Tenon 13F annual report
Tenon is an investment fund managing more than $128 billion ran by Andrew Panko. There are currently 28 companies in Mr. Panko’s portfolio. The largest investments include Vanguard Index Fds and Vanguard Bd Index Fds, together worth $80.9 billion.
$128 billion Assets Under Management (AUM)
As of 19th July 2024, Tenon’s top holding is 226,447 shares of Vanguard Index Fds currently worth over $61 billion and making up 47.7% of the portfolio value.
In addition, the fund holds 275,848 shares of Vanguard Bd Index Fds worth $19.9 billion.
The third-largest holding is Vanguard Star Fds worth $13.7 billion and the next is Vanguard Tax-managed Fds worth $11.2 billion, with 226,593 shares owned.
Currently, Tenon's portfolio is worth at least $128 billion. The total portfolio value may be much higher due to cash
assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.
Careers at Tenon
The Tenon office and employees reside in Metuchen, New Jersey. According to the last 13-F report filed with the SEC, Andrew Panko serves as the Chief Compliance Officer at Tenon.
Recent trades
In the most recent 13F filing, Tenon revealed that it had opened a new position in
XPO Inc and bought 5,844 shares worth $620 million.
This means they effectively own approximately 0.1% of the company.
XPO Inc makes up
32.8%
of the fund's Industrials sector allocation and has grown its share price by 58.2% in the past year.
The investment fund also strengthened its position in Vanguard Index Fds by buying
18,136 additional shares.
This makes their stake in Vanguard Index Fds total 226,447 shares worth $61 billion.
On the other hand, there are companies that Tenon is getting rid of from its portfolio.
Tenon closed its position in Pepsico Inc on 26th July 2024.
It sold the previously owned 1,498 shares for $262 million.
Andrew Panko also disclosed a decreased stake in Trane Technologies plc by 0.1%.
This leaves the value of the investment at $1.27 billion and 3,857 shares.
One of the smallest hedge funds
The two most similar investment funds to Tenon are Atmos Advisory and Shenkman Capital Management Inc. They manage $128 billion and $128 billion respectively.
Andrew Panko investment strategy
Tenon’s portfolio is diversified across 5 sectors.
Currently, their heaviest sector is Technology — making up 2.5% of
the total portfolio value.
The fund focuses on investments in the United States as
28.6% of the portfolio companies
are based in the United States.
The majority of the companies in the fund’s portfolio are large-cap stocks.
Stocks with a size of more than $10 billion in market cap make up
29% of the total holdings value.
On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio.
The average market cap of the portfolio companies is close to $685 billion.
The complete list of Tenon trades based on 13F SEC filings
These positions were updated on July 26th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.
| Security | Shares Owned | Value | Allocation |
|---|---|---|---|
| Vanguard Index Fds |
8.71%
226,447
|
$61,035,042,000 | 47.74% |
| Vanguard Bd Index Fds |
0.58%
275,848
|
$19,888,685,000 | 15.56% |
| Vanguard Star Fds |
7.03%
227,734
|
$13,732,356,000 | 10.74% |
| Vanguard Tax-managed Fds |
11.09%
226,593
|
$11,198,217,000 | 8.76% |
| Ishares Tr |
1.14%
46,065
|
$5,239,560,000 | 4.10% |
| Eli Lilly Co |
0.43%
2,327
|
$2,106,819,000 | 1.65% |
| Invesco Exch Trd Slf Idx Fd |
37.65%
166,904
|
$3,302,602,000 | 2.58% |
| Microsoft Corporation |
1.47%
3,670
|
$1,640,307,000 | 1.28% |
| Trane Technologies plc |
14.61%
3,857
|
$1,268,683,000 | 0.99% |
| Tyler Technologies, Inc. |
6.76%
1,972
|
$991,482,000 | 0.78% |
| Amazon.com Inc. |
2.84%
4,598
|
$888,564,000 | 0.70% |
| Vanguard Mun Bd Fds |
1.41%
17,198
|
$861,792,000 | 0.67% |
| Apple Inc |
19.80%
3,370
|
$709,687,000 | 0.56% |
| XPO Inc |
Opened
5,844
|
$620,341,000 | 0.49% |
| Invesco Exchange Traded Fd T |
No change
3,555
|
$584,015,000 | 0.46% |
| Sp Global Inc |
No change
928
|
$413,888,000 | 0.32% |
| Exxon Mobil Corp. |
No change
3,448
|
$396,934,000 | 0.31% |
| Schwab Strategic Tr |
No change
5,035
|
$391,521,000 | 0.31% |
| American Centy Etf Tr |
22.35%
3,722
|
$333,901,000 | 0.26% |
| Vanguard Intl Equity Index F |
7.53%
7,425
|
$324,935,000 | 0.25% |
| Dimensional Etf Trust |
No change
8,666
|
$279,392,000 | 0.22% |
| Alphabet Inc |
Opened
1,433
|
$262,841,000 | 0.21% |
| Pepsico Inc |
Closed
1,498
|
$262,165,000 | |
| Meta Platforms Inc |
No change
493
|
$248,580,000 | 0.19% |
| Vanguard Scottsdale Fds |
25.27%
3,211
|
$248,102,000 | 0.19% |
| Ssga Active Tr |
Closed
5,140
|
$241,535,000 | |
| Vanguard Malvern Fds |
0.04%
4,923
|
$238,975,000 | 0.19% |
| Applied Matls Inc |
Opened
910
|
$214,751,000 | 0.17% |
| Ishares Tr |
Opened
2,009
|
$214,059,000 | 0.17% |
| Ishares Inc |
Opened
3,381
|
$200,182,000 | 0.16% |
| No transactions found | |||
| Showing first 500 out of 30 holdings | |||
Hedge funds similar to Tenon
- Clio Asset Management
- Legend Advisors
- Wealth Forward
- Crawford Fund Management
- Cascade Investment Group, Inc
- Tilia Fiduciary Partners, Inc
- Atmos Advisory
- Shenkman Capital Management Inc
- Petiole Usa Ltd
- Planning Capital Management Corp
- Masterton Capital Management, L.P.
- Cottonwood Capital Advisors
- Sfi Advisors
- Adirondack Retirement Specialists, Inc