Tensile Capital Management LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Tensile Capital Management LP reported 21 stock positions worth $828.5 million. Its top holding was Vertex Class A (VERX) at 15.5% of the portfolio, followed by Valvoline (VVV, 9.3%) and Dick's Sporting Goods (DKS, 9.1%). Compared with Q1 2025, it opened 3 new positions, added to 5 and reduced 12. The biggest buy was a new position in Clearwater Analytics HDS-A (CWAN) and the biggest sale Ncino (NCNO, shares −17%).
- Most Recent 13F
- Q2 2026
- Location
- LARKSPUR, CA
- CIK
- 0001598843
- Portfolio Value
- $828.5M (Q2 2025)
- SEC Filing
- 0001214659-25-012260 ↗ filed Aug 14, 2025
Holdings Value
Holdings 21 stocks · $828.5M
| VERX Vertex Inc. Class A | 15.54% | 3,643,850 | $128.8M | Reduce -0.5% |
| VVV Valvoline Inc. | 9.33% | 2,040,179 | $77.3M | Add +3.8% |
| DKS Dick's Sporting Goods Inc. | 9.14% | 382,844 | $75.7M | Add +1.1% |
| LAD Lithia Motors Inc. | 9.11% | 223,527 | $75.5M | Reduce -5.1% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 8.81% | 779,767 | $73.0M | Reduce -9.5% |
| USFD US Foods Holding Corp. | 7.43% | 799,042 | $61.5M | Reduce -3.0% |
| CCK Crown Holdings Inc. | 6.78% | 545,430 | $56.2M | Reduce -9.9% |
| BL Blackline Inc. | 5.55% | 811,485 | $45.9M | Reduce -6.9% |
| NCNO Ncino Inc. | 4.56% | 1,350,704 | $37.8M | Reduce -17.1% |
| BATRK Atlanta Braves Holdings in-C | 4.26% | 753,907 | $35.3M | Reduce -14.7% |
| ALIT Alight Inc. Class A | 4.24% | 6,210,676 | $35.2M | Reduce -5.1% |
| CWAN Clearwater Analytics HDS-A | 3.59% | 1,357,990 | $29.8M | New |
| EQIX Equinix Inc. | 2.68% | 27,892 | $22.2M | Add +7.7% |
| VAL Valaris Ltd. | 2.26% | 445,000 | $18.7M | Reduce -32.6% |
| WK Workiva Inc. | 1.57% | 189,742 | $13.0M | Reduce -11.9% |
| ASO Academy Sports & Outdoors Inc. | 1.54% | 284,875 | $12.8M | Add +1.0% |
| PRO Pros Holdings Inc. | 1.51% | 800,136 | $12.5M | Reduce -21.0% |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 0.82% | 1,090,959 | $6.8M | Add +41.1% |
| NEOG Neogen Corp. | 0.59% | 1,015,295 | $4.9M | New |
| NE Noble Corp. PLC | 0.48% | 150,000 | $4.0M | New |
| RUSHA Rush Enterprises Inc. Class A | 0.21% | 34,354 | $1.8M | No change |
Portfolio Sells Q1 2025 → Q2 2025
| NCNO Ncino Inc. | Reduce -17.1% | 4.56% | −1.15 |
| VAL Valaris Ltd. | Reduce -32.6% | 2.26% | −1.04 |
| PRO Pros Holdings Inc. | Reduce -21.0% | 1.51% | −0.95 |
| VERX Vertex Inc. Class A | Reduce -0.5% | 15.54% | −0.81 |
| ALIT Alight Inc. Class A | Reduce -5.1% | 4.24% | −0.71 |
| WK Workiva Inc. | Reduce -11.9% | 1.57% | −0.52 |
| BATRK Atlanta Braves Holdings in-C | Reduce -14.7% | 4.26% | −0.26 |
| CCK Crown Holdings Inc. | Reduce -9.9% | 6.78% | −0.11 |
| QTWO Q2 Holdings Inc. | Reduce -9.5% | 8.81% | +0.01 |
| BL Blackline Inc. | Reduce -6.9% | 5.55% | +0.16 |
| LAD Lithia Motors Inc. | Reduce -5.1% | 9.11% | +0.29 |
| USFD US Foods Holding Corp. | Reduce -3.0% | 7.43% | +0.55 |
Portfolio Buys Q1 2025 → Q2 2025
| CWAN Clearwater Analytics HDS-A | New | 3.59% | +3.59 |
| VVV Valvoline Inc. | Add +3.8% | 9.33% | +0.60 |
| NEOG Neogen Corp. | New | 0.59% | +0.59 |
| NE Noble Corp. PLC | New | 0.48% | +0.48 |
| HOS Hornbeck Offshore Services I | Add +41.1% | 0.82% | +0.00 |
| EQIX Equinix Inc. | Add +7.7% | 2.68% | −0.02 |
| ASO Academy Sports & Outdoors Inc. | Add +1.0% | 1.54% | −0.10 |
| DKS Dick's Sporting Goods Inc. | Add +1.1% | 9.14% | −0.60 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 22 | $724.3M | DKS, TYL, LAD, VVV, COMP |
| Q1 2026 | 25 | $698.5M | DKS, VVV, LAD, USFD, CTRI |
| Q4 2025 | 24 | $772.0M | LAD, DKS, VERX, CCK, VVV |
| Q3 2025 | 22 | $800.4M | VERX, DKS, VVV, LAD, USFD |
| Q2 2025 | 21 | $828.5M | VERX, VVV, DKS, LAD, QTWO |
| Q1 2025 | 18 | $783.8M | VERX, DKS, LAD, QTWO, VVV |
| Q4 2024 | 17 | $962.5M | VERX, DKS, QTWO, LAD, VVV |
| Q3 2024 | 17 | $924.9M | VERX, DKS, LAD, VVV, QTWO |
| Q2 2024 | 20 | $906.9M | VERX, DKS, VVV, LAD, ALIT |
| Q1 2024 | 19 | $913.7M | VERX, DKS, VVV, LAD, ALIT |