORP | CSX | 126408103 | $7.6M | 6.06% | 160,470 | SH |
| 5 | APPLIED MATERIALS | AMAT | 038222105 | $7.5M | 5.93% | 10,332 | SH |
| 6 | HILTON INC | HLT | 43300A203 | $6.4M | 5.10% | 19,426 | SH |
| 7 | VISA INC-CLASS A SHARES | V | 92826C839 | $6.2M | 4.93% | 18,104 | SH |
| 8 | TAIWAN SEMI ADR | TSM | 874039100 | $5.8M | 4.65% | 12,248 | SH |
| 9 | VAIL RESORTS | MTN | 91879Q109 | $5.5M | 4.40% | 40,724 | SH |
| 10 | ALPHABET INC CLASS A COMMON STOCK | GOOGL | 02079K305 | $5.5M | 4.35% | 15,336 | SH |
| 11 | APPLE INC | AAPL | 037833100 | $5.5M | 4.35% | 18,925 | SH |
| 12 | CISCO SYSTEMS INC | CSCO | 17275R102 | $5.2M | 4.17% | 44,677 | SH |
| 13 | THERMO FISHER SCIENTIFIC INC. | TMO | 883556102 | $4.6M | 3.63% | 9,127 | SH |
| 14 | CAPITAL ONE FINANCIAL CORP | COF | 14040H105 | $4.6M | 3.63% | 22,805 | SH |
| 15 | ELI LILLY & CO | LLY | 532457108 | $4.4M | 3.47% | 3,642 | SH |
| 16 | AMAZON.COM INC | AMZN | 023135106 | $4.1M | 3.27% | 17,272 | SH |
| 17 | UNITEDHEALTH GRP | UNH | 91324P102 | $3.8M | 3.01% | 9,122 | SH |
| 18 | META PLATFORMS INC | META | 30303M102 | $3.4M | 2.70% | 6,023 | SH |
| 19 | EQUINIX INC | EQIX | 29444U700 | $3.1M | 2.48% | 2,998 | SH |
| 20 | DIGITALOCEAN HOLDINGS INC | DOCN | 25402D102 | $3.0M | 2.36% | 18,896 | SH |
| 21 | SHOPIFY INC - CLASS A | SHOP | 82509L107 | $2.9M | 2.33% | 25,691 | SH |
| 22 | ASML HOLDING N.V. NEW YORK REGISTRY SHAR | ASML | N07059210 | $2.9M | 2.30% | 1,456 | SH |
| 23 | ANALOG DEVICES | ADI | 032654105 | $2.7M | 2.17% | 6,889 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $125.9M | 23 | 0001849517-26-000005 |
| 2026-03-31 | 2026-05-15 | $136.4M | 22 | 0001849517-26-000003 |
| 2025-12-31 | 2026-02-17 | $129.1M | 22 | 0001849517-26-000002 |
| 2025-09-30 | 2025-11-14 | $424.0M | 21 | 0001849517-25-000014 |
Filer Information
Address
256 W. 14TH ST.9TH FLOOR
NEW YORK, NY 10011
Phone
(303) 376-4800
Filing Manager
Tenere Capital LLC
NEW YORK, NY
Signatory
Jeffrey Sarrett
Chief Financial Officer