TENMA
LIMITED
Tenma was named in Barron’s Magazine, Summer 2013 as the best performing fund in its class (AUM under $1 B).
ABOUT US
THE
TENMA
DIFFERENCE
OPTIMAL
TRANSPARENCY
AND
​
LIQUIDITY
STRATEGIC
CASH
RESERVES
DIVERSIFIED
ALPHA
HIGHLY
CONCENTRATED
POSITION
INVESTOR-CENTRIC
FEE STRUCTURE
MISSION
FOCUSED FRAMEWORK
​
We rely exclusively on focus, discipline, simplicity, buying distressed, resiliency, concentration, intrinsic value, large cash reserves, and distinguishing risk from uncertainty.
PROPRIETARY
FILTER
​
Over the past 8 years, we have developed a replicable process which relies on a combination of over 100 objective and subjective factors to provide a filter of the most attractive opportunities in common stocks world-wide.
UNCOMPROMISING STANDARDS
​
Active investing is concentrated investing.
We believe that investors should not pay active fees for index hugging and that managers incentives should align with investors. At Tenma, we only make money when you do.
Meet The Team
MICHAEL VANCE
FOUNDER AND MANAGING PARTNER
Michael has been the sole managing partner of Tenma Limited since its inception in 2011. Since that time, he has maintained a track record of 24.89% average geometric annualized returns to investors (after fees).
​
Michael attended The Ohio State University where he was founding member and president of the Economics honors fraternity, Omicron Delta Epsilon. Since graduating with a Bachelor’s in Economics and Classics, Michael has gone on to earn his MBA at The University of Chicago Booth School of Business with concentrations in accounting, finance, and general management. He currently holds the Series 65 license.
​
Michael lives in Chicago, IL with his wife Jill and dog Murphy. He currently serves on the Investment Committee of The Garlikov Companies, advising investment decisions for $200 M in assets, and served on the Columbus Jewish Foundation Legal and Tax Committee.
​
HAROLD HUGHES
ADVISOR
Harold joined Tenma in 2017 as an advisor to strategically scale the Tenma process and business.
​
With over 30 years of international financial services and FinTech experience, Harold brings deep working knowledge on investment products, private wealth management, and institutional investing.
As the former CEO of Alliance Bernstein (AB) Investments, he led a successful post 2008-2013 turnaround. Prior to his US position with AB he ran the UK, Europe, and Russia divisions for AB’s high net worth private client group. Harold was with Legg Mason from 1995-2003 where he started an ultra-high net worth group, and was head of wealth management, mutual funds, fund research, and financial planning.
​
Harold was co-founder of the financial planning portal Net Decide, raising A-E rounds of VC investment, and a founder of Hug The Data, a data infrastructure startup built on a patent-pending data transformation and storage technology for cloud applications.
He is an alumnus of St. John’s College where he serves as Chairman of the Investment Committee, and is an advisor on blockchain and FinTech applications, business, and capital investment.
ZANE LAWS
INTERN
Zane currently attends Grove City College where he serves as both Co-President and Sector Head of the student led organization, Crimson Collegiate Investors. Zane is also on the Student Board of Directors for Grove City’s Crimson Capital Fund, in which he manages a small portion of the college’s endowment.
​
He will graduate in 2020 with a Bachelor’s in Finance and Economics and plans to earn his CFA Charter following graduation.