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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
GMS
201
DELISTED
GMS Inc
GMS
– –
-2,500
Closed -$272K
HES
202
DELISTED
Hess
HES
– –
-1,500
Closed -$208K
INZY
203
DELISTED
Inozyme Pharma
INZY
– –
-90,700
Closed -$363K
JNPR
204
DELISTED
Juniper Networks
JNPR
– –
-18,000
Closed -$719K
MHO icon
205
M/I Homes
MHO
$3.84B
– –
-140
Closed -$15.7K
NVEE
206
DELISTED
NV5 Global
NVEE
– –
-17,900
Closed -$413K
SAGE
207
DELISTED
Sage Therapeutics
SAGE
– –
-8,300
Closed -$75.7K
SATX
208
DELISTED
SatixFy Communications
SATX
– –
-174,579
Closed -$512K
SBUX icon
209
Starbucks
SBUX
$120B
– –
-5,930
Closed -$543K
SGMA
210
DELISTED
Sigmatron International
SGMA
– –
-103,400
Closed -$308K
SGOV icon
211
iShares 0-3 Month Treasury Bond ETF
SGOV
$100B
– –
-3,000
Closed -$302K
SKX
212
DELISTED
Skechers
SKX
– –
-8,000
Closed -$505K
SPTN
213
DELISTED
SpartanNash
SPTN
– –
-7,300
Closed -$193K
STR
214
DELISTED
Sitio Royalties
STR
– –
-3,900
Closed -$71.7K
STRM
215
DELISTED
Streamline Health Solutions
STRM
– –
-27,972
Closed -$145K
SVT
216
DELISTED
Servotronics
SVT
– –
-6,500
Closed -$305K
SWTX
217
DELISTED
SpringWorks Therapeutics
SWTX
– –
-10,500
Closed -$493K
TBIL
218
F/m US Treasury 3 Month Bill Fund
TBIL
$7.19B
– –
-6,000
Closed -$300K
TGI
219
DELISTED
Triumph Group
TGI
– –
-19,400
Closed -$500K
THTX
220
DELISTED
Theratechnologies
THTX
– –
-69,900
Closed -$167K
VERV
221
DELISTED
Verve Therapeutics
VERV
– –
-8,800
Closed -$98.8K
VIGL
222
DELISTED
Vigil Neuroscience
VIGL
– –
-55,000
Closed -$437K
Z icon
223
Zillow
Z
$7.56B
– –
-49,757
Closed -$3.49M
VBIL
224
Vanguard 0-3 Month Treasury Bill ETF
VBIL
$9.37B
– –
-3,900
Closed -$295K
GENVR
225
Gen Digital Inc Contingent Value Rights
GENVR
– –
-4,800
Closed -$39.2K
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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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.