PCM

PenderFund Capital Management Portfolio holdings

AUM $514M

AUM

$514M

AUM Growth

+$48.8M (+10%)

Cap. Flow

+$20.5M

Cap. Flow % of AUM

3.99%

Top 10 Holdings %Top 10 Hldgs %

53.25%

Holding

179

New

Increased

Reduced

Closed

Top Buys

1	Forum Energy Technologies FET	$5.17M
2	Esperion Therapeutics ESPR	$4.14M
3	StoneCo STNE	$2.26M
4	Lithia Motors LAD	$1.01M
5	FNA Paragon 28, Inc. FNA	$787K

Top Sells

1	Lightspeed Commerce LSPD	$2.69M
2	PAR Technology PAR	$2.61M
3	KKR & Co KKR	$732K
4	SANG Sangoma Technologies SANG	$435K
5	Enstar Group ESGR	$287K

Sector Composition

1	Technology	11.63%
2	Financials	4.96%
3	Healthcare	3.44%
4	Energy	2.22%
5	Communication Services	1.67%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
101	101 Itron ITRI $5.54B	$23.2K	0%	154 +104	+208%	+$15.7K
102	102 Antero Resources AR $12.9B	$22.9K	0%	393 +153	+64%	+$8.9K
103	103 Rambus RMBS $6.24B	$22.3K	0%	299 +169	+130%	+$12.6K
104	104 Mercury Insurance MCY $3.64B	$20.1K	0%	250	New	+$20.1K
105	105 Estee Lauder EL $24.2B	$19.3K	0%	203 +132	+186%	+$12.5K
106	106 DigitalBridge DBRG $1.82B	$18.7K	0%	1,470 +833	+131%	+$10.6K
107	107 Tidewater TDW $2.39B	$18.4K	0%	303	New	+$18.4K
108	HONDW 108 HCM II Acquisition Corp. Warrant HONDW	$14.9K	0%	15,000	–	–
109	109 Monolithic Power Systems MPWR $33.8B	$14.2K	0%	17	New	+$14.2K
110	110 M/I Homes MHO $2.92B	$13.6K	0%	83 +47	+131%	+$7.72K
111	111 XPEL XPEL $1.04B	$12.8K	0%	302 +171	+131%	+$7.23K
112	LPAAW 112 Launch One Acquisition Corp. Warrant LPAAW	$6.26K	0%	30,000	–	–
113	VCICW 113 Vine Hill Capital Investment Corp. Warrant VCICW	$4.84K	0%	12,500	–	–
114	SIMAW 114 SIM Acquisition Corp. I Warrant SIMAW	$2.34K	0%	12,500 +1	+0%	–
115	GRAF.WS 115 Graf Global Corp. Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share GRAF.WS $7.91M	$1.3K	0%	5,000	–	–
116	VACHW 116 Voyager Acquisition Corp Warrants VACHW	$568	0%	2,500	–	–
117	EMD 117 Western Asset Emerging Markets Debt Fund EMD $566M	$399	0%	28	–	–
118	118 Lanvin Group Holdings Limited Redeemable Warrants, each whole warrant exercisable for one Ordinary Share at an exercise price of $11.50 LANV.WS $2.57M	$71	0%	2,500	–	–
119	119 Vitesse Energy VTS $897M	$71	0%	2	New	+$71
120	120 Affinity Bancshares AFBI $115M	$0	0%	0 -9,200	Closed	–
121	121 Bally's BALY $489M	$0	0%	0 -30,600	Closed	–
122	122 Frontier Communications FYBR $9.08B	$0	0%	0 -4,000	Closed	–
123	123 Genmab GMAB $14.1B	$0	0%	0 -31,100	Closed	–
124	124 Harmonic Inc HLIT $1.09B	$0	0%	0 -20,561	Closed	–
125	125 Interactive Brokers IBKR $22B	$0	0%	0 -10,038	Closed	–