Latest PenderFund Capital Management Ltd. Stock Portfolio

PenderFund Capital Management Ltd. Performance:

2025 Q3: 4.52%YTD: -14.97%2024: 479.63%

Performance for 2025 Q3 is 4.52%, and YTD is -14.97%, and 2024 is 479.63%.

About PenderFund Capital Management Ltd. and 13F Hedge Fund Stock Holdings

In it's latest 13F Holdings report, PenderFund Capital Management Ltd. reported an equity portfolio of $592.7 Millions as of 30 Sep, 2025.

The top stock holdings of PenderFund Capital Management Ltd. are PPLT, , ESPR. The fund has invested 7.3% of it's portfolio in ABRDN PLATINUM ETF TRUST and 7.3% of portfolio in EQUINOX GOLD CORP .

The fund managers got completely rid off DOCEBO INC, ZILLOW GROUP INC (Z) and JUNIPER NETWORKS INC (JNPR) stocks. They significantly reduced their stock positions in CLARIVATE PLC (CLVT), AVIDXCHANGE HOLDINGS INC (AVDX) and MARAVAI LIFESCIENCES HLDGS I (MRVI). PenderFund Capital Management Ltd. opened new stock positions in EQUINOX GOLD CORP, TEUCRIUM COMMODITY TR (CANE) and INTERNATIONAL FLAVORS&FRAGRA (IFF). The fund showed a lot of confidence in some stocks as they added substantially to DECKERS OUTDOOR CORP (DECK), NEXGEN ENERGY LTD and GITLAB INC (GTLB).

PenderFund Capital Management Ltd. Annual Return Estimates Vs S&P 500

Our best estimate is that PenderFund Capital Management Ltd. made a return of 4.52% in the last quarter. In trailing 12 months, it's portfolio return was -7.56%.

New Buys

Ticker	$ Bought
equinox gold corp	43,085,100
teucrium commodity tr	14,302,800
northern oil & gas inc	5,110,330
evolent health inc	4,038,220
evolent health inc	2,451,500
international flavors&fragra	2,102,820
adecoagro s a	1,960,000
evercore inc	1,011,960

New stocks bought by PenderFund Capital Management Ltd.

Additions

Ticker	% Inc.
deckers outdoor corp	9,632
nexgen energy ltd	1,273
horizon space acqustn i corp	417
isoenergy ltd	362
telesat corp	307
pioneer acquisition i corp	248
gitlab inc	133
southern co	100

Additions to existing portfolio by PenderFund Capital Management Ltd.

Reductions

Ticker	% Reduced
clarivate plc	-75.11
nio inc	-58.31
avidxchange holdings inc	-54.35
maravai lifesciences hldgs i	-51.75
rambus inc del	-49.25
cross ctry healthcare inc	-40.88
jabil inc	-32.31
kennedy-wilson holdings inc	-32.21

PenderFund Capital Management Ltd. reduced stake in above stock

Sold off

Ticker	$ Sold
cardlytics inc	-4,395,760
spirit aviation hldgs inc	-2,888,950
elevation oncology inc	-71,841
satixfy communications ltd	-511,516
docebo inc	-4,403,360
sigmatron intl i	-308,132
inozyme pharma inc	-362,800
e2open parent holdings inc	-241,927

PenderFund Capital Management Ltd. got rid off the above stocks

Sector Distribution

PenderFund Capital Management Ltd. has about 73.8% of it's holdings in Others sector.

Sector	%
Others	73.8
Healthcare	9.2
Technology	7.4
Energy	2.7
Financial Services	2
Consumer Cyclical	1.5
Industrials	1.3

Market Cap. Distribution

PenderFund Capital Management Ltd. has about 4.6% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	73.9
SMALL-CAP	14.9
LARGE-CAP	4.6
MICRO-CAP	3.3
MID-CAP	3.1

Stocks belong to which Index?

About 14.6% of the stocks held by PenderFund Capital Management Ltd. either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	85.4
RUSSELL 2000	12.1
S&P 500	2.5

Top 5 Winners (%)		%
	vine hill cap invt corp.	445.0 %
ESPR	esperion therapeutics inc ne	169.2 %
RMBS	rambus inc del	47.3 %
MOD	modine mfg co	39.0 %
LYTS	lsi inds inc ohio	38.5 %

Top 5 Winners ($)		$
ESPR	esperion therapeutics inc ne	11.1 M
PPLT	abrdn platinum etf trust	6.1 M
SLV	ishares silver tr	2.4 M
FET	forum energy technologies in	2.3 M
PSLV	sprott asset management lp	2.3 M

Top 5 Losers (%)		%
	voyager acquisition corp	-43.3 %
PAR	par technology corp	-36.2 %
MOH	molina healthcare inc	-35.7 %
	sangoma technologies corp	-18.6 %
	profound med corp	-17.9 %

Top 5 Losers ($)		$
PAR	par technology corp	-8.4 M
	sangoma technologies corp	-3.7 M
	burford cap ltd	-1.7 M
MOH	molina healthcare inc	-1.1 M
CLVT	clarivate plc	-0.2 M

PenderFund Capital Management Ltd. Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of PenderFund Capital Management Ltd.

PenderFund Capital Management Ltd. has 184 stocks in it's portfolio. About 31.6% of the portfolio is in top 10 stocks. PAR proved to be the most loss making stock for the portfolio. ESPR was the most profitable stock for PenderFund Capital Management Ltd. last quarter.

Last Reported on: 14 Nov, 2025

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABNB	airbnb inc	0.83	5,000,000	4,900,000	unchanged	0.00

ACT	advisorshares tr	0.01	13,500	64,665	new

ADUS	addus homecare corp	0.01	288	33,981	unchanged	0.00

AG	first majestic silver corp	8.04	44,040,000	47,635,900	added	1.62

AGRO	adecoagro s a	0.33	250,000	1,960,000	new

AL	air lease corp	0.01	926	58,940	new

ALE	allete inc	0.03	2,780	184,592	reduced	-28.35

AMAT	applied matls inc	0.00	0.00	0.00	sold off	-100

AMCX	amc networks inc	0.08	501,000	482,428	unchanged	0.00

AMWD	american woodmark corporatio	0.02	1,800	120,168	new

ANSS	ansys inc	0.00	0.00	0.00	sold off	-100

AR	antero resources corp	0.00	800	26,848	added	20.66

AVDX	avidxchange holdings inc	0.04	23,100	229,845	reduced	-54.35

BASE	couchbase inc	0.00	0.00	0.00	sold off	-100

BGFV	big 5 sporting goods corp	0.06	239,029	344,202	new

BHLB	beacon financial corp.	0.00	116	2,750	new

BIL	spdr series trust	0.06	6,000	379,800	new

BIL	spdr series trust	0.00	0.00	0.00	sold off	-100

BPMC	blueprint medicines corp	0.00	0.00	0.00	sold off	-100

BRDG	bridge invt group hldgs inc	0.00	0.00	0.00	sold off	-100