Tensile Capital Management LP

Fundamental concentrated ★Highest signal CIK 1598843
League rank
#588
in Fundamental concentrated · #3153 overall
Long book
$698.5M
Q1 2026
Positions
25
Top-10 weight
69%
concentration
Last quarter
+12.3%
SPY +14.8%
Turnover
37%
of book per quarter

Strategy in plain words

auto-generated from filings

Tensile Capital Management LP is a concentrated fundamental stock-picker, running a $698.5M US long book across 25 positions.

The portfolio is concentrated: the top 10 names carry 69% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: DICK'S SPORTING GOODS INC, VALVOLINE INC, LITHIA MOTORS INC, US FOODS HOLDING CORP, CENTURI HOLDINGS INC.

Over the last 9 quarters its long book ran on average 3.5pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.

Implied long-book return vs S&P 500

methodology: positions priced quarterly, no shorts/options
Fund long book S&P 500
Q1 2024
-2.9%
Q2 2024
+10.5%
Q3 2024
+12.7%
Q4 2024
-17.1%
Q1 2025
+8.1%
Q2 2025
-7.5%
Q3 2025
-4.4%
Q4 2025
-2.5%
Q1 2026
+12.3%

Sector allocation

Consumer discretionary
27%
Technology
24%
Energy
19%
Services media
8%
Industrials
7%
Utilities
7%
Other
5%
Real estate
2%

Long book by quarter

$913.7M
Q1 2024
$906.9M
Q2 2024
$924.9M
Q3 2024
$962.5M
Q4 2024
$783.8M
Q1 2025
$828.5M
Q2 2025
$800.4M
Q3 2025
$772.0M
Q4 2025
$698.5M
Q1 2026

What does Tensile Capital own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
DKS DICK'S SPORTING GOODS INCConsumer discretionary357.8K$71.0M10.2%Held
VVV VALVOLINE INCEnergy2.1M$70.7M10.1%Held
LAD LITHIA MOTORS INCConsumer discretionary223.0K$55.7M8.0%-0.8%
USFD US FOODS HOLDING CORPConsumer discretionary541.0K$49.9M7.1%-29.2%
CTRI CENTURI HOLDINGS INCUtilities1.6M$46.5M6.7%-14.7%
CCK CROWN HOLDINGS INCIndustrials435.2K$43.6M6.2%-28.9%
QTWO Q2 HOLDINGS INCTechnology889.8K$42.1M6.0%+30.9%
VERX VERTEX INC - CLASS ATechnology3.4M$40.4M5.8%-0.6%
BATRK ATLANTA BRAVES HOLDINGS IN-CServices media753.9K$32.2M4.6%Held
BL BLACKLINE INCTechnology750.8K$27.8M4.0%-5.1%
WBI WATERBRIDGE INFRASTRUC-CL AEnergy984.6K$26.4M3.8%+86.2%
NE NOBLE CORP PLCEnergy399.4K$19.6M2.8%-24.6%
TYL TYLER TECHNOLOGIES INCTechnology51.4K$17.6M2.5%New
UHAL/B U-HAUL HOLDING CO-NON VOTINGServices media381.4K$17.0M2.4%+501.6%
CVCO CAVCO INDUSTRIES INCOther33.0K$16.0M2.3%New
SKY CHAMPION HOMES INCOther211.1K$15.7M2.2%-15.1%
NCNO NCINO INCTechnology1.0M$15.1M2.2%-7.4%
COMP COMPASS INC - CLASS AReal estate2.0M$14.6M2.1%New
HLX HELIX ENERGY SOLUTIONS GROUPEnergy849.9K$8.4M1.2%Held
APPF APPFOLIO INC - ATechnology53.0K$8.4M1.2%New
CLBT CELLEBRITE DI LTDTechnology525.2K$7.2M1.0%New
FOXF FOX FACTORY HOLDING CORPIndustrials236.5K$3.9M0.6%New
ALITEUR ALIGHT INC - CLASS A—3.8M$2.2M0.3%Held

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 202625$698.5M canonicalSEC ↗
Q4 202513F-HRFeb 17, 202624$772.0M $K fixed canonicalSEC ↗
Q3 202513F-HRNov 14, 202522$800.4M $K fixed canonicalSEC ↗
Q2 202513F-HRAug 14, 202521$828.5M $K fixed canonicalSEC ↗
Q1 202513F-HRMay 15, 202518$783.8M $K fixed canonicalSEC ↗
Q4 202413F-HRFeb 14, 202517$962.5M $K fixed canonicalSEC ↗
Q3 202413F-HRNov 14, 202417$924.9M canonicalSEC ↗
Q2 202413F-HRAug 14, 202420$906.9M canonicalSEC ↗
Q1 202413F-HRMay 15, 202419$913.7M canonicalSEC ↗

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