Tenere Capital LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Tenere Capital LLC reported 21 stock positions worth $363.4 million. Its top holding was Microsoft (MSFT) at 6.9% of the portfolio, followed by Danaher (DHR, 6.9%) and Blackstone (BX, 6.6%). Compared with Q4 2024, it opened 3 new positions, sold out of 5, added to 14 and reduced 4. The biggest buy was a new position in ServiceNow (NOW) and the biggest sale an exit from Marvell Technology (MRVL).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001849517
- Portfolio Value
- $363.4M (Q1 2025)
- SEC Filing
- 0001849517-25-000007 ↗ filed May 15, 2025
Holdings Value
Holdings 21 stocks · $363.4M
| MSFT Microsoft Corp. | 6.94% | 67,156 | $25.2M | Reduce -4.0% |
| DHR Danaher Corp. | 6.89% | 122,101 | $25.0M | Add +110.8% |
| BX Blackstone Inc. | 6.55% | 170,400 | $23.8M | Add +51.7% |
| NVDA Nvidia Corp. | 6.52% | 218,577 | $23.7M | Add +75.0% |
| AMZN Amazon.com Inc. | 5.83% | 111,386 | $21.2M | Add +10.6% |
| NKE Nike Inc. Class B | 5.75% | 329,248 | $20.9M | Add +77.4% |
| V Visa Inc. Class A | 5.47% | 56,695 | $19.9M | Reduce -29.9% |
| BLK BlackRock Inc. | 5.46% | 20,972 | $19.8M | Reduce -8.0% |
| AAPL Apple Inc. | 5.46% | 89,320 | $19.8M | Add +11.2% |
| META Meta Platforms Inc. Class A | 5.27% | 33,207 | $19.1M | Add +7.1% |
| UNP Union Pacific Corp. | 5.22% | 80,330 | $19.0M | Add +36.1% |
| NOW ServiceNow Inc. | 3.86% | 17,600 | $14.0M | New |
| ADBE Adobe Inc. | 3.79% | 35,907 | $13.8M | New |
| GS Goldman Sachs Group Inc. | 3.71% | 24,676 | $13.5M | Add +37.1% |
| NSC Norfolk Southern Corp. | 3.63% | 55,760 | $13.2M | Add +18.1% |
| HD Home Depot Inc. | 3.63% | 35,950 | $13.2M | New |
| APO Apollo Global Management Inc. | 3.61% | 95,791 | $13.1M | Add +55.8% |
| ROK Rockwell Automation Inc. | 3.54% | 49,815 | $12.9M | Add +17.5% |
| GOOGL Alphabet Inc. Class A | 3.23% | 75,983 | $11.8M | Reduce -45.9% |
| ADSK Autodesk Inc. | 3.02% | 41,900 | $11.0M | Add +12.9% |
| TSM Taiwan Semiconductor-SP ADR | 2.63% | 57,500 | $9.5M | Add +6.8% |
Portfolio Sells Q4 2024 → Q1 2025
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −4.90 |
| EQIX Equinix Inc. | Sold out | 0.00% | −4.47 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −4.14 |
| GOOGL Alphabet Inc. Class A | Reduce -45.9% | 3.23% | −3.81 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −3.66 |
| PCOR Procore Technologies Inc. | Sold out | 0.00% | −1.37 |
| V Visa Inc. Class A | Reduce -29.9% | 5.47% | −1.30 |
| MSFT Microsoft Corp. | Reduce -4.0% | 6.94% | −0.87 |
| BLK BlackRock Inc. | Reduce -8.0% | 5.46% | −0.72 |
Portfolio Buys Q4 2024 → Q1 2025
| NOW ServiceNow Inc. | New | 3.86% | +3.86 |
| ADBE Adobe Inc. | New | 3.79% | +3.79 |
| HD Home Depot Inc. | New | 3.63% | +3.63 |
| DHR Danaher Corp. | Add +110.8% | 6.89% | +3.37 |
| NVDA Nvidia Corp. | Add +75.0% | 6.52% | +2.08 |
| NKE Nike Inc. Class B | Add +77.4% | 5.75% | +2.03 |
| UNP Union Pacific Corp. | Add +36.1% | 5.22% | +1.66 |
| BX Blackstone Inc. | Add +51.7% | 6.55% | +1.43 |
| GS Goldman Sachs Group Inc. | Add +37.1% | 3.71% | +0.98 |
| APO Apollo Global Management Inc. | Add +55.8% | 3.61% | +0.92 |
| NSC Norfolk Southern Corp. | Add +18.1% | 3.63% | +0.70 |
| META Meta Platforms Inc. Class A | Add +7.1% | 5.27% | +0.46 |
| ROK Rockwell Automation Inc. | Add +17.5% | 3.54% | +0.33 |
| AAPL Apple Inc. | Add +11.2% | 5.46% | +0.13 |
| ADSK Autodesk Inc. | Add +12.9% | 3.02% | +0.11 |
| AMZN Amazon.com Inc. | Add +10.6% | 5.83% | −0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +6.8% | 2.63% | −0.19 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 23 | $125.9M | NVDA, GE, GS, CSX, AMAT |
| Q1 2026 | 22 | $136.4M | NVDA, META, AAPL, ASML, TSM |
| Q4 2025 | 22 | $129.1M | AAPL, NVDA, BLK, TSM, GS |
| Q3 2025Amended | 21 | $424.0M | V, AMZN, BX, MSFT, NVDA |
| Q2 2025 | 19 | $390.5M | META, MSFT, BX, NVDA, ADI |
| Q1 2025 | 21 | $363.4M | MSFT, DHR, BX, NVDA, AMZN |
| Q4 2024 | 23 | $377.6M | MSFT, GOOGL, V, BLK, AMZN |
| Q3 2024 | 26 | $376.2M | AAPL, MSFT, NVDA, GOOGL, NKE |
| Q2 2024 | 28 | $336.9M | MSFT, AAPL, GOOGL, V, TMO |
| Q1 2024 | 27 | $335.9M | GOOGL, META, TSM, V, TMO |