Latest PenderFund Capital Management Ltd. Stock Portfolio

$638Million– No. of Holdings #233

PenderFund Capital Management Ltd. Performance:

2026 Q1: -8.81%YTD: -8.81%2025: -1.82%

Performance for 2026 Q1 is -8.81%, and YTD is -8.81%, and 2025 is -1.82%.

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

On 2026-05-15, the fund reported it's updated stock portfolio. In the 13F Holdings report, PenderFund Capital Management Ltd. reported an equity portfolio of $638.6 Millions as of 31 Mar, 2026.

The top stock holdings of PenderFund Capital Management Ltd. are PPLT, CANE, TSAT. The fund has invested 4.5% of it's portfolio in ABRDN PLATINUM ETF TRUST and 2.3% of portfolio in TEUCRIUM COMMODITY TR.

The fund managers got completely rid off ISHARES SILVER TR (SLV), SPROTT ASSET MANAGEMENT LP (PSLV) and SOHO HOUSE & CO INC stocks. They significantly reduced their stock positions in ERO COPPER CORP (ERO), WEBSTER FINL CORP (WBS) and EQUINOX GOLD CORP (EQX). PenderFund Capital Management Ltd. opened new stock positions in TEUCRIUM COMMODITY TR (CANE), MDA SPACE LTD and GENERAC HLDGS INC (GNRC). The fund showed a lot of confidence in some stocks as they added substantially to MAPLEBEAR INC, BOOZ ALLEN HAMILTON HLDG COR (BAH) and DECKERS OUTDOOR CORP (DECK).

PenderFund Capital Management Ltd. Equity Portfolio Value

Last Reported on: 15 May, 2026

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

Our best estimate is that PenderFund Capital Management Ltd. made a return of -8.81% in the last quarter. In trailing 12 months, it's portfolio return was -29.42%.

Performance
S&P 500

New Buys

Ticker	$ Bought
teucrium commodity tr	14,799,100
meritage homes corp	11,695,300
mda space ltd	11,050,800
alibaba group hldg ltd	6,952,080
super micro computer inc	5,258,380
blue moon metals inc	3,661,370
highlander silver corp	3,435,280
teucrium commodity tr	2,440,000

New stocks bought by PenderFund Capital Management Ltd.

Additions

Ticker	% Inc.
maplebear inc	9,314
booz allen hamilton hldg cor	4,934
deckers outdoor corp	894
evolent health inc	379
evolent health inc	287
amicus therapeutic	245
amplify etf tr	200
western copper & gold corp	171

Additions to existing portfolio by PenderFund Capital Management Ltd.

Reductions

Ticker	% Reduced
ero copper corp	-92.33
webster finl corp	-84.94
equinox gold corp	-68.7
hexcel corp new	-59.34
americas gold and silver cor	-50.00
international flavors&fragra	-48.52
microchip technology inc.	-47.86
boyd group services inc	-44.8

PenderFund Capital Management Ltd. reduced stake in above stock

Sold off

Ticker	$ Sold
ssr mining in	-25,916,100
magnite inc	-14,120,300
airbnb inc	-4,960,000
sprott asset management lp	-13,362,200
ishares silver tr	-15,944,000
sotherly hotels inc	-397,316
smart sh global ltd	-153,855
soho house & co inc	-886,995

PenderFund Capital Management Ltd. got rid off the above stocks

Sector Distribution

PenderFund Capital Management Ltd. has about 69.2% of it's holdings in Others sector.

Others
Technology
Healthcare
Industrials
Financial Services
Consumer Cyclical
Consumer Defensive

Sector	%
Others	69.2
Technology	8.9
Healthcare	8.4
Industrials	4.5
Financial Services	3.5
Consumer Cyclical	1.9
Consumer Defensive	1.1

Market Cap. Distribution

PenderFund Capital Management Ltd. has about 8.7% of it's portfolio invested in the large-cap and mega-cap stocks.

UNALLOCATED
SMALL-CAP
LARGE-CAP
MID-CAP

Category	%
UNALLOCATED	69.3
SMALL-CAP	14.7
LARGE-CAP	8.7
MID-CAP	6

Stocks belong to which Index?

About 18.1% of the stocks held by PenderFund Capital Management Ltd. either belong to S&P 500 or RUSSELL 2000 index.

Others
RUSSELL 2000
S&P 500

Index	%
Others	81.8
RUSSELL 2000	12.7
S&P 500	5.4

Top 5 Winners (%)		%
AGRO	adecoagro s a	89.4 %
CVE	cenovus energy inc	56.9 %
MOD	modine mfg co	55.4 %
XENE	xenon pharmaceuticals inc	29.7 %
NXE	nexgen energy ltd	25.7 %

Top 5 Winners ($)		$
AGRO	adecoagro s a	1.8 M
EQX	equinox gold corp	0.7 M
NXE	nexgen energy ltd	0.6 M
CVE	cenovus energy inc	0.4 M
FLR	fluor corp	0.3 M

Top 5 Losers (%)		%
PAR	par technology corp	-56.6 %
BUR	burford capital limited	-49.3 %
LNSR	lensar inc	-45.2 %
GTLB	gitlab inc	-38.4 %
LANV	lanvin group holdings limite	-28.2 %

Top 5 Losers ($)		$
PAR	par technology corp	-14.1 M
ESPR	esperion therapeutics inc ne	-4.0 M
SANG	sangoma technologies corp	-3.0 M
BUR	burford capital limited	-2.2 M
PPLT	abrdn platinum etf trust	-1.6 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 233 stocks in it's portfolio. About 19.5% of the portfolio is in top 10 stocks. PAR proved to be the most loss making stock for the portfolio. AGRO was the most profitable stock for PenderFund Capital Management Ltd. last quarter.

Last Reported on: 15 May, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABNB	airbnb inc	0.00	0.00	0.00	sold off	-100

ACLX	arcellx inc	0.05	2,900	332,978	new

ACT	advisorshares tr	0.02	40,500	143,775	added	75.32

ADBE	adobe inc	0.06	1,500	364,620	new

ADUS	addus homecare corp	0.27	18,475	1,730,180	added	0.41

AES	aes corp	0.04	16,400	231,076	new

AG	first majestic silver corp	8.53	38,740,000	54,441,000	reduced	-12.03

AGI	alamos gold inc new	0.00	0.00	0.00	sold off	-100

AGRO	adecoagro s a	0.59	250,000	3,755,000	unchanged	0.00

AL	air lease corp	0.09	8,526	553,678	added	11.8

ALEX	alexander & baldwin inc new	0.00	0.00	0.00	sold off	-100

AMCX	amc networks inc	0.07	501,000	449,237	unchanged	0.00

AMLX	amplify etf tr	0.01	3,600	82,872	added	200

AMWD	american woodmark corporatio	0.00	0.00	0.00	sold off	-100

APH	amphenol corp	0.11	5,600	707,560	new

AR	antero resources corp	0.00	700	29,708	reduced	-12.5

ASTL	algoma stl group inc	0.00	0.00	0.00	sold off	-100

AZN	astrazeneca plc	0.00	0.00	0.00	sold off	-100

BABA	alibaba group hldg ltd	1.09	5,000,000	6,952,080	new

BAH	booz allen hamilton hldg cor	0.22	17,620	1,374,890	added	4,934