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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
CPA icon
76
Copa Holdings
CPA
$5.8B
$243K 0.04%
2,048
– –
CCRD
77
DELISTED
CoreCard
CCRD
$232K 0.04%
+8,600
New +$238K
IBAC
78
IB Acquisition Corp
IBAC
$230K 0.04%
+21,900
New +$230K
AVDX
79
DELISTED
AvidXchange
AVDX
$230K 0.04%
23,100
-27,500
-54% -$272K
LYTS icon
80
LSI Industries
LYTS
$924M
$230K 0.04%
9,730
-138
-1% -$2.81K
PVBC
81
DELISTED
Provident Bancorp
PVBC
$229K 0.04%
+18,300
New +$232K
VTLE
82
DELISTED
Vital Energy
VTLE
$226K 0.04%
+13,400
New +$226K
INFA
83
DELISTED
Informatica
INFA
$226K 0.04%
9,100
+1,300
+17% +$32.1K
SOL
84
DELISTED
Emeren Group
SOL
$216K 0.04%
114,233
-4,065
-3% -$7.66K
EVAC.U
85
EQV Ventures Acquisition Corp II Units
EVAC.U
$200K 0.03%
+20,000
New +$201K
BSAAU
86
BEST SPAC I Acquisition Corp Unit
BSAAU
$188K 0.03%
18,500
– –
PBPB
87
DELISTED
Potbelly
PBPB
$186K 0.03%
+10,900
New +$148K
ALE
88
DELISTED
Allete
ALE
$185K 0.03%
2,780
-1,100
-28% -$71.5K
HVMCU
89
Highview Merger Corp Units
HVMCU
$182K 0.03%
+18,000
New +$181K
PRA
90
DELISTED
ProAssurance
PRA
$180K 0.03%
7,500
– –
MKLYU
91
McKinley Acquisition Corp Units
MKLYU
$180K 0.03%
+18,000
New +$180K
PACHU
92
Pioneer Acquisition I Corp Units
PACHU
$175K 0.03%
17,400
+12,400
+248% +$124K
PINC
93
DELISTED
Premier
PINC
$172K 0.03%
+6,200
New +$150K
MURA
94
DELISTED
Mural Oncology
MURA
$171K 0.03%
+82,800
New +$178K
CTLP
95
DELISTED
Cantaloupe
CTLP
$171K 0.03%
16,200
-4,400
-21% -$48K
CVE icon
96
Cenovus Energy
CVE
$52.1B
$170K 0.03%
+10,000
New +$156K
MRUS
97
DELISTED
Merus
MRUS
$169K 0.03%
+1,800
New +$117K
CHACU
98
DELISTED
Crane Harbor Acquistion Corp Units
CHACU
$167K 0.03%
14,700
– –
FNF icon
99
Fidelity National Financial
FNF
$13.5B
$163K 0.03%
2,694
– –
HONE
100
DELISTED
HarborOne Bancorp
HONE
$159K 0.03%
+11,682
New +$146K
2 3
4
5 6

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SCP
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SFG
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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.