PenderFund Capital Management Ltd.

PenderFund Capital Management Ltd. is an institution, managing $254.4M across 158 long positions as of Q3 2025 with 37% Unknown concentration, 74% concentrated in top 10 holdings, and 17% allocation to PPLT.

Portfolio Value: $254.4M
Positions: 158
Top Holding: PPLT at 16.96%
Last Reported: Q3 2025

Top Holdings

Largest long holdings in PenderFund Capital Management Ltd.'s portfolio (73.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 PPLT abrdn Physical Platinum Shares PPLT	Unknown Unknown	$43.1M	16.96%	-$1.5M Sold	— 302.0K shares	Q1 2024 Held for 1y 8m
2 Equinox Gold EQX	Gold Basic Materials	$43.1M	16.94%	+$43.1M New	0.49% 3.8M shares	Q3 2025 Held for 2 months
3 Esperion Therapeutics ESPR	Drug Manufacturers - Specialty & Generic Healthcare	$17.7M	6.96%	—	3.31% 6.7M shares	Q1 2025 Held for 8 months
4 PAR Technology PAR	Software - Application Technology	$14.8M	5.80%	+$7.3M Bought	0.92% 373.0K shares	Q2 2019 Held for 6y 5m
5 WEAT Teucrium Wheat Fund WEAT	Unknown Unknown	$14.3M	5.62%	+$14.3M New	— 3.5M shares	Q3 2025 Held for 2 months
6 Sangoma Technologies Corporation SANG	Software - Infrastructure Technology	$14.0M	5.51%	-$2.1M Sold	8.47% 2.8M shares	Q4 2021 Held for 3y 11m
7 SLV iShares Silver Trust SLV	Unknown Unknown	$10.6M	4.16%	—	— 250.0K shares	Q2 2025 Held for 5 months
8 Telesat Corporation TSAT	Communication Equipment Technology	$10.5M	4.13%	+$7.9M Bought	2.77% 409.8K shares	Q2 2025 Held for 5 months
9 PSLV Sprott Physical Silver Trust PSLV	Unknown Unknown	$10.4M	4.10%	—	— 665.0K shares	Q2 2025 Held for 5 months
10 WIW Western Asset Inflation-Linked Opportunities & Income Fund WIW	Unknown Unknown	$8.9M	3.52%	+$96.9K Bought	— 1.0M shares	Q4 2023 Held for 1y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in PenderFund Capital Management Ltd.'s latest filing

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Market Value

$254.4M

Prior: $176.8M

Q/Q Change

+43.92%

+$77.6M

Net Flows % of MV

+24.58%

New Purchases

75 stocks

$77.1M

Added To

21 stocks

+$20.5M

Sold Out Of

41 stocks

$22.7M

Reduced Holdings

23 stocks

-$12.5M

Increased Positions

Position	Shares Δ	Change
1 Equinox Gold EQX	New	0 → 3.8M +$43.1M
2 WEAT Teucrium Wheat Fund WEAT	New	0 → 3.5M +$14.3M
3 International Flavors & Fragrances IFF	New	0 → 34.2K +$2.1M
4 Adecoagro AGRO	New	0 → 250.0K +$2.0M
5 Evercore EVR	New	0 → 3.0K +$1.0M

Decreased Positions

Position	Shares Δ	Change
1 Docebo DCBO	Sold	151.9K → 0 −$4.4M
2 Zillow Group, Inc. Z	Sold	49.8K → 0 −$3.5M
3 FLYYQ SPIRIT AVIATION HOLDINGS FLYYQ	Sold	578.9K → 0 −$2.9M
4 Juniper Networks JNPR	Sold	18.0K → 0 −$718.7K
5 Elevance Health ELV	Sold	1.8K → 0 −$700.1K

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Analytics

Portfolio insights and performance metrics for PenderFund Capital Management Ltd.

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Sector Allocation

Basic Materials

20.10%

Technology

18.10%

Healthcare

9.30%

Financial Services

6.80%

Energy

3.50%

Consumer Cyclical

1.70%

Industrials

1.50%

Consumer Defensive

0.80%

Real Estate

0.80%

Utilities

0.40%

ETF

0.20%

Communication Services

0.10%

Market Cap Distribution

Mega Cap (> $200B)

0.11%

Large Cap ($10B - $200B)

6.47%

Mid Cap ($2B - $10B)

26.44%

Small Cap ($300M - $2B)

24.73%

Micro Cap ($50M - $300M)

6.08%

Nano Cap (< $50M)

0.35%

N/A (ETF or Unknown)

35.82%

Portfolio Concentration

Top 10 Holdings %

73.7%

Top 20 Holdings %

86.54%

Top 50 Holdings %

94.77%

Top 100 Holdings %

98.96%