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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
MKL icon
26
Markel Group
MKL
$23.1B
$984K 0.17%
515
– –
DHR icon
27
Danaher
DHR
$138B
$932K 0.16%
4,700
– –
MCHP icon
28
Microchip Technology
MCHP
$42.5B
$922K 0.16%
14,360
– –
BEP icon
29
Brookfield Renewable
BEP
$9.86B
$773K 0.13%
+30,000
New +$773K
USAS
30
Americas Gold and Silver
USAS
$1.59B
$771K 0.13%
+206,800
New +$540K
LAD icon
31
Lithia Motors
LAD
$8.24B
$758K 0.13%
2,400
– –
WIA
32
Western Asset Inflation-Linked Income Fund
WIA
$185M
$749K 0.13%
89,100
+13,168
+17% +$110K
DMIIU
33
Drugs Made In America Acquisition II Corp Unit
DMIIU
$681K 0.11%
+68,500
New +$683K
WRN
34
Western Copper and Gold
WRN
$521M
$632K 0.11%
+318,500
New +$454K
LPAA
35
Launch One Acquisition Corp
LPAA
$631K 0.11%
60,000
– –
ISOU
36
IsoEnergy Ltd
ISOU
$663M
$610K 0.1%
60,600
+47,500
+363% +$371K
EDD
37
Morgan Stanley Emerging Markets Domestic Debt Fund
EDD
$384M
$567K 0.1%
105,700
-14,632
-12% -$77.5K
SAND
38
DELISTED
Sandstorm Gold
SAND
$532K 0.09%
+42,500
New +$452K
WCN
39
Waste Connections
WCN
$41.6B
$527K 0.09%
+3,000
New +$546K
ATS icon
40
ATS Corp
ATS
$2.09B
$523K 0.09%
+20,000
New +$576K
CLVT icon
41
Clarivate
CLVT
$1.18B
$506K 0.09%
132,200
-398,900
-75% -$1.68M
BTG icon
42
B2Gold
BTG
$5.44B
$494K 0.08%
+100,000
New +$393K
COOP
43
DELISTED
Mr. Cooper
COOP
$443K 0.07%
+2,100
New +$387K
VRNA
44
DELISTED
Verona Pharma
VRNA
$416K 0.07%
+3,900
New +$407K
VMEO
45
DELISTED
Vimeo
VMEO
$411K 0.07%
+53,000
New +$261K
GTLS
46
DELISTED
Chart Industries
GTLS
$400K 0.07%
+2,000
New +$380K
CYBR
47
DELISTED
CyberArk
CYBR
$387K 0.07%
+800
New +$343K
KRE icon
48
State Street SPDR S&P Regional Banking ETF
KRE
$4.67B
$380K 0.06%
+6,000
New +$378K
SHCO
49
DELISTED
Soho House & Co
SHCO
$380K 0.06%
+42,900
New +$338K
HBM icon
50
Hudbay
HBM
$11.7B
$379K 0.06%
+25,000
New +$286K
1
2
3 4 5

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BPC
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BIA
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KCM
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SCP
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SFG
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FTC
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WHGAM
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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.