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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
PPLT
1
abrdn Physical Platinum Shares ETF
PPLT
$1.81B
$43.1M 7.28%
3,020,000
-102,000
-3% -$1.29M
EQX icon
2
Equinox Gold
EQX
$7.32B
$43.1M 7.27%
+3,846,154
New +$30.6M
ESPR
3
DELISTED
Esperion Therapeutics
ESPR
$17.7M 2.98%
6,676,519
– –
PAR icon
4
PAR Technology
PAR
$637M
$14.8M 2.49%
372,966
+184,057
+97% +$10.2M
WEAT icon
5
Teucrium Wheat Fund
WEAT
$314M
$14.3M 2.41%
+696,000
New +$15M
SANG
6
Sangoma Technologies
SANG
$138M
$14M 2.36%
2,821,433
-415,900
-13% -$2.37M
SLV icon
7
iShares Silver Trust
SLV
$28.1B
$10.6M 1.79%
250,000
– –
TSAT icon
8
Telesat
TSAT
$570M
$10.5M 1.77%
409,753
+309,153
+307% +$7.36M
PSLV icon
9
Sprott Physical Silver Trust
PSLV
$11.9B
$10.4M 1.76%
665,000
– –
WIW
10
Western Asset Inflation-Linked Opportunities & Income Fund
WIW
$507M
$8.95M 1.51%
1,006,697
+10,900
+1% +$96.3K
BUR icon
11
Burford Capital
BUR
$907M
$8.91M 1.5%
744,713
– –
FET icon
12
Forum Energy Technologies
FET
$654M
$6.95M 1.17%
260,079
-117,600
-31% -$2.72M
DECK icon
13
Deckers Outdoor
DECK
$13.3B
$2.45M 0.41%
24,136
+23,888
+9,632% +$2.61M
ERO icon
14
Ero Copper
ERO
$2.71B
$2.36M 0.4%
119,600
-4,850
-4% -$73.9K
BN icon
15
Brookfield
BN
$102B
$2.11M 0.36%
46,110
+10,500
+29% +$465K
IFF icon
16
International Flavors & Fragrances
IFF
$19.4B
$2.1M 0.35%
+34,170
New +$2.35M
HXL icon
17
Hexcel
HXL
$8.32B
$1.99M 0.34%
31,723
– –
AGRO icon
18
Adecoagro
AGRO
$1.53B
$1.96M 0.33%
+250,000
New +$2.2M
MOH icon
19
Molina Healthcare
MOH
$10.3B
$1.95M 0.33%
10,183
+68
+0.7% +$12.5K
STNE icon
20
StoneCo
STNE
$2.62B
$1.89M 0.32%
100,000
-41,000
-29% -$652K
KW
21
DELISTED
Kennedy-Wilson Holdings
KW
$1.49M 0.25%
179,400
-85,260
-32% -$684K
NXE icon
22
NexGen Energy
NXE
$6.05B
$1.43M 0.24%
159,300
+147,700
+1,273% +$1.09M
KKR icon
23
KKR & Co
KKR
$89.2B
$1.33M 0.22%
10,240
-4,480
-30% -$636K
MRVI icon
24
Maravai LifeSciences
MRVI
$997M
$1.2M 0.2%
419,857
-450,343
-52% -$1.15M
EVR icon
25
Evercore
EVR
$13.1B
$1.01M 0.17%
+3,000
New +$940K
1
2 3 4 5

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BPC
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BIA
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KCM
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SCP
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SFG
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FTC
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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.