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PCM
PenderFund Capital Management Portfolio holdings
AUM
$639M
1-Year Est. Return
31.05%
This Fund
S&P 500
This Quarter
Est. Return
-15.92%
1 Year Est. Return
+31.05%
3 Year Est. Return
+130.01%
5 Year Est. Return
+118.66%
10 Year Est. Return
–
AUM
$302M
AUM Growth
-$19.6M
(-6.1%)
Cap. Flow
-$51.2M
Cap. Flow
% of AUM
-16.94%
Top 10 Holdings %
Top 10 Hldgs %
42.9%
Holding
78
New
9
Increased
15
Reduced
17
Closed
8
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SS&C Technologies
SSNC
|
+$10.8M |
| 2 |
KKR & Co
KKR
|
+$7.7M |
| 3 |
Wynn Resorts
WYNN
|
+$5.5M |
| 4 |
Microchip Technology
MCHP
|
+$5.19M |
| 5 |
MODN
MODEL N, INC.
MODN
|
+$4.48M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Liberty Latin America Class A
LILA
|
+$10.6M |
| 2 |
Enovis
ENOV
|
+$9.18M |
| 3 |
AIG.WS
American International Group, Inc.
AIG.WS
|
+$5.17M |
| 4 |
JD.com
JD
|
+$4.73M |
| 5 |
Baidu
BIDU
|
+$4.29M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 21.42% |
| 2 | Communication Services | 12.27% |
| 3 | Consumer Discretionary | 12.25% |
| 4 | Real Estate | 9.53% |
| 5 | Materials | 6.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Middleby
MIDD
$6.05B
| $16M | 5.29% |
102,836
+11,400
| +12% | +$1.3M |
|
2
Element Solutions
ESI
$9.12B
| $15.6M | 5.15% |
1,020,500
-22,800
| -2% | -$251K |
|
|
3
KKR & Co
KKR
$89.2B
| $15M | 4.95% |
495,940
+336,516
| +211% | +$7.7M |
|
|
4
SS&C Technologies
SSNC
$17.8B
| $14.4M | 4.76% |
+222,800
| New | +$10.8M |
|
5
TripAdvisor
TRIP
$1.59B
| $13M | 4.3% |
166,707
| – | – |
|
|
6
Baidu
BIDU
$35.8B
| $11.7M | 3.87% |
51,134
-23,000
| -31% | -$4.29M |
|
7
Howard Hughes
HHH
$3.93B
| $11.6M | 3.83% |
86,104
-40,701
| -32% | -$4.23M |
|
|
MODN
8
DELISTED
MODEL N, INC.
MODN
| $11.1M | 3.68% |
560,931
+310,110
| +124% | +$4.48M |
|
9
Liberty Broadband Class C
LBRDK
$4.15B
| $10.3M | 3.41% |
103,400
-37,600
| -27% | -$3.01M |
|
|
SWIR
10
DELISTED
Sierra Wireless
SWIR
| $9.69M | 3.2% |
482,440
-75,200
| -13% | -$1.26M |
|
|
11
JD.com
JD
$40.8B
| $8.56M | 2.83% |
276,900
-211,500
| -43% | -$4.73M |
|
|
KW
12
DELISTED
Kennedy-Wilson Holdings
KW
| $8.53M | 2.82% |
336,656
-35,600
| -10% | -$683K |
|
|
BPY
13
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
| $8.45M | 2.79% |
364,200
+4,400
| +1% | +$80.4K |
|
14
Upland Software
UPLD
$12M
| $8.36M | 2.76% |
20,883
+6,020
| +41% | +$1.81M |
|
|
15
Wynn Resorts
WYNN
$10.1B
| $7.78M | 2.57% |
+51,000
| New | +$5.5M |
|
|
16
Microchip Technology
MCHP
$42.8B
| $7.54M | 2.49% |
+146,868
| New | +$5.19M |
|
|
HBI
17
DELISTED
Hanesbrands
HBI
| $6.77M | 2.24% |
344,000
+7,754
| +2% | +$121K |
|
18
LivePerson
LPSN
$18.9M
| $5.65M | 1.87% |
+14,061
| New | +$4.33M |
|
|
LEAF
19
DELISTED
Leaf Group Ltd.
LEAF
| $4.51M | 1.49% |
425,000
| – | – |
|
20
eGain
EGAN
$176M
| $4.2M | 1.39% |
444,794
+23,651
| +6% | +$172K |
|
|
NMY
21
DELISTED
Nuveen Maryland Quality Municipal Income Fund
NMY
| $3.81M | 1.26% |
325,000
+45,000
| +16% | +$525K |
|
|
SEAC
22
DELISTED
Seachange International Inc
SEAC
| $3.74M | 1.24% |
85,527
| – | – |
|
23
Asure Software
ASUR
$220M
| $3.63M | 1.2% |
485,651
-73,100
| -13% | -$602K |
|
24
Nuveen Quality Municipal Income Fund
NAD
$2.71B
| $3.26M | 1.08% |
+260,000
| New | +$3.25M |
|
25
Pixelworks
PXLW
$38.8M
| $3.06M | 1.01% |
59,014
| – | – |
|
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PenderFund Capital Management's Q4 2018 Portfolio in Review
As of Q4 2018, PenderFund Capital Management held 78 positions worth $302M, down 6.1% from $322M the previous quarter. Its ten largest holdings account for 43% of the portfolio.
PenderFund Capital Management withdrew a net $51.2M in Q4 2018, closing 8 positions and reducing 17 holdings. Its most notable exit was American International Group, Inc., an estimated $5.17M position sold in full.
By sector, the portfolio is most concentrated in Technology at 21% of assets, up from 15% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, PenderFund Capital Management opened a new position in SS&C Technologies worth $14.4M.
- PenderFund Capital Management's largest Q4 2018 buy was SS&C Technologies: 222,800 shares worth $14.4M.
- PenderFund Capital Management added most to KKR & Co in Q4 2018, an estimated $7.7M increase.
- PenderFund Capital Management's biggest Q4 2018 reduction was Liberty Latin America Class A, cutting an estimated $10.6M.
- PenderFund Capital Management fully exited American International Group, Inc. in Q4 2018, selling an estimated $5.17M.
- PenderFund Capital Management's ten largest holdings make up 43% of its $302M portfolio in Q4 2018.
- PenderFund Capital Management opened 9 new positions and closed 8 in Q4 2018.
- PenderFund Capital Management's portfolio value fell 6.1% quarter-over-quarter to $302M.
Based on PenderFund Capital Management's 13F filing for Q4 2018, filed 24 Jan 2019.