13F HOLDINGS REPORT
PenderFund Capital Management Ltd.
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001706164-26-000001
Total Value
$634.7M
Positions
219
Other Managers
0
Confidential Omitted
No
Holdings (219)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | FIRST MAJESTIC SILVER CORP | AG | 44,040,000 | $54.6M | 8.60% |
| 2 | ABRDN PLATINUM ETF TRUST | PPLT | 242,000 | $45.1M | 7.11% |
| 3 | EQUINOX GOLD CORP | EQX | 2,596,154 | $36.5M | 5.75% |
| 4 | FLUENCE ENERGY INC | FLNC | 28,000,000 | $34.0M | 5.36% |
| 5 | DUKE ENERGY CORP NEW | DUKB | 32,000,000 | $33.3M | 5.24% |
| 6 | SOUTHERN CO | SOMN | 30,000,000 | $32.1M | 5.07% |
| 7 | EQUINOX GOLD CORP | EQX | 12,077,000 | $28.5M | 4.50% |
| 8 | SSR MINING IN | SSRGF | 19,737,000 | $25.9M | 4.08% |
| 9 | NIO INC | NIOIF | 25,270,000 | $24.1M | 3.79% |
| 10 | PPL CAP FDG INC | PPLC | 19,000,000 | $21.0M | 3.31% |
| 11 | NIO INC | NIOIF | 22,150,000 | $19.8M | 3.12% |
| 12 | NORTHERN OIL & GAS INC | NOG | 20,000,000 | $19.5M | 3.07% |
| 13 | CARDLYTICS INC | CDLX | 47,710,000 | $19.4M | 3.05% |
| 14 | ESPERION THERAPEUTICS INC NE | ESPR | 4,391,926 | $16.3M | 2.56% |
| 15 | ISHARES SILVER TR | SLV | 247,500 | $15.9M | 2.51% |
| 16 | TELESAT CORP | TSAT | 409,753 | $15.9M | 2.51% |
| 17 | PAR TECHNOLOGY CORP | PAR | 417,666 | $15.2M | 2.39% |
| 18 | SANGOMA TECHNOLOGIES CORP | SANG | 2,821,433 | $14.2M | 2.23% |
| 19 | MAGNITE INC | MGNI | 14,225,000 | $14.1M | 2.22% |
| 20 | SPROTT ASSET MANAGEMENT LP | SII | 565,000 | $13.4M | 2.11% |
| 21 | WOLFSPEED INC | WOLF | 8,125,060 | $12.1M | 1.90% |
| 22 | OPKO HEALTH INC | OPK | 7,311,000 | $9.6M | 1.51% |
| 23 | WESTERN AST INFL LKD OPP & I | 95766R104 | 1,015,397 | $8.7M | 1.37% |
| 24 | TXNM ENERGY INC | TXNM | 5,900,000 | $8.0M | 1.25% |
| 25 | EVOLENT HEALTH INC | EVH | 8,769,000 | $5.9M | 0.94% |
| 26 | AIRBNB INC | ABNB | 5,000,000 | $5.0M | 0.78% |
| 27 | PAR TECHNOLOGY CORP | PAR | 5,000,000 | $4.9M | 0.77% |
| 28 | BURFORD CAP LTD | BUR | 497,990 | $4.4M | 0.70% |
| 29 | EVOLENT HEALTH INC | EVH | 4,000,000 | $2.9M | 0.46% |
| 30 | ERO COPPER CORP | ERO | 102,590 | $2.8M | 0.45% |
| 31 | KKR & CO INC | KKRT | 19,740 | $2.5M | 0.40% |
| 32 | WEBSTER FINL CORP | 947890109 | 37,838 | $2.4M | 0.38% |
| 33 | NEXGEN ENERGY LTD | NXE | 256,800 | $2.4M | 0.37% |
| 34 | HEXCEL CORP NEW | 428291108 | 31,723 | $2.3M | 0.37% |
| 35 | STANDARDAERO INC | SARO | 80,700 | $2.3M | 0.36% |
| 36 | INTERNATIONAL FLAVORS&FRAGRA | 459506101 | 34,212 | $2.3M | 0.36% |
| 37 | DOLLAR TREE INC | DLTR | 18,530 | $2.3M | 0.36% |
| 38 | BROOKFIELD CORP | 11271J107 | 46,110 | $2.1M | 0.33% |
| 39 | BOYD GROUP SERVICES INC | BGSI | 12,500 | $2.0M | 0.31% |
| 40 | ADECOAGRO S A | AGRO | 250,000 | $2.0M | 0.31% |
| 41 | ADDUS HOMECARE CORP | ADUS | 18,400 | $2.0M | 0.31% |
| 42 | FLUOR CORP NEW | FLR | 45,140 | $1.8M | 0.28% |
| 43 | CLARIVATE PLC | CLVT | 521,000 | $1.7M | 0.27% |
| 44 | STONECO LTD | STNE | 100,000 | $1.5M | 0.23% |
| 45 | MARKEL GROUP INC | MKL | 517 | $1.1M | 0.18% |
| 46 | DANAHER CORPORATION | 235851102 | 4,700 | $1.1M | 0.17% |
| 47 | EVERCORE INC | EVR | 3,060 | $1.0M | 0.16% |
| 48 | ISOENERGY LTD | ISOU | 111,600 | $1.0M | 0.16% |
| 49 | BAIDU INC | BAIDF | 7,600 | $993,016 | 0.16% |
| 50 | MICROCHIP TECHNOLOGY INC. | MCHPP | 14,835 | $945,286 | 0.15% |
| 51 | SOHO HOUSE & CO INC | 586001109 | 98,995 | $886,995 | 0.14% |
| 52 | BROOKFIELD RENEWABLE PARTNER | G16258108 | 30,000 | $810,681 | 0.13% |
| 53 | LITHIA MTRS INC | 536797103 | 2,400 | $797,592 | 0.13% |
| 54 | WESTERN ASST INFLTN LKD INM | 95766Q106 | 96,300 | $793,512 | 0.13% |
| 55 | MARAVAI LIFESCIENCES HLDGS I | MARA | 220,500 | $716,625 | 0.11% |
| 56 | CENOVUS ENERGY INC | CVE | 40,000 | $676,697 | 0.11% |
| 57 | CAMECO CORP | CCJ | 7,300 | $668,438 | 0.11% |
| 58 | NVIDIA CORPORATION | NVDA | 3,500 | $652,750 | 0.10% |
| 59 | ALLIED GOLD CORP | AAUC | 27,000 | $618,666 | 0.10% |
| 60 | DAYFORCE INC | 15677J108 | 8,300 | $574,028 | 0.09% |
| 61 | TALEN ENERGY CORP | TLN | 1,500 | $562,260 | 0.09% |
| 62 | ATS CORPORATION | ATS | 20,000 | $550,945 | 0.09% |
| 63 | WASTE CONNECTIONS INC | WCN | 3,000 | $526,145 | 0.08% |
| 64 | AMC NETWORKS INC | 00164VAJ2 | 501,000 | $521,377 | 0.08% |
| 65 | DRUGS MADE IN AMER ACQ II CO | G2851K120 | 49,700 | $497,000 | 0.08% |
| 66 | AIR LEASE CORP | AIIR | 7,626 | $489,818 | 0.08% |
| 67 | WARNER BROS DISCOVERY INC | WBD | 16,800 | $484,176 | 0.08% |
| 68 | VIZSLA SILVER CORP | VZLA | 83,000 | $454,010 | 0.07% |
| 69 | CYBERARK SOFTWARE LTD | M2682V108 | 1,000 | $446,060 | 0.07% |
| 70 | SIZZLE ACQUISITION CORP. II | SZZLU | 43,642 | $443,403 | 0.07% |
| 71 | DIGITALBRIDGE GROUP INC | DBRG-PJ | 27,900 | $427,986 | 0.07% |
| 72 | HILLENBRAND INC | 431571108 | 13,400 | $425,048 | 0.07% |
| 73 | WOLFSPEED INC | WOLF | 23,851 | $415,246 | 0.07% |
| 74 | CITY OFFICE REIT INC | CHCO | 58,700 | $410,313 | 0.06% |
| 75 | EVENTBRITE INC | EVEX-WT | 91,800 | $408,510 | 0.06% |
| 76 | SOTHERLY HOTELS INC | SOHON | 184,798 | $397,316 | 0.06% |
| 77 | DENNYS CORP | 24869P104 | 63,500 | $394,970 | 0.06% |
| 78 | ALAMOS GOLD INC NEW | AGI | 10,000 | $386,143 | 0.06% |
| 79 | TITAN ACQUISITION CORP | TACHW | 36,600 | $375,516 | 0.06% |
| 80 | CHART INDS INC | 16115Q308 | 1,800 | $371,214 | 0.06% |
| 81 | TXNM ENERGY INC | TXNM | 6,200 | $365,056 | 0.06% |
| 82 | THAYER VENTURES ACQ CORP II | G87890102 | 36,000 | $364,320 | 0.06% |
| 83 | CADENCE BANK | 12740C103 | 7,975 | $341,649 | 0.05% |
| 84 | SYNCHRONOSS TECHNOLOGIES INC | 87157B400 | 39,000 | $333,840 | 0.05% |
| 85 | LAUNCH ONE ACQUISITION CORP | LPAAW | 31,400 | $332,526 | 0.05% |
| 86 | HOLOGIC INC | HOLX | 4,400 | $327,756 | 0.05% |
| 87 | QUIPT HOME MEDICAL CORP | 74880P104 | 92,629 | $327,741 | 0.05% |
| 88 | CANTALOUPE INC | CTLPP | 30,800 | $327,096 | 0.05% |
| 89 | AVIDITY BIOSCIENCES INC | 05370A108 | 4,500 | $324,585 | 0.05% |
| 90 | ON SEMICONDUCTOR CORP | ON | 5,800 | $314,070 | 0.05% |
| 91 | TEXAS INSTRS INC | 882508104 | 1,800 | $312,282 | 0.05% |
| 92 | XENON PHARMACEUTICALS INC | XENE | 6,850 | $307,017 | 0.05% |
| 93 | ASTRAZENECA PLC | AZN | 3,330 | $306,127 | 0.05% |
| 94 | SOULPOWER ACQUISITION CORP | SOUL-UN | 30,051 | $305,018 | 0.05% |
| 95 | D. BORAL ARC ACQ I CORP. | G2616F101 | 29,400 | $294,882 | 0.05% |
| 96 | SOLARIUS CAPITAL ACQU CORP | SOCAW | 29,100 | $292,455 | 0.05% |
| 97 | JABIL INC | JBL | 1,257 | $286,621 | 0.05% |
| 98 | LENSAR INC | LNSR | 24,600 | $286,098 | 0.05% |
| 99 | MASTERCARD INCORPORATED | MA | 500 | $285,440 | 0.04% |
| 100 | AMERICAS GOLD AND SILVER COR | 03062D803 | 53,400 | $273,896 | 0.04% |
| 101 | VINE HILL CAP INVT CORP. | G93Y09107 | 25,000 | $269,250 | 0.04% |
| 102 | BLUE FOUNDRY BANCORP | BLFY | 21,600 | $268,488 | 0.04% |
| 103 | CSG SYS INTL INC | 126349109 | 3,500 | $268,415 | 0.04% |
| 104 | ALEXANDER & BALDWIN INC NEW | 014491104 | 12,400 | $255,936 | 0.04% |
| 105 | DIAMOND HILL INVT GROUP INC | 25264R207 | 1,500 | $254,250 | 0.04% |
| 106 | VINE HILL CAP INVTS CORP II | G9709D125 | 25,000 | $250,525 | 0.04% |
| 107 | GREEN DOT CORP | GDOT | 19,500 | $249,795 | 0.04% |
| 108 | COPA HOLDINGS SA | CPA | 2,048 | $247,009 | 0.04% |
| 109 | INSPIRATO INCORPORATED | 45791E206 | 59,100 | $246,447 | 0.04% |
| 110 | BEL FUSE INC | BELFB | 1,600 | $242,880 | 0.04% |
| 111 | RENATUS TACTICAL ACQUIS | RTACW | 22,500 | $240,075 | 0.04% |
| 112 | CARTESIAN GROWTH CORP III | CGCTW | 22,700 | $233,583 | 0.04% |
| 113 | BLUE WTR ACQUISITION CORP. I | G1368E106 | 22,500 | $232,200 | 0.04% |
| 114 | INTERNATIONAL MNY EXPRESS IN | INTR | 15,100 | $231,936 | 0.04% |
| 115 | GOLDEN ENTMT INC | NVGLF | 8,500 | $231,115 | 0.04% |
| 116 | PROASSURANCE CORP | PRA | 9,401 | $227,128 | 0.04% |
| 117 | TRUECAR INC | 89785L107 | 97,100 | $219,446 | 0.03% |
| 118 | DECKERS OUTDOOR CORP | DECK | 2,110 | $218,744 | 0.03% |
| 119 | SIM ACQUISITION CORP. I | SIMAW | 20,400 | $216,036 | 0.03% |
| 120 | SEMRUSH HLDGS INC | SEMR | 18,023 | $214,293 | 0.03% |
| 121 | COMERICA INC | 200340107 | 2,397 | $208,371 | 0.03% |
| 122 | ALGOMA STL GROUP INC | 015658107 | 50,000 | $205,821 | 0.03% |
| 123 | KENNEDY-WILSON HOLDINGS INC | KW | 21,200 | $205,004 | 0.03% |
| 124 | EQV VENTURES AC CORP. II | G3106Q102 | 20,000 | $200,600 | 0.03% |
| 125 | CIDARA THERAPEUTICS INC | 171757206 | 900 | $198,801 | 0.03% |
| 126 | BRIGHTHOUSE FINL INC | 10922N103 | 2,900 | $187,891 | 0.03% |
| 127 | NORTHWESTERN ENERGY GROUP IN | NWE | 2,900 | $187,166 | 0.03% |
| 128 | WESTERN COPPER & GOLD CORP | WRN | 68,500 | $183,159 | 0.03% |
| 129 | HIGHVIEW MERGER CORP | HVMCW | 18,000 | $182,340 | 0.03% |
| 130 | MCKINLEY ACQUISITION CORP | MKLYU | 18,000 | $181,800 | 0.03% |
| 131 | LSI INDS INC OHIO | 50216C108 | 9,730 | $178,254 | 0.03% |
| 132 | WEN ACQUISITION CORP | WENNW | 17,600 | $177,760 | 0.03% |
| 133 | RANGE CAP ACQUISITION CORP I | G7375J129 | 17,320 | $176,664 | 0.03% |
| 134 | PIONEER ACQUISITION I CORP | PACHW | 17,400 | $175,044 | 0.03% |
| 135 | PLYMOUTH INDL REIT INC | 729640102 | 8,000 | $175,040 | 0.03% |
| 136 | JAMF HLDG CORP | 47074L105 | 13,300 | $173,033 | 0.03% |
| 137 | AVADEL PHARMACEUTICALS PLC | G29687103 | 8,004 | $172,486 | 0.03% |
| 138 | CLEARWATER ANALYTICS HLDGS I | CWAN | 7,100 | $171,252 | 0.03% |
| 139 | AMICUS THERAPEUTICS INC | FOLD | 11,900 | $169,456 | 0.03% |
| 140 | JANUS HENDERSON GROUP PLC | JHG | 3,500 | $166,495 | 0.03% |
| 141 | SMART SH GLOBAL LTD | 83193E102 | 131,500 | $153,855 | 0.02% |
| 142 | ON24 INC | ONTF | 18,900 | $150,444 | 0.02% |
| 143 | FONAR CORP | FONR | 8,100 | $150,336 | 0.02% |
| 144 | GULF IS FABRICATION INC | 402307102 | 12,522 | $149,888 | 0.02% |
| 145 | FIDELITY NATIONAL FINANCIAL | FNF | 2,694 | $147,065 | 0.02% |
| 146 | NEW PROVIDENCE ACQUISITION C | G6476A102 | 13,765 | $141,229 | 0.02% |
| 147 | MIDWESTONE FINL GROUP INC NE | 598511103 | 3,305 | $127,243 | 0.02% |
| 148 | ANYWHERE REAL ESTATE INC | 75605Y106 | 8,500 | $120,360 | 0.02% |
| 149 | BEST SPAC I ACQUISITION CORP | BSAAU | 11,800 | $119,534 | 0.02% |
| 150 | ADVISORSHARES TR | 00768Y453 | 23,100 | $109,032 | 0.02% |
| 151 | GRAF GLOBAL CORP | GRAF-WT | 10,000 | $107,550 | 0.02% |
| 152 | REPUBLIC DIGITAL ACQUISITION | RDAGW | 10,600 | $107,325 | 0.02% |
| 153 | M3-BRIGADE ACQUISITION VI CO | MBVIW | 10,387 | $104,909 | 0.02% |
| 154 | ASPEN INSURANCE HOLDINGS LTD | AHL-PF | 2,800 | $103,880 | 0.02% |
| 155 | FIFTH ERA ACQUISITION CORP I | FERAU | 10,100 | $103,525 | 0.02% |
| 156 | CANTOR EQUITY PARTNERS IV IN | G1828E100 | 10,000 | $102,800 | 0.02% |
| 157 | FORGE GLOBAL HOLDINGS INC | 34629L202 | 2,300 | $102,488 | 0.02% |
| 158 | LIGHTWAVE ACQUISITION CORP | LWACW | 10,196 | $102,470 | 0.02% |
| 159 | TRAILBLAZER ACQUISITION CORP | BLZRW | 10,000 | $102,200 | 0.02% |
| 160 | GALATA ACQUISITION CORP II | LATAW | 10,000 | $100,700 | 0.02% |
| 161 | CHENGHE ACQUISITION III CO | CHECW | 10,000 | $100,500 | 0.02% |
| 162 | ITHAX ACQUISITION CORP III | ITHAW | 10,000 | $99,600 | 0.02% |
| 163 | AMERICAN WOODMARK CORPORATIO | AMWD | 1,800 | $97,020 | 0.02% |
| 164 | JFROG LTD | FROG | 1,500 | $93,690 | 0.01% |
| 165 | OXLEY BRIDGE ACQ LTD | OBAWW | 9,100 | $91,546 | 0.01% |
| 166 | FIGX CAP ACQUISITION CORP. | G3473K100 | 9,000 | $90,540 | 0.01% |
| 167 | TEGNA INC | 87901J105 | 4,500 | $87,345 | 0.01% |
| 168 | VOYAGER ACQUISITION CORP | G93A7H104 | 7,900 | $84,293 | 0.01% |
| 169 | ORION PROPERTIES INC | ONL | 37,000 | $83,620 | 0.01% |
| 170 | PERIMETER ACQUISITION CORP I | PMTRW | 8,000 | $82,240 | 0.01% |
| 171 | GITLAB INC | GTLB | 2,100 | $78,813 | 0.01% |
| 172 | PROFOUND MED CORP | PROF | 9,400 | $73,759 | 0.01% |
| 173 | CANTOR EQUITY PARTNERS III I | G1828A108 | 7,200 | $73,440 | 0.01% |
| 174 | HCM III ACQUISITION CORP | HCMAW | 7,200 | $72,432 | 0.01% |
| 175 | CANTOR EQUITY PARTNERS V INC | CEPV | 5,000 | $51,250 | 0.01% |
| 176 | FUTURECREST ACQUISITION CORP | FCRS-WT | 5,000 | $51,200 | 0.01% |
| 177 | 1RT ACQUISITION CORP. | ONCHW | 5,000 | $51,000 | 0.01% |
| 178 | INFLECTION PT ACQUISITION CO | G47875102 | 5,000 | $50,700 | 0.01% |
| 179 | CRANE HBR ACQUISITION CORP I | CR | 5,000 | $50,325 | 0.01% |
| 180 | LEAPFROG ACQUISITION CORP | LFACW | 5,000 | $50,025 | 0.01% |
| 181 | SOCIAL COMM PARTNERS CORP | G8254P129 | 5,000 | $50,000 | 0.01% |
| 182 | LAUNCHPAD CADENZA ACQUISITIO | LPCVW | 5,000 | $49,900 | 0.01% |
| 183 | IRON HORSE ACQUISIT CORP II | 46283H202 | 5,000 | $49,700 | 0.01% |
| 184 | CANADA GOOSE HLDGS INC | GOOS | 3,300 | $42,772 | 0.01% |
| 185 | LINKBANCORP INC | LNKB | 5,175 | $42,746 | 0.01% |
| 186 | URANIUM ENERGY CORP | UEC | 3,300 | $38,544 | 0.01% |
| 187 | GENPACT LIMITED | G | 811 | $37,939 | 0.01% |
| 188 | LAUDER ESTEE COS INC | 518439104 | 355 | $37,176 | 0.01% |
| 189 | MERCURY GENL CORP NEW | 589400100 | 390 | $36,683 | 0.01% |
| 190 | AMPLIFY ETF TR | 032108474 | 1,200 | $35,748 | 0.01% |
| 191 | EURONET WORLDWIDE INC | EEFT | 440 | $33,488 | 0.01% |
| 192 | VERISIGN INC | VRSN | 135 | $32,798 | 0.01% |
| 193 | BROOKFIELD BUSINESS PARTNERS | BBUC | 925 | $32,776 | 0.01% |
| 194 | ITRON INC | ITRI | 340 | $31,572 | 0.00% |
| 195 | BOOZ ALLEN HAMILTON HLDG COR | BAH | 350 | $29,526 | 0.00% |
| 196 | ANTERO RESOURCES CORP | AR | 800 | $27,568 | 0.00% |
| 197 | MAPLEBEAR INC | CART | 595 | $26,763 | 0.00% |
| 198 | CHURCHILL CAP CORP XI | G2131A124 | 2,500 | $25,525 | 0.00% |
| 199 | OTG ACQUISITION CORP. I | OTGAW | 2,500 | $25,475 | 0.00% |
| 200 | COOPER COS INC | 216648501 | 300 | $24,588 | 0.00% |
| 201 | MODINE MFG CO | 607828100 | 180 | $24,032 | 0.00% |
| 202 | RAMBUS INC DEL | RMBS | 230 | $21,135 | 0.00% |
| 203 | MIDDLEFIELD BANC CORP | 596304204 | 604 | $20,862 | 0.00% |
| 204 | FACTSET RESH SYS INC | 303075105 | 70 | $20,313 | 0.00% |
| 205 | MILUNA ACQUISITION CORP | MMTXW | 1,406 | $14,046 | 0.00% |
| 206 | FIRST SVGS FINL GROUP INC | 33621E109 | 400 | $12,744 | 0.00% |
| 207 | BCE INC | BCPPF | 352 | $8,396 | 0.00% |
| 208 | CARTESIAN GROWTH CORP III | CGCTW | 9,143 | $7,316 | 0.00% |
| 209 | F&G ANNUITIES & LIFE INC | FGSN | 161 | $4,967 | 0.00% |
| 210 | OLYMPIC STEEL INC | 68162K106 | 109 | $4,664 | 0.00% |
| 211 | BEACON FINANCIAL CORP. | BBT | 116 | $3,059 | 0.00% |
| 212 | UDEMY INC | UDMY | 375 | $2,194 | 0.00% |
| 213 | SIM ACQUISITION CORP. I | SIMAW | 9,678 | $2,085 | 0.00% |
| 214 | EQV VENTURES AC CORP. II | G3106Q128 | 5,636 | $1,973 | 0.00% |
| 215 | INTERCURE LTD | INCR | 1,977 | $1,799 | 0.00% |
| 216 | REPUBLIC DIGITAL ACQUISITION | RDAGW | 2,500 | $1,500 | 0.00% |
| 217 | 1RT ACQUISITION CORP. | ONCHW | 1,250 | $725 | 0.00% |
| 218 | HNI CORP | HNI | 1 | $42 | 0.00% |
| 219 | LANVIN GROUP HOLDINGS LIMITE | LANV-WT | 2,500 | $39 | 0.00% |