Fund Holdings — PenderFund Capital Management Ltd.

Total Portfolio Value:
$592.75M
Total Bought:
$96.20M
Total Sold:
$39.34M
Net Transaction:
+$56.86M
Securities
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SharesValue
Q2 2025
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Q3 2025
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Change
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Q2 2025
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Q3 2025
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Weight (%)
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Change
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First Majestic Silver Corp.NOTE 0 375 1 1(AG)000$41.59M$47.64M8.04%+$6.04M
Abrdn Platinum Etf TrustPHYSCL PLATM SHS312,200302,000-10,200$38.36M$43.15M7.28%+$4.79M
Equinox Gold Corp.(EQX)03,846,154+3,846,154$0$43.09M7.27%+$43.09M
Duke Energy CorporationNOTE 4 125 4 1(DUK)000$23.50M$35.00M5.90%+$11.51M
Ssr Mining InNOTE 2 500 4 0000$22.71M$27.86M4.70%+$5.14M
Equinox Gold Corp.NOTE 4 750 10 1(EQX)000$14.67M$23.59M3.98%+$8.92M
The Southern CompanyNOTE 4 500 6 1(SO)000$11.07M$22.54M3.80%+$11.46M
PDD Holdings Inc.NOTE 12 0(PDD)000$18.04M$18.38M3.10%+$342.3K
Esperion Therapeutics Inc Ne6,676,5196,676,5190$6.57M$17.69M2.98%+$11.12M
Beyond Meat, Inc.NOTE 3 1(BYND)000$7.93M$16.88M2.85%+$8.96M
NIO Inc.NOTE 3 875 10 1(NIO)000$12.08M$16.58M2.80%+$4.50M
Wolfspeed, Inc.NOTE 1 750 5 0(WOLF)000$6.60M$15.05M2.54%+$8.46M
PAR Technology Corporation(PAR)188,909372,966+184,057$13.10M$14.76M2.49%+$1.66M
Cardlytics, Inc.NOTE 4 250 4 0(CDLX)000$14.31M$14.68M2.48%+$369.2K
Wolfspeed, Inc.NOTE 1 875 12 0(WOLF)000$3.24M$14.51M2.45%+$11.27M
7RCC Spot Bitcoin And Carbon Credit Futures ETFWHEAT FD(BTCK)03,480,000+3,480,000$0$14.30M2.41%+$14.30M
Sangoma Technologies Corporation(SANG)3,237,3332,821,433-415,900$20.06M$14.01M2.36%-$6.06M
Magnite, Inc.NOTE 0 250 3 1(MGNI)000$13.76M$13.90M2.35%+$143.1K
OPKO Health, Inc.NOTE 3 750 1 1(OPK)000$9.96M$11.13M1.88%+$1.17M
Wolfspeed, Inc.NOTE 0 250 2 1(WOLF)000$2.58M$10.60M1.79%+$8.02M
iShares Silver TrustISHARES(SLV)250,000250,0000$8.20M$10.59M1.79%+$2.39M
Telesat CorporationCL A(TSAT)100,600409,753+309,153$2.45M$10.51M1.77%+$8.06M
Sprott Physical Silver TrustPHYSICAL SILVER(PSLV)665,000665,0000$8.14M$10.44M1.76%+$2.30M
PPL CorporationNOTE 2 875 3 1(PPL)000$9.82M$10.30M1.74%+$477.1K
Western Asset Inflation-Linked Opportunities & Income Fund(WIW)995,7971,006,697+10,900$8.72M$8.95M1.51%+$226.4K
Burford Cap Ltd
ORD SHS
744,713744,7130$10.62M$8.91M1.50%-$1.71M
TXNM Energy, Inc.NOTE 5 750 6 0(TXNM)000$7.70M$7.83M1.32%+$128.0K
NIO Inc.NOTE 4 625 10 1(NIO)000$11.05M$7.67M1.29%-$3.38M
Forum Energy Technologies, Inc.(FET)377,679260,079-117,600$7.35M$6.95M1.17%-$406.7K
Northern Oil and Gas, Inc.NOTE 3 625 4 1(NOG)000$0$5.11M0.86%+$5.11M
Airbnb, Inc.NOTE 3 1(ABNB)000$4.83M$4.90M0.83%+$67.5K
Evolent Health, Inc.DEBT 4 500 8 1(EVH)000$0$4.04M0.68%+$4.04M
Esperion Therapeutics Inc NeNOTE 4 000 11 1000$2.96M$3.04M0.51%+$82.1K
Evolent Health, Inc.NOTE 3 500 12 0(EVH)000$0$2.45M0.41%+$2.45M
Deckers Outdoor Corporation(DECK)24824,136+23,888$25.6K$2.45M0.41%+$2.42M
Ero Copper Corp.(ERO)124,450119,600-4,850$2.05M$2.36M0.40%+$309.6K
Brookfield CorporationCL A(BN)23,74030,740+7,000$1.47M$2.11M0.36%+$639.9K
International Flavors & Fragrances Inc.(IFF)034,170+34,170$0$2.10M0.35%+$2.10M
Hexcel Corporation(HXL)31,72331,7230$1.79M$1.99M0.34%+$197.0K
Adecoagro S A
COM
0250,000+250,000$0$1.96M0.33%+$1.96M
Molina Healthcare, Inc.(MOH)10,11510,183+68$3.01M$1.95M0.33%-$1.06M
StoneCo Ltd.CL A(STNE)141,000100,000-41,000$2.26M$1.89M0.32%-$370.6K
Kennedy-Wilson Holdings Inc264,660179,400-85,260$1.80M$1.49M0.25%-$307.1K
NexGen Energy Ltd.(NXE)11,600159,300+147,700$80.6K$1.43M0.24%+$1.35M
KKR & Co. Inc.(KKR)14,72010,240-4,480$1.96M$1.33M0.22%-$627.5K
Maravai LifeSciences Holdings, Inc.CL A(MRVI)870,200419,857-450,343$2.10M$1.20M0.20%-$892.2K
Evercore Inc.CL A(EVR)03,000+3,000$0$1.01M0.17%+$1.01M
Markel Group Inc.(MKL)5155150$1.03M$984.4K0.17%-$44.3K
Danaher Corporation(DHR)4,7004,7000$928.4K$931.8K0.16%+$3.4K
Microchip Technology Incorporated(MCHP)14,36014,3600$1.01M$922.2K0.16%-$88.3K
Brookfield Renewable PartnerPARTNERSHIP UNIT
PARTNERSHIP UNIT
030,000+30,000$0$773.2K0.13%+$773.2K
Americas Gold and Silver Corporation(USAS)0206,800+206,800$0$771.2K0.13%+$771.2K
Lithia Motors, Inc.(LAD)2,4002,4000$810.8K$758.4K0.13%-$52.4K
Western Asst Infltn Lkd InmCOM SH BEN INT
COM SH BEN INT
75,93289,100+13,168$637.8K$749.3K0.13%+$111.5K
Drugs Made In Amer Acq Ii CoUNIT 09 16 2030
UNIT 09/16/2030
068,500+68,500$0$681.2K0.11%+$681.2K
Western Copper and Gold Corporation(WRN)0318,500+318,500$0$631.6K0.11%+$631.6K
Launch One Acquisition Corp.CL A(LPAA)60,00060,0000$624.9K$631.2K0.11%+$6.3K
IsoEnergy Ltd.(ISOU)13,10060,600+47,500$93.3K$610.5K0.10%+$517.2K
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.(EDD)120,332105,700-14,632$616.1K$566.6K0.10%-$49.5K
Sandstorm Gold Ltd042,500+42,500$0$532.1K0.09%+$532.1K
Waste Connections, Inc.(WCN)03,000+3,000$0$527.4K0.09%+$527.4K
ATS Corporation(ATS)020,000+20,000$0$523.2K0.09%+$523.2K
Clarivate Plc(CLVT)531,100132,200-398,900$2.28M$506.3K0.09%-$1.78M
B2Gold Corp.(BTG)0100,000+100,000$0$494.4K0.08%+$494.4K
AMC Global Media Inc.NOTE 4 250 2 1(AMCX)000$431.4K$482.4K0.08%+$51.0K
Mr Cooper Group Inc02,100+2,100$0$442.7K0.07%+$442.7K
Verona Pharma PlcADS03,900+3,900$0$416.2K0.07%+$416.2K
Vimeo Inc053,000+53,000$0$410.8K0.07%+$410.8K
Chart Inds Inc02,000+2,000$0$400.3K0.07%+$400.3K
Cyberark Software LtdSHS0800+800$0$386.5K0.07%+$386.5K
Spdr Series TrustS P REGL BKG
ST STR SP REGBNK
06,000+6,000$0$379.8K0.06%+$379.8K
Soho House & Co IncCL A042,900+42,900$0$379.7K0.06%+$379.7K
Hudbay Minerals Inc.(HBM)025,000+25,000$0$378.7K0.06%+$378.7K
Titan Acquisition CorpUNIT 04 09 2030(TACH)36,60036,6000$382.5K$377.0K0.06%-$5.5K
Vizsla Silver Corp.(VZLA)083,000+83,000$0$358.6K0.06%+$358.6K
Alamos Gold IncCL A010,000+10,000$0$348.6K0.06%+$348.6K
Webster Finl Corp5,8385,8380$318.8K$347.0K0.06%+$28.3K
Big 5 Sporting Goods Corp0239,029+239,029$0$344.2K0.06%+$344.2K
LENSAR, Inc.(LNSR)30,10027,000-3,100$396.4K$333.4K0.06%-$63.0K
Mac Copper Limited15,00026,450+11,450$181.3K$323.0K0.05%+$141.6K
Soulpower Acquisition CorporationUNIT 99 99 9999(SOUL)30,05130,0510$320.6K$318.5K0.05%-$2.1K
Solarius Capital Acqu CorpUNIT 07 10 2030
UNIT 07/10/2030
029,100+29,100$0$306.7K0.05%+$306.7K
Performant Healthcare Inc039,600+39,600$0$306.1K0.05%+$306.1K
D. Boral Arc Acq I Corp.UNIT 07 23 2030
UNIT 07/23/2030
029,400+29,400$0$294.0K0.05%+$294.0K
City Office Reit Inc042,200+42,200$0$293.7K0.05%+$293.7K
Mastercard IncorporatedCL A(MA)0500+500$0$284.4K0.05%+$284.4K
Xenon Pharmaceuticals Inc.(XENE)06,850+6,850$0$275.0K0.05%+$275.0K
Vine Hill Cap Invt Corp.CL A
ORD SHS CL A
25,00025,0000$260.3K$267.8K0.05%+$7.5K
Jabil Inc.(JBL)1,7981,217-581$392.1K$264.3K0.04%-$127.8K
SIM Acquisition Corp. ICL A(SIMA)25,00025,0000$260.6K$262.5K0.04%+$1.9K
Zimvie Inc013,700+13,700$0$259.5K0.04%+$259.5K
AstraZeneca PLCADR(AZN)03,330+3,330$0$255.5K0.04%+$255.5K
Thayer Ventures Acq Corp IiUNIT 05 15 2030
UNIT 05/15/2030
25,00025,0000$254.3K$255.0K0.04%+$750
Wns Hldgs Ltd03,300+3,300$0$251.7K0.04%+$251.7K
Sizzle Acquisition Corp. IIUNIT 99 99 9999(SZZL)24,44824,4480$248.9K$250.8K0.04%+$2.0K
Blue Water Acquisition Corp. IIIUNIT 05 23 2030(BLUW)24,70024,7000$247.1K$249.2K0.04%+$2.1K
TXNM Energy, Inc.(TXNM)4,4004,4000$247.8K$248.8K0.04%+$1.0K
Cartesian Growth Corp IiiUNIT 02 28 2032
UNIT 02/28/2032
24,10024,1000$244.1K$245.1K0.04%+$964
Copa Holdings, S.A.CL A(CPA)2,0482,0480$225.2K$243.3K0.04%+$18.1K
Corecard Corporation08,600+8,600$0$231.5K0.04%+$231.5K
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