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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
+7.96%
1 Year Est. Return
+31.05%
3 Year Est. Return
+130.01%
5 Year Est. Return
+118.66%
10 Year Est. Return
–
AUM
$635M
AUM Growth
+$41.9M
Cap. Flow
-$261M
Cap. Flow %
-41.08%
Top 10 Hldgs %
52.81%
Holding
298
New
97
Increased
37
Reduced
21
Closed
82

Top Buys

Rank Stock Value
1
SARO
StandardAero Inc
SARO
+$2.2M
2
ADUS icon
Addus HomeCare
ADUS
+$2.08M
3
BGSI
Boyd Group Services
BGSI
+$2M
4
FLR icon
Fluor
FLR
+$1.96M
5
DLTR icon
Dollar Tree
DLTR
+$1.95M

Top Sells

Rank Stock Value
1
EQX icon
Equinox Gold
EQX
+$48.5M
2
WEAT icon
Teucrium Wheat Fund
WEAT
+$14.3M
3
PAR icon
PAR Technology
PAR
+$13.5M
4
PPLT
abrdn Physical Platinum Shares ETF
PPLT
+$9.25M
5
ESPR
Esperion Therapeutics
ESPR
+$7.38M

Sector Composition

Rank Sector Weight
1 Technology 8.67%
2 Materials 6.89%
3 Healthcare 3.57%
4 Financials 3.5%
5 Industrials 1.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AR icon
176
Antero Resources
AR
$10.8B
$27.6K ﹤0.01%
800
– –
CART icon
177
Maplebear
CART
$11.9B
$26.8K ﹤0.01%
+595
New +$24.4K
CCXIU
178
Churchill Capital Corp XI Units
CCXIU
$523M
$25.5K ﹤0.01%
+2,500
New +$25.6K
OTGAU
179
OTG Acquisition Corp I Unit
OTGAU
$25.5K ﹤0.01%
2,500
– –
COO icon
180
Cooper Companies
COO
$14.4B
$24.6K ﹤0.01%
300
– –
MOD icon
181
Modine Manufacturing
MOD
$10.5B
$24K ﹤0.01%
180
-20
-10% -$2.98K
RMBS icon
182
Rambus
RMBS
$11.2B
$21.1K ﹤0.01%
230
-75
-25% -$7.38K
MBCN
183
DELISTED
Middlefield Banc Corp
MBCN
$20.9K ﹤0.01%
+604
New +$20.1K
FDS icon
184
Factset
FDS
$10B
$20.3K ﹤0.01%
+70
New +$19.7K
MMTXU
185
Miluna Acquisition Corp Units
MMTXU
$14K ﹤0.01%
+1,406
New +$14.1K
FSFG
186
DELISTED
First Savings Financial Group
FSFG
$12.7K ﹤0.01%
+400
New +$12.4K
BCE icon
187
BCE
BCE
$21.2B
$8.4K ﹤0.01%
352
– –
FACWW
188
Factorial Energy Inc Warrant
FACWW
$9.66M
$7.32K ﹤0.01%
+9,143
New +$3.5K
FG icon
189
F&G Annuities & Life
FG
$3.73B
$4.97K ﹤0.01%
+161
New +$5.04K
ZEUS
190
DELISTED
Olympic Steel
ZEUS
$4.66K ﹤0.01%
+109
New +$3.89K
BBT
191
Beacon Financial Corp
BBT
$2.67B
$3.06K ﹤0.01%
116
– –
UDMY
192
DELISTED
Udemy
UDMY
$2.19K ﹤0.01%
+375
New +$2.19K
SIMAW
193
SIM Acquisition Corp I Warrant
SIMAW
$2.3M
$2.08K ﹤0.01%
9,678
-2,822
-23% -$889
EVAC.WS
194
EQV Ventures Acquisition Corp II Warrants
EVAC.WS
$1.97K ﹤0.01%
+5,636
New +$2.01K
INCR
195
Intercure
INCR
$57.5M
$1.8K ﹤0.01%
1,977
– –
RDAGW
196
Republic Digital Acquisition Co Warrants
RDAGW
$1.5K ﹤0.01%
+2,500
New +$1.72K
ONCHW
197
1RT Acquisition Corp Warrant
ONCHW
$725 ﹤0.01%
+1,250
New +$1.09K
HNI icon
198
HNI Corp
HNI
$3.55B
$42 ﹤0.01%
+1
New +$42
LANV.WS
199
DELISTED
Lanvin Group Holdings Warrants
LANV.WS
$39 ﹤0.01%
2,500
– –
ALE
200
DELISTED
Allete
ALE
– –
-2,780
Closed -$185K
6 7
8
9 10

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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 Q4 2025 Portfolio in Review

As of Q4 2025, PenderFund Capital Management held 298 positions worth $635M, up 7.1% from $593M the previous quarter. Its ten largest holdings account for 53% of the portfolio.

PenderFund Capital Management withdrew a net $261M in Q4 2025, closing 82 positions and reducing 21 holdings. Its most notable exit was Equinox Gold, an estimated $48.5M position sold in full.

By sector, the portfolio is most concentrated in Technology at 8.7% of assets, up from 7.8% a quarter earlier, followed by Materials and Healthcare.

Against the trend, PenderFund Capital Management opened a new position in StandardAero Inc worth $2.31M.

  • PenderFund Capital Management's largest Q4 2025 buy was StandardAero Inc: 80,700 shares worth $2.31M.
  • PenderFund Capital Management added most to Addus HomeCare in Q4 2025, an estimated $2.08M increase.
  • PenderFund Capital Management's biggest Q4 2025 reduction was abrdn Physical Platinum Shares ETF, cutting an estimated $9.25M.
  • PenderFund Capital Management fully exited Equinox Gold in Q4 2025, selling an estimated $48.5M.
  • PenderFund Capital Management's ten largest holdings make up 53% of its $635M portfolio in Q4 2025.
  • PenderFund Capital Management opened 97 new positions and closed 82 in Q4 2025.
  • PenderFund Capital Management's portfolio value rose 7.1% quarter-over-quarter to $635M.

Based on PenderFund Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.