PenderFund Capital Management Ltd.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), PenderFund Capital Management Ltd. reported 119 stock positions worth $193.3 million. Its top holding was Sangoma Technologies (SANG) at 12.2% of the portfolio, followed by Par Technology (PAR, 9.4%) and Abrdn Physical Platinum SHRS (PPLT, 7.9%). Compared with Q2 2024, it opened 51 new positions, sold out of 42, added to 25 and reduced 12. The biggest buy was Western Asst Infl-LNK Opp (WIW, shares +117%) and the biggest sale an exit from Aviat Networks (AVNW).

Most Recent 13F
Q2 2026
Location
VANCOUVER, A1
CIK
0001706164
Portfolio Value
$193.3M (Q3 2024)
SEC Filing
0001706164-24-000007 ↗ filed Nov 14, 2024

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $197.1M Q1 2024 Q2 2024: $170.1M Q2 2024 Q3 2024: $193.3M $193.3M Q3 2024 Q4 2024: $223.4M Q4 2024 Q1 2025: $281.4M Q1 2025 Q2 2025: $179.3M Q2 2025 Q3 2025: $258.6M Q3 2025 Q4 2025: $260.5M Q4 2025 Q1 2026: $216.7M Q1 2026 Q2 2026: $222.1M Q2 2026

Holdings 119 stocks · $193.3M

SANG Sangoma Technologies Corp. 12.17% 3,140,233 $23.5M Add +0.2%
PAR Par Technology Corp. 9.40% 258,009 $18.2M Reduce -3.8%
PPLT Abrdn Physical Platinum SHRS 7.85% 125,000 $15.2M Add +66.7%
BUR Burford Capital Ltd. 7.16% 771,713 $13.8M No change
WIW Western Asst Infl-LNK Opp 5.89% 953,094 $11.4M Add +116.9%
NAD Nuveen Quality Municipal Inc. 5.07% 585,000 $9.8M Reduce -5.6%
XNEAX Nuveen Amt-FR QLTY Muni Inc. 4.31% 515,000 $8.3M No change
DCBO Docebo Inc. 3.64% 117,820 $7.0M No change
NZF Nuveen Municipal Credit Inc. 3.35% 365,500 $6.5M No change
Z Zillow Group Inc. Class C 3.35% 74,947 $6.5M No change
CLVT Clarivate PLC 2.50% 502,800 $4.8M No change
KKR KKR & Co. Inc. 2.26% 24,720 $4.4M Reduce -21.3%
FET Forum Energy Technologies Inc. 2.15% 199,122 $4.2M No change
ERO Ero Copper Corp. 2.14% 137,700 $4.1M Add +782.7%
KW Kennedy-Wilson Holdings Inc. 2.05% 264,660 $4.0M No change
IBKR Interactive Brokers Gro Class A 1.95% 20,038 $3.8M Reduce -34.6%
TPL Texas Pacific Land Corp. 1.93% 3,121 $3.7M Reduce -11.4%
BN Brookfield Corp. 0.88% 23,740 $1.7M Reduce -0.8%
MCHP Microchip Technology Inc. 0.65% 11,660 $1.3M Add +62.9%
PPLI People Inc. filed as IAC INC 0.61% 16,100 $1.2M Add +53.3%
NVEI Nuvei Corp.-Subordinate VTG 0.57% 24,600 $1.1M No change
AY Atlantica Sustainable Infras 0.55% 35,680 $1.1M Add +39.5%
GFL GFL Environmental Inc.-Sub VT 0.53% 19,000 $1.0M Add +21.8%
BIDU Baidu Inc. - Spon ADR 0.52% 7,100 $1.0M Add +22.4%
HHH Howard Hughes Holdings Inc. 0.52% 9,600 $1.0M New
NOC Northrop Grumman Corp. 0.52% 1,400 $1000K Add +21.7%
ENV Envestnet Inc. 0.52% 11,800 $999K New
RCM R1 RCM Inc. 0.52% 52,100 $998K New
PWSC Powerschool Holdings Inc. Class A 0.50% 31,230 $963K Add +107.8%
ITI Iteris Inc. 0.50% 99,600 $962K New
LPAAU Launch One Acquisition Corp. 0.44% 60,000 $848K New
EVRI Everi Holdings Inc. 0.41% 45,100 $801K New
ARC Arc Document Solutions Inc. 0.41% 174,900 $800K New
SRCL Stericycle Inc. 0.41% 9,600 $792K Add +31.5%
PRFT Perficient Inc. 0.41% 7,713 $787K Add +92.8%
SBUX Starbucks Corp. 0.40% 5,930 $782K Add +22.8%
SWN Southwestern Energy Co. 0.40% 80,100 $770K No change
PETQ Petiq Inc. 0.38% 17,700 $737K New
MNTX Manitex International Inc. 0.38% 96,200 $732K New
INST Instructure Holdings Inc. 0.37% 22,700 $723K New
BALY Bally's Corp. 0.37% 30,600 $714K New
XWIAX Western Asset Infl-Link Sec 0.37% 61,666 $713K No change
AAN The Aaron's Co. Inc. filed as THE AARONS COMPANY INC 0.34% 49,530 $667K Add +386.1%
ESGR Enstar Group Ltd. 0.34% 1,500 $652K New
KVACF Keen Vision Acquisition Corp. 0.32% 42,000 $611K No change
SHCR Sharecare Inc. 0.31% 316,000 $607K Add +203.8%
TELL Tellurian Inc. 0.31% 458,700 $601K New
GAQ Generation Asia I Acquisit-A 0.31% 39,385 $597K No change
SRDX Surmodics Inc. 0.30% 11,100 $582K Add +4.7%
CPTN Cepton Inc. 0.29% 134,276 $567K New
SSYS Stratasys Ltd. 0.27% 46,740 $525K No change
AUGX Augmedix Inc. 0.27% 161,327 $513K New
GATO Gatos Silver Inc. 0.26% 24,600 $502K New
HCP Hashicorp Inc. Class A 0.26% 10,900 $499K Add +23.9%
ACI Albertsons Cos Inc. Class A 0.25% 19,200 $480K Add +65.5%
STWD Starwood Property Trust Inc. 0.24% 16,700 $460K No change
AGS Playags Inc. 0.22% 28,000 $431K Add +35.9%
VSTO Vista Outdoor Inc. 0.22% 7,850 $416K Add +42.7%
HONDU HCM II Acquisition Corp. 0.21% 30,000 $405K New
HAYN Haynes International Inc. 0.21% 5,000 $403K Reduce -30.6%
VGR Vector Group Ltd. 0.21% 19,900 $402K New
PGRU Propertyguru Group Ltd. 0.21% 44,800 $400K New
AFBI Affinity Bancshares Inc. 0.21% 13,827 $400K Add +35.6%
HTLF Heartland Financial USA Inc. 0.21% 5,200 $399K Reduce -42.9%
VMCAF Valuence Merger Corp. I Class A 0.20% 25,400 $396K New
HLIT Harmonic Inc. 0.20% 20,000 $394K New
USAR USA Rare Earth Inc. filed as INFLECTION PT ACQUISITN CRP 0.19% 25,000 $363K No change
SIMAU Sim Acquisition Corp. I 0.18% 25,000 $339K New
VCICU Vine Hill Cap Invest-Unit 0.17% 25,000 $338K New
ALE Allete Inc. 0.17% 3,780 $328K No change
WBS Webster Financial Corp. 0.17% 5,200 $328K New
AQUC Aquaron Acquisition Corp. 0.17% 21,700 $320K No change
AXONICS INC 0.17% 3,400 $320K No change
HXL Hexcel Corp. 0.16% 3,800 $318K New
SMAR Smartsheet Inc. Class A 0.15% 4,000 $299K New
MTTR Matterport Inc. 0.15% 47,200 $287K Reduce -49.7%
SGRP Spar Group Inc. 0.15% 86,200 $286K New
RENEF Cartesian Growth Corp. II- A 0.15% 18,400 $285K New
CLBR.U Colombier Acquis Corp. II 0.15% 20,000 $281K No change
HES Hess Corp. 0.14% 1,500 $275K No change
JBL Jabil Inc. 0.13% 1,600 $259K New
MSSAF Metal SKY Star Acquisition C 0.13% 16,500 $254K No change
MOH Molina Healthcare Inc. 0.12% 500 $233K New
JNPR Juniper Networks Inc. 0.12% 4,400 $232K No change
CPA Copa Holdings SA Class A 0.12% 1,800 $228K New
RVNC Revance Therapeutics Inc. 0.11% 30,100 $211K New
HSPOF Horizon Space Acquisition I 0.11% 13,500 $205K No change
PRLH Pearl Holdings Acquisition-A 0.10% 12,479 $196K New
DMYY DMY Squared Technology GR-A 0.10% 13,264 $192K No change
DLTR Dollar Tree Inc. 0.10% 2,000 $190K New
LYTS Lsi Industries Inc. 0.09% 8,400 $183K New
FNF Fidelity National Financial 0.09% 2,100 $176K New
NORTHVIEW ACQUISITION CORP 0.09% 10,610 $171K New
CHUY Chuy's Holdings Inc. 0.08% 2,900 $147K New
TONT.U Graf Global Corp. 0.07% 10,000 $139K No change
CEP Cantor Equity Partners Inc. 0.07% 10,000 $136K New
CBRRF Chain Bridge I-A 0.06% 7,102 $108K New
ATEX Anterix Inc. 0.05% 2,000 $102K No change
PROF Profound Medical Corp. 0.05% 9,400 $101K Add +28.8%
EDD Morgan Stanley Emrg MRK Dom 0.05% 14,146 $96K Reduce -97.3%

Show all 119 holdings

Other holdings (18): bonds, preferreds, convertibles and warrants · $240.9M (not counted above)
SecurityClassShares / PrincipalValueChange
ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal 40,429,000$52.9MNo change
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal 37,650,000$44.9MReduce -1.6%
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) NOTE 4.750%10/1 · principal 16,939,000$28.6MNew
REVANCE THERAPEUTICS INC (RVNC 1.75 02/15/27) NOTE 1.750% 2/1 · principal 21,450,000$24.9MAdd +71.6%
SSR MINING INC (SSRMCN 2.5 04/01/39) NOTE 2.500% 4/0 · principal 18,987,000$24.0MNo change
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 21,250,000$22.6MReduce -20.4%
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 39,550,000$9.1MAdd +102.3%
CARDLYTICS INC (CDLX 1 09/15/25) NOTE 1.000% 9/1 · principal 4,500,000$5.6MNo change
CABLE ONE INC (CABO 1.125 03/15/28) NOTE 1.125% 3/1 · principal 5,000,000$5.5MReduce -50.0%
MAGNITE INC (MGNI 0.25 03/15/26) NOTE 0.250% 3/1 · principal 4,225,000$5.3MNo change
SPIRIT AIRLINES INC (SAVE 1 05/15/26) NOTE 1.000% 5/1 · principal 10,850,000$4.6MNew
EVENTBRITE INC (EB 0.75 09/15/26) NOTE 0.750% 9/1 · principal 3,500,000$4.1MNo change
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal 3,175,000$4.0MNo change
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal 3,000,000$3.6MNew
ACCELERATE DIAGNOSTICS (AXDX 5 12/15/26) NOTE 5.000%12/1 · principal 2,045,144$1.1MNo change
LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 2,500$86No change
SBXC.WS Silverbox Corp. III-28 *W EXP 02/28/202 333$45No change
JWSWF Jaws Mustang Acq C -CW26 *W EXP 01/30/202 250$11No change

Total filed on the 13F, all lines: $434.2M.

Portfolio Sells Q2 2024 → Q3 2024

AVNW Aviat Networks Inc. Sold out 0.00% −2.99
EDD Morgan Stanley Emrg MRK Dom Reduce -97.3% 0.05% −1.84
IBKR Interactive Brokers Gro Class A Reduce -34.6% 1.95% −1.07
NAD Nuveen Quality Municipal Inc. Reduce -5.6% 5.07% −0.79
PAR Par Technology Corp. Reduce -3.8% 9.40% −0.76
EVBG Everbridge Inc. Sold out 0.00% −0.73
DPSI Decisionpoint Systems Inc. Sold out 0.00% −0.53
FREE Whole Earth Brands Inc. Sold out 0.00% −0.48
VERY Vericity Inc. Sold out 0.00% −0.47
EDR Endeavor Group Hold Class A Sold out 0.00% −0.46
NWLI National Western Life Grou-A Sold out 0.00% −0.44
KKR KKR & Co. Inc. Reduce -21.3% 2.26% −0.40
ATRI Atrion Corporation Sold out 0.00% −0.40
NOA North American Construction Sold out 0.00% −0.34
WIRE Encore Wire Corp. Sold out 0.00% −0.30
CVLY Codorus Valley Bancorp Inc. Sold out 0.00% −0.29
CERE Cerevel Therapeutics Holding Sold out 0.00% −0.28
CALB California Bancorp Inc. Sold out 0.00% −0.24
DG Dollar General Corp. Sold out 0.00% −0.24
WKME Walkme Ltd. Sold out 0.00% −0.23
HIBB Hibbett Inc. Sold out 0.00% −0.23
SILK Silk Road Medical Inc. Sold out 0.00% −0.23
OVERSEAS SHIPHOLDING GROUP-A Sold out 0.00% −0.19
MTTR Matterport Inc. Reduce -49.7% 0.15% −0.19
CALT Calliditas Therapeutics-ADR Sold out 0.00% −0.19
ALIM Alimera Sciences Inc. Sold out 0.00% −0.18
SLCA US Silica Holdings Inc. Sold out 0.00% −0.18
OLK Olink Holding AB - ADR Sold out 0.00% −0.16
AKLI Akili Inc. Sold out 0.00% −0.16
TPL Texas Pacific Land Corp. Reduce -11.4% 1.93% −0.15
CTLT Catalent Inc. Sold out 0.00% −0.14
BHAC Focus Impact BH3 Acquisiti-A Sold out 0.00% −0.14
EGAN Egain Corp. Sold out 0.00% −0.14
HAYN Haynes International Inc. Reduce -30.6% 0.21% −0.13
HTLF Heartland Financial USA Inc. Reduce -42.9% 0.21% −0.12
MGRC McGrath Rentcorp Sold out 0.00% −0.12
DOMA Doma Holdings Inc. Sold out 0.00% −0.12
CONSOLIDATED COMM HLDGS INC Sold out 0.00% −0.11
ALLGF Allego NV Sold out 0.00% −0.11
HA Hawaiian Holdings Inc. Sold out 0.00% −0.10
GAN Gan Ltd. Reduce -68.1% 0.03% −0.07
BCE Bce Inc. Sold out 0.00% −0.05
BYNO Bynordic Acquisition Corp. Sold out 0.00% −0.04
SEE Sealed Air Corp. Sold out 0.00% −0.03
IMAQ International Media Acq-A Sold out 0.00% −0.03
XEMDX Western Asset Emrg MRKT DBT Reduce -99.1% 0.00% −0.02
WELSBACH TECH METALS ACQU CO Sold out 0.00% −0.02
CLOE Clover Leaf Capital Corp. Class A Sold out 0.00% −0.01
SBXC Silverbox Corp. III-A Sold out 0.00% −0.01
CHRD Chord Energy Corp. Sold out 0.00% −0.00

Portfolio Buys Q2 2024 → Q3 2024

WIW Western Asst Infl-LNK Opp Add +116.9% 5.89% +2.89
PPLT Abrdn Physical Platinum SHRS Add +66.7% 7.85% +2.34
ERO Ero Copper Corp. Add +782.7% 2.14% +1.88
HHH Howard Hughes Holdings Inc. New 0.52% +0.52
ENV Envestnet Inc. New 0.52% +0.52
RCM R1 RCM Inc. New 0.52% +0.52
ITI Iteris Inc. New 0.50% +0.50
LPAAU Launch One Acquisition Corp. New 0.44% +0.44
EVRI Everi Holdings Inc. New 0.41% +0.41
ARC Arc Document Solutions Inc. New 0.41% +0.41
PETQ Petiq Inc. New 0.38% +0.38
MNTX Manitex International Inc. New 0.38% +0.38
INST Instructure Holdings Inc. New 0.37% +0.37
BALY Bally's Corp. New 0.37% +0.37
ESGR Enstar Group Ltd. New 0.34% +0.34
TELL Tellurian Inc. New 0.31% +0.31
CPTN Cepton Inc. New 0.29% +0.29
AUGX Augmedix Inc. New 0.27% +0.27
AAN The Aaron's Co. Inc. Add +386.1% 0.34% +0.26
GATO Gatos Silver Inc. New 0.26% +0.26
PWSC Powerschool Holdings Inc. Class A Add +107.8% 0.50% +0.23
PPLI People Inc. Add +53.3% 0.61% +0.21
HONDU HCM II Acquisition Corp. New 0.21% +0.21
VGR Vector Group Ltd. New 0.21% +0.21
PGRU Propertyguru Group Ltd. New 0.21% +0.21
VMCAF Valuence Merger Corp. I Class A New 0.20% +0.20
HLIT Harmonic Inc. New 0.20% +0.20
SHCR Sharecare Inc. Add +203.8% 0.31% +0.20
SIMAU Sim Acquisition Corp. I New 0.18% +0.18
VCICU Vine Hill Cap Invest-Unit New 0.17% +0.17
WBS Webster Financial Corp. New 0.17% +0.17
PRFT Perficient Inc. Add +92.8% 0.41% +0.17
HXL Hexcel Corp. New 0.16% +0.16
SMAR Smartsheet Inc. Class A New 0.15% +0.15
SGRP Spar Group Inc. New 0.15% +0.15
RENEF Cartesian Growth Corp. II- A New 0.15% +0.15
JBL Jabil Inc. New 0.13% +0.13
MCHP Microchip Technology Inc. Add +62.9% 0.65% +0.13
MOH Molina Healthcare Inc. New 0.12% +0.12
BIDU Baidu Inc. - Spon ADR Add +22.4% 0.52% +0.12
CPA Copa Holdings SA Class A New 0.12% +0.12
NOC Northrop Grumman Corp. Add +21.7% 0.52% +0.11
RVNC Revance Therapeutics Inc. New 0.11% +0.11
SBUX Starbucks Corp. Add +22.8% 0.40% +0.10
PRLH Pearl Holdings Acquisition-A New 0.10% +0.10
DLTR Dollar Tree Inc. New 0.10% +0.10
AY Atlantica Sustainable Infras Add +39.5% 0.55% +0.10
LYTS Lsi Industries Inc. New 0.09% +0.09
FNF Fidelity National Financial New 0.09% +0.09
NORTHVIEW ACQUISITION CORP New 0.09% +0.09

Notes & Other Activity Q2 2024 → Q3 2024

FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal Reduce -1.6% 37,650,000 $44.9M
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) NOTE 4.750%10/1 · principal New 16,939,000 $28.6M
REVANCE THERAPEUTICS INC (RVNC 1.75 02/15/27) NOTE 1.750% 2/1 · principal Add +71.6% 21,450,000 $24.9M
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal Reduce -20.4% 21,250,000 $22.6M
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal Add +102.3% 39,550,000 $9.1M
CABLE ONE INC (CABO 1.125 03/15/28) NOTE 1.125% 3/1 · principal Reduce -50.0% 5,000,000 $5.5M
SPIRIT AIRLINES INC (SAVE 1 05/15/26) NOTE 1.000% 5/1 · principal New 10,850,000 $4.6M
IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) NOTE 1.500% 6/1 · principal New 3,000,000 $3.6M
VLDXW VELO3D Inc. -CW25 *W EXP 09/29/202 Sold out 5,000 $96before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 203$222.1MSANG, WEAT, PAR, CORN, ESPR
Q1 2026 204$216.7MPPLT, CORN, TSAT, EQX, SANG
Q4 2025 193$260.5MPPLT, EQUINOX GOLD CORP (EQXCN 4.75 10/15/28), ESPR, SLV, TSAT
Q3 2025 178$258.6MPPLT, EQX, ESPR, PAR, TEUCRIUM WHEAT FUND
Q2 2025 131$179.3MPPLT, SANG, PAR, BUR, WIW
Q1 2025Amended 112$281.4MFROG, CPA, TBNK, HXL, FET
Q4 2024 107$223.4MSANG, PPLT, PAR, BUR, WIW
Q3 2024 119$193.3MSANG, PAR, PPLT, BUR, WIW
Q2 2024 110$170.1MSANG, PAR, BUR, NAD, PPLT
Q1 2024 98$197.1MSANG, BUR, PAR, XEMDX, NAD