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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
+34.02%
1 Year Est. Return
+31.05%
3 Year Est. Return
+130.01%
5 Year Est. Return
+118.66%
10 Year Est. Return
–
AUM
$367M
AUM Growth
-$98.3M
Cap. Flow
-$220M
Cap. Flow %
-59.98%
Top 10 Hldgs %
53.71%
Holding
177
New
41
Increased
33
Reduced
13
Closed
35

Top Buys

Rank Stock Value
1
ESPR
Esperion Therapeutics
ESPR
+$3.69M
2
FET icon
Forum Energy Technologies
FET
+$3.3M
3
STNE icon
StoneCo
STNE
+$1.41M
4
MRVI icon
Maravai LifeSciences
MRVI
+$972K
5
LAD icon
Lithia Motors
LAD
+$817K

Top Sells

Rank Stock Value
1
NAD icon
Nuveen Quality Municipal Income Fund
NAD
+$5.61M
2
NEA icon
Nuveen AMT-Free Quality Municipal Income Fund
NEA
+$4.3M
3
LSPD icon
Lightspeed Commerce
LSPD
+$2.75M
4
IBKR icon
Interactive Brokers
IBKR
+$2.55M
5
TPL icon
Texas Pacific Land
TPL
+$2.38M

Sector Composition

Rank Sector Weight
1 Technology 18.98%
2 Financials 18.42%
3 Industrials 12.61%
4 Consumer Discretionary 10.54%
5 Healthcare 6.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NEA icon
126
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.42B
– –
-265,000
Closed -$4.3M
QETA icon
127
Quetta Acquisition Corp
QETA
– –
-6,195
Closed -$94.2K
SGRP
128
DELISTED
SPAR Group
SGRP
– –
-60,900
Closed -$165K
SSYS icon
129
Stratasys
SSYS
$774M
– –
-35,940
Closed -$459K
TPL icon
130
Texas Pacific Land
TPL
$23.5B
– –
-4,500
Closed -$2.38M
VTS icon
131
Vitesse Energy
VTS
$665M
$0 ﹤0.01%
+2
New +$51
VMCA
132
DELISTED
Valuence Merger Corp. I Class A Ordinary Shares
VMCA
– –
-33,435
Closed -$554K
AQU
133
DELISTED
Aquaron Acquisition Corp. Common Stock
AQU
– –
-21,901
Closed -$352K
PFC
134
DELISTED
Premier Financial Corp. Common Stock
PFC
– –
-9,500
Closed -$351K
HCP
135
DELISTED
HashiCorp, Inc. Class A Common Stock
HCP
– –
-7,900
Closed -$388K
ZUO
136
DELISTED
Zuora, Inc.
ZUO
– –
-56,796
Closed -$810K
SILV
137
DELISTED
SilverCrest Metals Inc. Common Shares
SILV
– –
-21,100
Closed -$271K
CTV
138
DELISTED
Innovid Corp.
CTV
– –
-148,000
Closed -$657K
ROIC
139
DELISTED
Retail Opportunity Investments Corp.
ROIC
– –
-15,100
Closed -$377K
SUM
140
DELISTED
Summit Materials, Inc. Class A Common Stock
SUM
– –
-8,000
Closed -$581K
CDMO
141
DELISTED
Avid Bioservices, Inc. Common Stock
CDMO
– –
-47,200
Closed -$837K
AE
142
DELISTED
Adams Resources & Energy Inc
AE
– –
-10,496
Closed -$562K
BCOV
143
DELISTED
Brightcove, Inc.
BCOV
– –
-126,900
Closed -$795K
SCWX
144
DELISTED
SecureWorks Corp Class A Common Stock
SCWX
– –
-58,400
Closed -$709K
BMTX
145
DELISTED
BM Technologies, Inc.
BMTX
– –
-33,400
Closed -$234K
HTLF
146
DELISTED
Heartland Financial USA, Inc.
HTLF
– –
-4,000
Closed -$353K
B
147
DELISTED
Barnes Group Inc.
B
– –
-13,400
Closed -$910K
SMAR
148
DELISTED
Smartsheet Inc.
SMAR
– –
-11,900
Closed -$958K
USAP
149
DELISTED
Universal Stainless & Alloy
USAP
– –
-10,900
Closed -$688K
PPYA
150
DELISTED
Papaya Growth Opportunity Corp. I Class A Common Stock
PPYA
– –
-100
Closed -$1.62K
3 4 5
6
7

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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 Q1 2025 Portfolio in Review

As of Q1 2025, PenderFund Capital Management held 177 positions worth $367M, down 21% from $465M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

PenderFund Capital Management withdrew a net $220M in Q1 2025, closing 35 positions and reducing 13 holdings. Its most notable exit was Nuveen Quality Municipal Income Fund, an estimated $5.61M position sold in full.

By sector, the portfolio is most concentrated in Technology at 19% of assets, down from 19% a quarter earlier, followed by Financials and Industrials.

Against the trend, PenderFund Capital Management opened a new position in Esperion Therapeutics worth $10.8M.

  • PenderFund Capital Management's largest Q1 2025 buy was Esperion Therapeutics: 2,000,000 shares worth $10.8M.
  • PenderFund Capital Management added most to Forum Energy Technologies in Q1 2025, an estimated $3.3M increase.
  • PenderFund Capital Management's biggest Q1 2025 reduction was Lightspeed Commerce, cutting an estimated $2.75M.
  • PenderFund Capital Management fully exited Nuveen Quality Municipal Income Fund in Q1 2025, selling an estimated $5.61M.
  • PenderFund Capital Management's ten largest holdings make up 54% of its $367M portfolio in Q1 2025.
  • PenderFund Capital Management opened 41 new positions and closed 35 in Q1 2025.
  • PenderFund Capital Management's portfolio value fell 21% quarter-over-quarter to $367M.

Based on PenderFund Capital Management's 13F filing for Q1 2025, filed 15 May 2025.