PenderFund Capital Management Ltd.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), PenderFund Capital Management Ltd. reported 193 stock positions worth $260.5 million. Its top holding was Abrdn Physical Platinum SHRS (PPLT) at 17.3% of the portfolio, followed by Equinox Gold Corp. (eqxcn 4.75 10/15/28) (11.0%) and Esperion Therapeutics (ESPR, 6.2%). Compared with Q3 2025, it opened 83 new positions, sold out of 68, added to 41 and reduced 21. The biggest buy was a new position in Equinox Gold Corp. (eqxcn 4.75 10/15/28) and the biggest sale an exit from Equinox Gold (EQX).
- Most Recent 13F
- Q2 2026
- Location
- VANCOUVER, A1
- CIK
- 0001706164
- Portfolio Value
- $260.5M (Q4 2025)
- SEC Filing
- 0001706164-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 193 stocks · $260.5M
| PPLT Abrdn Physical Platinum SHRS | 17.32% | 242,000 | $45.1M | Reduce -19.9% |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | 10.96% | 12,077,000 | $28.5M | New |
| ESPR Esperion Therapeutics Inc. | 6.24% | 4,391,926 | $16.3M | Reduce -34.2% |
| SLV iShares Silver Trust | 6.12% | 247,500 | $15.9M | Reduce -1.0% |
| TSAT Telesat Corp. | 6.12% | 409,753 | $15.9M | No change |
| SANG Sangoma Technologies Corp. | 5.44% | 2,821,433 | $14.2M | No change |
| PSLV Sprott Physical Silver Trust | 5.13% | 565,000 | $13.4M | Reduce -15.0% |
| WOLFSPEED INC (WOLF 2.5 06/15/31) | 4.64% | 8,125,060 | $12.1M | New |
| WIW Western Asst Infl-LNK Opp | 3.35% | 1,015,397 | $8.7M | Add +0.9% |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | 3.06% | 5,900,000 | $8.0M | New |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | 1.88% | 5,000,000 | $4.9M | New |
| BUR Burford Capital Ltd. | 1.71% | 497,990 | $4.4M | Reduce -33.1% |
| ERO Ero Copper Corp. | 1.09% | 102,590 | $2.8M | Reduce -14.2% |
| KKR KKR & Co. Inc. | 0.97% | 19,740 | $2.5M | Add +92.8% |
| WBS Webster Financial Corp. | 0.91% | 37,838 | $2.4M | Add +548.1% |
| NXE Nexgen Energy Ltd. | 0.91% | 256,800 | $2.4M | Add +61.2% |
| HXL Hexcel Corp. | 0.90% | 31,723 | $2.3M | No change |
| SARO Standardaero Inc. | 0.89% | 80,700 | $2.3M | New |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.89% | 34,212 | $2.3M | Add +0.1% |
| DLTR Dollar Tree Inc. | 0.88% | 18,530 | $2.3M | Add +5877.4% |
| BN Brookfield Corp. | 0.81% | 46,110 | $2.1M | No change |
| BGSI Boyd Group Services Inc. | 0.76% | 12,500 | $2.0M | New |
| AGRO Adecoagro SA | 0.76% | 250,000 | $2.0M | No change |
| ADUS Addus Homecare Corp. | 0.76% | 18,400 | $2.0M | Add +6288.9% |
| FLR Fluor Corp. | 0.69% | 45,140 | $1.8M | Add +6000.0% |
| CLVT Clarivate PLC | 0.67% | 521,000 | $1.7M | Add +294.1% |
| STNE Stoneco Ltd. Class A | 0.57% | 100,000 | $1.5M | No change |
| MKL Markel Group Inc. | 0.43% | 517 | $1.1M | Add +0.4% |
| DHR Danaher Corp. | 0.41% | 4,700 | $1.1M | No change |
| EVR Evercore Inc. Class A | 0.40% | 3,060 | $1.0M | Add +2.0% |
| ISOU Isoenergy Ltd. | 0.39% | 111,600 | $1.0M | Add +84.2% |
| BIDU Baidu Inc. - Spon ADR | 0.38% | 7,600 | $993K | New |
| MCHP Microchip Technology Inc. | 0.36% | 14,835 | $945K | Add +3.3% |
| SHCO Soho House & Co. Inc. | 0.34% | 98,995 | $887K | Add +130.8% |
| BEP Brookfield Renewable Partner | 0.31% | 30,000 | $811K | No change |
| LAD Lithia Motors Inc. | 0.31% | 2,400 | $798K | No change |
| XWIAX Western Asset Infl-Link Sec | 0.30% | 96,300 | $794K | Add +8.1% |
| MRVI Maravai Lifesciences Hldgs-A | 0.28% | 220,500 | $717K | Reduce -47.5% |
| CVE Cenovus Energy Inc. | 0.26% | 40,000 | $677K | Add +300.0% |
| CCJ Cameco Corp. | 0.26% | 7,300 | $668K | New |
| NVDA Nvidia Corp. | 0.25% | 3,500 | $653K | New |
| AAUC Allied Gold Corp. | 0.24% | 27,000 | $619K | New |
| DAY Dayforce Inc. | 0.22% | 8,300 | $574K | Add +492.9% |
| TLN Talen Energy Corp. | 0.22% | 1,500 | $562K | New |
| ATS Ats Corp. | 0.21% | 20,000 | $551K | No change |
| WCN Waste Connections Inc. | 0.20% | 3,000 | $526K | No change |
| DMIIU Drugs Made in America Acquis | 0.19% | 49,700 | $497K | Reduce -27.4% |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 0.19% | 7,626 | $490K | Add +723.5% |
| WBD Warner Bros Discovery Inc. | 0.19% | 16,800 | $484K | New |
| VZLA Vizsla Silver Corp. | 0.17% | 83,000 | $454K | No change |
| CYBR Cyberark Software Ltd./Israel | 0.17% | 1,000 | $446K | Add +25.0% |
| SZZL Sizzle Acquisition Corp. Class A | 0.17% | 43,642 | $443K | New |
| DBRG Digitalbridge Group Inc. | 0.16% | 27,900 | $428K | Add +852.2% |
| HI Hillenbrand Inc. | 0.16% | 13,400 | $425K | New |
| CIO City Office REIT Inc. | 0.16% | 58,700 | $410K | Add +39.1% |
| EB Eventbrite Inc. Class A | 0.16% | 91,800 | $409K | New |
| SOHO Sotherly Hotels Inc. | 0.15% | 184,798 | $397K | New |
| DENN Denny's Corp. | 0.15% | 63,500 | $395K | New |
| AGI Alamos Gold Inc. Class A | 0.15% | 10,000 | $386K | No change |
| TACH Titan Acquisition Corp. Class A | 0.14% | 36,600 | $376K | New |
| GTLS Chart Industries Inc. | 0.14% | 1,800 | $371K | Reduce -10.0% |
| TVAI Thayer Ventures Acquis Class A | 0.14% | 36,000 | $364K | New |
| CADE Cadence Bank | 0.13% | 7,975 | $342K | New |
| SNCR Synchronoss Technologies Inc. | 0.13% | 39,000 | $334K | New |
| LPAA Launch One Acquisition Corp. | 0.13% | 31,400 | $333K | Reduce -47.7% |
| HOLX Hologic Inc. | 0.13% | 4,400 | $328K | Add +528.6% |
| QIPT Quipt Home Medical Corp. | 0.13% | 92,629 | $328K | New |
| CTLP Cantaloupe Inc. | 0.13% | 30,800 | $327K | Add +90.1% |
| RNAM Avidity Biosciences Inc. | 0.12% | 4,500 | $325K | New |
| ON On Semiconductor | 0.12% | 5,800 | $314K | New |
| TXN Texas Instruments Inc. | 0.12% | 1,800 | $312K | New |
| XENE Xenon Pharmaceuticals Inc. | 0.12% | 6,850 | $307K | No change |
| AZN Astrazeneca PLC-Spons ADR | 0.12% | 3,330 | $306K | No change |
| SOUL Soulpower Acquisition Co. Class A | 0.12% | 30,051 | $305K | New |
| BCAR D. Boral Arc Acquisit Class A | 0.11% | 29,400 | $295K | No change |
| SOCA Solarius Capital Acquis Class A | 0.11% | 29,100 | $292K | No change |
| JBL Jabil Inc. | 0.11% | 1,257 | $287K | Add +3.3% |
| LNSR Lensar Inc. | 0.11% | 24,600 | $286K | Reduce -8.9% |
| MA Mastercard Inc. Class A | 0.11% | 500 | $285K | No change |
| USAS Americas Gold and Silver Cor | 0.11% | 53,400 | $274K | Reduce -74.2% |
| VCIC Vine Hill Capital Class A | 0.10% | 25,000 | $269K | No change |
| BLFY Blue Foundry Bancorp | 0.10% | 21,600 | $268K | New |
| CSGS CSG Systems Intl Inc. | 0.10% | 3,500 | $268K | New |
| ALEX Alexander & Baldwin Inc. | 0.10% | 12,400 | $256K | New |
| DHIL Diamond Hill Investment Grp | 0.10% | 1,500 | $254K | New |
| VHCPU Vine Hill Capital Investment | 0.10% | 25,000 | $251K | New |
| GDOT Green Dot Corp. Class A | 0.10% | 19,500 | $250K | New |
| CPA Copa Holdings SA Class A | 0.09% | 2,048 | $247K | No change |
| ISPO Inspirato Inc. | 0.09% | 59,100 | $246K | New |
| BELFA Bel Fuse Inc. Class A | 0.09% | 1,600 | $243K | New |
| RTAC Renatus Tactical Acquisiti-A | 0.09% | 22,500 | $240K | New |
| FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III | 0.09% | 22,700 | $234K | New |
| BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I | 0.09% | 22,500 | $232K | New |
| IMXI International Money Express | 0.09% | 15,100 | $232K | Add +59.0% |
| GDEN Golden Entertainment Inc. | 0.09% | 8,500 | $231K | New |
| PRA Proassurance Corp. | 0.09% | 9,401 | $227K | Add +25.4% |
| TRUE Truecar Inc. | 0.08% | 97,100 | $219K | New |
| DECK Deckers Outdoor Corp. | 0.08% | 2,110 | $219K | Reduce -91.3% |
| SIMA Sim Acquisition Corp. I-A | 0.08% | 20,400 | $216K | Reduce -18.4% |
| SEMR Semrush Holdings Inc. Class A | 0.08% | 18,023 | $214K | New |
| CMA Comerica Inc. | 0.08% | 2,397 | $208K | New |
| ASTL Algoma Steel Group Inc. | 0.08% | 50,000 | $206K | New |
| KW Kennedy-Wilson Holdings Inc. | 0.08% | 21,200 | $205K | Reduce -88.2% |
| EVAC Eqv Ventures Acquisition C-A | 0.08% | 20,000 | $201K | No change |
| CDTX Cidara Therapeutics Inc. | 0.08% | 900 | $199K | New |
| BHF Brighthouse Financial Inc. | 0.07% | 2,900 | $188K | New |
| NWE Northwestern Energy Group Inc. | 0.07% | 2,900 | $187K | Add +359.6% |
| WRN Western Copper and Gold Corp. | 0.07% | 68,500 | $183K | Reduce -78.5% |
| HVMCU Highview Merger Corp. | 0.07% | 18,000 | $182K | No change |
| MKLYU McKinley Acquisition Corp. | 0.07% | 18,000 | $182K | No change |
| LYTS Lsi Industries Inc. | 0.07% | 9,730 | $178K | No change |
| WENN Wen Acquisition Corp. Class A | 0.07% | 17,600 | $178K | New |
| RNGTU Range Capital Acquisition Co. | 0.07% | 17,320 | $177K | New |
| PACH Pioneer Acquisition I Class A | 0.07% | 17,400 | $175K | No change |
| PLYM Plymouth Industrial REIT Inc. | 0.07% | 8,000 | $175K | New |
| JAMF Jamf Holding Corp. filed as JAMF HLDG CORP | 0.07% | 13,300 | $173K | New |
| AVDL Avadel Pharmaceuticals Ltd. | 0.07% | 8,004 | $172K | New |
| CWAN Clearwater Analytics HDS-A | 0.07% | 7,100 | $171K | New |
| FOLD Amicus Therapeutics Inc. | 0.07% | 11,900 | $169K | New |
| JHG Janus Henderson Group PLC | 0.06% | 3,500 | $166K | New |
| EM Smart Share Global Ltd. - ADR | 0.06% | 131,500 | $154K | Add +80.1% |
| ONTF ON24 Inc. | 0.06% | 18,900 | $150K | New |
| FONR Fonar Corp. | 0.06% | 8,100 | $150K | New |
| GIFI Gulf Island Fabrication Inc. | 0.06% | 12,522 | $150K | New |
| FNF Fidelity National Financial | 0.06% | 2,694 | $147K | No change |
| NPAC New Providence Acquisition-A | 0.05% | 13,765 | $141K | New |
| MOFG Midwestone Financial Group I | 0.05% | 3,305 | $127K | New |
| HOUS Anywhere Real Estate Inc. | 0.05% | 8,500 | $120K | Add +54.5% |
| BSAA Best Spac I Acquisition-A | 0.05% | 11,800 | $120K | Reduce -36.2% |
| MSOS Advisorshares Pure US Cann | 0.04% | 23,100 | $109K | Add +71.1% |
| TONT Graf Global Corp. Class A | 0.04% | 10,000 | $108K | No change |
| RDAG Republic Digital Acquis Class A | 0.04% | 10,600 | $107K | New |
| MBVIU M3-Brigade Acquisition Vi Co. | 0.04% | 10,387 | $105K | No change |
| AHL Aspen Insurance Holdings Class A | 0.04% | 2,800 | $104K | Add +47.4% |
| FERA Fifth Era Acquisition Corp. Class A | 0.04% | 10,100 | $104K | New |
| CEPF Cantor Equity Partners Class A | 0.04% | 10,000 | $103K | No change |
| FRGE Forge Global Holdings Inc. | 0.04% | 2,300 | $102K | New |
| LWAC Lightwave Acquisition Corp. Class A | 0.04% | 10,196 | $102K | Add +2.0% |
| BLZRU Trailblazer Acquisition Corp. | 0.04% | 10,000 | $102K | No change |
| LATAU Galata Acquisition Corp. II | 0.04% | 10,000 | $101K | No change |
| CHECU Chenghe Acquisition III Co. | 0.04% | 10,000 | $101K | No change |
| ITHAU Ithax Acquisition Corp. III | 0.04% | 10,000 | $100K | New |
| AMWD American Woodmark Corp. | 0.04% | 1,800 | $97K | No change |
| FROG Jfrog Ltd. | 0.04% | 1,500 | $94K | No change |
| OBA Oxley Bridge Acquisitio Class A | 0.04% | 9,100 | $92K | Add +82.0% |
| FIGX Figx Capital Acquisition C-A | 0.03% | 9,000 | $91K | Add +80.0% |
| TGNA Tegna Inc. | 0.03% | 4,500 | $87K | Add +55.2% |
| VACH Voyager Acquisition Corp. | 0.03% | 7,900 | $84K | Add +58.0% |
| ONL Orion Properties Inc. | 0.03% | 37,000 | $84K | No change |
| PMTR Perimeter Acquis Corp. I Class A | 0.03% | 8,000 | $82K | New |
| GTLB Gitlab Inc. Class A | 0.03% | 2,100 | $79K | No change |
| PROF Profound Medical Corp. | 0.03% | 9,400 | $74K | No change |
| CAEP Cantor Equity Partners III-A | 0.03% | 7,200 | $73K | Add +80.0% |
| HCMA HCM III Acquisition Cor Class A | 0.03% | 7,200 | $72K | Add +620.0% |
| CEPV Cantor Equity Partners Class A | 0.02% | 5,000 | $51K | New |
| FCRS.U Futurecrest Acquisition Corp. | 0.02% | 5,000 | $51K | No change |
| ONCH 1RT Acquisition Corp. Class A | 0.02% | 5,000 | $51K | No change |
| IPCX Inflection Point Acquisiti-A | 0.02% | 5,000 | $51K | New |
| CRANU Crane Harbor Acquisition Cor | 0.02% | 5,000 | $50K | New |
| LFACU Leapfrog Acquisition Corp. | 0.02% | 5,000 | $50K | New |
| SCPQU Social Commerce Partners Cor | 0.02% | 5,000 | $50K | New |
| LPCVU Launchpad Cadenza Acquisitio | 0.02% | 5,000 | $50K | New |
| IRHOU Iron Horse Acquisition II Co. | 0.02% | 5,000 | $50K | New |
| GOOS Canada Goose Holdings Inc. | 0.02% | 3,300 | $43K | No change |
| LNKB Linkbancorp Inc. | 0.02% | 5,175 | $43K | New |
| UEC Uranium Energy Corp. | 0.01% | 3,300 | $39K | New |
| G Genpact Ltd. | 0.01% | 811 | $38K | No change |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.01% | 355 | $37K | No change |
| MCY Mercury General Corp. | 0.01% | 390 | $37K | Reduce -11.4% |
| MJ Amplify Alternat Harvest ETF | 0.01% | 1,200 | $36K | New |
| EEFT Euronet Worldwide Inc. | 0.01% | 440 | $33K | Add +27.2% |
| VRSN Verisign Inc. | 0.01% | 135 | $33K | Add +10.7% |
| BBU Brookfield Business PT-Unit | 0.01% | 925 | $33K | Reduce -24.9% |
| ITRI Itron Inc. | 0.01% | 340 | $32K | Add +28.3% |
| BAH Booz Allen Hamilton Holdings | 0.01% | 350 | $30K | New |
| AR Antero Resources Corp. | 0.01% | 800 | $28K | No change |
| CART Maplebear Inc. | 0.01% | 595 | $27K | New |
| CCXIU Churchill Capital Corp. Xi | 0.01% | 2,500 | $26K | New |
| OTGAU Otg Acquisition Corp. I | 0.01% | 2,500 | $25K | No change |
| COO The Cooper Cos Inc. | 0.01% | 300 | $25K | No change |
| MOD Modine Manufacturing Co. | 0.01% | 180 | $24K | Reduce -10.0% |
| RMBS Rambus Inc. | 0.01% | 230 | $21K | Reduce -24.6% |
| MBCN Middlefield Banc Corp. | 0.01% | 604 | $21K | New |
| FDS Factset Research Systems Inc. | 0.01% | 70 | $20K | New |
| MMTXU Miluna Acquisition Corp. | 0.01% | 1,406 | $14K | New |
| FSFG First Savings Financial Grp | 0.00% | 400 | $13K | New |
| BCE Bce Inc. | 0.00% | 352 | $8K | No change |
| FG F&G Annuities & Life Inc. | 0.00% | 161 | $5K | New |
| ZEUS Olympic Steel Inc. | 0.00% | 109 | $5K | New |
| BBT Beacon Financial Corp. | 0.00% | 116 | $3K | No change |
| UDMY Udemy Inc. | 0.00% | 375 | $2K | New |
| INCR Intercure Ltd. | 0.00% | 1,977 | $2K | No change |
| HNI Hni Corp. | 0.00% | 1 | $42 | New |
Other holdings (26): bonds, preferreds, convertibles and warrants · $374.2M (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 | $54.6M | No change |
| EQX Equinox Gold Corp. | COM · principal | 2,596,154 | $36.5M | New |
| FLUENCE ENERGY INC (FLNC 2.25 06/15/30) | NOTE 2.250% 6/1 · principal | 28,000,000 | $34.0M | New |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 32,000,000 | $33.3M | No change |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 30,000,000 | $32.1M | Add +50.0% |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 19,737,000 | $25.9M | No change |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | 25,270,000 | $24.1M | Add +65.5% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 19,000,000 | $21.0M | Add +111.1% |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 22,150,000 | $19.8M | Add +209.8% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 20,000,000 | $19.5M | Add +300.0% |
| CARDLYTICS INC (CDLX 4.25 04/01/29) | NOTE 4.250% 4/0 · principal | 47,710,000 | $19.4M | Add +72.8% |
| PAR Par Technology Corp. | COM · principal | 417,666 | $15.2M | New |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 14,225,000 | $14.1M | No change |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | 7,311,000 | $9.6M | No change |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | 8,769,000 | $5.9M | Add +192.3% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 5,000,000 | $5.0M | No change |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 · principal | 4,000,000 | $2.9M | No change |
| AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) | NOTE 4.250% 2/1 · principal | 501,000 | $521K | No change |
| WOLF Wolfspeed Inc. | COMMON STOCK · principal | 23,851 | $415K | New |
| TXNM TXNM Energy Inc. | COM · principal | 6,200 | $365K | New |
| FACWW Cartesian Growth Corp. -30 | *W EXP 05/02/203 | 9,143 | $7K | New |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 9,678 | $2K | Reduce -22.6% |
| EVAC.WS Eqv Ventures Acquisition Cor | *W EXP 06/30/203 | 5,636 | $2K | New |
| RDAGW Republic Digital Acqu - 30 | *W EXP 05/01/203 | 2,500 | $2K | New |
| ONCHW 1RT Acquisition Corp.-A -31 | *W EXP 06/26/203 | 1,250 | $725 | New |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | 2,500 | $39 | No change |
Total filed on the 13F, all lines: $634.7M.
Portfolio Sells Q3 2025 → Q4 2025
| EQX Equinox Gold Corp. | Sold out | 0.00% | −16.66 |
| PAR Par Technology Corp. | Sold out | 0.00% | −5.71 |
| TEUCRIUM WHEAT FUND | Sold out | 0.00% | −5.53 |
| FET Forum Energy Technologies Inc. | Sold out | 0.00% | −2.69 |
| BUR Burford Capital Ltd. | Reduce -33.1% | 1.71% | −1.74 |
| DECK Deckers Outdoor Corp. | Reduce -91.3% | 0.08% | −0.86 |
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −0.75 |
| ESPR Esperion Therapeutics Inc. | Reduce -34.2% | 6.24% | −0.60 |
| KW Kennedy-Wilson Holdings Inc. | Reduce -88.2% | 0.08% | −0.50 |
| EDD Morgan Stanley Emrg MRK Dom | Sold out | 0.00% | −0.22 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.21 |
| USAS Americas Gold and Silver Cor | Reduce -74.2% | 0.11% | −0.19 |
| BTG B2GOLD Corp. | Sold out | 0.00% | −0.19 |
| MRVI Maravai Lifesciences Hldgs-A | Reduce -47.5% | 0.28% | −0.19 |
| WRN Western Copper and Gold Corp. | Reduce -78.5% | 0.07% | −0.17 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.17 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.16 |
| VMEO Vimeo Inc. | Sold out | 0.00% | −0.16 |
| KRE SS SPDR S&P Regional Bank | Sold out | 0.00% | −0.15 |
| HBM Hudbay Minerals Inc. | Sold out | 0.00% | −0.15 |
| TACHU Titan Acquisition Corp. | Sold out | 0.00% | −0.15 |
| BGFV Big 5 Sporting Goods Corp. | Sold out | 0.00% | −0.13 |
| MAC COPPER LTD | Sold out | 0.00% | −0.12 |
| SOUL.U Soulpower Acquisition Corp. | Sold out | 0.00% | −0.12 |
| PHLT Performant Healthcare Inc. | Sold out | 0.00% | −0.12 |
| LPAA Launch One Acquisition Corp. | Reduce -47.7% | 0.13% | −0.12 |
| ZIMV Zimvie Inc. | Sold out | 0.00% | −0.10 |
| TVAIU Thayer Ventures Acquisition | Sold out | 0.00% | −0.10 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −0.10 |
| SZZLU Sizzle Acquisition Corp. II | Sold out | 0.00% | −0.10 |
| BLUWU Blue Water Acquisition III | Sold out | 0.00% | −0.10 |
| TXNM TXNM Energy Inc. | Sold out | 0.00% | −0.10 |
| CGCTU Cartesian Growth Corp. III | Sold out | 0.00% | −0.09 |
| CCRD Corecard Corp. | Sold out | 0.00% | −0.09 |
| IBAC Ib Acquisition Corp. | Sold out | 0.00% | −0.09 |
| AVDX Avidxchange Holdings Inc. | Sold out | 0.00% | −0.09 |
| PVBC Provident Bancorp Inc. | Sold out | 0.00% | −0.09 |
| VTLE Vital Energy Inc. | Sold out | 0.00% | −0.09 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −0.09 |
| SOL Emeren Group Ltd. | Sold out | 0.00% | −0.08 |
| DMIIU Drugs Made in America Acquis | Reduce -27.4% | 0.19% | −0.07 |
| PBPB Potbelly Corp. | Sold out | 0.00% | −0.07 |
| ALE Allete Inc. | Sold out | 0.00% | −0.07 |
| PREMIER INC-CLASS A | Sold out | 0.00% | −0.07 |
| MURA Mural Oncology PLC | Sold out | 0.00% | −0.07 |
| MRUS Merus NV | Sold out | 0.00% | −0.07 |
| CHACU Crane Harbor Acquisition Cor | Sold out | 0.00% | −0.06 |
| HONE Harborone Bancorp Inc. | Sold out | 0.00% | −0.06 |
| TASK Taskus Inc. Class A | Sold out | 0.00% | −0.06 |
| CCRN Cross Country Healthcare Inc. | Sold out | 0.00% | −0.06 |
Portfolio Buys Q3 2025 → Q4 2025
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | New | 10.96% | +10.96 |
| WOLFSPEED INC (WOLF 2.5 06/15/31) | New | 4.64% | +4.64 |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | New | 3.06% | +3.06 |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | New | 1.88% | +1.88 |
| SARO Standardaero Inc. | New | 0.89% | +0.89 |
| DLTR Dollar Tree Inc. | Add +5877.4% | 0.88% | +0.86 |
| WBS Webster Financial Corp. | Add +548.1% | 0.91% | +0.78 |
| BGSI Boyd Group Services Inc. | New | 0.76% | +0.76 |
| ADUS Addus Homecare Corp. | Add +6288.9% | 0.76% | +0.75 |
| FLR Fluor Corp. | Add +6000.0% | 0.69% | +0.67 |
| CLVT Clarivate PLC | Add +294.1% | 0.67% | +0.47 |
| KKR KKR & Co. Inc. | Add +92.8% | 0.97% | +0.45 |
| BIDU Baidu Inc. - Spon ADR | New | 0.38% | +0.38 |
| NXE Nexgen Energy Ltd. | Add +61.2% | 0.91% | +0.36 |
| CCJ Cameco Corp. | New | 0.26% | +0.26 |
| NVDA Nvidia Corp. | New | 0.25% | +0.25 |
| AAUC Allied Gold Corp. | New | 0.24% | +0.24 |
| TLN Talen Energy Corp. | New | 0.22% | +0.22 |
| CVE Cenovus Energy Inc. | Add +300.0% | 0.26% | +0.19 |
| SHCO Soho House & Co. Inc. | Add +130.8% | 0.34% | +0.19 |
| WBD Warner Bros Discovery Inc. | New | 0.19% | +0.19 |
| DAY Dayforce Inc. | Add +492.9% | 0.22% | +0.18 |
| SZZL Sizzle Acquisition Corp. Class A | New | 0.17% | +0.17 |
| AL Sumisho Air Lease Corp. | Add +723.5% | 0.19% | +0.17 |
| HI Hillenbrand Inc. | New | 0.16% | +0.16 |
| EB Eventbrite Inc. Class A | New | 0.16% | +0.16 |
| ISOU Isoenergy Ltd. | Add +84.2% | 0.39% | +0.15 |
| SOHO Sotherly Hotels Inc. | New | 0.15% | +0.15 |
| DENN Denny's Corp. | New | 0.15% | +0.15 |
| DBRG Digitalbridge Group Inc. | Add +852.2% | 0.16% | +0.15 |
| TACH Titan Acquisition Corp. Class A | New | 0.14% | +0.14 |
| TVAI Thayer Ventures Acquis Class A | New | 0.14% | +0.14 |
| CADE Cadence Bank | New | 0.13% | +0.13 |
| SNCR Synchronoss Technologies Inc. | New | 0.13% | +0.13 |
| QIPT Quipt Home Medical Corp. | New | 0.13% | +0.13 |
| RNAM Avidity Biosciences Inc. | New | 0.12% | +0.12 |
| ON On Semiconductor | New | 0.12% | +0.12 |
| TXN Texas Instruments Inc. | New | 0.12% | +0.12 |
| SOUL Soulpower Acquisition Co. Class A | New | 0.12% | +0.12 |
| HOLX Hologic Inc. | Add +528.6% | 0.13% | +0.11 |
| BLFY Blue Foundry Bancorp | New | 0.10% | +0.10 |
| CSGS CSG Systems Intl Inc. | New | 0.10% | +0.10 |
| ALEX Alexander & Baldwin Inc. | New | 0.10% | +0.10 |
| DHIL Diamond Hill Investment Grp | New | 0.10% | +0.10 |
| VHCPU Vine Hill Capital Investment | New | 0.10% | +0.10 |
| GDOT Green Dot Corp. Class A | New | 0.10% | +0.10 |
| ISPO Inspirato Inc. | New | 0.09% | +0.09 |
| BELFA Bel Fuse Inc. Class A | New | 0.09% | +0.09 |
| RTAC Renatus Tactical Acquisiti-A | New | 0.09% | +0.09 |
| FAC Factorial Energy Inc. | New | 0.09% | +0.09 |
Notes & Other Activity Q3 2025 → Q4 2025
| EQX Equinox Gold Corp. | COM · principal | New | 2,596,154 | $36.5M |
| FLUENCE ENERGY INC (FLNC 2.25 06/15/30) | NOTE 2.250% 6/1 · principal | New | 28,000,000 | $34.0M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | Add +50.0% | 30,000,000 | $32.1M |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | Add +65.5% | 25,270,000 | $24.1M |
| EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) | NOTE 4.750%10/1 · principal | Sold out | 12,077,000 | $23.6Mbefore exit |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Add +111.1% | 19,000,000 | $21.0M |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | Add +209.8% | 22,150,000 | $19.8M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Add +300.0% | 20,000,000 | $19.5M |
| CARDLYTICS INC (CDLX 4.25 04/01/29) | NOTE 4.250% 4/0 · principal | Add +72.8% | 47,710,000 | $19.4M |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | Sold out | 18,500,000 | $18.4Mbefore exit |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | Sold out | 93,792,000 | $16.9Mbefore exit |
| PAR Par Technology Corp. | COM · principal | New | 417,666 | $15.2M |
| WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) | NOTE 1.750% 5/0 · principal | Sold out | 25,329,000 | $15.1Mbefore exit |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | Sold out | 24,451,000 | $14.5Mbefore exit |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | Sold out | 18,049,000 | $10.6Mbefore exit |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | Sold out | 5,900,000 | $7.8Mbefore exit |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | Add +192.3% | 8,769,000 | $5.9M |
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | Sold out | 3,000,000 | $3.0Mbefore exit |
| WOLF Wolfspeed Inc. | COMMON STOCK · principal | New | 23,851 | $415K |
| TXNM TXNM Energy Inc. | COM · principal | New | 6,200 | $365K |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | Sold out | 12,500 | $20Kbefore exit |
| FACWW Cartesian Growth Corp. -30 | *W EXP 05/02/203 | New | 9,143 | $7K |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | Sold out | 30,000 | $7Kbefore exit |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | Reduce -22.6% | 9,678 | $2K |
| EVAC.WS Eqv Ventures Acquisition Cor | *W EXP 06/30/203 | New | 5,636 | $2K |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | Sold out | 5,000 | $2Kbefore exit |
| RDAGW Republic Digital Acqu - 30 | *W EXP 05/01/203 | New | 2,500 | $2K |
| ONCHW 1RT Acquisition Corp.-A -31 | *W EXP 06/26/203 | New | 1,250 | $725 |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | Sold out | 2,500 | $425before 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 |