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PenderFund Capital Management Portfolio holdings

AUM $639M
1-Year Est. Return 31.05%
This Fund
S&P 500
This Quarter Est. Return
+13.88%
1 Year Est. Return
+31.05%
3 Year Est. Return
+130.01%
5 Year Est. Return
+118.66%
10 Year Est. Return
–
AUM
$593M
AUM Growth
+$170M
Cap. Flow
-$184M
Cap. Flow %
-31.12%
Top 10 Hldgs %
49.91%
Holding
250
New
89
Increased
21
Reduced
23
Closed
43

Top Buys

Rank Stock Value
1
EQX icon
Equinox Gold
EQX
+$30.6M
2
WEAT icon
Teucrium Wheat Fund
WEAT
+$15M
3
PAR icon
PAR Technology
PAR
+$10.2M
4
TSAT icon
Telesat
TSAT
+$7.36M
5
DECK icon
Deckers Outdoor
DECK
+$2.61M

Top Sells

Rank Stock Value
1
DCBO
Docebo
DCBO
+$4.4M
2
Z icon
Zillow
Z
+$3.49M
3
FLYY
Spirit Aviation Holdings, Inc.
FLYY
+$2.89M
4
FET icon
Forum Energy Technologies
FET
+$2.72M
5
SANG
Sangoma Technologies
SANG
+$2.37M

Sector Composition

Rank Sector Weight
1 Materials 8.67%
2 Technology 7.8%
3 Healthcare 4.17%
4 Financials 3.06%
5 Energy 1.61%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FLYY
226
DELISTED
Spirit Aviation Holdings, Inc.
FLYY
– –
-578,947
Closed -$2.89M
6 7 8 9
10

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PenderFund Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, PenderFund Capital Management held 250 positions worth $593M, up 40% from $423M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

PenderFund Capital Management withdrew a net $184M in Q3 2025, closing 43 positions and reducing 23 holdings. Its most notable exit was Docebo, an estimated $4.4M position sold in full.

By sector, the portfolio is most concentrated in Materials at 8.7% of assets, up from 0.53% a quarter earlier, followed by Technology and Healthcare.

Against the trend, PenderFund Capital Management opened a new position in Equinox Gold worth $43.1M.

  • PenderFund Capital Management's largest Q3 2025 buy was Equinox Gold: 3,846,154 shares worth $43.1M.
  • PenderFund Capital Management added most to PAR Technology in Q3 2025, an estimated $10.2M increase.
  • PenderFund Capital Management's biggest Q3 2025 reduction was Forum Energy Technologies, cutting an estimated $2.72M.
  • PenderFund Capital Management fully exited Docebo in Q3 2025, selling an estimated $4.4M.
  • PenderFund Capital Management's ten largest holdings make up 50% of its $593M portfolio in Q3 2025.
  • PenderFund Capital Management opened 89 new positions and closed 43 in Q3 2025.
  • PenderFund Capital Management's portfolio value rose 40% quarter-over-quarter to $593M.

Based on PenderFund Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.