TenCore Partners' portfolio notched a weighted average organic revenue growth in constant currency of about 18% overall during the second quarter, coming up just short of the 19% growth recorded in the previous quarter.
Run by Girish Bhakoo, TenCore seeks "long-duration companies with the demonstrated compacity to preserve and grow value for themselves and their ecosystems through exceptional business quality." The firm's process focuses on "rigorous primary research, global benchmarking and counter-cyclical investment decision making."
Prior to starting the hedge fund in 2018, Girish worked at Ruane Cunniff & Goldfarb (the investment advisor which runs Sequoia Fund) for nearly 16 years, rising to the rank of partner. TenCore currently manages around $250 million in AUM. The firm uses a deeply concentrated strategy with their top five stocks making up over 70% of the portfolio, according to 13F data.
Younger companies offset mature ones
In its 72 page second-quarter letter to investors which was reviewed by HedgeFundAlpha, the firm said compensation-based dilution at its younger companies offset share shrinkage at its more mature companies. TenCore also reported that the revenue growth stretched across its portfolio on the back of continuing double-digit organic growth from