Tencore Partners, LP

TenCore Partners manages discretionary investment mandates exclusively for affiliated private pooled vehicles organized as master‑feeder and limited partnership funds, targeting high‑net‑worth and institutional investors rather than individual advisory clients. The firm is compensated primarily through asset‑based management and performance allocations and reports that all assets are managed on a discretionary basis.

The investment strategy emphasizes a concentrated, high‑conviction portfolio of publicly listed equities across developed and a broad set of emerging markets, with a bias toward businesses or management teams that can drive long‑term per‑share value. To implement and hedge its views, the firm uses a range of instruments beyond cash equities — including options, index and commodity futures, credit default swaps and other derivatives — and may sell short on a limited basis.

TenCore’s explicit reliance on futures and other commodity‑linked instruments, and its brochure references to futures commission merchant fees and exchange‑specific risks, align it with activity more commonly associated with commodity pool operator or trading advisor firms than with typical equity‑focused managers. The firm also publishes a paid research product (The Owner’s Radar), uses investor side‑letters that grant certain preferred liquidity and transparency rights, and discloses material co‑investment by principals, all of which introduce allocation and conflict considerations that differentiate it from many peers.