13F HOLDINGS REPORT
PenderFund Capital Management Ltd.
Quarter ended Q3 2025 · Filed November 14, 2025 · Accession 0001706164-25-000010
Total Value
$592.7M
Positions
207
Other Managers
0
Confidential Omitted
No
Holdings (207)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | FIRST MAJESTIC SILVER CORP | AG | 44,040,000 | $47.6M | 8.04% |
| 2 | ABRDN PLATINUM ETF TRUST | PPLT | 302,000 | $43.1M | 7.28% |
| 3 | EQUINOX GOLD CORP | EQX | 3,846,154 | $43.1M | 7.27% |
| 4 | DUKE ENERGY CORP NEW | DUKB | 32,000,000 | $35.0M | 5.90% |
| 5 | SSR MINING IN | SSRGF | 19,737,000 | $27.9M | 4.70% |
| 6 | EQUINOX GOLD CORP | EQX | 12,077,000 | $23.6M | 3.98% |
| 7 | SOUTHERN CO | SOMN | 20,000,000 | $22.5M | 3.80% |
| 8 | PDD HOLDINGS INC | PDD | 18,500,000 | $18.4M | 3.10% |
| 9 | ESPERION THERAPEUTICS INC NE | ESPR | 6,676,519 | $17.7M | 2.98% |
| 10 | BEYOND MEAT INC | BYND | 93,792,000 | $16.9M | 2.85% |
| 11 | NIO INC | NIOIF | 15,270,000 | $16.6M | 2.80% |
| 12 | WOLFSPEED INC | WOLF | 25,329,000 | $15.1M | 2.54% |
| 13 | PAR TECHNOLOGY CORP | PAR | 372,966 | $14.8M | 2.49% |
| 14 | CARDLYTICS INC | CDLX | 27,610,000 | $14.7M | 2.48% |
| 15 | WOLFSPEED INC | WOLF | 24,451,000 | $14.5M | 2.45% |
| 16 | TEUCRIUM COMMODITY TR | WEAT | 3,480,000 | $14.3M | 2.41% |
| 17 | SANGOMA TECHNOLOGIES CORP | SANG | 2,821,433 | $14.0M | 2.36% |
| 18 | MAGNITE INC | MGNI | 14,225,000 | $13.9M | 2.35% |
| 19 | OPKO HEALTH INC | OPK | 7,311,000 | $11.1M | 1.88% |
| 20 | WOLFSPEED INC | WOLF | 18,049,000 | $10.6M | 1.79% |
| 21 | ISHARES SILVER TR | SLV | 250,000 | $10.6M | 1.79% |
| 22 | TELESAT CORP | TSAT | 409,753 | $10.5M | 1.77% |
| 23 | SPROTT ASSET MANAGEMENT LP | SII | 665,000 | $10.4M | 1.76% |
| 24 | PPL CAP FDG INC | PPLC | 9,000,000 | $10.3M | 1.74% |
| 25 | WESTERN AST INFL LKD OPP & I | 95766R104 | 1,006,697 | $8.9M | 1.51% |
| 26 | BURFORD CAP LTD | BUR | 744,713 | $8.9M | 1.50% |
| 27 | TXNM ENERGY INC | TXNM | 5,900,000 | $7.8M | 1.32% |
| 28 | NIO INC | NIOIF | 7,150,000 | $7.7M | 1.29% |
| 29 | FORUM ENERGY TECHNOLOGIES IN | FET | 260,079 | $6.9M | 1.17% |
| 30 | NORTHERN OIL & GAS INC | NOG | 5,000,000 | $5.1M | 0.86% |
| 31 | AIRBNB INC | ABNB | 5,000,000 | $4.9M | 0.83% |
| 32 | EVOLENT HEALTH INC | EVH | 4,000,000 | $4.0M | 0.68% |
| 33 | ESPERION THERAPEUTICS INC NE | ESPR | 3,000,000 | $3.0M | 0.51% |
| 34 | EVOLENT HEALTH INC | EVH | 3,000,000 | $2.5M | 0.41% |
| 35 | DECKERS OUTDOOR CORP | DECK | 24,136 | $2.4M | 0.41% |
| 36 | ERO COPPER CORP | ERO | 119,600 | $2.4M | 0.40% |
| 37 | BROOKFIELD CORP | 11271J107 | 30,740 | $2.1M | 0.36% |
| 38 | INTERNATIONAL FLAVORS&FRAGRA | 459506101 | 34,170 | $2.1M | 0.35% |
| 39 | HEXCEL CORP NEW | 428291108 | 31,723 | $2.0M | 0.34% |
| 40 | ADECOAGRO S A | AGRO | 250,000 | $2.0M | 0.33% |
| 41 | MOLINA HEALTHCARE INC | MOH | 10,183 | $1.9M | 0.33% |
| 42 | STONECO LTD | STNE | 100,000 | $1.9M | 0.32% |
| 43 | KENNEDY-WILSON HOLDINGS INC | KW | 179,400 | $1.5M | 0.25% |
| 44 | NEXGEN ENERGY LTD | NXE | 159,300 | $1.4M | 0.24% |
| 45 | KKR & CO INC | KKRT | 10,240 | $1.3M | 0.22% |
| 46 | MARAVAI LIFESCIENCES HLDGS I | MARA | 419,857 | $1.2M | 0.20% |
| 47 | EVERCORE INC | EVR | 3,000 | $1.0M | 0.17% |
| 48 | MARKEL GROUP INC | MKL | 515 | $984,350 | 0.17% |
| 49 | DANAHER CORPORATION | 235851102 | 4,700 | $931,822 | 0.16% |
| 50 | MICROCHIP TECHNOLOGY INC. | MCHPP | 14,360 | $922,199 | 0.16% |
| 51 | BROOKFIELD RENEWABLE PARTNER | G16258108 | 30,000 | $773,227 | 0.13% |
| 52 | AMERICAS GOLD AND SILVER COR | 03062D803 | 206,800 | $771,209 | 0.13% |
| 53 | LITHIA MTRS INC | 536797103 | 2,400 | $758,400 | 0.13% |
| 54 | WESTERN ASST INFLTN LKD INM | 95766Q106 | 89,100 | $749,331 | 0.13% |
| 55 | DRUGS MADE IN AMER ACQ II CO | G2851K120 | 68,500 | $681,232 | 0.11% |
| 56 | WESTERN COPPER & GOLD CORP | WRN | 318,500 | $631,645 | 0.11% |
| 57 | LAUNCH ONE ACQUISITION CORP | LPAAW | 60,000 | $631,200 | 0.11% |
| 58 | ISOENERGY LTD | ISOU | 60,600 | $610,485 | 0.10% |
| 59 | MORGAN STANLEY EMERGING MKTS | MS-PQ | 105,700 | $566,552 | 0.10% |
| 60 | SANDSTORM GOLD LTD | 80013R206 | 42,500 | $532,100 | 0.09% |
| 61 | WASTE CONNECTIONS INC | WCN | 3,000 | $527,398 | 0.09% |
| 62 | ATS CORPORATION | ATS | 20,000 | $523,245 | 0.09% |
| 63 | CLARIVATE PLC | CLVT | 132,200 | $506,326 | 0.09% |
| 64 | B2GOLD CORP | BTG | 100,000 | $494,359 | 0.08% |
| 65 | AMC NETWORKS INC | 00164VAJ2 | 501,000 | $482,428 | 0.08% |
| 66 | MR COOPER GROUP INC | 62482R107 | 2,100 | $442,659 | 0.07% |
| 67 | VERONA PHARMA PLC | 925050106 | 3,900 | $416,169 | 0.07% |
| 68 | VIMEO INC | 92719V100 | 53,000 | $410,750 | 0.07% |
| 69 | CHART INDS INC | 16115Q308 | 2,000 | $400,300 | 0.07% |
| 70 | CYBERARK SOFTWARE LTD | M2682V108 | 800 | $386,520 | 0.07% |
| 71 | SPDR SERIES TRUST | 78464A698 | 6,000 | $379,800 | 0.06% |
| 72 | SOHO HOUSE & CO INC | 586001109 | 42,900 | $379,665 | 0.06% |
| 73 | HUDBAY MINERALS INC | HBM | 25,000 | $378,674 | 0.06% |
| 74 | TITAN ACQUISITION CORP | TACHW | 36,600 | $376,980 | 0.06% |
| 75 | VIZSLA SILVER CORP | VZLA | 83,000 | $358,560 | 0.06% |
| 76 | ALAMOS GOLD INC | AGI | 10,000 | $348,566 | 0.06% |
| 77 | WEBSTER FINL CORP | 947890109 | 5,838 | $347,011 | 0.06% |
| 78 | BIG 5 SPORTING GOODS CORP | 08915P101 | 239,029 | $344,202 | 0.06% |
| 79 | LENSAR INC | LNSR | 27,000 | $333,450 | 0.06% |
| 80 | MAC COPPER LIMITED | G60409110 | 26,450 | $322,954 | 0.05% |
| 81 | SOULPOWER ACQUISITION CORP | SOUL-UN | 30,051 | $318,541 | 0.05% |
| 82 | SOLARIUS CAPITAL ACQU CORP | SOCAW | 29,100 | $306,714 | 0.05% |
| 83 | PERFORMANT HEALTHCARE INC | 71377E105 | 39,600 | $306,108 | 0.05% |
| 84 | D. BORAL ARC ACQ I CORP. | G2616F127 | 29,400 | $294,000 | 0.05% |
| 85 | CITY OFFICE REIT INC | CHCO | 42,200 | $293,712 | 0.05% |
| 86 | MASTERCARD INCORPORATED | MA | 500 | $284,405 | 0.05% |
| 87 | XENON PHARMACEUTICALS INC | XENE | 6,850 | $275,028 | 0.05% |
| 88 | VINE HILL CAP INVT CORP. | G93Y09107 | 25,000 | $267,750 | 0.05% |
| 89 | JABIL INC | JBL | 1,217 | $264,296 | 0.04% |
| 90 | SIM ACQUISITION CORP. I | SIMAW | 25,000 | $262,500 | 0.04% |
| 91 | ZIMVIE INC | 98888T107 | 13,700 | $259,478 | 0.04% |
| 92 | ASTRAZENECA PLC | AZN | 3,330 | $255,478 | 0.04% |
| 93 | THAYER VENTURES ACQ CORP II | G87890128 | 25,000 | $255,000 | 0.04% |
| 94 | WNS HLDGS LTD | G98196101 | 3,300 | $251,691 | 0.04% |
| 95 | SIZZLE ACQUISITION CORP. II | SZZLU | 24,448 | $250,836 | 0.04% |
| 96 | BLUE WTR ACQUISITION CORP. I | G1368E122 | 24,700 | $249,223 | 0.04% |
| 97 | TXNM ENERGY INC | TXNM | 4,400 | $248,820 | 0.04% |
| 98 | CARTESIAN GROWTH CORP III | CGCTW | 24,100 | $245,097 | 0.04% |
| 99 | COPA HOLDINGS SA | CPA | 2,048 | $243,343 | 0.04% |
| 100 | CORECARD CORPORATION | 45816D100 | 8,600 | $231,512 | 0.04% |
| 101 | IB ACQUISITION CORP | IBACR | 21,900 | $230,388 | 0.04% |
| 102 | AVIDXCHANGE HOLDINGS INC | 05368X102 | 23,100 | $229,845 | 0.04% |
| 103 | LSI INDS INC OHIO | 50216C108 | 9,730 | $229,725 | 0.04% |
| 104 | PROVIDENT BANCORP INC | 74383L105 | 18,300 | $229,299 | 0.04% |
| 105 | VITAL ENERGY INC | 516806205 | 13,400 | $226,326 | 0.04% |
| 106 | INFORMATICA INC | 45674M101 | 9,100 | $226,044 | 0.04% |
| 107 | EMEREN GROUP LTD | 75971T301 | 114,233 | $215,900 | 0.04% |
| 108 | EQV VENTURES AC CORP. II | G3106Q110 | 20,000 | $200,200 | 0.03% |
| 109 | BEST SPAC I ACQUISITION CORP | BSAAU | 18,500 | $187,960 | 0.03% |
| 110 | POTBELLY CORP | 73754Y100 | 10,900 | $185,736 | 0.03% |
| 111 | ALLETE INC | 018522300 | 2,780 | $184,592 | 0.03% |
| 112 | HIGHVIEW MERGER CORP | HVMCW | 18,000 | $182,160 | 0.03% |
| 113 | PROASSURANCE CORP | PRA | 7,500 | $179,925 | 0.03% |
| 114 | MCKINLEY ACQUISITION CORP | MKLYU | 18,000 | $179,820 | 0.03% |
| 115 | PIONEER ACQUISITION I CORP | PACHW | 17,400 | $174,870 | 0.03% |
| 116 | PREMIER INC | PREM | 6,200 | $172,360 | 0.03% |
| 117 | MURAL ONCOLOGY PUB LTD | G63365103 | 82,800 | $171,396 | 0.03% |
| 118 | CANTALOUPE INC | CTLPP | 16,200 | $171,234 | 0.03% |
| 119 | CENOVUS ENERGY INC | CVE | 10,000 | $169,792 | 0.03% |
| 120 | MERUS N V | N5749R100 | 1,800 | $169,470 | 0.03% |
| 121 | CRANE HBR ACQUISITION CORP | CR | 14,700 | $167,139 | 0.03% |
| 122 | FIDELITY NATIONAL FINANCIAL | FNF | 2,694 | $162,960 | 0.03% |
| 123 | HARBORONE BANCORP INC NEW | 41165Y100 | 11,682 | $158,875 | 0.03% |
| 124 | TASKUS INC | TASK | 8,800 | $157,080 | 0.03% |
| 125 | CROSS CTRY HEALTHCARE INC | 227483104 | 10,700 | $151,940 | 0.03% |
| 126 | NEW PROVIDENCE ACQUISITION C | G6476A128 | 14,700 | $151,116 | 0.03% |
| 127 | TOURMALINE BIO INC | 89157D105 | 3,000 | $143,490 | 0.02% |
| 128 | 89BIO INC | 282559103 | 9,400 | $138,180 | 0.02% |
| 129 | INTERNATIONAL MNY EXPRESS IN | INTR | 9,500 | $132,715 | 0.02% |
| 130 | HANESBRANDS INC | 410345102 | 18,900 | $124,551 | 0.02% |
| 131 | GUILD HLDGS CO | 40172N107 | 6,200 | $123,628 | 0.02% |
| 132 | AMERICAN WOODMARK CORPORATIO | AMWD | 1,800 | $120,168 | 0.02% |
| 133 | PROS HOLDINGS INC | 74346Y103 | 5,100 | $116,841 | 0.02% |
| 134 | MRC GLOBAL INC | 55345K103 | 8,000 | $115,360 | 0.02% |
| 135 | GRAF GLOBAL CORP | GRAF-WT | 10,000 | $105,400 | 0.02% |
| 136 | FIFTH ERA ACQUISITION CORP I | FERAU | 10,100 | $105,343 | 0.02% |
| 137 | M3-BRIGADE ACQUISITION VI CO | MBVIW | 10,387 | $105,116 | 0.02% |
| 138 | PERIMETER ACQUISITION CORP I | PMTRW | 10,000 | $105,000 | 0.02% |
| 139 | WEN ACQUISITION CORP | WENNW | 10,000 | $104,300 | 0.02% |
| 140 | TRAILBLAZER ACQUISITION CORP | BLZRW | 10,000 | $102,500 | 0.02% |
| 141 | CANTOR EQUITY PARTNERS IV IN | G1828E100 | 10,000 | $101,900 | 0.02% |
| 142 | STEELCASE INC | 858155203 | 5,900 | $101,480 | 0.02% |
| 143 | LIGHTWAVE ACQUISITION CORP | LWACW | 10,000 | $100,400 | 0.02% |
| 144 | ORION PROPERTIES INC | ONL | 37,000 | $99,900 | 0.02% |
| 145 | CHENGHE ACQUISITION III CO | CHECW | 10,000 | $99,800 | 0.02% |
| 146 | GALATA ACQUISITION CORP II | LATAW | 10,000 | $99,800 | 0.02% |
| 147 | SMART SH GLOBAL LTD | 83193E102 | 73,000 | $98,550 | 0.02% |
| 148 | WIDEOPENWEST INC | 96758W101 | 19,000 | $98,040 | 0.02% |
| 149 | DAYFORCE INC | 15677J108 | 1,400 | $96,446 | 0.02% |
| 150 | GITLAB INC | GTLB | 2,100 | $94,668 | 0.02% |
| 151 | VERINT SYS INC | 92343X100 | 4,600 | $93,150 | 0.02% |
| 152 | INTEGRAL AD SCIENCE HLDNG CO | 45828L108 | 9,100 | $92,547 | 0.02% |
| 153 | TELUS INTL CDA INC | TU | 16,700 | $74,816 | 0.01% |
| 154 | JFROG LTD | FROG | 1,500 | $70,995 | 0.01% |
| 155 | ASPEN INSURANCE HOLDINGS LTD | AHL-PF | 1,900 | $69,749 | 0.01% |
| 156 | ADVISORSHARES TR | 00768Y453 | 13,500 | $64,665 | 0.01% |
| 157 | TEGNA INC | 87901J105 | 2,900 | $58,957 | 0.01% |
| 158 | AIR LEASE CORP | AIIR | 926 | $58,940 | 0.01% |
| 159 | ANYWHERE REAL ESTATE INC | 75605Y106 | 5,500 | $58,245 | 0.01% |
| 160 | FUTURECREST ACQUISITION CORP | FCRS-WT | 5,000 | $53,000 | 0.01% |
| 161 | INFLECTION PT ACQUISITION CO | G47875128 | 5,000 | $52,500 | 0.01% |
| 162 | VOYAGER ACQUISITION CORP | G93A7H104 | 5,000 | $52,477 | 0.01% |
| 163 | 1RT ACQUISITION CORP. | ONCHW | 5,000 | $52,450 | 0.01% |
| 164 | REPUBLIC DIGITAL ACQUISITION | RDAGW | 5,000 | $52,400 | 0.01% |
| 165 | FIGX CAP ACQUISITION CORP. | G3473K126 | 5,000 | $50,350 | 0.01% |
| 166 | OXLEY BRIDGE ACQ LTD | OBAWW | 5,000 | $50,250 | 0.01% |
| 167 | HOLOGIC INC | HOLX | 700 | $47,243 | 0.01% |
| 168 | PROFOUND MED CORP | PROF | 9,400 | $45,929 | 0.01% |
| 169 | CANADA GOOSE HLDGS INC | GOOS | 3,300 | $45,432 | 0.01% |
| 170 | CANTOR EQUITY PARTNERS III I | G1828A108 | 4,000 | $41,280 | 0.01% |
| 171 | BROOKFIELD BUSINESS PARTNERS | BBUC | 1,232 | $40,420 | 0.01% |
| 172 | MERCURY GENL CORP NEW | 589400100 | 440 | $37,303 | 0.01% |
| 173 | NORTHWESTERN ENERGY GROUP IN | NWE | 631 | $36,983 | 0.01% |
| 174 | DIGITALBRIDGE GROUP INC | DBRG-PJ | 2,930 | $34,281 | 0.01% |
| 175 | VERISIGN INC | VRSN | 122 | $34,108 | 0.01% |
| 176 | ADDUS HOMECARE CORP | ADUS | 288 | $33,981 | 0.01% |
| 177 | GENPACT LIMITED | G | 811 | $33,973 | 0.01% |
| 178 | ITRON INC | ITRI | 265 | $33,008 | 0.01% |
| 179 | PARAMOUNT GROUP INC | 69924R108 | 5,000 | $32,700 | 0.01% |
| 180 | RAMBUS INC DEL | RMBS | 305 | $31,781 | 0.01% |
| 181 | LAUDER ESTEE COS INC | 518439104 | 355 | $31,283 | 0.01% |
| 182 | FLUOR CORP NEW | FLR | 740 | $31,132 | 0.01% |
| 183 | EURONET WORLDWIDE INC | EEFT | 346 | $30,382 | 0.01% |
| 184 | DOLLAR TREE INC | DLTR | 310 | $29,255 | 0.00% |
| 185 | MONOLITHIC PWR SYS INC | 609839105 | 31 | $28,540 | 0.00% |
| 186 | MODINE MFG CO | 607828100 | 200 | $28,432 | 0.00% |
| 187 | ANTERO RESOURCES CORP | AR | 800 | $26,848 | 0.00% |
| 188 | OTG ACQUISITION CORP. I | OTGAW | 2,500 | $25,175 | 0.00% |
| 189 | COOPER COS INC | 216648501 | 300 | $20,568 | 0.00% |
| 190 | VINE HILL CAP INVT CORP. | G93Y09115 | 12,500 | $20,000 | 0.00% |
| 191 | BAYVIEW ACQUISITION CORP | BAYAU | 1,678 | $19,263 | 0.00% |
| 192 | BLACK HAWK ACQUISITION CORP | BKHAU | 967 | $10,821 | 0.00% |
| 193 | HCM III ACQUISITION CORP | HCMAW | 1,000 | $10,310 | 0.00% |
| 194 | BCE INC | BCPPF | 352 | $8,225 | 0.00% |
| 195 | LAUNCH ONE ACQUISITION CORP | LPAAW | 30,000 | $7,201 | 0.00% |
| 196 | SIM ACQUISITION CORP. I | SIMAW | 12,500 | $4,750 | 0.00% |
| 197 | HORIZON SPACE ACQUSTN I CORP | G4619M109 | 269 | $3,314 | 0.00% |
| 198 | INTERCURE LTD | INCR | 1,977 | $3,242 | 0.00% |
| 199 | BEACON FINANCIAL CORP. | BBT | 116 | $2,750 | 0.00% |
| 200 | ALPHATIME ACQUISITION CORP | G0223V105 | 181 | $2,174 | 0.00% |
| 201 | TEXAS VENTURES ACQUISITION I | G8772L121 | 191 | $2,112 | 0.00% |
| 202 | GRAF GLOBAL CORP | GRAF-WT | 5,000 | $1,650 | 0.00% |
| 203 | BROOKFIELD ASSET MANAGMT LTD | 113004105 | 17 | $967 | 0.00% |
| 204 | APOLLO GLOBAL MGMT INC | 03769M106 | 5 | $666 | 0.00% |
| 205 | VOYAGER ACQUISITION CORP | G93A7H112 | 2,500 | $425 | 0.00% |
| 206 | COLUMBIA BKG SYS INC | 197236102 | 2 | $51 | 0.00% |
| 207 | LANVIN GROUP HOLDINGS LIMITE | LANV-WT | 2,500 | $47 | 0.00% |