PenderFund Capital Management Ltd.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), PenderFund Capital Management Ltd. reported 178 stock positions worth $258.6 million. Its top holding was Abrdn Physical Platinum SHRS (PPLT) at 16.7% of the portfolio, followed by Equinox Gold (EQX, 16.7%) and Esperion Therapeutics (ESPR, 6.8%). Compared with Q2 2025, it opened 89 new positions, sold out of 42, added to 21 and reduced 23. The biggest buy was a new position in Equinox Gold (EQX) and the biggest sale Sangoma Technologies (SANG, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- VANCOUVER, A1
- CIK
- 0001706164
- Portfolio Value
- $258.6M (Q3 2025)
- SEC Filing
- 0001706164-25-000010 ↗ filed Nov 14, 2025
Holdings Value
Holdings 178 stocks · $258.6M
| PPLT Abrdn Physical Platinum SHRS | 16.69% | 302,000 | $43.1M | Reduce -3.3% |
| EQX Equinox Gold Corp. | 16.66% | 3,846,154 | $43.1M | New |
| ESPR Esperion Therapeutics Inc. | 6.84% | 6,676,519 | $17.7M | No change |
| PAR Par Technology Corp. | 5.71% | 372,966 | $14.8M | Add +97.4% |
| TEUCRIUM WHEAT FUND | 5.53% | 3,480,000 | $14.3M | New |
| SANG Sangoma Technologies Corp. | 5.42% | 2,821,433 | $14.0M | Reduce -12.8% |
| SLV iShares Silver Trust | 4.10% | 250,000 | $10.6M | No change |
| TSAT Telesat Corp. | 4.07% | 409,753 | $10.5M | Add +307.3% |
| PSLV Sprott Physical Silver Trust | 4.04% | 665,000 | $10.4M | No change |
| WIW Western Asst Infl-LNK Opp | 3.46% | 1,006,697 | $8.9M | Add +1.1% |
| BUR Burford Capital Ltd. | 3.44% | 744,713 | $8.9M | No change |
| FET Forum Energy Technologies Inc. | 2.69% | 260,079 | $6.9M | Reduce -31.1% |
| DECK Deckers Outdoor Corp. | 0.95% | 24,136 | $2.4M | Add +9632.3% |
| ERO Ero Copper Corp. | 0.91% | 119,600 | $2.4M | Reduce -3.9% |
| BN Brookfield Corp. | 0.82% | 30,740 | $2.1M | Add +29.5% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.81% | 34,170 | $2.1M | New |
| HXL Hexcel Corp. | 0.77% | 31,723 | $2.0M | No change |
| AGRO Adecoagro SA | 0.76% | 250,000 | $2.0M | New |
| MOH Molina Healthcare Inc. | 0.75% | 10,183 | $1.9M | Add +0.7% |
| STNE Stoneco Ltd. Class A | 0.73% | 100,000 | $1.9M | Reduce -29.1% |
| KW Kennedy-Wilson Holdings Inc. | 0.58% | 179,400 | $1.5M | Reduce -32.2% |
| NXE Nexgen Energy Ltd. | 0.55% | 159,300 | $1.4M | Add +1273.3% |
| KKR KKR & Co. Inc. | 0.51% | 10,240 | $1.3M | Reduce -30.4% |
| MRVI Maravai Lifesciences Hldgs-A | 0.47% | 419,857 | $1.2M | Reduce -51.8% |
| EVR Evercore Inc. Class A | 0.39% | 3,000 | $1.0M | New |
| MKL Markel Group Inc. | 0.38% | 515 | $984K | No change |
| DHR Danaher Corp. | 0.36% | 4,700 | $932K | No change |
| MCHP Microchip Technology Inc. | 0.36% | 14,360 | $922K | No change |
| BEP Brookfield Renewable Partner | 0.30% | 30,000 | $773K | New |
| USAS Americas Gold and Silver Cor | 0.30% | 206,800 | $771K | New |
| LAD Lithia Motors Inc. | 0.29% | 2,400 | $758K | No change |
| XWIAX Western Asset Infl-Link Sec | 0.29% | 89,100 | $749K | Add +17.3% |
| DMIIU Drugs Made in America Acquis | 0.26% | 68,500 | $681K | New |
| WRN Western Copper and Gold Corp. | 0.24% | 318,500 | $632K | New |
| LPAA Launch One Acquisition Corp. | 0.24% | 60,000 | $631K | No change |
| ISOU Isoenergy Ltd. | 0.24% | 60,600 | $610K | Add +362.6% |
| EDD Morgan Stanley Emrg MRK Dom | 0.22% | 105,700 | $567K | Reduce -12.2% |
| SAND Sandstorm Gold Ltd. | 0.21% | 42,500 | $532K | New |
| WCN Waste Connections Inc. | 0.20% | 3,000 | $527K | New |
| ATS Ats Corp. | 0.20% | 20,000 | $523K | New |
| CLVT Clarivate PLC | 0.20% | 132,200 | $506K | Reduce -75.1% |
| BTG B2GOLD Corp. | 0.19% | 100,000 | $494K | New |
| COOP Mr Cooper Group Inc. | 0.17% | 2,100 | $443K | New |
| VRNA Verona Pharma Ltd. | 0.16% | 3,900 | $416K | New |
| VMEO Vimeo Inc. | 0.16% | 53,000 | $411K | New |
| GTLS Chart Industries Inc. | 0.15% | 2,000 | $400K | New |
| CYBR Cyberark Software Ltd./Israel | 0.15% | 800 | $387K | New |
| KRE SS SPDR S&P Regional Bank | 0.15% | 6,000 | $380K | New |
| SHCO Soho House & Co. Inc. | 0.15% | 42,900 | $380K | New |
| HBM Hudbay Minerals Inc. | 0.15% | 25,000 | $379K | New |
| TACHU Titan Acquisition Corp. | 0.15% | 36,600 | $377K | No change |
| VZLA Vizsla Silver Corp. | 0.14% | 83,000 | $359K | New |
| AGI Alamos Gold Inc. Class A | 0.13% | 10,000 | $349K | New |
| WBS Webster Financial Corp. | 0.13% | 5,838 | $347K | No change |
| BGFV Big 5 Sporting Goods Corp. | 0.13% | 239,029 | $344K | New |
| LNSR Lensar Inc. | 0.13% | 27,000 | $333K | Reduce -10.3% |
| MAC COPPER LTD | 0.12% | 26,450 | $323K | Add +76.3% |
| SOUL.U Soulpower Acquisition Corp. | 0.12% | 30,051 | $319K | No change |
| SOCAU Solarius Capital Acquisition | 0.12% | 29,100 | $307K | New |
| PHLT Performant Healthcare Inc. | 0.12% | 39,600 | $306K | New |
| BCARU D Boral Arc Acquisition I Co. | 0.11% | 29,400 | $294K | New |
| CIO City Office REIT Inc. | 0.11% | 42,200 | $294K | New |
| MA Mastercard Inc. Class A | 0.11% | 500 | $284K | New |
| XENE Xenon Pharmaceuticals Inc. | 0.11% | 6,850 | $275K | New |
| VCIC Vine Hill Capital Class A | 0.10% | 25,000 | $268K | No change |
| JBL Jabil Inc. | 0.10% | 1,217 | $264K | Reduce -32.3% |
| SIMA Sim Acquisition Corp. I-A | 0.10% | 25,000 | $263K | No change |
| ZIMV Zimvie Inc. | 0.10% | 13,700 | $259K | New |
| AZN Astrazeneca PLC-Spons ADR | 0.10% | 3,330 | $255K | New |
| TVAIU Thayer Ventures Acquisition | 0.10% | 25,000 | $255K | No change |
| WNS WNS Holdings Ltd. filed as WNS HLDGS LTD | 0.10% | 3,300 | $252K | New |
| SZZLU Sizzle Acquisition Corp. II | 0.10% | 24,448 | $251K | No change |
| BLUWU Blue Water Acquisition III filed as BLUE WTR ACQUISITION CORP. I | 0.10% | 24,700 | $249K | No change |
| TXNM TXNM Energy Inc. | 0.10% | 4,400 | $249K | No change |
| CGCTU Cartesian Growth Corp. III | 0.09% | 24,100 | $245K | No change |
| CPA Copa Holdings SA Class A | 0.09% | 2,048 | $243K | No change |
| CCRD Corecard Corp. | 0.09% | 8,600 | $232K | New |
| IBAC Ib Acquisition Corp. | 0.09% | 21,900 | $230K | New |
| AVDX Avidxchange Holdings Inc. | 0.09% | 23,100 | $230K | Reduce -54.4% |
| LYTS Lsi Industries Inc. | 0.09% | 9,730 | $230K | Reduce -1.4% |
| PVBC Provident Bancorp Inc. | 0.09% | 18,300 | $229K | New |
| VTLE Vital Energy Inc. | 0.09% | 13,400 | $226K | New |
| INFA Informatica Inc. Class A | 0.09% | 9,100 | $226K | Add +16.7% |
| SOL Emeren Group Ltd. | 0.08% | 114,233 | $216K | Reduce -3.4% |
| EVAC.U Eqv Ventures Acquisition Cor | 0.08% | 20,000 | $200K | New |
| BSAAU Best Spac I Acquisition Corp. | 0.07% | 18,500 | $188K | No change |
| PBPB Potbelly Corp. | 0.07% | 10,900 | $186K | New |
| ALE Allete Inc. | 0.07% | 2,780 | $185K | Reduce -28.4% |
| HVMCU Highview Merger Corp. | 0.07% | 18,000 | $182K | New |
| PRA Proassurance Corp. | 0.07% | 7,500 | $180K | No change |
| MKLYU McKinley Acquisition Corp. | 0.07% | 18,000 | $180K | New |
| PACHU Pioneer Acquisition I Corp. | 0.07% | 17,400 | $175K | Add +248.0% |
| PREMIER INC-CLASS A | 0.07% | 6,200 | $172K | New |
| MURA Mural Oncology PLC | 0.07% | 82,800 | $171K | New |
| CTLP Cantaloupe Inc. | 0.07% | 16,200 | $171K | Reduce -21.4% |
| CVE Cenovus Energy Inc. | 0.07% | 10,000 | $170K | New |
| MRUS Merus NV | 0.07% | 1,800 | $169K | New |
| CHACU Crane Harbor Acquisition Cor | 0.06% | 14,700 | $167K | No change |
| FNF Fidelity National Financial | 0.06% | 2,694 | $163K | No change |
| HONE Harborone Bancorp Inc. | 0.06% | 11,682 | $159K | New |
Other holdings (29): bonds, preferreds, convertibles and warrants · $334.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 44,040,000 | $47.6M | Add +1.6% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 32,000,000 | $35.0M | Add +45.5% |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 19,737,000 | $27.9M | Reduce -10.2% |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | 12,077,000 | $23.6M | No change |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 20,000,000 | $22.5M | Add +100.0% |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | 18,500,000 | $18.4M | No change |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 93,792,000 | $16.9M | No change |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | 15,270,000 | $16.6M | Reduce -8.9% |
| WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) | NOTE 1.750% 5/0 · principal | 25,329,000 | $15.1M | No change |
| CARDLYTICS INC (CDLX 4.25 04/01/29) | NOTE 4.250% 4/0 · principal | 27,610,000 | $14.7M | Reduce -20.2% |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 24,451,000 | $14.5M | Add +95.6% |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 14,225,000 | $13.9M | No change |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | 7,311,000 | $11.1M | No change |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | 18,049,000 | $10.6M | Add +80.5% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 9,000,000 | $10.3M | No change |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | 5,900,000 | $7.8M | No change |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 7,150,000 | $7.7M | Reduce -58.3% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 5,000,000 | $5.1M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 5,000,000 | $4.9M | No change |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 · principal | 4,000,000 | $4.0M | New |
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | 3,000,000 | $3.0M | No change |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | 3,000,000 | $2.5M | New |
| AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) | NOTE 4.250% 2/1 · principal | 501,000 | $482K | No change |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 12,500 | $20K | No change |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | 30,000 | $7K | No change |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 12,500 | $5K | No change |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 5,000 | $2K | No change |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 2,500 | $425 | 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: $592.7M.
Portfolio Sells Q2 2025 → Q3 2025
| SANG Sangoma Technologies Corp. | Reduce -12.8% | 5.42% | −5.77 |
| PPLT Abrdn Physical Platinum SHRS | Reduce -3.3% | 16.69% | −4.71 |
| DCBO Docebo Inc. | Sold out | 0.00% | −2.46 |
| Z Zillow Group Inc. Class C | Sold out | 0.00% | −1.94 |
| FLYYQ Spirit Aviation Holdings Inc. | Sold out | 0.00% | −1.61 |
| FET Forum Energy Technologies Inc. | Reduce -31.1% | 2.69% | −1.42 |
| CLVT Clarivate PLC | Reduce -75.1% | 0.20% | −1.08 |
| MRVI Maravai Lifesciences Hldgs-A | Reduce -51.8% | 0.47% | −0.70 |
| KKR KKR & Co. Inc. | Reduce -30.4% | 0.51% | −0.58 |
| STNE Stoneco Ltd. Class A | Reduce -29.1% | 0.73% | −0.53 |
| KW Kennedy-Wilson Holdings Inc. | Reduce -32.2% | 0.58% | −0.43 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.40 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.39 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.33 |
| DNB Dun & Bradstreet Holdings Inc. | Sold out | 0.00% | −0.31 |
| SBUX Starbucks Corp. | Sold out | 0.00% | −0.30 |
| SATX Satixfy Communications Ltd. | Sold out | 0.00% | −0.29 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.28 |
| EVRI Everi Holdings Inc. | Sold out | 0.00% | −0.28 |
| TGI Triumph Group Inc. | Sold out | 0.00% | −0.28 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −0.28 |
| VIGL Vigil Neuroscience Inc. | Sold out | 0.00% | −0.24 |
| ERO Ero Copper Corp. | Reduce -3.9% | 0.91% | −0.23 |
| NVEE NV5 Global Inc. | Sold out | 0.00% | −0.23 |
| FARO Faro Technologies Inc. | Sold out | 0.00% | −0.21 |
| INZY Inozyme Pharma Inc. | Sold out | 0.00% | −0.20 |
| GB Global Blue Group Holding AG | Sold out | 0.00% | −0.20 |
| ESGR Enstar Group Ltd. | Sold out | 0.00% | −0.19 |
| AVDX Avidxchange Holdings Inc. | Reduce -54.4% | 0.09% | −0.19 |
| SGMA Sigmatron International Inc. | Sold out | 0.00% | −0.17 |
| SVT Servotronics Inc. | Sold out | 0.00% | −0.17 |
| SGOV iShares 0-3 Month Treasury B | Sold out | 0.00% | −0.17 |
| TBIL F/M US Treasury 3 Month Bill | Sold out | 0.00% | −0.17 |
| VBIL Vanguard 0-3M T-Bill ETF | Sold out | 0.00% | −0.16 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Sold out | 0.00% | −0.16 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −0.16 |
| GMS GMS Inc. | Sold out | 0.00% | −0.15 |
| ETWO E2OPEN Parent Holdings Inc. | Sold out | 0.00% | −0.14 |
| BRDG Bridge Investment Grp HDS-A | Sold out | 0.00% | −0.13 |
| EDD Morgan Stanley Emrg MRK Dom | Reduce -12.2% | 0.22% | −0.12 |
| JBL Jabil Inc. | Reduce -32.3% | 0.10% | −0.12 |
| HES Hess Corp. | Sold out | 0.00% | −0.12 |
| SPTN Spartannash Co. | Sold out | 0.00% | −0.11 |
| BROOKLINE BANCORP INC | Sold out | 0.00% | −0.10 |
| THTX Theratechnologies Inc. | Sold out | 0.00% | −0.09 |
| LNSR Lensar Inc. | Reduce -10.3% | 0.13% | −0.09 |
| STRM Streamline Health Solutions | Sold out | 0.00% | −0.08 |
| CCRN Cross Country Healthcare Inc. | Reduce -40.9% | 0.06% | −0.07 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.07 |
| ALE Allete Inc. | Reduce -28.4% | 0.07% | −0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| EQX Equinox Gold Corp. | New | 16.66% | +16.66 |
| TEUCRIUM WHEAT FUND | New | 5.53% | +5.53 |
| TSAT Telesat Corp. | Add +307.3% | 4.07% | +2.70 |
| DECK Deckers Outdoor Corp. | Add +9632.3% | 0.95% | +0.93 |
| IFF Intl Flavors & Fragrances | New | 0.81% | +0.81 |
| AGRO Adecoagro SA | New | 0.76% | +0.76 |
| NXE Nexgen Energy Ltd. | Add +1273.3% | 0.55% | +0.51 |
| EVR Evercore Inc. Class A | New | 0.39% | +0.39 |
| BEP Brookfield Renewable Partner | New | 0.30% | +0.30 |
| USAS Americas Gold and Silver Cor | New | 0.30% | +0.30 |
| DMIIU Drugs Made in America Acquis | New | 0.26% | +0.26 |
| WRN Western Copper and Gold Corp. | New | 0.24% | +0.24 |
| SAND Sandstorm Gold Ltd. | New | 0.21% | +0.21 |
| WCN Waste Connections Inc. | New | 0.20% | +0.20 |
| ATS Ats Corp. | New | 0.20% | +0.20 |
| BTG B2GOLD Corp. | New | 0.19% | +0.19 |
| ISOU Isoenergy Ltd. | Add +362.6% | 0.24% | +0.18 |
| COOP Mr Cooper Group Inc. | New | 0.17% | +0.17 |
| VRNA Verona Pharma Ltd. | New | 0.16% | +0.16 |
| VMEO Vimeo Inc. | New | 0.16% | +0.16 |
| GTLS Chart Industries Inc. | New | 0.15% | +0.15 |
| CYBR Cyberark Software Ltd./Israel | New | 0.15% | +0.15 |
| KRE SS SPDR S&P Regional Bank | New | 0.15% | +0.15 |
| SHCO Soho House & Co. Inc. | New | 0.15% | +0.15 |
| HBM Hudbay Minerals Inc. | New | 0.15% | +0.15 |
| VZLA Vizsla Silver Corp. | New | 0.14% | +0.14 |
| AGI Alamos Gold Inc. Class A | New | 0.13% | +0.13 |
| BGFV Big 5 Sporting Goods Corp. | New | 0.13% | +0.13 |
| SOCAU Solarius Capital Acquisition | New | 0.12% | +0.12 |
| PHLT Performant Healthcare Inc. | New | 0.12% | +0.12 |
| BCARU D Boral Arc Acquisition I Co. | New | 0.11% | +0.11 |
| CIO City Office REIT Inc. | New | 0.11% | +0.11 |
| MA Mastercard Inc. Class A | New | 0.11% | +0.11 |
| XENE Xenon Pharmaceuticals Inc. | New | 0.11% | +0.11 |
| ZIMV Zimvie Inc. | New | 0.10% | +0.10 |
| AZN Astrazeneca PLC-Spons ADR | New | 0.10% | +0.10 |
| WNS WNS Holdings Ltd. | New | 0.10% | +0.10 |
| CCRD Corecard Corp. | New | 0.09% | +0.09 |
| IBAC Ib Acquisition Corp. | New | 0.09% | +0.09 |
| PVBC Provident Bancorp Inc. | New | 0.09% | +0.09 |
| VTLE Vital Energy Inc. | New | 0.09% | +0.09 |
| EVAC.U Eqv Ventures Acquisition Cor | New | 0.08% | +0.08 |
| PBPB Potbelly Corp. | New | 0.07% | +0.07 |
| HVMCU Highview Merger Corp. | New | 0.07% | +0.07 |
| MKLYU McKinley Acquisition Corp. | New | 0.07% | +0.07 |
| PREMIER INC-CLASS A | New | 0.07% | +0.07 |
| MURA Mural Oncology PLC | New | 0.07% | +0.07 |
| CVE Cenovus Energy Inc. | New | 0.07% | +0.07 |
| MRUS Merus NV | New | 0.07% | +0.07 |
| HONE Harborone Bancorp Inc. | New | 0.06% | +0.06 |
Notes & Other Activity Q2 2025 → Q3 2025
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | Add +1.6% | 44,040,000 | $47.6M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Add +45.5% | 32,000,000 | $35.0M |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | Reduce -10.2% | 19,737,000 | $27.9M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | Add +100.0% | 20,000,000 | $22.5M |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | Reduce -8.9% | 15,270,000 | $16.6M |
| CARDLYTICS INC (CDLX 4.25 04/01/29) | NOTE 4.250% 4/0 · principal | Reduce -20.2% | 27,610,000 | $14.7M |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | Add +95.6% | 24,451,000 | $14.5M |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | Add +80.5% | 18,049,000 | $10.6M |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | Reduce -58.3% | 7,150,000 | $7.7M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | New | 5,000,000 | $5.1M |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | Sold out | 4,518,000 | $4.4Mbefore exit |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 · principal | New | 4,000,000 | $4.0M |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | New | 3,000,000 | $2.5M |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | Sold out | 4,800 | $39Kbefore 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 |