PenderFund Capital Management Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed August 14, 2025), PenderFund Capital Management Ltd. reported 112 stock positions worth $281.4 million. Its top holding was Jfrog (FROG) at 12.5% of the portfolio, followed by Copa Class A (CPA, 8.1%) and Territorial Bancorp (TBNK, 8.0%). Compared with Q4 2024, it opened 40 new positions, sold out of 35, added to 32 and reduced 13. The biggest buy was Copa Class A (CPA, shares +4%) and the biggest sale Sangoma Technologies (SANG, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- VANCOUVER, A1
- CIK
- 0001706164
- Portfolio Value
- $281.4M (Q1 2025)
- SEC Filing
- 0001706164-25-000004 ↗ filed Aug 14, 2025
Holdings Value
Holdings 112 stocks · $281.4M
| FROG Jfrog Ltd. | 12.45% | 1,500 | $35.0M | No change |
| CPA Copa Holdings SA Class A | 8.12% | 1,947 | $22.8M | Add +4.5% |
| TBNK Territorial Bancorp Inc. | 8.03% | 22,571 | $22.6M | Add +11.2% |
| HXL Hexcel Corp. | 5.78% | 31,510 | $16.3M | Add +0.5% |
| FET Forum Energy Technologies Inc. | 5.78% | 377,679 | $16.3M | Add +89.7% |
| RMBS Rambus Inc. | 4.51% | 299 | $12.7M | Add +130.0% |
| PTVE Pactiv Evergreen Inc. | 4.45% | 27,400 | $12.5M | Reduce -6.2% |
| PAR Par Technology Corp. | 4.33% | 206,909 | $12.2M | Reduce -12.5% |
| AGS Playags Inc. | 4.20% | 34,900 | $11.8M | No change |
| ESPR Esperion Therapeutics Inc. | 3.83% | 2,000,000 | $10.8M | New |
| PPLT Abrdn Physical Platinum SHRS | 3.62% | 250,000 | $10.2M | No change |
| EVRI Everi Holdings Inc. | 3.33% | 39,600 | $9.4M | No change |
| ESGR Enstar Group Ltd. | 3.30% | 1,200 | $9.3M | Reduce -33.3% |
| KW Kennedy-Wilson Holdings Inc. | 2.70% | 265,837 | $7.6M | Add +0.2% |
| TONT Graf Global Corp. Class A | 2.23% | 10,000 | $6.3M | No change |
| FNF Fidelity National Financial | 1.94% | 2,466 | $5.4M | Add +9.2% |
| Z Zillow Group Inc. Class C | 1.83% | 74,947 | $5.1M | No change |
| DBRG Digitalbridge Group Inc. | 1.70% | 1,470 | $4.8M | Add +130.8% |
| NEUE Neuehealth Inc. | 1.44% | 29,115 | $4.0M | New |
| JWN Nordstrom Inc. | 1.18% | 19,300 | $3.3M | New |
| PPLI People Inc. filed as IAC INC | 1.06% | 16,100 | $3.0M | No change |
| IVAC Intevac Inc. | 1.02% | 105,300 | $2.9M | New |
| LGTY Logility Supply Chain Soluti | 0.95% | 30,500 | $2.7M | New |
| MKL Markel Group Inc. | 0.82% | 509 | $2.3M | Add +1.0% |
| HHH Howard Hughes Holdings Inc. | 0.75% | 7,900 | $2.1M | Reduce -17.7% |
| ACCD Accolade Inc. | 0.74% | 62,700 | $2.1M | New |
| ML Moneylion Inc. | 0.72% | 4,800 | $2.0M | No change |
| NVRO Nevro LLC filed as NEVRO CORP | 0.65% | 64,329 | $1.8M | New |
| EEFT Euronet Worldwide Inc. | 0.64% | 190 | $1.8M | New |
| MRVI Maravai Lifesciences Hldgs-A | 0.53% | 826,300 | $1.5M | Add +42.4% |
| CCRN Cross Country Healthcare Inc. | 0.31% | 27,100 | $869K | Add +5.5% |
| DNB Dun & Bradstreet Holdings Inc. | 0.28% | 33,100 | $783K | New |
| LNSR Lensar Inc. | 0.26% | 16,700 | $740K | New |
| PLYA Playa Hotels & Resorts NV | 0.25% | 35,400 | $717K | New |
| MPWR Monolithic Power Systems Inc. | 0.25% | 17 | $704K | New |
| NXE Nexgen Energy Ltd. | 0.23% | 11,600 | $661K | Add +45.0% |
| BERY Berry Global Group Inc. | 0.22% | 5,100 | $613K | New |
| LPAA Launch One Acquisition Corp. | 0.21% | 60,000 | $585K | No change |
| TGI Triumph Group Inc. | 0.21% | 19,400 | $582K | New |
| OPTINOSE INC | 0.20% | 18,800 | $576K | New |
| RDFN Redfin Corp. | 0.19% | 19,698 | $547K | New |
| ITRI Itron Inc. | 0.19% | 154 | $541K | Add +208.0% |
| WIW Western Asst Infl-LNK Opp | 0.18% | 966,856 | $495K | Add +1.4% |
| VRSN Verisign Inc. | 0.17% | 68 | $492K | Add +134.5% |
| PYCR Paycor HCM Inc. | 0.17% | 13,500 | $472K | New |
| CLVT Clarivate PLC | 0.17% | 531,100 | $472K | No change |
| BOOM DMC Global Inc. | 0.16% | 13,800 | $451K | New |
| DESP Despegar.com Corp. | 0.16% | 18,348 | $438K | New |
| DLTR Dollar Tree Inc. | 0.15% | 219 | $435K | Add +130.5% |
| SIMA Sim Acquisition Corp. I-A | 0.15% | 25,000 | $423K | No change |
| HES Hess Corp. | 0.15% | 1,500 | $417K | No change |
| NOC Northrop Grumman Corp. | 0.15% | 1,400 | $415K | No change |
| G Genpact Ltd. | 0.14% | 397 | $404K | Add +130.8% |
| FERAU Fifth Era Acquisition Corp. I | 0.14% | 10,100 | $390K | New |
| FNA Paragon 28 Inc. | 0.13% | 41,900 | $376K | New |
| ERO Ero Copper Corp. | 0.13% | 123,492 | $356K | Add +0.7% |
| CKPT Checkpoint Therapeutics Inc. | 0.13% | 96,600 | $352K | New |
| ATSG Air Transport Services Group | 0.12% | 20,100 | $345K | Reduce -17.3% |
| PROF Profound Medical Corp. | 0.12% | 9,400 | $343K | No change |
| TDW Tidewater Inc. | 0.12% | 303 | $334K | New |
| SANG Sangoma Technologies Corp. | 0.12% | 3,481,633 | $326K | Reduce -1.9% |
| AVNW Aviat Networks Inc. | 0.11% | 2,600 | $317K | Reduce -29.7% |
| VOXX Voxx International Corp. | 0.11% | 40,955 | $307K | Add +365.4% |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 0.11% | 30,000 | $296K | No change |
| LSPD Lightspeed Commerce Inc. | 0.10% | 161,181 | $293K | Reduce -57.0% |
| UNF Unifirst Corp. | 0.09% | 400 | $252K | New |
| LAD Lithia Motors Inc. | 0.09% | 2,400 | $251K | New |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.09% | 203 | $240K | Add +185.9% |
| MOH Molina Healthcare Inc. | 0.08% | 10,071 | $236K | Add +0.4% |
| MHO M/I Homes Inc. | 0.08% | 83 | $234K | Add +130.6% |
| DMYY DMY Squared Technology GR-A | 0.08% | 13,264 | $222K | No change |
| STNE Stoneco Ltd. Class A | 0.06% | 150,000 | $181K | New |
| COO The Cooper Cos Inc. | 0.06% | 200 | $180K | New |
| BN Brookfield Corp. | 0.06% | 23,740 | $178K | No change |
| JBL Jabil Inc. | 0.06% | 1,721 | $160K | Add +3.1% |
| DCBO Docebo Inc. | 0.06% | 151,920 | $157K | No change |
| MCY Mercury General Corp. | 0.06% | 250 | $156K | New |
| GB Global Blue Group Holding AG | 0.05% | 47,800 | $148K | New |
| PRA Proassurance Corp. | 0.04% | 5,100 | $124K | New |
| SWI Solarwinds Corp. | 0.04% | 18,100 | $119K | New |
| GTLB Gitlab Inc. Class A | 0.04% | 900 | $116K | No change |
| BECN Beacon Roofing Supply Inc. | 0.04% | 1,500 | $107K | New |
| ATEX Anterix Inc. | 0.04% | 2,000 | $102K | No change |
| ALE Allete Inc. | 0.04% | 3,380 | $102K | Reduce -46.2% |
| PDCO Patterson Cos Inc. | 0.03% | 15,011 | $75K | Add +83.1% |
| ELV Elevance Health Inc. | 0.03% | 1,800 | $73K | No change |
| VCIC Vine Hill Capital Class A | 0.02% | 25,000 | $70K | No change |
| CEPO Cantor Equity Partners I-A | 0.02% | 10,000 | $51K | New |
| ENFN Enfusion Inc. Class A | 0.02% | 37,400 | $50K | New |
| CMRX Chimerix Inc. | 0.02% | 4,078 | $48K | New |
| KKR KKR & Co. Inc. | 0.01% | 12,920 | $42K | Reduce -25.4% |
| ITCI Intra-Cellular Therapies Inc. | 0.01% | 1,900 | $20K | New |
| AMPS Altus Power Inc. | 0.01% | 45,500 | $20K | New |
| VACH Voyager Acquisition Corp. | 0.01% | 5,000 | $17K | No change |
| TSVT 2SEVENTY Bio Inc. | 0.01% | 71,600 | $17K | New |
| JNPR Juniper Networks Inc. | 0.01% | 3,000 | $17K | Reduce -34.8% |
| FLR Fluor Corp. | 0.01% | 477 | $17K | Add +172.6% |
| HEES H&E Equipment Services Inc. | 0.01% | 472 | $16K | New |
| LYTS Lsi Industries Inc. | 0.01% | 9,154 | $16K | Add +4.4% |
| SBUX Starbucks Corp. | 0.01% | 5,930 | $15K | No change |
Other holdings (30): bonds, preferreds, convertibles and warrants · $73.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | 15,000 | $24.3M | No change |
| SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) | NOTE 0.250%12/0 · principal | 2,500,000 | $22.3M | No change |
| WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) | NOTE 1.750% 5/0 · principal | 25,329,000 | $8.5M | Add +155.1% |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 3,500,000 | $5.2M | No change |
| IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) | NOTE 1.500% 6/1 · principal | 3,000,000 | $3.2M | No change |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 12,500,000 | $2.9M | New |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | 30,000 | $1.7M | No change |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 6,500,000 | $1.6M | New |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 17,000,000 | $836K | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 5,000,000 | $399K | New |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 12,500 | $354K | No change |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 12,500 | $303K | Add +0.0% |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | 10,018,000 | $255K | Add +11.1% |
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | 3,000,000 | $197K | New |
| USA RARE EARTH INC | *W EXP 03/13/203 | 12,499 | $189K | New |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | 12,077,000 | $186K | Reduce -24.5% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 11,000,000 | $172K | New |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 2,500 | $133K | No change |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 4,225,000 | $109K | No change |
| ACCELERATE DIAGNOSTICS (AXDX 5 12/15/26) | NOTE 5.000%12/1 · principal | 2,096,272 | $102K | Add +2.5% |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 21,987,000 | $77K | No change |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | 2,500 | $45K | No change |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 37,650,000 | $35K | No change |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 22,000,000 | $16K | No change |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | 16,770,000 | $14K | New |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 5,000 | $13K | No change |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 11,500,000 | $10K | No change |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | 7,311,000 | $10K | New |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 93,792,000 | $4K | Add +61.6% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 5,000,000 | $3K | New |
Total filed on the 13F, all lines: $354.6M.
Portfolio Sells Q4 2024 → Q1 2025
| SANG Sangoma Technologies Corp. | Reduce -1.9% | 0.12% | −15.77 |
| PAR Par Technology Corp. | Reduce -12.5% | 4.33% | −6.73 |
| LSPD Lightspeed Commerce Inc. | Reduce -57.0% | 0.10% | −3.57 |
| NAD Nuveen Quality Municipal Inc. | Sold out | 0.00% | −2.51 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Sold out | 0.00% | −1.92 |
| KKR KKR & Co. Inc. | Reduce -25.4% | 0.01% | −1.63 |
| IBKR Interactive Brokers Gro Class A | Sold out | 0.00% | −1.14 |
| TPL Texas Pacific Land Corp. | Sold out | 0.00% | −1.07 |
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −0.43 |
| GMAB Genmab A/S -SP ADR | Sold out | 0.00% | −0.42 |
| BARNES GROUP INC | Sold out | 0.00% | −0.41 |
| CDMO Avid Bioservices Inc. | Sold out | 0.00% | −0.37 |
| ZUO Zuora Inc. Class A | Sold out | 0.00% | −0.36 |
| MNTX Manitex International Inc. | Sold out | 0.00% | −0.36 |
| BCOV Brightcove | Sold out | 0.00% | −0.36 |
| BALY Bally's Corp. | Sold out | 0.00% | −0.35 |
| SCWX Secureworks Corp. Class A | Sold out | 0.00% | −0.32 |
| XWIAX Western Asset Infl-Link Sec | Reduce -3.8% | 0.00% | −0.32 |
| USAP Universal Stainless & Alloy | Sold out | 0.00% | −0.31 |
| CTV Innovid Corp. | Sold out | 0.00% | −0.29 |
| PFIE Profire Energy Inc. | Sold out | 0.00% | −0.26 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −0.26 |
| AE Adams Resources & Energy Inc. | Sold out | 0.00% | −0.25 |
| VMCAF Valuence Merger Corp. I Class A | Sold out | 0.00% | −0.25 |
| ALE Allete Inc. | Reduce -46.2% | 0.04% | −0.23 |
| ATSG Air Transport Services Group | Reduce -17.3% | 0.12% | −0.22 |
| SSYS Stratasys Ltd. | Sold out | 0.00% | −0.21 |
| EMKR Emcore Corp. | Sold out | 0.00% | −0.18 |
| HLIT Harmonic Inc. | Sold out | 0.00% | −0.17 |
| HCP Hashicorp Inc. Class A | Sold out | 0.00% | −0.17 |
| ROIC Retail Opportunity Investmen | Sold out | 0.00% | −0.17 |
| HTLF Heartland Financial USA Inc. | Sold out | 0.00% | −0.16 |
| AQUC Aquaron Acquisition Corp. | Sold out | 0.00% | −0.16 |
| PFC Premier Financial Corp. | Sold out | 0.00% | −0.16 |
| AFBI Affinity Bancshares Inc. | Sold out | 0.00% | −0.13 |
| SILV Silvercrest Metals Inc. | Sold out | 0.00% | −0.12 |
| VCSA Vacasa Inc. Class A | Reduce -36.1% | 0.00% | −0.12 |
| BMTX BM Technologies Inc. | Sold out | 0.00% | −0.10 |
| JNPR Juniper Networks Inc. | Reduce -34.8% | 0.01% | −0.10 |
| FYBR Frontier Communications Pare | Sold out | 0.00% | −0.09 |
| SGRP Spar Group Inc. | Sold out | 0.00% | −0.07 |
| QETA Quetta Acquisition Corp. | Sold out | 0.00% | −0.04 |
| OMIC Singular Genomics Systems Inc. | Sold out | 0.00% | −0.03 |
| PPYA Papaya Growth Opportuni Class A | Sold out | 0.00% | −0.00 |
| AVNW Aviat Networks Inc. | Reduce -29.7% | 0.11% | +0.07 |
| HHH Howard Hughes Holdings Inc. | Reduce -17.7% | 0.75% | +0.27 |
| ESGR Enstar Group Ltd. | Reduce -33.3% | 3.30% | +2.93 |
| PTVE Pactiv Evergreen Inc. | Reduce -6.2% | 4.45% | +4.12 |
Portfolio Buys Q4 2024 → Q1 2025
| CPA Copa Holdings SA Class A | Add +4.5% | 8.12% | +8.01 |
| TBNK Territorial Bancorp Inc. | Add +11.2% | 8.03% | +7.90 |
| HXL Hexcel Corp. | Add +0.5% | 5.78% | +4.52 |
| RMBS Rambus Inc. | Add +130.0% | 4.51% | +4.51 |
| ESPR Esperion Therapeutics Inc. | New | 3.83% | +3.83 |
| FET Forum Energy Technologies Inc. | Add +89.7% | 5.78% | +3.80 |
| FNF Fidelity National Financial | Add +9.2% | 1.94% | +1.85 |
| DBRG Digitalbridge Group Inc. | Add +130.8% | 1.70% | +1.70 |
| NEUE Neuehealth Inc. | New | 1.44% | +1.44 |
| JWN Nordstrom Inc. | New | 1.18% | +1.18 |
| IVAC Intevac Inc. | New | 1.02% | +1.02 |
| KW Kennedy-Wilson Holdings Inc. | Add +0.2% | 2.70% | +0.99 |
| LGTY Logility Supply Chain Soluti | New | 0.95% | +0.95 |
| ACCD Accolade Inc. | New | 0.74% | +0.74 |
| NVRO Nevro LLC | New | 0.65% | +0.65 |
| EEFT Euronet Worldwide Inc. | New | 0.64% | +0.64 |
| DNB Dun & Bradstreet Holdings Inc. | New | 0.28% | +0.28 |
| LNSR Lensar Inc. | New | 0.26% | +0.26 |
| MKL Markel Group Inc. | Add +1.0% | 0.82% | +0.26 |
| PLYA Playa Hotels & Resorts NV | New | 0.25% | +0.25 |
| MPWR Monolithic Power Systems Inc. | New | 0.25% | +0.25 |
| BERY Berry Global Group Inc. | New | 0.22% | +0.22 |
| TGI Triumph Group Inc. | New | 0.21% | +0.21 |
| OPTINOSE INC | New | 0.20% | +0.20 |
| NXE Nexgen Energy Ltd. | Add +45.0% | 0.23% | +0.20 |
| RDFN Redfin Corp. | New | 0.19% | +0.19 |
| ITRI Itron Inc. | Add +208.0% | 0.19% | +0.19 |
| VRSN Verisign Inc. | Add +134.5% | 0.17% | +0.17 |
| PYCR Paycor HCM Inc. | New | 0.17% | +0.17 |
| BOOM DMC Global Inc. | New | 0.16% | +0.16 |
| DESP Despegar.com Corp. | New | 0.16% | +0.16 |
| DLTR Dollar Tree Inc. | Add +130.5% | 0.15% | +0.15 |
| FERAU Fifth Era Acquisition Corp. I | New | 0.14% | +0.14 |
| G Genpact Ltd. | Add +130.8% | 0.14% | +0.14 |
| FNA Paragon 28 Inc. | New | 0.13% | +0.13 |
| CKPT Checkpoint Therapeutics Inc. | New | 0.13% | +0.13 |
| TDW Tidewater Inc. | New | 0.12% | +0.12 |
| UNF Unifirst Corp. | New | 0.09% | +0.09 |
| LAD Lithia Motors Inc. | New | 0.09% | +0.09 |
| EL Estee Lauder Companies Class A | Add +185.9% | 0.09% | +0.08 |
| MHO M/I Homes Inc. | Add +130.6% | 0.08% | +0.08 |
| VOXX Voxx International Corp. | Add +365.4% | 0.11% | +0.07 |
| STNE Stoneco Ltd. Class A | New | 0.06% | +0.06 |
| COO The Cooper Cos Inc. | New | 0.06% | +0.06 |
| MCY Mercury General Corp. | New | 0.06% | +0.06 |
| GB Global Blue Group Holding AG | New | 0.05% | +0.05 |
| PRA Proassurance Corp. | New | 0.04% | +0.04 |
| SWI Solarwinds Corp. | New | 0.04% | +0.04 |
| BECN Beacon Roofing Supply Inc. | New | 0.04% | +0.04 |
| CEPO Cantor Equity Partners I-A | New | 0.02% | +0.02 |
Notes & Other Activity Q4 2024 → Q1 2025
| REVANCE THERAPEUTICS INC (RVNC 1.75 02/15/27) | NOTE 1.750% 2/1 · principal | Sold out | 24,950,000 | $34.5Mbefore exit |
| WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) | NOTE 1.750% 5/0 · principal | Add +155.1% | 25,329,000 | $8.5M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Sold out | 3,175,000 | $4.3Mbefore exit |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | New | 12,500,000 | $2.9M |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | New | 6,500,000 | $1.6M |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | New | 17,000,000 | $836K |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | New | 5,000,000 | $399K |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | Add +0.0% | 12,500 | $303K |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | Add +11.1% | 10,018,000 | $255K |
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | New | 3,000,000 | $197K |
| USA RARE EARTH INC | *W EXP 03/13/203 | New | 12,499 | $189K |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | Reduce -24.5% | 12,077,000 | $186K |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | New | 11,000,000 | $172K |
| ACCELERATE DIAGNOSTICS (AXDX 5 12/15/26) | NOTE 5.000%12/1 · principal | Add +2.5% | 2,096,272 | $102K |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | New | 16,770,000 | $14K |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | New | 7,311,000 | $10K |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | Add +61.6% | 93,792,000 | $4K |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | New | 5,000,000 | $3K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 203 | $222.1M | SANG, WEAT, PAR, CORN, ESPR |
| Q1 2026 | 204 | $216.7M | PPLT, CORN, TSAT, EQX, SANG |
| Q4 2025 | 193 | $260.5M | PPLT, EQUINOX GOLD CORP (EQXCN 4.75 10/15/28), ESPR, SLV, TSAT |
| Q3 2025 | 178 | $258.6M | PPLT, EQX, ESPR, PAR, TEUCRIUM WHEAT FUND |
| Q2 2025 | 131 | $179.3M | PPLT, SANG, PAR, BUR, WIW |
| Q1 2025Amended | 112 | $281.4M | FROG, CPA, TBNK, HXL, FET |
| Q4 2024 | 107 | $223.4M | SANG, PPLT, PAR, BUR, WIW |
| Q3 2024 | 119 | $193.3M | SANG, PAR, PPLT, BUR, WIW |
| Q2 2024 | 110 | $170.1M | SANG, PAR, BUR, NAD, PPLT |
| Q1 2024 | 98 | $197.1M | SANG, BUR, PAR, XEMDX, NAD |