Tenon Financial LLC
Long book
$254.6M
Q1 2026
Positions
54
Top-10 weight
89%
concentration
Last quarter
+12.0%
SPY +14.8%
Turnover
13%
of book per quarter
Strategy in plain words
auto-generated from filingsTenon Financial LLC is a wealth-management firm allocating client money, running a $254.6M US long book across 54 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: VANGUARD S&P 500 ETF, VANGUARD EXTENDED MARKET ETF, VANGUARD TOTAL INTL STOCK, VANGUARD TOTAL BOND MARKET, VANGUARD FTSE DEVELOPED ETF.
Over the last 9 quarters its long book ran on average 0.7pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.5%
Q2 2024
+6.3%
Q3 2024
-0.4%
Q4 2024
-2.1%
Q1 2025
+9.1%
Q2 2025
+6.8%
Q3 2025
+2.6%
Q4 2025
-1.5%
Q1 2026
+12.0%
Sector allocation
Technology 58%
Healthcare 15%
Consumer discretionary 12%
Industrials 8%
Energy 3%
Real estate 3%
Services media 1%
Long book by quarter
What does Tenon Financial own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 15.1K | $3.8M | 1.5% | +4.6% |
| LLY ELI LILLY & CO | Healthcare | 2.3K | $2.1M | 0.8% | +0.6% |
| AMZN AMAZON.COM INC | Consumer discretionary | 8.2K | $1.7M | 0.7% | +4.6% |
| MSFT MICROSOFT CORP | Technology | 4.1K | $1.5M | 0.6% | +10.0% |
| TT TRANE TECHNOLOGIES PLC | Technology | 3.4K | $1.4M | 0.5% | Held |
| XPO XPO INC | Industrials | 5.8K | $1.1M | 0.4% | Held |
| NVDA NVIDIA CORP | Technology | 6.0K | $1.0M | 0.4% | +62.3% |
| XOM EXXON MOBIL CORP | Energy | 3.5K | $598K | 0.2% | +3.2% |
| TYL TYLER TECHNOLOGIES INC | Technology | 1.5K | $511K | 0.2% | -9.5% |
| META META PLATFORMS INC-CLASS A | Technology | 814 | $466K | 0.2% | +6.4% |
| BN BROOKFIELD CORP | Real estate | 10.8K | $438K | 0.2% | Held |
| GOOGL ALPHABET INC-CL A | Technology | 1.5K | $433K | 0.2% | +27.7% |
| HCA HCA HEALTHCARE INC | Healthcare | 891 | $422K | 0.2% | Held |
| AMAT APPLIED MATERIALS INC | Technology | 910 | $311K | 0.1% | Held |
| QXO QXO INC | Consumer discretionary | 15.9K | $309K | 0.1% | Held |
| GOOG ALPHABET INC-CL C | Technology | 905 | $260K | 0.1% | New |
| RKLB ROCKET LAB CORP | Industrials | 4.0K | $259K | 0.1% | +0.8% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 1.7K | $249K | 0.1% | +0.3% |
| SPGI S&P GLOBAL INC | Services media | 534 | $227K | 0.1% | -42.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 21, 2026 | 54 | $254.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 16, 2026 | 49 | $237.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 15, 2025 | 48 | $194.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 15, 2025 | 46 | $226.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 17, 2025 | 46 | $161.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 28, 2025 | 46 | $154.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 23, 2024 | 44 | $151.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 26, 2024 | 41 | $128.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 26, 2024 | 38 | $118.5M | canonical | SEC ↗ |