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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
PPLT
1
abrdn Physical Platinum Shares ETF
PPLT
$1.82B
$45.1M 7.11%
2,420,000
-600,000
-20% -$9.25M
EQX icon
2
Equinox Gold
EQX
$6.8B
– –
-3,846,154
Closed -$48.5M
ESPR
3
DELISTED
Esperion Therapeutics
ESPR
$16.3M 2.56%
4,391,926
-2,284,593
-34% -$7.38M
SLV icon
4
iShares Silver Trust
SLV
$27.1B
$15.9M 2.51%
247,500
-2,500
-1% -$125K
TSAT icon
5
Telesat
TSAT
$554M
$15.9M 2.51%
409,753
– –
PAR icon
6
PAR Technology
PAR
$674M
– –
-372,966
Closed -$13.5M
SANG
7
Sangoma Technologies
SANG
$136M
$14.2M 2.23%
2,821,433
– –
PSLV icon
8
Sprott Physical Silver Trust
PSLV
$11.5B
$13.4M 2.11%
565,000
-100,000
-15% -$1.83M
WIW
9
Western Asset Inflation-Linked Opportunities & Income Fund
WIW
$513M
$8.72M 1.37%
1,015,397
+8,700
+0.9% +$76.5K
BUR icon
10
Burford Capital
BUR
$859M
$4.44M 0.7%
497,990
-246,723
-33% -$2.42M
ERO icon
11
Ero Copper
ERO
$2.52B
$2.83M 0.45%
102,590
-17,010
-14% -$396K
KKR icon
12
KKR & Co
KKR
$90.6B
$2.52M 0.4%
19,740
+9,500
+93% +$1.18M
WBS icon
13
Webster Financial
WBS
$12.3B
$2.38M 0.38%
37,838
+32,000
+548% +$1.9M
NXE icon
14
NexGen Energy
NXE
$5.82B
$2.36M 0.37%
256,800
+97,500
+61% +$861K
HXL icon
15
Hexcel
HXL
$7.83B
$2.34M 0.37%
31,723
– –
SARO
16
StandardAero Inc
SARO
$8.89B
$2.31M 0.36%
+80,700
New +$2.2M
IFF icon
17
International Flavors & Fragrances
IFF
$20B
$2.31M 0.36%
34,212
+42
+0.1% +$2.72K
DLTR icon
18
Dollar Tree
DLTR
$24.2B
$2.28M 0.36%
18,530
+18,220
+5,877% +$1.95M
BN icon
19
Brookfield
BN
$107B
$2.12M 0.33%
46,110
– –
BGSI
20
Boyd Group Services
BGSI
$2.9B
$1.99M 0.31%
+12,500
New +$2M
AGRO icon
21
Adecoagro
AGRO
$1.45B
$1.98M 0.31%
250,000
– –
ADUS icon
22
Addus HomeCare
ADUS
$2.14B
$1.98M 0.31%
18,400
+18,112
+6,289% +$2.08M
FLR icon
23
Fluor
FLR
$6.85B
$1.79M 0.28%
45,140
+44,400
+6,000% +$1.96M
CLVT icon
24
Clarivate
CLVT
$1.53B
$1.74M 0.27%
521,000
+388,800
+294% +$1.38M
STNE icon
25
StoneCo
STNE
$2.71B
$1.48M 0.23%
100,000
– –
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 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.