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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
BBT
176
Beacon Financial Corp
BBT
$2.66B
$2.75K ﹤0.01%
+116
New +$2.98K
ATMC
177
DELISTED
AlphaTime Acquisition Corp
ATMC
$2.17K ﹤0.01%
+181
New +$2.18K
TVACU
178
Texas Ventures Acquisition III Corp Unit
TVACU
$2.11K ﹤0.01%
191
– –
BAM icon
179
Brookfield Asset Management
BAM
$83.8B
$967 ﹤0.01%
+17
New +$1.01K
APO icon
180
Apollo Global Management
APO
$73.4B
$666 ﹤0.01%
+5
New +$708
VACHW
181
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$425 ﹤0.01%
2,500
– –
COLB icon
182
Columbia Banking Systems
COLB
$8.84B
$51 ﹤0.01%
+2
New +$51
LANV.WS
183
DELISTED
Lanvin Group Holdings Warrants
LANV.WS
$47 ﹤0.01%
2,500
– –
AMAT icon
184
Applied Materials
AMAT
$428B
– –
-3,200
Closed -$586K
ANSS
185
DELISTED
Ansys
ANSS
– –
-350
Closed -$123K
BASE
186
DELISTED
Couchbase
BASE
– –
-4,000
Closed -$97.5K
BIL icon
187
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.9B
– –
-3,200
Closed -$294K
BPMC
188
DELISTED
Blueprint Medicines
BPMC
– –
-2,200
Closed -$282K
BRDG
189
DELISTED
Bridge Investment Group
BRDG
– –
-24,100
Closed -$241K
BRKL
190
DELISTED
Brookline Bancorp
BRKL
– –
-16,430
Closed -$173K
DCBO
191
Docebo
DCBO
$566M
– –
-151,920
Closed -$4.4M
DNB
192
DELISTED
Dun & Bradstreet
DNB
– –
-61,600
Closed -$560K
ELEV
193
DELISTED
Elevation Oncology
ELEV
– –
-195,700
Closed -$71.8K
ELV icon
194
Elevance Health
ELV
$85.5B
– –
-1,800
Closed -$700K
EMD
195
Western Asset Emerging Markets Debt Fund
EMD
$616M
– –
-28
Closed -$281
ESGR
196
DELISTED
Enstar Group
ESGR
– –
-1,000
Closed -$336K
ETWO
197
DELISTED
E2open Parent Holdings
ETWO
– –
-74,900
Closed -$242K
EVRI
198
DELISTED
Everi Holdings
EVRI
– –
-35,400
Closed -$504K
FARO
199
DELISTED
Faro Technologies
FARO
– –
-8,500
Closed -$373K
GB
200
DELISTED
Global Blue Group Holding
GB
– –
-47,800
Closed -$357K
6 7
8
9 10

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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.