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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
TACHU
51
Titan Acquisition Corp Units
TACHU
$377K 0.06%
36,600
– –
VZLA
52
Vizsla Silver
VZLA
$1.24B
$359K 0.06%
+83,000
New +$288K
AGI icon
53
Alamos Gold
AGI
$13B
$349K 0.06%
+10,000
New +$286K
WBS icon
54
Webster Financial
WBS
$12.8B
$347K 0.06%
5,838
– –
BGFV
55
DELISTED
Big 5 Sporting Goods
BGFV
$344K 0.06%
+239,029
New +$339K
LNSR icon
56
LENSAR
LNSR
$70.4M
$333K 0.06%
27,000
-3,100
-10% -$39.3K
MTAL
57
DELISTED
Metals Acquisition
MTAL
$323K 0.05%
26,450
+11,450
+76% +$139K
SOUL.U
58
Soulpower Acquisition Corp Units
SOUL.U
$319K 0.05%
30,051
– –
SOCAU
59
Solarius Capital Acquisition Corp Units
SOCAU
$307K 0.05%
+29,100
New +$293K
PHLT
60
DELISTED
Performant Healthcare Inc
PHLT
$306K 0.05%
+39,600
New +$252K
BCARU
61
D. Boral ARC Acquisition I Corp Units
BCARU
$294K 0.05%
+29,400
New +$294K
CIO
62
DELISTED
City Office REIT
CIO
$294K 0.05%
+42,200
New +$278K
MA icon
63
Mastercard
MA
$505B
$284K 0.05%
+500
New +$287K
XENE icon
64
Xenon Pharmaceuticals
XENE
$6.24B
$275K 0.05%
+6,850
New +$241K
VCIC
65
DELISTED
Vine Hill Capital Investment Corp
VCIC
$268K 0.05%
25,000
– –
JBL icon
66
Jabil
JBL
$36.1B
$264K 0.04%
1,217
-581
-32% -$127K
SIMA
67
SIM Acquisition Corp I
SIMA
$89.9M
$263K 0.04%
25,000
– –
ZIMV
68
DELISTED
ZimVie
ZIMV
$259K 0.04%
+13,700
New +$232K
AZN icon
69
AstraZeneca
AZN
$250B
$255K 0.04%
+1,665
New +$252K
TVAIU
70
Thayer Ventures Acquisition Corporation II Unit
TVAIU
$255K 0.04%
25,000
– –
WNS
71
DELISTED
WNS Holdings
WNS
$252K 0.04%
+3,300
New +$247K
SZZLU
72
Sizzle Acquisition Corp II Unit
SZZLU
$251K 0.04%
24,448
– –
BLUWU
73
Blue Water Acquisition Corp III Unit
BLUWU
$249K 0.04%
24,700
– –
TXNM
74
TXNM Energy Inc
TXNM
$5.92B
$249K 0.04%
4,400
– –
CGCTU
75
DELISTED
Cartesian Growth Corp III Unit
CGCTU
$245K 0.04%
24,100
– –
1 2
3
4 5

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BPC
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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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WCM
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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.