Tenere Capital LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Tenere Capital LLC reported 19 stock positions worth $390.5 million. Its top holding was Meta Platforms Class A (META) at 9.8% of the portfolio, followed by Microsoft (MSFT, 9.5%) and Blackstone (BX, 7.3%). Compared with Q1 2025, it opened 4 new positions, sold out of 6, added to 4 and reduced 5. The biggest buy was a new position in Analog Devices (ADI) and the biggest sale an exit from Union Pacific (UNP).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001849517
- Portfolio Value
- $390.5M (Q2 2025)
- SEC Filing
- 0001849517-25-000010 ↗ filed Aug 14, 2025
Holdings Value
Holdings 19 stocks · $390.5M
| META Meta Platforms Inc. Class A | 9.83% | 52,007 | $38.4M | Add +56.6% |
| MSFT Microsoft Corp. | 9.50% | 74,556 | $37.1M | Add +11.0% |
| BX Blackstone Inc. | 7.28% | 190,100 | $28.4M | Add +11.6% |
| NVDA Nvidia Corp. | 7.14% | 176,477 | $27.9M | Reduce -19.3% |
| ADI Analog Devices Inc. | 6.28% | 103,000 | $24.5M | New |
| AMZN Amazon.com Inc. | 6.04% | 107,538 | $23.6M | Reduce -3.5% |
| BLK BlackRock Inc. | 5.64% | 20,972 | $22.0M | No change |
| V Visa Inc. Class A | 5.16% | 56,695 | $20.1M | No change |
| ADSK Autodesk Inc. | 5.04% | 63,600 | $19.7M | Add +51.8% |
| DHR Danaher Corp. | 4.91% | 97,101 | $19.2M | Reduce -20.5% |
| NOW ServiceNow Inc. | 4.63% | 17,600 | $18.1M | No change |
| GS Goldman Sachs Group Inc. | 4.47% | 24,676 | $17.5M | No change |
| EQIX Equinix Inc. | 4.12% | 20,200 | $16.1M | New |
| UBER Uber Technologies Inc. | 4.03% | 168,600 | $15.7M | New |
| NSC Norfolk Southern Corp. | 3.66% | 55,760 | $14.3M | No change |
| AAPL Apple Inc. | 3.41% | 64,805 | $13.3M | Reduce -27.4% |
| HD Home Depot Inc. | 3.38% | 35,950 | $13.2M | No change |
| NKE Nike Inc. Class B | 3.17% | 174,062 | $12.4M | Reduce -47.1% |
| CCI Crown Castle Inc. | 2.33% | 88,500 | $9.1M | New |
Portfolio Sells Q1 2025 → Q2 2025
| UNP Union Pacific Corp. | Sold out | 0.00% | −5.22 |
| ADBE Adobe Inc. | Sold out | 0.00% | −3.79 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −3.61 |
| ROK Rockwell Automation Inc. | Sold out | 0.00% | −3.54 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −3.23 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −2.63 |
| NKE Nike Inc. Class B | Reduce -47.1% | 3.17% | −2.58 |
| AAPL Apple Inc. | Reduce -27.4% | 3.41% | −2.05 |
| DHR Danaher Corp. | Reduce -20.5% | 4.91% | −1.98 |
| AMZN Amazon.com Inc. | Reduce -3.5% | 6.04% | +0.21 |
| NVDA Nvidia Corp. | Reduce -19.3% | 7.14% | +0.62 |
Portfolio Buys Q1 2025 → Q2 2025
| ADI Analog Devices Inc. | New | 6.28% | +6.28 |
| META Meta Platforms Inc. Class A | Add +56.6% | 9.83% | +4.56 |
| EQIX Equinix Inc. | New | 4.12% | +4.12 |
| UBER Uber Technologies Inc. | New | 4.03% | +4.03 |
| MSFT Microsoft Corp. | Add +11.0% | 9.50% | +2.56 |
| CCI Crown Castle Inc. | New | 2.33% | +2.33 |
| ADSK Autodesk Inc. | Add +51.8% | 5.04% | +2.02 |
| BX Blackstone Inc. | Add +11.6% | 7.28% | +0.73 |
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 |