Tensile Capital Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Tensile Capital Management LP reported 24 stock positions worth $772.0 million. Its top holding was Lithia Motors (LAD) at 9.7% of the portfolio, followed by Dick's Sporting Goods (DKS, 9.2%) and Vertex Class A (VERX, 8.8%). Compared with Q3 2025, it opened 4 new positions, sold out of 2, added to 6 and reduced 11. The biggest buy was Centuri (CTRI, shares +130%) and the biggest sale Vertex Class A (VERX, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- LARKSPUR, CA
- CIK
- 0001598843
- Portfolio Value
- $772.0M (Q4 2025)
- SEC Filing
- 0001214659-26-002004 ↗ filed Feb 17, 2026
Holdings Value
Holdings 24 stocks · $772.0M
| LAD Lithia Motors Inc. | 9.68% | 224,790 | $74.7M | Reduce -4.6% |
| DKS Dick's Sporting Goods Inc. | 9.18% | 357,844 | $70.8M | No change |
| VERX Vertex Inc. Class A | 8.85% | 3,419,994 | $68.3M | Reduce -10.1% |
| CCK Crown Holdings Inc. | 8.16% | 612,165 | $63.0M | Add +14.8% |
| VVV Valvoline Inc. | 7.90% | 2,098,843 | $61.0M | Add +1.0% |
| USFD US Foods Holding Corp. | 7.45% | 764,042 | $57.5M | No change |
| CWAN Clearwater Analytics HDS-A | 7.39% | 2,364,674 | $57.0M | Reduce -6.3% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 6.35% | 679,767 | $49.1M | Reduce -12.8% |
| CTRI Centuri Holdings Inc. | 6.10% | 1,866,243 | $47.1M | Add +129.8% |
| BL Blackline Inc. | 5.66% | 790,945 | $43.7M | Reduce -2.7% |
| BATRK Atlanta Braves Holdings in-C | 3.85% | 753,879 | $29.7M | Reduce 0.0% |
| NCNO Ncino Inc. | 3.60% | 1,085,142 | $27.8M | Add +20.4% |
| EQIX Equinix Inc. | 2.77% | 27,892 | $21.4M | No change |
| SKY Champion Homes Inc. | 2.72% | 248,562 | $21.0M | Reduce -19.3% |
| VAL Valaris Ltd. | 2.22% | 339,419 | $17.1M | Reduce -12.8% |
| NE Noble Corp. PLC | 1.94% | 529,375 | $14.9M | Add +17.0% |
| WBI Waterbridge Infrastruc Class A | 1.37% | 528,806 | $10.6M | Add +76.3% |
| OS Onestream Inc. | 1.29% | 541,070 | $9.9M | New |
| ALIT Alight Inc. Class A | 0.95% | 3,760,472 | $7.3M | Reduce -45.9% |
| ARCB Arcbest Corp. | 0.78% | 81,230 | $6.0M | New |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 0.69% | 849,946 | $5.3M | Reduce -34.2% |
| ASO Academy Sports & Outdoors Inc. | 0.49% | 75,039 | $3.7M | Reduce -61.5% |
| UHAL.B U-Haul Holding Co.-Non Voting | 0.38% | 63,395 | $3.0M | New |
| UHAL U-Haul Holding Co. | 0.23% | 35,000 | $1.8M | New |
Portfolio Sells Q3 2025 → Q4 2025
| VERX Vertex Inc. Class A | Reduce -10.1% | 8.85% | −2.94 |
| PRO Pros Holdings Inc. | Sold out | 0.00% | −2.79 |
| ALIT Alight Inc. Class A | Reduce -45.9% | 0.95% | −1.88 |
| ASO Academy Sports & Outdoors Inc. | Reduce -61.5% | 0.49% | −0.73 |
| QTWO Q2 Holdings Inc. | Reduce -12.8% | 6.35% | −0.70 |
| HOS Hornbeck Offshore Services I | Reduce -34.2% | 0.69% | −0.37 |
| SKY Champion Homes Inc. | Reduce -19.3% | 2.72% | −0.22 |
| RUSHA Rush Enterprises Inc. Class A | Sold out | 0.00% | −0.18 |
| VAL Valaris Ltd. | Reduce -12.8% | 2.22% | −0.16 |
| BATRK Atlanta Braves Holdings in-C | Reduce 0.0% | 3.85% | −0.07 |
| BL Blackline Inc. | Reduce -2.7% | 5.66% | +0.27 |
| LAD Lithia Motors Inc. | Reduce -4.6% | 9.68% | +0.38 |
| CWAN Clearwater Analytics HDS-A | Reduce -6.3% | 7.39% | +1.70 |
Portfolio Buys Q3 2025 → Q4 2025
| CTRI Centuri Holdings Inc. | Add +129.8% | 6.10% | +3.96 |
| CCK Crown Holdings Inc. | Add +14.8% | 8.16% | +1.73 |
| OS Onestream Inc. | New | 1.29% | +1.29 |
| ARCB Arcbest Corp. | New | 0.78% | +0.78 |
| NCNO Ncino Inc. | Add +20.4% | 3.60% | +0.55 |
| WBI Waterbridge Infrastruc Class A | Add +76.3% | 1.37% | +0.43 |
| UHAL.B U-Haul Holding Co.-Non Voting | New | 0.38% | +0.38 |
| NE Noble Corp. PLC | Add +17.0% | 1.94% | +0.34 |
| UHAL U-Haul Holding Co. | New | 0.23% | +0.23 |
| VVV Valvoline Inc. | Add +1.0% | 7.90% | −1.43 |
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 |