PenderFund Capital Management Ltd. Q3 2025 Filing
Filed November 14, 2025
Portfolio Value
$592.7M
Holdings
207
Report Date
Q3 2025
Filing Type
13F-HR
All Holdings (207 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | AGCN 0.375 01/15/27FIRST MAJESTIC SILVER CORP | 44,040,000 | $47.6M | 8.04% | |
| 2 | PPLTABRDN PLATINUM ETF TRUST | 302,000 | $43.1M | 7.28% | |
| 3 | EQXEQUINOX GOLD CORP | 3,846,154 | $43.1M | 7.27% | |
| 4 | DUK 4.125 04/15/26DUKE ENERGY CORP NEW | 32,000,000 | $35.0M | 5.90% | |
| 5 | SSRMCN 2.5 04/01/39SSR MINING IN | 19,737,000 | $27.9M | 4.70% | |
| 6 | EQXCN 4.75 10/15/28EQUINOX GOLD CORP | 12,077,000 | $23.6M | 3.98% | |
| 7 | SO 4.5 06/15/27SOUTHERN CO | 20,000,000 | $22.5M | 3.80% | |
| 8 | PDD 0 12/01/25PDD HOLDINGS INC | 18,500,000 | $18.4M | 3.10% | |
| 9 | ESPRESPERION THERAPEUTICS INC NE | 6,676,519 | $17.7M | 2.98% | |
| 10 | BYND 0 03/15/27BEYOND MEAT INC | 93,792,000 | $16.9M | 2.85% | |
| 11 | NIO 3.875 10/15/29NIO INC | 15,270,000 | $16.6M | 2.80% | |
| 12 | WOLF 1.75 05/01/26WOLFSPEED INC | 25,329,000 | $15.1M | 2.54% | |
| 13 | PARPAR TECHNOLOGY CORP | 372,966 | $14.8M | 2.49% | |
| 14 | CDLX 4.25 04/01/29CARDLYTICS INC | 27,610,000 | $14.7M | 2.48% | |
| 15 | WOLF 1.875 12/01/29WOLFSPEED INC | 24,451,000 | $14.5M | 2.45% | |
| 16 | WEATUSDTEUCRIUM COMMODITY TR | 3,480,000 | $14.3M | 2.41% | |
| 17 | STCSANGOMA TECHNOLOGIES CORP | 2,821,433 | $14.0M | 2.36% | |
| 18 | MGNI 0.25 03/15/26MAGNITE INC | 14,225,000 | $13.9M | 2.35% | |
| 19 | OPK 3.75 01/15/29OPKO HEALTH INC | 7,311,000 | $11.1M | 1.88% | |
| 20 | WOLF 0.25 02/15/28WOLFSPEED INC | 18,049,000 | $10.6M | 1.79% | |
| 21 | SLVISHARES SILVER TR | 250,000 | $10.6M | 1.79% | |
| 22 | TSATTELESAT CORP | 409,753 | $10.5M | 1.77% | |
| 23 | PSLV/USPROTT ASSET MANAGEMENT LP | 665,000 | $10.4M | 1.76% | |
| 24 | PPL 2.875 03/15/28PPL CAP FDG INC | 9,000,000 | $10.3M | 1.74% | |
| 25 | WIWWESTERN AST INFL LKD OPP & I | 1,006,697 | $8.9M | 1.51% | |
| 26 | BURBURFORD CAP LTD | 744,713 | $8.9M | 1.50% | |
| 27 | TXNM 5.75 06/01/54TXNM ENERGY INC | 5,900,000 | $7.8M | 1.32% | |
| 28 | NIO 4.625 10/15/30NIO INC | 7,150,000 | $7.7M | 1.29% | |
| 29 | FETFORUM ENERGY TECHNOLOGIES IN | 260,079 | $6.9M | 1.17% | |
| 30 | NOG 3.625 04/15/29NORTHERN OIL & GAS INC | 5,000,000 | $5.1M | 0.86% | |
| 31 | ABNB 0 03/15/26AIRBNB INC | 5,000,000 | $4.9M | 0.83% | |
| 32 | EVH 4.5 08/15/31EVOLENT HEALTH INC | 4,000,000 | $4.0M | 0.68% | |
| 33 | ESPR 4 11/15/25ESPERION THERAPEUTICS INC NE | 3,000,000 | $3.0M | 0.51% | |
| 34 | EVH 3.5 12/01/29EVOLENT HEALTH INC | 3,000,000 | $2.5M | 0.41% | |
| 35 | DECKDECKERS OUTDOOR CORP | 24,136 | $2.4M | 0.41% | |
| 36 | EROERO COPPER CORP | 119,600 | $2.4M | 0.40% | |
| 37 | BNBROOKFIELD CORP | 30,740 | $2.1M | 0.36% | |
| 38 | IFFINTERNATIONAL FLAVORS&FRAGRA | 34,170 | $2.1M | 0.35% | |
| 39 | HXLHEXCEL CORP NEW | 31,723 | $2.0M | 0.34% | |
| 40 | AGROADECOAGRO S A | 250,000 | $2.0M | 0.33% | |
| 41 | MOHMOLINA HEALTHCARE INC | 10,183 | $1.9M | 0.33% | |
| 42 | STNESTONECO LTD | 100,000 | $1.9M | 0.32% | |
| 43 | KWKENNEDY-WILSON HOLDINGS INC | 179,400 | $1.5M | 0.25% | |
| 44 | NXENEXGEN ENERGY LTD | 159,300 | $1.4M | 0.24% | |
| 45 | KKRKKR & CO INC | 10,240 | $1.3M | 0.22% | |
| 46 | MRVIMARAVAI LIFESCIENCES HLDGS I | 419,857 | $1.2M | 0.20% | |
| 47 | EVREVERCORE INC | 3,000 | $1.0M | 0.17% | |
| 48 | MKLMARKEL GROUP INC | 515 | $984K | 0.17% | |
| 49 | DHRDANAHER CORPORATION | 4,700 | $931K | 0.16% | |
| 50 | MCHPMICROCHIP TECHNOLOGY INC. | 14,360 | $922K | 0.16% | |
| 51 | BEPBROOKFIELD RENEWABLE PARTNER | 30,000 | $773K | 0.13% | |
| 52 | SZ7AMERICAS GOLD AND SILVER COR | 206,800 | $771K | 0.13% | |
| 53 | LADLITHIA MTRS INC | 2,400 | $758K | 0.13% | |
| 54 | XWIAXWESTERN ASST INFLTN LKD INM | 89,100 | $749K | 0.13% | |
| 55 | DMIIDRUGS MADE IN AMER ACQ II CO | 68,500 | $681K | 0.11% | |
| 56 | LPAALAUNCH ONE ACQUISITION CORP | 60,000 | $631K | 0.11% | |
| 57 | WRNWESTERN COPPER & GOLD CORP | 318,500 | $631K | 0.11% | |
| 58 | ISOISOENERGY LTD | 60,600 | $610K | 0.10% | |
| 59 | EDDMORGAN STANLEY EMERGING MKTS | 105,700 | $566K | 0.10% | |
| 60 | AYS1SANDSTORM GOLD LTD | 42,500 | $532K | 0.09% | |
| 61 | WCNWASTE CONNECTIONS INC | 3,000 | $527K | 0.09% | |
| 62 | ATSATS CORPORATION | 20,000 | $523K | 0.09% | |
| 63 | CLVTCLARIVATE PLC | 132,200 | $506K | 0.09% | |
| 64 | BTOB2GOLD CORP | 100,000 | $494K | 0.08% | |
| 65 | AMCXAMC NETWORKS INC | 501,000 | $482K | 0.08% | |
| 66 | 07WAMR COOPER GROUP INC | 2,100 | $442K | 0.07% | |
| 67 | VRNAVERONA PHARMA PLC | 3,900 | $416K | 0.07% | |
| 68 | VMEO*VIMEO INC | 53,000 | $410K | 0.07% | |
| 69 | GTLSCHART INDS INC | 2,000 | $400K | 0.07% | |
| 70 | CYBRCYBERARK SOFTWARE LTD | 800 | $386K | 0.07% | |
| 71 | 75ZSOHO HOUSE & CO INC | 42,900 | $379K | 0.06% | |
| 72 | LVLNSPDR SERIES TRUST | 6,000 | $379K | 0.06% | |
| 73 | HBMHUDBAY MINERALS INC | 25,000 | $378K | 0.06% | |
| 74 | TACHTITAN ACQUISITION CORP | 36,600 | $376K | 0.06% | |
| 75 | VZLAVIZSLA SILVER CORP | 83,000 | $358K | 0.06% | |
| 76 | AGIALAMOS GOLD INC | 10,000 | $348K | 0.06% | |
| 77 | WBSWEBSTER FINL CORP | 5,838 | $347K | 0.06% | |
| 78 | BG3BIG 5 SPORTING GOODS CORP | 239,029 | $344K | 0.06% | |
| 79 | LNSRLENSAR INC | 27,000 | $333K | 0.06% | |
| 80 | —MAC COPPER LIMITED | 26,450 | $322K | 0.05% | |
| 81 | SOULSOULPOWER ACQUISITION CORP | 30,051 | $318K | 0.05% | |
| 82 | PFMTUSDPERFORMANT HEALTHCARE INC | 39,600 | $306K | 0.05% | |
| 83 | SOCASOLARIUS CAPITAL ACQU CORP | 29,100 | $306K | 0.05% | |
| 84 | BCARD. BORAL ARC ACQ I CORP. | 29,400 | $294K | 0.05% | |
| 85 | CIOCITY OFFICE REIT INC | 42,200 | $293K | 0.05% | |
| 86 | MAMASTERCARD INCORPORATED | 500 | $284K | 0.05% | |
| 87 | XENEXENON PHARMACEUTICALS INC | 6,850 | $275K | 0.05% | |
| 88 | VCICVINE HILL CAP INVT CORP. | 25,000 | $267K | 0.05% | |
| 89 | JBLJABIL INC | 1,217 | $264K | 0.04% | |
| 90 | SIMASIM ACQUISITION CORP. I | 25,000 | $262K | 0.04% | |
| 91 | ZIMVZIMVIE INC | 13,700 | $259K | 0.04% | |
| 92 | TVAITHAYER VENTURES ACQ CORP II | 25,000 | $255K | 0.04% | |
| 93 | AZNASTRAZENECA PLC | 3,330 | $255K | 0.04% | |
| 94 | —WNS HLDGS LTD | 3,300 | $251K | 0.04% | |
| 95 | SZZLSIZZLE ACQUISITION CORP. II | 24,448 | $250K | 0.04% | |
| 96 | —BLUE WTR ACQUISITION CORP. I | 24,700 | $249K | 0.04% | |
| 97 | TXNMTXNM ENERGY INC | 4,400 | $248K | 0.04% | |
| 98 | CGCTCARTESIAN GROWTH CORP III | 24,100 | $245K | 0.04% | |
| 99 | CPACOPA HOLDINGS SA | 2,048 | $243K | 0.04% | |
| 100 | 35YCORECARD CORPORATION | 8,600 | $231K | 0.04% |
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