Tensile Capital Management
Tensile Capital teamLARKSPUR, CAfiles as Tensile Capital Management LP
$724m in 22 US stocks at the end of 30 June 2026. The top 10 are 74.1% of the money. It changed about 17.8% of the portfolio this quarter.
Value
$724m
Stocks
22
Top 10 share
74.1%
Turnover
17.8%
What changed this quarter
New
Bought for the first time this quarter.
- Vistance NetworksVISN0.6% of the fund
Added
Bought more of a stock they already held.
- Tyler TechnologiesTYL9.9% of the fund+377%
- CompassCOMP6.8% of the fund+101%
- WaterBridge InfrastructureWBI5.1% of the fund+10%
- nCinoNCNO2.4% of the fund+5%
- AppfolioAPPF1.6% of the fund+38%
Cut
Sold some of their stake.
- ValvolineVVV8.5% of the fund-26%
- US Foods HoldingUSFD6.3% of the fund-18%
- Centuri HoldingsCTRI6.1% of the fund-8%
- Q2 HoldingsQTWO5.8% of the fund-2%
- Crown HoldingsCCK4.6% of the fund-31%
- VertexVERX4.6% of the fund-15%
- EquinixEQIX3.5% of the fund-8%
- BlacklineBL2.7% of the fund-7%
- U-Haul HoldingUHAL-B2.5% of the fund-17%
- Champion HomesSKY2.5% of the fund-4%
- Hornbeck Offshore ServicesHOS0.6% of the fund-42%
- Alight, Inc. / DelawareALIT0.2% of the fund-15%
- Fox Factory HoldingFOXF<0.1% of the fund-83%
Sold out
Sold their entire stake.
- Clearwater Analytics Hldgs I-100%
- NobleNE-100%
- Cavco IndustriesCVCO-100%
- Cellebrite DICLBT-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Dick's Sporting GoodsDKS | 11.2% | $81m | 357,844 | Held |
| Tyler TechnologiesTYL | 9.9% | $72m | 245,043 | +377% |
| Lithia MotorsLAD | 8.9% | $65m | 222,963 | Held |
| ValvolineVVV | 8.5% | $61m | 1,553,843 | -26% |
| CompassCOMP | 6.8% | $49m | 4,012,399 | +101% |
| US Foods HoldingUSFD | 6.3% | $46m | 446,042 | -18% |
| Centuri HoldingsCTRI | 6.1% | $44m | 1,467,046 | -8% |
| Q2 HoldingsQTWO | 5.8% | $42m | 868,767 | -2% |
| Atlanta Braves HoldingsBATRK | 5.4% | $39m | 753,879 | Held |
| WaterBridge InfrastructureWBI | 5.1% | $37m | 1,082,533 | +10% |
| Crown HoldingsCCK | 4.6% | $34m | 300,165 | -31% |
| VertexVERX | 4.6% | $33m | 2,898,563 | -15% |
| EquinixEQIX | 3.5% | $25m | 24,392 | -8% |
| BlacklineBL | 2.7% | $20m | 694,846 | -7% |
| U-Haul HoldingUHAL-B | 2.5% | $18m | 316,610 | -17% |
| Champion HomesSKY | 2.5% | $18m | 203,583 | -4% |
| nCinoNCNO | 2.4% | $17m | 1,056,592 | +5% |
| AppfolioAPPF | 1.6% | $12m | 73,000 | +38% |
| Hornbeck Offshore ServicesHOS | 0.6% | $4m | 490,277 | -42% |
| Vistance NetworksVISN | 0.6% | $4m | 315,453 | New |
| Alight, Inc. / DelawareALIT | 0.2% | $2m | 3,213,744 | -15% |
| Fox Factory HoldingFOXF | <0.1% | $687,509 | 40,573 | -83% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 12.6% since 30 June 2025.
Where the money is
Retail & consumer36.7%
Technology27.8%
Real estate10.3%
Materials7.1%
Everyday goods6.3%
Utilities6.1%
Energy5.7%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.