PenderFund Capital Management Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), PenderFund Capital Management Ltd. reported 131 stock positions worth $179.3 million. Its top holding was Abrdn Physical Platinum SHRS (PPLT) at 21.4% of the portfolio, followed by Sangoma Technologies (SANG, 11.2%) and Par Technology (PAR, 7.3%). Compared with Q1 2025, it opened 64 new positions, sold out of 45, added to 35 and reduced 11. The biggest buy was Abrdn Physical Platinum SHRS (PPLT, shares +25%) and the biggest sale an exit from Territorial Bancorp (TBNK).
- Most Recent 13F
- Q2 2026
- Location
- VANCOUVER, A1
- CIK
- 0001706164
- Portfolio Value
- $179.3M (Q2 2025)
- SEC Filing
- 0001706164-25-000003 ↗ filed Aug 14, 2025
Holdings Value
Holdings 131 stocks · $179.3M
| PPLT Abrdn Physical Platinum SHRS | 21.40% | 312,200 | $38.4M | Add +24.9% |
| SANG Sangoma Technologies Corp. | 11.19% | 3,237,333 | $20.1M | Reduce -7.0% |
| PAR Par Technology Corp. | 7.31% | 188,909 | $13.1M | Reduce -8.7% |
| BUR Burford Capital Ltd. | 5.92% | 744,713 | $10.6M | Reduce -3.5% |
| WIW Western Asst Infl-LNK Opp | 4.87% | 995,797 | $8.7M | Add +3.0% |
| SLV iShares Silver Trust | 4.58% | 250,000 | $8.2M | New |
| PSLV Sprott Physical Silver Trust | 4.54% | 665,000 | $8.1M | New |
| FET Forum Energy Technologies Inc. | 4.10% | 377,679 | $7.4M | No change |
| ESPR Esperion Therapeutics Inc. | 3.67% | 6,676,519 | $6.6M | Add +233.8% |
| DCBO Docebo Inc. | 2.46% | 151,920 | $4.4M | No change |
| Z Zillow Group Inc. Class C | 1.94% | 49,757 | $3.5M | Reduce -33.6% |
| MOH Molina Healthcare Inc. | 1.68% | 10,115 | $3.0M | Add +0.4% |
| FLYYQ Spirit Aviation Holdings Inc. | 1.61% | 578,947 | $2.9M | New |
| TSAT Telesat Corp. | 1.37% | 100,600 | $2.4M | New |
| CLVT Clarivate PLC | 1.27% | 531,100 | $2.3M | No change |
| STNE Stoneco Ltd. Class A | 1.26% | 141,000 | $2.3M | Reduce -6.0% |
| MRVI Maravai Lifesciences Hldgs-A | 1.17% | 870,200 | $2.1M | Add +5.3% |
| ERO Ero Copper Corp. | 1.15% | 124,450 | $2.1M | Add +0.8% |
| KKR KKR & Co. Inc. | 1.09% | 14,720 | $2.0M | Add +13.9% |
| KW Kennedy-Wilson Holdings Inc. | 1.00% | 264,660 | $1.8M | Reduce -0.4% |
| HXL Hexcel Corp. | 1.00% | 31,723 | $1.8M | Add +0.7% |
| BN Brookfield Corp. | 0.82% | 23,740 | $1.5M | No change |
| MKL Markel Group Inc. | 0.57% | 515 | $1.0M | Add +1.2% |
| MCHP Microchip Technology Inc. | 0.56% | 14,360 | $1.0M | Reduce -16.8% |
| DHR Danaher Corp. | 0.52% | 4,700 | $928K | New |
| LAD Lithia Motors Inc. | 0.45% | 2,400 | $811K | No change |
| JNPR Juniper Networks Inc. | 0.40% | 18,000 | $719K | Add +500.0% |
| ELV Elevance Health Inc. | 0.39% | 1,800 | $700K | No change |
| XWIAX Western Asset Infl-Link Sec | 0.36% | 75,932 | $638K | Add +28.0% |
| LPAA Launch One Acquisition Corp. | 0.35% | 60,000 | $625K | No change |
| EDD Morgan Stanley Emrg MRK Dom | 0.34% | 120,332 | $616K | Reduce -1.9% |
| AMAT Applied Materials Inc. | 0.33% | 3,200 | $586K | New |
| DNB Dun & Bradstreet Holdings Inc. | 0.31% | 61,600 | $560K | Add +86.1% |
| SBUX Starbucks Corp. | 0.30% | 5,930 | $543K | No change |
| SATX Satixfy Communications Ltd. | 0.29% | 174,579 | $512K | New |
| SKX Skechers USA Inc. Class A | 0.28% | 8,000 | $505K | New |
| EVRI Everi Holdings Inc. | 0.28% | 35,400 | $504K | Reduce -10.6% |
| TGI Triumph Group Inc. | 0.28% | 19,400 | $500K | No change |
| AVDX Avidxchange Holdings Inc. | 0.28% | 50,600 | $495K | New |
| SWTX Springworks Therapeutics Inc. | 0.28% | 10,500 | $493K | New |
| VIGL Vigil Neuroscience Inc. | 0.24% | 55,000 | $437K | New |
| NVEE NV5 Global Inc. | 0.23% | 17,900 | $413K | New |
| LNSR Lensar Inc. | 0.22% | 30,100 | $396K | Add +80.2% |
| JBL Jabil Inc. | 0.22% | 1,798 | $392K | Add +4.5% |
| TACHU Titan Acquisition Corp. | 0.21% | 36,600 | $382K | New |
| FARO Faro Technologies Inc. | 0.21% | 8,500 | $373K | New |
| INZY Inozyme Pharma Inc. | 0.20% | 90,700 | $363K | New |
| GB Global Blue Group Holding AG | 0.20% | 47,800 | $357K | No change |
| ESGR Enstar Group Ltd. | 0.19% | 1,000 | $336K | Reduce -16.7% |
| SOUL.U Soulpower Acquisition Corp. | 0.18% | 30,051 | $321K | New |
| WBS Webster Financial Corp. | 0.18% | 5,838 | $319K | Add +4.7% |
| SGMA Sigmatron International Inc. | 0.17% | 103,400 | $308K | New |
| SVT Servotronics Inc. | 0.17% | 6,500 | $305K | New |
| SGOV iShares 0-3 Month Treasury B | 0.17% | 3,000 | $302K | New |
| TBIL F/M US Treasury 3 Month Bill | 0.17% | 6,000 | $300K | New |
| VBIL Vanguard 0-3M T-Bill ETF | 0.16% | 3,900 | $295K | New |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.16% | 3,200 | $294K | New |
| BPMC Blueprint Medicines Corp. | 0.16% | 2,200 | $282K | New |
| GMS GMS Inc. | 0.15% | 2,500 | $272K | New |
| SIMA Sim Acquisition Corp. I-A | 0.15% | 25,000 | $261K | No change |
| VCIC Vine Hill Capital Class A | 0.15% | 25,000 | $260K | No change |
| TVAIU Thayer Ventures Acquisition | 0.14% | 25,000 | $254K | New |
| SZZLU Sizzle Acquisition Corp. II | 0.14% | 24,448 | $249K | New |
| ALE Allete Inc. | 0.14% | 3,880 | $249K | Add +14.8% |
| TXNM TXNM Energy Inc. | 0.14% | 4,400 | $248K | New |
| BLUWU Blue Water Acquisition III filed as BLUE WTR ACQUISITION CORP. I | 0.14% | 24,700 | $247K | New |
| CGCTU Cartesian Growth Corp. III | 0.14% | 24,100 | $244K | New |
| ETWO E2OPEN Parent Holdings Inc. | 0.14% | 74,900 | $242K | New |
| BRDG Bridge Investment Grp HDS-A | 0.13% | 24,100 | $241K | New |
| CCRN Cross Country Healthcare Inc. | 0.13% | 18,100 | $236K | Reduce -33.2% |
| CTLP Cantaloupe Inc. | 0.13% | 20,600 | $226K | New |
| CPA Copa Holdings SA Class A | 0.13% | 2,048 | $225K | Add +5.2% |
| SOL Emeren Group Ltd. | 0.12% | 118,298 | $221K | New |
| HES Hess Corp. | 0.12% | 1,500 | $208K | No change |
| SPTN Spartannash Co. | 0.11% | 7,300 | $193K | New |
| INFA Informatica Inc. Class A | 0.11% | 7,800 | $190K | New |
| BSAAU Best Spac I Acquisition Corp. | 0.10% | 18,500 | $186K | New |
| MAC COPPER LTD | 0.10% | 15,000 | $181K | New |
| BROOKLINE BANCORP INC | 0.10% | 16,430 | $173K | New |
| PRA Proassurance Corp. | 0.10% | 7,500 | $171K | Add +47.1% |
| LYTS Lsi Industries Inc. | 0.09% | 9,868 | $168K | Add +7.8% |
| THTX Theratechnologies Inc. | 0.09% | 69,900 | $167K | New |
| CHACU Crane Harbor Acquisition Cor | 0.09% | 14,700 | $154K | New |
| NPACU New Providence Acquisition C | 0.09% | 14,700 | $154K | New |
| FNF Fidelity National Financial | 0.08% | 2,694 | $151K | Add +9.3% |
| STRM Streamline Health Solutions | 0.08% | 27,972 | $145K | New |
| ANSS Ansys Inc. | 0.07% | 350 | $123K | New |
| WENNU Wen Acquisition Corp. | 0.06% | 10,000 | $106K | New |
| FERAU Fifth Era Acquisition Corp. I | 0.06% | 10,100 | $105K | No change |
| PMTRU Perimeter Acquisition Corp. I | 0.06% | 10,000 | $105K | New |
| TONT Graf Global Corp. Class A | 0.06% | 10,000 | $105K | No change |
| LWACU Lightwave Acquisition Corp. | 0.06% | 10,000 | $101K | New |
| VERV Verve Therapeutics Inc. | 0.06% | 8,800 | $99K | New |
| BASE Couchbase Inc. | 0.05% | 4,000 | $98K | New |
| ISOU Isoenergy Ltd. | 0.05% | 13,100 | $93K | New |
| NXE Nexgen Energy Ltd. | 0.04% | 11,600 | $81K | No change |
| SAGE Sage Therapeutics Inc. | 0.04% | 8,300 | $76K | New |
| ELEV Elevation Oncology Inc. | 0.04% | 195,700 | $72K | New |
| STR Sitio Royalties Corp. Class A | 0.04% | 3,900 | $72K | New |
| FROG Jfrog Ltd. | 0.04% | 1,500 | $66K | No change |
| PROF Profound Medical Corp. | 0.03% | 9,400 | $56K | No change |
| RDAGU Republic Digital Acquisition | 0.03% | 5,000 | $53K | New |
| IPCXU Inflection Point Acquisition | 0.03% | 5,000 | $53K | New |
| VACH Voyager Acquisition Corp. | 0.03% | 5,000 | $52K | No change |
| FIGXU Figx Capital Acquisition Cor | 0.03% | 5,000 | $50K | New |
| OBAWU Oxley Bridge Acquisition Ltd. | 0.03% | 5,000 | $50K | New |
| PACHU Pioneer Acquisition I Corp. | 0.03% | 5,000 | $50K | New |
| CAEP Cantor Equity Partners III-A | 0.02% | 4,000 | $42K | New |
| GTLB Gitlab Inc. Class A | 0.02% | 900 | $41K | No change |
| RMBS Rambus Inc. | 0.02% | 601 | $38K | Add +101.0% |
| DLTR Dollar Tree Inc. | 0.02% | 370 | $37K | Add +69.0% |
| G Genpact Ltd. | 0.02% | 811 | $36K | Add +104.3% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.02% | 440 | $36K | Add +116.8% |
| EEFT Euronet Worldwide Inc. | 0.02% | 346 | $35K | Add +82.1% |
| FLR Fluor Corp. | 0.02% | 676 | $35K | Add +41.7% |
| ITRI Itron Inc. | 0.02% | 260 | $34K | Add +68.8% |
| ADUS Addus Homecare Corp. | 0.02% | 288 | $33K | New |
| BBU Brookfield Business PT-Unit | 0.02% | 1,232 | $32K | Add +68.8% |
| VRSN Verisign Inc. | 0.02% | 107 | $31K | Add +57.4% |
| COO The Cooper Cos Inc. | 0.02% | 406 | $29K | Add +103.0% |
| MCY Mercury General Corp. | 0.02% | 421 | $28K | Add +68.4% |
| AR Antero Resources Corp. | 0.01% | 663 | $27K | Add +68.7% |
| MOD Modine Manufacturing Co. | 0.01% | 263 | $26K | New |
| DBRG Digitalbridge Group Inc. | 0.01% | 2,480 | $26K | Add +68.7% |
| DECK Deckers Outdoor Corp. | 0.01% | 248 | $26K | New |
| MPWR Monolithic Power Systems Inc. | 0.01% | 28 | $20K | Add +64.7% |
| MHO M/I Homes Inc. | 0.01% | 140 | $16K | Add +68.7% |
| BKHA Black Hawk Acquisition Cor-A | 0.01% | 967 | $10K | New |
| TVACU Texas Ventures Acquisition I | 0.00% | 191 | $2K | New |
| HSPOF Horizon Space Acquisition I | 0.00% | 52 | $632 | New |
| XEMDX Western Asset Emrg MRKT DBT | 0.00% | 28 | $281 | No change |
Other holdings (28): bonds, preferreds, convertibles and warrants · $243.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 43,340,000 | $41.6M | Add +15.1% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 22,000,000 | $23.5M | No change |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 21,987,000 | $22.7M | No change |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | 18,500,000 | $18.0M | New |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | 12,077,000 | $14.7M | No change |
| CARDLYTICS INC (CDLX 4.25 04/01/29) | NOTE 4.250% 4/0 · principal | 34,610,000 | $14.3M | New |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 14,225,000 | $13.8M | Add +236.7% |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | 16,770,000 | $12.1M | No change |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 10,000,000 | $11.1M | New |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 17,150,000 | $11.0M | Add +0.9% |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | 7,311,000 | $10.0M | No change |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 9,000,000 | $9.8M | Reduce -18.2% |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 93,792,000 | $7.9M | No change |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | 5,900,000 | $7.7M | New |
| WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) | NOTE 1.750% 5/0 · principal | 25,329,000 | $6.6M | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 5,000,000 | $4.8M | No change |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | 4,518,000 | $4.4M | Reduce -54.9% |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 12,500,000 | $3.2M | No change |
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | 3,000,000 | $3.0M | No change |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | 10,000,000 | $2.6M | New |
| AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) | NOTE 4.250% 2/1 · principal | 501,000 | $431K | New |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 4,800 | $39K | New |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | 30,000 | $8K | No change |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 12,500 | $4K | No change |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 12,500 | $3K | No change |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 5,000 | $1K | No change |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 2,500 | $750 | No change |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | 2,500 | $47 | No change |
Total filed on the 13F, all lines: $422.5M.
Portfolio Sells Q1 2025 → Q2 2025
| TBNK Territorial Bancorp Inc. | Sold out | 0.00% | −8.03 |
| PTVE Pactiv Evergreen Inc. | Sold out | 0.00% | −4.45 |
| AGS Playags Inc. | Sold out | 0.00% | −4.20 |
| ESGR Enstar Group Ltd. | Reduce -16.7% | 0.19% | −3.12 |
| EVRI Everi Holdings Inc. | Reduce -10.6% | 0.28% | −3.05 |
| KW Kennedy-Wilson Holdings Inc. | Reduce -0.4% | 1.00% | −1.69 |
| NEUE Neuehealth Inc. | Sold out | 0.00% | −1.44 |
| JWN Nordstrom Inc. | Sold out | 0.00% | −1.18 |
| PPLI People Inc. | Sold out | 0.00% | −1.06 |
| IVAC Intevac Inc. | Sold out | 0.00% | −1.02 |
| LGTY Logility Supply Chain Soluti | Sold out | 0.00% | −0.95 |
| HHH Howard Hughes Holdings Inc. | Sold out | 0.00% | −0.75 |
| ACCD Accolade Inc. | Sold out | 0.00% | −0.74 |
| ML Moneylion Inc. | Sold out | 0.00% | −0.72 |
| NVRO Nevro LLC | Sold out | 0.00% | −0.65 |
| PLYA Playa Hotels & Resorts NV | Sold out | 0.00% | −0.25 |
| BERY Berry Global Group Inc. | Sold out | 0.00% | −0.22 |
| OPTINOSE INC | Sold out | 0.00% | −0.20 |
| RDFN Redfin Corp. | Sold out | 0.00% | −0.19 |
| CCRN Cross Country Healthcare Inc. | Reduce -33.2% | 0.13% | −0.18 |
| PYCR Paycor HCM Inc. | Sold out | 0.00% | −0.17 |
| BOOM DMC Global Inc. | Sold out | 0.00% | −0.16 |
| DESP Despegar.com Corp. | Sold out | 0.00% | −0.16 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.15 |
| FNA Paragon 28 Inc. | Sold out | 0.00% | −0.13 |
| CKPT Checkpoint Therapeutics Inc. | Sold out | 0.00% | −0.13 |
| ATSG Air Transport Services Group | Sold out | 0.00% | −0.12 |
| TDW Tidewater Inc. | Sold out | 0.00% | −0.12 |
| AVNW Aviat Networks Inc. | Sold out | 0.00% | −0.11 |
| VOXX Voxx International Corp. | Sold out | 0.00% | −0.11 |
| IMSR Terrestrial Energy Inc. | Sold out | 0.00% | −0.11 |
| LSPD Lightspeed Commerce Inc. | Sold out | 0.00% | −0.10 |
| UNF Unifirst Corp. | Sold out | 0.00% | −0.09 |
| DMYY DMY Squared Technology GR-A | Sold out | 0.00% | −0.08 |
| SWI Solarwinds Corp. | Sold out | 0.00% | −0.04 |
| BECN Beacon Roofing Supply Inc. | Sold out | 0.00% | −0.04 |
| ATEX Anterix Inc. | Sold out | 0.00% | −0.04 |
| PDCO Patterson Cos Inc. | Sold out | 0.00% | −0.03 |
| CEPO Cantor Equity Partners I-A | Sold out | 0.00% | −0.02 |
| ENFN Enfusion Inc. Class A | Sold out | 0.00% | −0.02 |
| CMRX Chimerix Inc. | Sold out | 0.00% | −0.02 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −0.01 |
| AMPS Altus Power Inc. | Sold out | 0.00% | −0.01 |
| TSVT 2SEVENTY Bio Inc. | Sold out | 0.00% | −0.01 |
| HEES H&E Equipment Services Inc. | Sold out | 0.00% | −0.01 |
| VCSA Vacasa Inc. Class A | Sold out | 0.00% | −0.00 |
| XPEL Xpel Inc. | Sold out | 0.00% | −0.00 |
| CEP Cantor Equity Partners Inc. | Sold out | 0.00% | −0.00 |
| VTS Vitesse Energy Inc. | Sold out | 0.00% | 0.00 |
| Z Zillow Group Inc. Class C | Reduce -33.6% | 1.94% | +0.12 |
Portfolio Buys Q1 2025 → Q2 2025
| PPLT Abrdn Physical Platinum SHRS | Add +24.9% | 21.40% | +17.78 |
| WIW Western Asst Infl-LNK Opp | Add +3.0% | 4.87% | +4.69 |
| SLV iShares Silver Trust | New | 4.58% | +4.58 |
| PSLV Sprott Physical Silver Trust | New | 4.54% | +4.54 |
| FLYYQ Spirit Aviation Holdings Inc. | New | 1.61% | +1.61 |
| MOH Molina Healthcare Inc. | Add +0.4% | 1.68% | +1.60 |
| TSAT Telesat Corp. | New | 1.37% | +1.37 |
| KKR KKR & Co. Inc. | Add +13.9% | 1.09% | +1.08 |
| ERO Ero Copper Corp. | Add +0.8% | 1.15% | +1.02 |
| MRVI Maravai Lifesciences Hldgs-A | Add +5.3% | 1.17% | +0.64 |
| DHR Danaher Corp. | New | 0.52% | +0.52 |
| JNPR Juniper Networks Inc. | Add +500.0% | 0.40% | +0.39 |
| XWIAX Western Asset Infl-Link Sec | Add +28.0% | 0.36% | +0.36 |
| AMAT Applied Materials Inc. | New | 0.33% | +0.33 |
| SATX Satixfy Communications Ltd. | New | 0.29% | +0.29 |
| SKX Skechers USA Inc. Class A | New | 0.28% | +0.28 |
| AVDX Avidxchange Holdings Inc. | New | 0.28% | +0.28 |
| SWTX Springworks Therapeutics Inc. | New | 0.28% | +0.28 |
| VIGL Vigil Neuroscience Inc. | New | 0.24% | +0.24 |
| NVEE NV5 Global Inc. | New | 0.23% | +0.23 |
| TACHU Titan Acquisition Corp. | New | 0.21% | +0.21 |
| FARO Faro Technologies Inc. | New | 0.21% | +0.21 |
| INZY Inozyme Pharma Inc. | New | 0.20% | +0.20 |
| SOUL.U Soulpower Acquisition Corp. | New | 0.18% | +0.18 |
| WBS Webster Financial Corp. | Add +4.7% | 0.18% | +0.18 |
| SGMA Sigmatron International Inc. | New | 0.17% | +0.17 |
| SVT Servotronics Inc. | New | 0.17% | +0.17 |
| SGOV iShares 0-3 Month Treasury B | New | 0.17% | +0.17 |
| TBIL F/M US Treasury 3 Month Bill | New | 0.17% | +0.17 |
| VBIL Vanguard 0-3M T-Bill ETF | New | 0.16% | +0.16 |
| BIL SS SPDR BB 1-3M T-Bill ETF | New | 0.16% | +0.16 |
| JBL Jabil Inc. | Add +4.5% | 0.22% | +0.16 |
| BPMC Blueprint Medicines Corp. | New | 0.16% | +0.16 |
| GMS GMS Inc. | New | 0.15% | +0.15 |
| TVAIU Thayer Ventures Acquisition | New | 0.14% | +0.14 |
| SZZLU Sizzle Acquisition Corp. II | New | 0.14% | +0.14 |
| TXNM TXNM Energy Inc. | New | 0.14% | +0.14 |
| BLUWU Blue Water Acquisition III | New | 0.14% | +0.14 |
| CGCTU Cartesian Growth Corp. III | New | 0.14% | +0.14 |
| ETWO E2OPEN Parent Holdings Inc. | New | 0.14% | +0.14 |
| BRDG Bridge Investment Grp HDS-A | New | 0.13% | +0.13 |
| CTLP Cantaloupe Inc. | New | 0.13% | +0.13 |
| SOL Emeren Group Ltd. | New | 0.12% | +0.12 |
| SPTN Spartannash Co. | New | 0.11% | +0.11 |
| INFA Informatica Inc. Class A | New | 0.11% | +0.11 |
| BSAAU Best Spac I Acquisition Corp. | New | 0.10% | +0.10 |
| ALE Allete Inc. | Add +14.8% | 0.14% | +0.10 |
| MAC COPPER LTD | New | 0.10% | +0.10 |
| BROOKLINE BANCORP INC | New | 0.10% | +0.10 |
| THTX Theratechnologies Inc. | New | 0.09% | +0.09 |
Notes & Other Activity Q1 2025 → Q2 2025
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | Add +15.1% | 43,340,000 | $41.6M |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | Sold out | 15,000 | $24.3Mbefore exit |
| SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) | NOTE 0.250%12/0 · principal | Sold out | 2,500,000 | $22.3Mbefore exit |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | New | 18,500,000 | $18.0M |
| CARDLYTICS INC (CDLX 4.25 04/01/29) | NOTE 4.250% 4/0 · principal | New | 34,610,000 | $14.3M |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +236.7% | 14,225,000 | $13.8M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | New | 10,000,000 | $11.1M |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | Add +0.9% | 17,150,000 | $11.0M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Reduce -18.2% | 9,000,000 | $9.8M |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | New | 5,900,000 | $7.7M |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | Sold out | 3,500,000 | $5.2Mbefore exit |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | Reduce -54.9% | 4,518,000 | $4.4M |
| IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) | NOTE 1.500% 6/1 · principal | Sold out | 3,000,000 | $3.2Mbefore exit |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | New | 10,000,000 | $2.6M |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | Sold out | 6,500,000 | $1.6Mbefore exit |
| AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) | NOTE 4.250% 2/1 · principal | New | 501,000 | $431K |
| USA RARE EARTH INC | *W EXP 03/13/203 | Sold out | 12,499 | $189Kbefore exit |
| ACCELERATE DIAGNOSTICS (AXDX 5 12/15/26) | NOTE 5.000%12/1 · principal | Sold out | 2,096,272 | $102Kbefore exit |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | New | 4,800 | $39K |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | Sold out | 11,500,000 | $10Kbefore exit |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Sold out | 5,000,000 | $3Kbefore exit |
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 |