PenderFund Capital Management Ltd.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), PenderFund Capital Management Ltd. reported 204 stock positions worth $216.7 million. Its top holding was Abrdn Physical Platinum SHRS (PPLT) at 13.2% of the portfolio, followed by Teucrium Corn Fund (CORN, 6.8%) and Telesat (TSAT, 6.1%). Compared with Q4 2025, it opened 71 new positions, sold out of 57, added to 46 and reduced 20. The biggest buy was a new position in Teucrium Corn Fund (CORN) and the biggest sale an exit from Equinox Gold Corp. (eqxcn 4.75 10/15/28).

Most Recent 13F
Q2 2026
Location
VANCOUVER, A1
CIK
0001706164
Portfolio Value
$216.7M (Q1 2026)
SEC Filing
0001706164-26-000003 ↗ filed May 15, 2026

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 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 $216.7M Q1 2026 Q2 2026: $222.1M Q2 2026

Holdings 204 stocks · $216.7M
PPLT Abrdn Physical Platinum SHRS 13.16% 160,000 $28.5M Reduce -33.9%
CORN Teucrium Corn Fund 6.83% 804,300 $14.8M New
TSAT Telesat Corp. 6.07% 371,153 $13.1M Reduce -9.4%
EQX Equinox Gold Corp. 5.42% 812,500 $11.7M New
SANG Sangoma Technologies Corp. 5.13% 2,820,933 $11.1M Reduce -0.0%
MDA Mda Space Ltd. 5.10% 436,232 $11.1M New
PAR Par Technology Corp. 5.00% 812,462 $10.8M New
ESPR Esperion Therapeutics Inc. 4.92% 3,891,926 $10.7M Reduce -11.4%
WIW Western Asst Infl-LNK Opp 3.99% 1,023,197 $8.7M Add +0.8%
AGRO Adecoagro SA 1.73% 250,000 $3.8M No change
BMM Blue Moon Metals Inc. 1.69% 565,298 $3.7M New
HSLV Highlander Silver Corp. 1.59% 587,800 $3.4M New
NXE Nexgen Energy Ltd. 1.41% 263,000 $3.1M Add +2.4%
CLVT Clarivate PLC 1.30% 1,113,600 $2.8M Add +113.7%
KKR KKR & Co. Inc. 1.25% 29,340 $2.7M Add +48.6%
SOYB Teucrium Soybean Fund 1.13% 100,000 $2.4M New
BUR Burford Capital Ltd. 1.04% 497,990 $2.3M No change
GNRC Generac Holdings Inc. 0.98% 10,850 $2.1M New
FLR Fluor Corp. 0.97% 45,140 $2.1M No change
DECK Deckers Outdoor Corp. 0.97% 20,981 $2.1M Add +894.4%
SARO Standardaero Inc. 0.97% 81,250 $2.1M Add +0.7%
CART Maplebear Inc. 0.97% 56,015 $2.1M Add +9314.3%
DLTR Dollar Tree Inc. 0.94% 18,530 $2.0M No change
EDD Morgan Stanley Emrg MRK Dom 0.94% 400,000 $2.0M New
ADUS Addus Homecare Corp. 0.80% 18,475 $1.7M Add +0.4%
ISOU Isoenergy Ltd. 0.71% 145,200 $1.5M Add +30.1%
SHOP Shopify Inc. Class A 0.70% 12,800 $1.5M New
BN Brookfield Corp. 0.67% 35,610 $1.4M Reduce -22.8%
STNE Stoneco Ltd. Class A 0.65% 100,000 $1.4M No change
BAH Booz Allen Hamilton Holdings 0.63% 17,620 $1.4M Add +4934.3%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.59% 17,612 $1.3M Reduce -48.5%
CVE Cenovus Energy Inc. 0.49% 40,000 $1.1M No change
HXL Hexcel Corp. 0.48% 12,898 $1.0M Reduce -59.3%
MKL Markel Group Inc. 0.46% 517 $990K No change
BEP Brookfield Renewable Partner 0.45% 30,000 $979K No change
WPM Wheaton Precious Metals Corp. 0.45% 7,400 $971K New
EVR Evercore Inc. Class A 0.43% 3,100 $925K Add +1.3%
DHR Danaher Corp. 0.41% 4,700 $891K No change
BGSI Boyd Group Services Inc. 0.41% 6,900 $881K Reduce -44.8%
NATH Nathan's Famous Inc. 0.40% 8,600 $866K New
MSFT Microsoft Corp. 0.39% 2,300 $851K New
BIDU Baidu Inc. - Spon ADR 0.39% 7,600 $847K No change
XWIAX Western Asset Infl-Link Sec 0.39% 103,800 $836K Add +7.8%
APH Amphenol Corp. Class A 0.33% 5,600 $708K New
GTLS Chart Industries Inc. 0.30% 3,100 $641K Add +72.2%
CAT Caterpillar Inc. 0.29% 900 $638K New
SSRM SSR Mining Inc. 0.29% 21,594 $635K New
WBD Warner Bros Discovery Inc. 0.28% 22,300 $612K Add +32.7%
HOLX Hologic Inc. 0.28% 8,000 $605K Add +81.8%
FOLD Amicus Therapeutics Inc. 0.27% 41,100 $594K Add +245.4%
MRVI Maravai Lifesciences Hldgs-A 0.27% 205,000 $580K Reduce -7.0%
DAWN Day One Biopharmaceuticals I 0.27% 26,800 $575K New
ATS Ats Corp. 0.26% 20,000 $564K No change
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.26% 8,526 $554K Add +11.8%
GDOT Green Dot Corp. Class A 0.25% 48,100 $540K Add +146.7%
MCHP Microchip Technology Inc. 0.23% 7,735 $500K Reduce -47.9%
DMII Drugs Made in America Acquis 0.23% 49,700 $496K No change
WCN Waste Connections Inc. 0.22% 3,000 $487K No change
BELFA Bel Fuse Inc. Class A 0.22% 2,700 $487K Add +68.8%
TLN Talen Energy Corp. 0.22% 1,500 $479K No change
WRN Western Copper and Gold Corp. 0.22% 186,145 $472K Add +171.7%
KORE Kore Group Holdings Inc. 0.22% 52,184 $471K New
SEM Select Medical Holdings Corp. 0.22% 28,700 $468K New
NATL NCR Atleos Corp. 0.22% 10,700 $466K New
TPH Tri Pointe Homes Inc. 0.21% 9,900 $463K New
DBRG Digitalbridge Group Inc. 0.21% 29,700 $458K Add +6.5%
KW Kennedy-Wilson Holdings Inc. 0.21% 42,200 $457K Add +99.1%
SZZL Sizzle Acquisition Corp. Class A 0.21% 43,642 $448K No change
JHG Janus Henderson Group PLC 0.21% 8,700 $447K Add +148.6%
ARM Arm Holdings PLC-ADR 0.20% 2,800 $424K New
WOLF Wolfspeed Inc. 0.19% 24,890 $406K New
XENE Xenon Pharmaceuticals Inc. 0.18% 6,850 $398K No change
GDEN Golden Entertainment Inc. 0.18% 14,855 $396K Add +74.8%
WBS Webster Financial Corp. 0.18% 5,700 $396K Reduce -84.9%
GLDD Great Lakes Dredge & Dock Co. 0.18% 23,200 $394K New
INTU Intuit Inc. 0.18% 900 $389K New
NOW ServiceNow Inc. 0.18% 3,700 $387K New
PEN Penumbra Inc. 0.18% 1,170 $384K New
TACH Titan Acquisition Corp. Class A 0.17% 36,600 $378K No change
TVAI Thayer Ventures Acquis Class A 0.17% 36,000 $368K No change
ADBE Adobe Inc. 0.17% 1,500 $365K New
CCO Clear Channel Outdoor Holdin 0.17% 152,700 $362K New
PKST Peakstone Realty Trust 0.16% 16,500 $345K New
SEMR Semrush Holdings Inc. Class A 0.16% 28,828 $344K Add +60.0%
BLFY Blue Foundry Bancorp 0.16% 25,796 $342K Add +19.4%
LPAA Launch One Acquisition Corp. 0.16% 31,400 $336K No change
ACLX Arcellx Inc. 0.15% 2,900 $333K New
IHS Ihs Holding Ltd. 0.15% 40,300 $332K New
ITRG Integra Resources Corp. 0.15% 120,000 $324K New
AZN Astrazeneca PLC 0.15% 1,665 $323K No change
FONR Fonar Corp. 0.15% 17,300 $321K Add +113.6%
JBL Jabil Inc. 0.15% 1,207 $321K Reduce -4.0%
CSGS CSG Systems Intl Inc. 0.15% 4,000 $320K Add +14.3%
TXNM TXNM Energy Inc. 0.15% 5,400 $316K New
SOUL Soulpower Acquisition Co. Class A 0.14% 30,051 $308K No change
ONTF ON24 Inc. 0.14% 37,500 $304K Add +98.4%
CWAN Clearwater Analytics HDS-A 0.14% 12,800 $303K Add +80.3%
BCAR D. Boral Arc Acquisit Class A 0.14% 29,400 $298K No change
DHIL Diamond Hill Investment Grp 0.14% 1,706 $294K Add +13.7%
PRA Proassurance Corp. 0.13% 11,292 $279K Add +20.1%
VCIC Vine Hill Capital Class A 0.13% 25,000 $275K No change
ZIM Zim Integrated Shipping Serv 0.12% 9,900 $261K New
SOCA Solarius Capital Acquis Class A 0.12% 25,400 $259K Reduce -12.7%
IACOU Idea Acquisition Corp. 0.11% 25,000 $248K New
VHCP Vine Hill Capital Inves Class A 0.11% 25,000 $248K No change
CPA Copa Holdings SA Class A 0.11% 2,100 $239K Add +2.5%
IMXI International Money Express 0.11% 15,100 $239K No change
LSTA Lisata Therapeutics Inc. 0.11% 47,500 $238K New
FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III 0.11% 22,700 $233K No change
BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I 0.11% 22,500 $232K No change
RTAC Renatus Tactical Acquisiti-A 0.11% 22,500 $231K No change
AES AES Corp. 0.11% 16,400 $231K New
STKL Sunopta Inc. 0.11% 35,277 $229K New
EHAB Enhabit Inc. 0.10% 15,800 $223K New
THR Thermon Group Holdings Inc. 0.10% 4,400 $222K New
VRE Veris Residential Inc. 0.10% 11,600 $219K New
SIMA Sim Acquisition Corp. I-A 0.10% 20,400 $219K No change
ERO Ero Copper Corp. 0.10% 7,870 $210K Reduce -92.3%
SLAB Silicon Laboratories Inc. 0.10% 1,000 $208K New
EVAC Eqv Ventures Acquisition C-A 0.09% 20,246 $204K Add +1.2%
LNSR Lensar Inc. 0.09% 33,381 $199K Add +35.7%
MCW Mister Car Wash Inc. 0.09% 28,400 $198K New
NWE Northwestern Energy Group Inc. 0.09% 2,900 $191K No change
TALK Talkspace Inc. 0.09% 36,900 $191K New
LYTS Lsi Industries Inc. 0.09% 10,145 $189K Add +4.3%
BHF Brighthouse Financial Inc. 0.09% 3,100 $186K Add +6.9%
HVMC Highview Merger Corp. Class A 0.08% 18,000 $181K New
WENN Wen Acquisition Corp. Class A 0.08% 17,600 $179K No change
RNGT Range Capital Acquisit Class A 0.08% 17,320 $173K No change
AACIU Armada Acquisition Corp. III 0.07% 16,000 $160K New
PACH Pioneer Acquisition I Class A 0.07% 15,200 $154K Reduce -12.6%
MKLY McKinley Acquisition Co. Class A 0.07% 14,900 $150K New
XCBE X3 Acquisition Corp. Ltd. Class A 0.07% 15,000 $148K New
MSOS Advisorshares Pure US Cann 0.07% 40,500 $144K Add +75.3%
USAS Americas Gold and Silver Cor 0.06% 26,700 $139K Reduce -50.0%
NPAC New Providence Acquisition-A 0.06% 12,700 $130K Reduce -7.7%
FNF Fidelity National Financial 0.06% 2,694 $125K No change
BSAA Best Spac I Acquisition-A 0.06% 11,800 $121K No change
RDAG Republic Digital Acquis Class A 0.05% 10,600 $108K No change
TONT Graf Global Corp. Class A 0.05% 10,000 $107K No change
MBVI M3-Brigade Acquisition Class A 0.05% 10,387 $104K New
LWAC Lightwave Acquisition Corp. Class A 0.05% 10,196 $103K No change
CEPF Cantor Equity Partners Class A 0.05% 10,000 $102K No change
BCSS Bain Capital GSS Inv- A 0.05% 10,000 $101K New
CHEC Chenghe Acquisition II Class A 0.05% 10,000 $101K No change
BLZR Trailblazer Acquisition Class A 0.05% 10,000 $101K No change
LATA Galata Acqu Corp. II Class A 0.05% 10,000 $100K New
CAQUU Cambridge Acquisition Corp. 0.05% 10,000 $100K New
ITHA Ithax Acquisition Corp. Class A 0.05% 10,000 $99K No change
VACH Voyager Acquisition Corp. 0.05% 7,900 $99K No change
OS Onestream Inc. 0.04% 3,900 $94K New
OBA Oxley Bridge Acquisitio Class A 0.04% 9,100 $92K No change
FIGX Figx Capital Acquisition C-A 0.04% 9,000 $91K No change
TG Tredegar Corp. 0.04% 11,200 $89K New
UBFO United Security Bancshare 0.04% 8,300 $87K New
FERA Fifth Era Acquisition Corp. Class A 0.04% 8,200 $85K Reduce -18.8%
MJ Amplify Alternat Harvest ETF 0.04% 3,600 $83K Add +200.0%
PMTR Perimeter Acquis Corp. I Class A 0.04% 8,000 $82K No change
MNRO Monro Inc. 0.04% 5,000 $80K New
CAEP Cantor Equity Partners III-A 0.03% 7,200 $74K No change
HCMA HCM III Acquisition Cor Class A 0.03% 7,200 $73K No change
PYPL PayPal Holdings Inc. 0.03% 1,600 $72K New
FROG Jfrog Ltd. 0.03% 1,500 $70K No change
GTLB Gitlab Inc. Class A 0.03% 3,000 $65K Add +42.9%
PROF Profound Medical Corp. 0.03% 9,400 $60K No change
IPCX Inflection Point Acquisiti-A 0.02% 5,000 $51K No change
ONCH 1RT Acquisition Corp. Class A 0.02% 5,000 $51K No change
CEPS Cantor Equity Partners Vi -A 0.02% 5,000 $51K New
CEPV Cantor Equity Partners Class A 0.02% 5,000 $51K No change
FCRS Futurecrest Acquisition Class A 0.02% 5,000 $50K No change
TMTSU Spartacus Acqu Corp. II 0.02% 5,000 $50K New
LFAC Leapfrog Acquisition Class A 0.02% 5,000 $50K No change
ADAC American Drive Acquisit Class A 0.02% 5,000 $50K New
CRAN Crane Harbor Acquisitio Class A 0.02% 5,000 $50K No change
LPCV Launchpad Cadenza Acqui Class A 0.02% 5,000 $50K No change
SCPQ Social Commerce Partner Class-A 0.02% 5,000 $50K No change
AEAQ Activate Energy Acquisitio-A 0.02% 5,000 $49K New
ALOV Aldabra 4 Liquidity Opp Class A 0.02% 5,000 $49K New
IRHO Iron Horse Acquisitions Corp. 0.02% 5,000 $49K No change
SORN Soren Acquisition Corp. Class A 0.02% 5,000 $49K New
MLAA Mountain Lake Acquisiti Class A 0.02% 5,000 $49K New
MOD Modine Manufacturing Co. 0.02% 210 $46K Add +16.7%
UEC Uranium Energy Corp. 0.02% 3,300 $45K No change
LNKB Linkbancorp Inc. 0.02% 5,175 $43K No change
VRSN Verisign Inc. 0.02% 155 $38K Add +14.8%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.02% 500 $36K Add +40.9%
G Genpact Ltd. 0.02% 930 $35K Add +14.7%
RMBS Rambus Inc. 0.02% 400 $34K Add +73.9%
MCY Mercury General Corp. 0.02% 390 $34K No change
ITRI Itron Inc. 0.02% 380 $34K Add +11.8%
AR Antero Resources Corp. 0.01% 700 $30K Reduce -12.5%
BBUC Brookfield Business Corp. Class A 0.01% 925 $29K Reduce -33.3%
EEFT Euronet Worldwide Inc. 0.01% 440 $29K No change
CCXI Churchill Capital Corp. Class A 0.01% 2,500 $25K No change
OTGA Otg Acquisition Corp. I Class A 0.01% 2,500 $25K New
COO The Cooper Cos Inc. 0.01% 300 $21K No change
MINE Mayfair Gold Corp. 0.01% 5,800 $18K New
FDS Factset Research Systems Inc. 0.01% 70 $15K No change
MMTX Miluna Acquisition Class A 0.01% 1,406 $14K New
RNA Atrium Therapeutics Inc. 0.00% 490 $7K New
EU Encore Energy Corp. 0.00% 1,716 $3K New
EWCZ European Wax Center Inc. Class A 0.00% 300 $2K New
INCR Intercure Ltd. 0.00% 1,977 $1K No change
HNI Hni Corp. 0.00% 1 $33 No change
Other holdings (49): bonds, preferreds, convertibles and warrants · $421.9M (not counted above)
SecurityClassShares / PrincipalValueChange
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal 38,740,000$54.4MReduce -12.0%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) NOTE 3.625% 4/1 · principal 44,500,000$49.7MAdd +122.5%
FLUENCE ENERGY INC (FLNC 2.25 06/15/30) NOTE 2.250% 6/1 · principal 37,410,000$38.0MAdd +33.6%
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal 30,000,000$33.8MNo change
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 29,250,000$29.7MAdd +32.0%
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) NOTE 4.750%10/1 · principal 12,077,000$29.4MNew
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 25,000,000$28.1MReduce -21.9%
NIO INC (NIO 3.875 10/15/29) NOTE 3.875%10/1 · principal 25,185,000$26.2MReduce -0.3%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal 22,000,000$25.8MAdd +15.8%
EVOLENT HEALTH INC (EVH 3.5 12/01/29) NOTE 3.500%12/0 · principal 42,017,000$22.8MAdd +379.1%
WOLFSPEED INC (WOLF 2.5 06/15/31) NOTE 2.500% 6/1 · principal 11,330,060$16.3MNew
CARDLYTICS INC (CDLX 4.25 04/01/29) NOTE 4.250% 4/0 · principal 47,710,000$13.5MNo change
MERITAGE HOMES CORP (MTH 1.75 05/15/28) NOTE 1.750% 5/1 · principal 12,000,000$11.7MNew
OPKO HEALTH INC (OPK 3.75 01/15/29) NOTE 3.750% 1/1 · principal 7,311,000$9.2MNo change
TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal 5,900,000$8.0MNew
EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal 15,500,000$7.9MAdd +287.5%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 5,000,000$7.0MNew
SUPER MICRO COMPUTER INC (SMCI 2.25 07/15/28) NOTE 2.250% 7/1 · principal 6,000,000$5.3MNew
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) NOTE 1.500%10/1 · principal 5,000,000$4.7MNew
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *) NOTE 4.250% 2/1 · principal 501,000$449KNo change
FACWW Cartesian Growth Corp. -30 *W EXP 05/02/203 9,143$7KNo change
DMIIR Drugs Made in America Acq-RT RIGHT 09/16/2030 49,700$4KNew
VHCPW Vine Hill Capital Investment *W EXP 11/25/203 8,332$3KNo change
RNGTW Range Capital Acquisition Co. *W EXP 09/29/203 8,660$3KNew
HVMCW Highview Merger Corp. - 30 *W EXP 07/24/203 9,000$3KNew
XCBEW X3 Acquisition Corp. Ltd. *W EXP 12/19/203 7,500$2KNew
MKLYR McKinley Acquisition Corp. RIGHT 07/25/2030 14,900$2KNew
BLZRW Trailblazer Acqui Corp. -30 *W EXP 09/30/203 3,333$1KNew
BCSS.WS Bain Capital GSS Investment *W EXP 01/01/202 2,000$1KNew
MBVIW M3-Brigade Acquisition Vi Co. *W EXP 08/18/203 3,461$1KNew
ITHAW Ithax Acquisition Corp. III *W EXP 11/17/203 5,000$1KNo change
LATAW Galata Acquisition Corp. - 30 *W EXP 09/12/203 3,332$1KNo change
CHECW Chenghe Acquisition III Co. *W EXP 09/09/203 5,000$938New
CRANR Crane Harbor Acquisition-RTS RIGHT 12/09/2030 5,000$919No change
SCPQW Social Commerce Partner - 30 *W EXP 02/13/203 2,500$775No change
AEAQW Activate Energy Acquisition *W EXP 11/10/203 2,500$762New
FCRS.WS Futurecrest Acquisition Corp. *W EXP 09/30/203 1,250$738New
IRHOR Iron Horse Acquisiti- Rights RIGHT 07/11/2030 5,000$675No change
LFACW Leapfrog Acquisition Corp. *W EXP 11/10/203 2,500$638No change
ONCHW 1RT Acquisition Corp.-A -31 *W EXP 06/26/203 1,250$556No change
SORNW Soren Acquisition Corp. *W EXP 12/19/203 1,666$533New
ALOVW Aldabra 4 Liquidity Opportun *W EXP 12/23/203 1,666$501New
ADACW American Dr Acq A -30 *W EXP 02/06/203 1,666$500New
LPCVW Launchpad Cadenza Acquisitio *W EXP 12/15/203 1,666$375No change
OTGAW Otg Acquisition Corp. I - 30 *W EXP 09/05/203 1,250$344No change
MLAAW Mountain Lake Acquisition Co. *W EXP 99/99/999 2,500$325New
CCXIW Churchill Capital Corp. Xi *W EXP 12/10/203 250$181No change
MMTXW Miluna Acquisition Corp. *W EXP 09/29/203 1,406$176No change
LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 2,500$28No change

Total filed on the 13F, all lines: $638.6M.

Portfolio Sells Q4 2025 → Q1 2026
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) Sold out 0.00% −10.96
SLV iShares Silver Trust Sold out 0.00% −6.12
PSLV Sprott Physical Silver Trust Sold out 0.00% −5.13
WOLFSPEED INC (WOLF 2.5 06/15/31) Sold out 0.00% −4.64
PPLT Abrdn Physical Platinum SHRS Reduce -33.9% 13.16% −4.16
TXNM ENERGY INC (TXNM 5.75 06/01/54) Sold out 0.00% −3.06
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) Sold out 0.00% −1.88
ESPR Esperion Therapeutics Inc. Reduce -11.4% 4.92% −1.32
ERO Ero Copper Corp. Reduce -92.3% 0.10% −0.99
WBS Webster Financial Corp. Reduce -84.9% 0.18% −0.73
HXL Hexcel Corp. Reduce -59.3% 0.48% −0.42
BGSI Boyd Group Services Inc. Reduce -44.8% 0.41% −0.36
SHCO Soho House & Co. Inc. Sold out 0.00% −0.34
SANG Sangoma Technologies Corp. Reduce -0.0% 5.13% −0.31
LAD Lithia Motors Inc. Sold out 0.00% −0.31
IFF Intl Flavors & Fragrances Reduce -48.5% 0.59% −0.30
CCJ Cameco Corp. Sold out 0.00% −0.26
NVDA Nvidia Corp. Sold out 0.00% −0.25
AAUC Allied Gold Corp. Sold out 0.00% −0.24
DAY Dayforce Inc. Sold out 0.00% −0.22
VZLA Vizsla Silver Corp. Sold out 0.00% −0.17
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −0.17
HI Hillenbrand Inc. Sold out 0.00% −0.16
CIO City Office REIT Inc. Sold out 0.00% −0.16
EB Eventbrite Inc. Class A Sold out 0.00% −0.16
SOHO Sotherly Hotels Inc. Sold out 0.00% −0.15
DENN Denny's Corp. Sold out 0.00% −0.15
AGI Alamos Gold Inc. Class A Sold out 0.00% −0.15
BN Brookfield Corp. Reduce -22.8% 0.67% −0.15
MCHP Microchip Technology Inc. Reduce -47.9% 0.23% −0.13
CADE Cadence Bank Sold out 0.00% −0.13
SNCR Synchronoss Technologies Inc. Sold out 0.00% −0.13
QIPT Quipt Home Medical Corp. Sold out 0.00% −0.13
CTLP Cantaloupe Inc. Sold out 0.00% −0.13
RNAM Avidity Biosciences Inc. Sold out 0.00% −0.12
ON On Semiconductor Sold out 0.00% −0.12
TXN Texas Instruments Inc. Sold out 0.00% −0.12
MA Mastercard Inc. Class A Sold out 0.00% −0.11
ALEX Alexander & Baldwin Inc. Sold out 0.00% −0.10
ISPO Inspirato Inc. Sold out 0.00% −0.09
TRUE Truecar Inc. Sold out 0.00% −0.08
CMA Comerica Inc. Sold out 0.00% −0.08
ASTL Algoma Steel Group Inc. Sold out 0.00% −0.08
CDTX Cidara Therapeutics Inc. Sold out 0.00% −0.08
HVMCU Highview Merger Corp. Sold out 0.00% −0.07
MKLYU McKinley Acquisition Corp. Sold out 0.00% −0.07
PLYM Plymouth Industrial REIT Inc. Sold out 0.00% −0.07
JAMF Jamf Holding Corp. Sold out 0.00% −0.07
AVDL Avadel Pharmaceuticals Ltd. Sold out 0.00% −0.07
EM Smart Share Global Ltd. - ADR Sold out 0.00% −0.06

Portfolio Buys Q4 2025 → Q1 2026
CORN Teucrium Corn Fund New 6.83% +6.83
EQX Equinox Gold Corp. New 5.42% +5.42
MDA Mda Space Ltd. New 5.10% +5.10
PAR Par Technology Corp. New 5.00% +5.00
BMM Blue Moon Metals Inc. New 1.69% +1.69
HSLV Highlander Silver Corp. New 1.59% +1.59
SOYB Teucrium Soybean Fund New 1.13% +1.13
GNRC Generac Holdings Inc. New 0.98% +0.98
CART Maplebear Inc. Add +9314.3% 0.97% +0.96
EDD Morgan Stanley Emrg MRK Dom New 0.94% +0.94
DECK Deckers Outdoor Corp. Add +894.4% 0.97% +0.89
SHOP Shopify Inc. Class A New 0.70% +0.70
WIW Western Asst Infl-LNK Opp Add +0.8% 3.99% +0.65
CLVT Clarivate PLC Add +113.7% 1.30% +0.63
BAH Booz Allen Hamilton Holdings Add +4934.3% 0.63% +0.62
NXE Nexgen Energy Ltd. Add +2.4% 1.41% +0.50
WPM Wheaton Precious Metals Corp. New 0.45% +0.45
NATH Nathan's Famous Inc. New 0.40% +0.40
MSFT Microsoft Corp. New 0.39% +0.39
APH Amphenol Corp. Class A New 0.33% +0.33
ISOU Isoenergy Ltd. Add +30.1% 0.71% +0.32
CAT Caterpillar Inc. New 0.29% +0.29
SSRM SSR Mining Inc. New 0.29% +0.29
KKR KKR & Co. Inc. Add +48.6% 1.25% +0.29
DAWN Day One Biopharmaceuticals I New 0.27% +0.27
KORE Kore Group Holdings Inc. New 0.22% +0.22
SEM Select Medical Holdings Corp. New 0.22% +0.22
NATL NCR Atleos Corp. New 0.22% +0.22
TPH Tri Pointe Homes Inc. New 0.21% +0.21
FOLD Amicus Therapeutics Inc. Add +245.4% 0.27% +0.21
ARM Arm Holdings PLC-ADR New 0.20% +0.20
WOLF Wolfspeed Inc. New 0.19% +0.19
GLDD Great Lakes Dredge & Dock Co. New 0.18% +0.18
INTU Intuit Inc. New 0.18% +0.18
NOW ServiceNow Inc. New 0.18% +0.18
PEN Penumbra Inc. New 0.18% +0.18
ADBE Adobe Inc. New 0.17% +0.17
CCO Clear Channel Outdoor Holdin New 0.17% +0.17
PKST Peakstone Realty Trust New 0.16% +0.16
ACLX Arcellx Inc. New 0.15% +0.15
GTLS Chart Industries Inc. Add +72.2% 0.30% +0.15
GDOT Green Dot Corp. Class A Add +146.7% 0.25% +0.15
HOLX Hologic Inc. Add +81.8% 0.28% +0.15
IHS Ihs Holding Ltd. New 0.15% +0.15
ITRG Integra Resources Corp. New 0.15% +0.15
WRN Western Copper and Gold Corp. Add +171.7% 0.22% +0.15
TXNM TXNM Energy Inc. New 0.15% +0.15
JHG Janus Henderson Group PLC Add +148.6% 0.21% +0.14
KW Kennedy-Wilson Holdings Inc. Add +99.1% 0.21% +0.13
BELFA Bel Fuse Inc. Class A Add +68.8% 0.22% +0.13

Notes & Other Activity Q4 2025 → Q1 2026
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal Reduce -12.0% 38,740,000 $54.4M
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) NOTE 3.625% 4/1 · principal Add +122.5% 44,500,000 $49.7M
FLUENCE ENERGY INC (FLNC 2.25 06/15/30) NOTE 2.250% 6/1 · principal Add +33.6% 37,410,000 $38.0M
EQX Equinox Gold Corp. COM · principal Sold out 2,596,154 $36.5Mbefore exit
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal Add +32.0% 29,250,000 $29.7M
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) NOTE 4.750%10/1 · principal New 12,077,000 $29.4M
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal Reduce -21.9% 25,000,000 $28.1M
NIO INC (NIO 3.875 10/15/29) NOTE 3.875%10/1 · principal Reduce -0.3% 25,185,000 $26.2M
SSR MINING INC (SSRMCN 2.5 04/01/39) NOTE 2.500% 4/0 · principal Sold out 19,737,000 $25.9Mbefore exit
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal Add +15.8% 22,000,000 $25.8M
EVOLENT HEALTH INC (EVH 3.5 12/01/29) NOTE 3.500%12/0 · principal Add +379.1% 42,017,000 $22.8M
WOLFSPEED INC (WOLF 2.5 06/15/31) NOTE 2.500% 6/1 · principal New 11,330,060 $16.3M
PAR Par Technology Corp. COM · principal Sold out 417,666 $15.2Mbefore exit
MAGNITE INC (MGNI 0.25 03/15/26) NOTE 0.250% 3/1 · principal Sold out 14,225,000 $14.1Mbefore exit
MERITAGE HOMES CORP (MTH 1.75 05/15/28) NOTE 1.750% 5/1 · principal New 12,000,000 $11.7M
TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal New 5,900,000 $8.0M
EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal Add +287.5% 15,500,000 $7.9M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 5,000,000 $7.0M
SUPER MICRO COMPUTER INC (SMCI 2.25 07/15/28) NOTE 2.250% 7/1 · principal New 6,000,000 $5.3M
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal Sold out 5,000,000 $5.0Mbefore exit
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) NOTE 1.500%10/1 · principal New 5,000,000 $4.7M
WOLF Wolfspeed Inc. COMMON STOCK · principal Sold out 23,851 $415Kbefore exit
TXNM TXNM Energy Inc. COM · principal Sold out 6,200 $365Kbefore exit
DMIIR Drugs Made in America Acq-RT RIGHT 09/16/2030 New 49,700 $4K
RNGTW Range Capital Acquisition Co. *W EXP 09/29/203 New 8,660 $3K
HVMCW Highview Merger Corp. - 30 *W EXP 07/24/203 New 9,000 $3K
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 Sold out 9,678 $2Kbefore exit
EVAC.WS Eqv Ventures Acquisition Cor *W EXP 06/30/203 Sold out 5,636 $2Kbefore exit
XCBEW X3 Acquisition Corp. Ltd. *W EXP 12/19/203 New 7,500 $2K
MKLYR McKinley Acquisition Corp. RIGHT 07/25/2030 New 14,900 $2K
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 Sold out 2,500 $2Kbefore exit
BLZRW Trailblazer Acqui Corp. -30 *W EXP 09/30/203 New 3,333 $1K
BCSS.WS Bain Capital GSS Investment *W EXP 01/01/202 New 2,000 $1K
MBVIW M3-Brigade Acquisition Vi Co. *W EXP 08/18/203 New 3,461 $1K
CHECW Chenghe Acquisition III Co. *W EXP 09/09/203 New 5,000 $938
AEAQW Activate Energy Acquisition *W EXP 11/10/203 New 2,500 $762
FCRS.WS Futurecrest Acquisition Corp. *W EXP 09/30/203 New 1,250 $738
SORNW Soren Acquisition Corp. *W EXP 12/19/203 New 1,666 $533
ALOVW Aldabra 4 Liquidity Opportun *W EXP 12/23/203 New 1,666 $501
ADACW American Dr Acq A -30 *W EXP 02/06/203 New 1,666 $500
MLAAW Mountain Lake Acquisition Co. *W EXP 99/99/999 New 2,500 $325

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