Tensile Capital Management LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Tensile Capital Management LP reported 25 stock positions worth $698.5 million. Its top holding was Dick's Sporting Goods (DKS) at 10.2% of the portfolio, followed by Valvoline (VVV, 10.1%) and Lithia Motors (LAD, 8.0%). Compared with Q4 2025, it opened 6 new positions, sold out of 5, added to 3 and reduced 11. The biggest buy was a new position in Tyler Technologies (TYL) and the biggest sale Clearwater Analytics HDS-A (CWAN, shares −63%).
- Most Recent 13F
- Q2 2026
- Location
- LARKSPUR, CA
- CIK
- 0001598843
- Portfolio Value
- $698.5M (Q1 2026)
- SEC Filing
- 0002080880-26-000012 ↗ filed May 15, 2026
Holdings Value
Holdings 25 stocks · $698.5M
| DKS Dick's Sporting Goods Inc. | 10.16% | 357,844 | $71.0M | No change |
| VVV Valvoline Inc. | 10.12% | 2,098,843 | $70.7M | No change |
| LAD Lithia Motors Inc. | 7.97% | 222,963 | $55.7M | Reduce -0.8% |
| USFD US Foods Holding Corp. | 7.14% | 541,042 | $49.9M | Reduce -29.2% |
| CTRI Centuri Holdings Inc. | 6.65% | 1,591,243 | $46.5M | Reduce -14.7% |
| CCK Crown Holdings Inc. | 6.25% | 435,165 | $43.6M | Reduce -28.9% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 6.03% | 889,767 | $42.1M | Add +30.9% |
| VERX Vertex Inc. Class A | 5.79% | 3,398,563 | $40.4M | Reduce -0.6% |
| BATRK Atlanta Braves Holdings in-C | 4.61% | 753,879 | $32.2M | No change |
| BL Blackline Inc. | 3.98% | 750,786 | $27.8M | Reduce -5.1% |
| WBI Waterbridge Infrastruc Class A | 3.78% | 984,574 | $26.4M | Add +86.2% |
| EQIX Equinix Inc. | 3.70% | 26,392 | $25.9M | Reduce -5.4% |
| CWAN Clearwater Analytics HDS-A | 2.98% | 879,674 | $20.8M | Reduce -62.8% |
| NE Noble Corp. PLC | 2.81% | 399,375 | $19.6M | Reduce -24.6% |
| TYL Tyler Technologies Inc. | 2.52% | 51,375 | $17.6M | New |
| UHAL.B U-Haul Holding Co.-Non Voting | 2.44% | 381,395 | $17.0M | Add +501.6% |
| CVCO Cavco Industries Inc. | 2.29% | 33,000 | $16.0M | New |
| SKY Champion Homes Inc. | 2.25% | 211,143 | $15.7M | Reduce -15.1% |
| NCNO Ncino Inc. | 2.16% | 1,005,142 | $15.1M | Reduce -7.4% |
| COMP Compass Inc. Class A | 2.09% | 1,997,399 | $14.6M | New |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 1.20% | 849,946 | $8.4M | No change |
| APPF Appfolio Inc. Class A | 1.20% | 53,000 | $8.4M | New |
| CLBT Cellebrite Di Ltd. | 1.04% | 525,202 | $7.2M | New |
| FOXF Fox Factory Holding Corp. | 0.56% | 236,512 | $3.9M | New |
| ALIT Alight Inc. Class A | 0.31% | 3,760,472 | $2.2M | No change |
Portfolio Sells Q4 2025 → Q1 2026
| CWAN Clearwater Analytics HDS-A | Reduce -62.8% | 2.98% | −4.41 |
| VERX Vertex Inc. Class A | Reduce -0.6% | 5.79% | −3.06 |
| VAL Valaris Ltd. | Sold out | 0.00% | −2.22 |
| CCK Crown Holdings Inc. | Reduce -28.9% | 6.25% | −1.92 |
| LAD Lithia Motors Inc. | Reduce -0.8% | 7.97% | −1.70 |
| BL Blackline Inc. | Reduce -5.1% | 3.98% | −1.69 |
| NCNO Ncino Inc. | Reduce -7.4% | 2.16% | −1.45 |
| OS Onestream Inc. | Sold out | 0.00% | −1.29 |
| ARCB Arcbest Corp. | Sold out | 0.00% | −0.78 |
| ASO Academy Sports & Outdoors Inc. | Sold out | 0.00% | −0.49 |
| SKY Champion Homes Inc. | Reduce -15.1% | 2.25% | −0.47 |
| USFD US Foods Holding Corp. | Reduce -29.2% | 7.14% | −0.31 |
| UHAL U-Haul Holding Co. | Sold out | 0.00% | −0.23 |
| CTRI Centuri Holdings Inc. | Reduce -14.7% | 6.65% | +0.55 |
| NE Noble Corp. PLC | Reduce -24.6% | 2.81% | +0.87 |
| EQIX Equinix Inc. | Reduce -5.4% | 3.70% | +0.94 |
Portfolio Buys Q4 2025 → Q1 2026
| TYL Tyler Technologies Inc. | New | 2.52% | +2.52 |
| WBI Waterbridge Infrastruc Class A | Add +86.2% | 3.78% | +2.41 |
| CVCO Cavco Industries Inc. | New | 2.29% | +2.29 |
| COMP Compass Inc. Class A | New | 2.09% | +2.09 |
| UHAL.B U-Haul Holding Co.-Non Voting | Add +501.6% | 2.44% | +2.06 |
| APPF Appfolio Inc. Class A | New | 1.20% | +1.20 |
| CLBT Cellebrite Di Ltd. | New | 1.04% | +1.04 |
| FOXF Fox Factory Holding Corp. | New | 0.56% | +0.56 |
| QTWO Q2 Holdings Inc. | Add +30.9% | 6.03% | −0.33 |
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 |