Tensile Capital Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Tensile Capital Management LP reported 22 stock positions worth $800.4 million. Its top holding was Vertex Class A (VERX) at 11.8% of the portfolio, followed by Dick's Sporting Goods (DKS, 9.9%) and Valvoline (VVV, 9.3%). Compared with Q2 2025, it opened 3 new positions, sold out of 2, added to 9 and reduced 7. The biggest buy was a new position in Champion Homes (SKY) and the biggest sale an exit from Workiva (WK).
- Most Recent 13F
- Q2 2026
- Location
- LARKSPUR, CA
- CIK
- 0001598843
- Portfolio Value
- $800.4M (Q3 2025)
- SEC Filing
- 0001214659-25-016664 ↗ filed Nov 14, 2025
Holdings Value
Holdings 22 stocks · $800.4M
| VERX Vertex Inc. Class A | 11.78% | 3,804,409 | $94.3M | Add +4.4% |
| DKS Dick's Sporting Goods Inc. | 9.94% | 357,844 | $79.5M | Reduce -6.5% |
| VVV Valvoline Inc. | 9.33% | 2,078,843 | $74.7M | Add +1.9% |
| LAD Lithia Motors Inc. | 9.30% | 235,527 | $74.4M | Add +5.4% |
| USFD US Foods Holding Corp. | 7.31% | 764,042 | $58.5M | Reduce -4.4% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 7.05% | 779,767 | $56.4M | No change |
| CCK Crown Holdings Inc. | 6.43% | 533,165 | $51.5M | Reduce -2.3% |
| CWAN Clearwater Analytics HDS-A | 5.68% | 2,524,672 | $45.5M | Add +85.9% |
| BL Blackline Inc. | 5.39% | 812,685 | $43.2M | Add +0.1% |
| BATRK Atlanta Braves Holdings in-C | 3.92% | 753,907 | $31.4M | No change |
| NCNO Ncino Inc. | 3.05% | 901,539 | $24.4M | Reduce -33.3% |
| SKY Champion Homes Inc. | 2.94% | 308,162 | $23.5M | New |
| ALIT Alight Inc. Class A | 2.83% | 6,948,894 | $22.7M | Add +11.9% |
| PRO Pros Holdings Inc. | 2.79% | 974,126 | $22.3M | Add +21.8% |
| EQIX Equinix Inc. | 2.73% | 27,892 | $21.8M | No change |
| VAL Valaris Ltd. | 2.37% | 389,419 | $19.0M | Reduce -12.5% |
| CTRI Centuri Holdings Inc. | 2.15% | 812,088 | $17.2M | New |
| NE Noble Corp. PLC | 1.60% | 452,611 | $12.8M | Add +201.7% |
| ASO Academy Sports & Outdoors Inc. | 1.22% | 194,875 | $9.7M | Reduce -31.6% |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 1.06% | 1,290,959 | $8.5M | Add +18.3% |
| WBI Waterbridge Infrastruc Class A | 0.95% | 300,000 | $7.6M | New |
| RUSHA Rush Enterprises Inc. Class A | 0.18% | 26,454 | $1.4M | Reduce -23.0% |
Portfolio Sells Q2 2025 → Q3 2025
| WK Workiva Inc. | Sold out | 0.00% | −1.57 |
| NCNO Ncino Inc. | Reduce -33.3% | 3.05% | −1.51 |
| NEOG Neogen Corp. | Sold out | 0.00% | −0.59 |
| CCK Crown Holdings Inc. | Reduce -2.3% | 6.43% | −0.35 |
| ASO Academy Sports & Outdoors Inc. | Reduce -31.6% | 1.22% | −0.32 |
| USFD US Foods Holding Corp. | Reduce -4.4% | 7.31% | −0.11 |
| RUSHA Rush Enterprises Inc. Class A | Reduce -23.0% | 0.18% | −0.04 |
| VAL Valaris Ltd. | Reduce -12.5% | 2.37% | +0.11 |
| DKS Dick's Sporting Goods Inc. | Reduce -6.5% | 9.94% | +0.79 |
Portfolio Buys Q2 2025 → Q3 2025
| SKY Champion Homes Inc. | New | 2.94% | +2.94 |
| CTRI Centuri Holdings Inc. | New | 2.15% | +2.15 |
| CWAN Clearwater Analytics HDS-A | Add +85.9% | 5.68% | +2.09 |
| PRO Pros Holdings Inc. | Add +21.8% | 2.79% | +1.28 |
| NE Noble Corp. PLC | Add +201.7% | 1.60% | +1.12 |
| WBI Waterbridge Infrastruc Class A | New | 0.95% | +0.95 |
| HOS Hornbeck Offshore Services I | Add +18.3% | 1.06% | +0.24 |
| LAD Lithia Motors Inc. | Add +5.4% | 9.30% | +0.18 |
| VVV Valvoline Inc. | Add +1.9% | 9.33% | +0.00 |
| BL Blackline Inc. | Add +0.1% | 5.39% | −0.15 |
| ALIT Alight Inc. Class A | Add +11.9% | 2.83% | −1.41 |
| VERX Vertex Inc. Class A | Add +4.4% | 11.78% | −3.76 |
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 |