# PenderFund Capital Management Ltd.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1706164. Source: https://holderbook.com/funds/1706164-penderfund-capital-management-ltd/

- Reported value: $780.1M
- Positions: 231
- Weight of the ten largest: 52.1%
- Filed: 2026-08-17

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NORTHERN OIL & GAS INC | - | $64.9M | 67,000,000 | 8.3% | 4 |
| FLUENCE ENERGY INC | - | $60.9M | 47,410,000 | 7.8% | 3 |
| FIRST MAJESTIC SILVER CORP | - | $48.4M | 38,740,000 | 6.2% | 15 |
| VERTEX INC | - | $44.8M | 50,000,000 | 5.7% | 1 |
| WOLFSPEED INC | - | $40.7M | 10,330,060 | 5.2% | 3 |
| SOUTHERN CO | - | $33.1M | 30,000,000 | 4.2% | 5 |
| EVOLENT HEALTH INC | - | $31.5M | 42,017,000 | 4.0% | 4 |
| ALIBABA GROUP HLDG LTD | - | $29.5M | 25,000,000 | 3.8% | 2 |
| NIO INC | - | $26.9M | 26,500,000 | 3.5% | 6 |
| NIO INC | - | $25.7M | 25,185,000 | 3.3% | 6 |
| PPL CAP FDG INC | - | $25.2M | 22,000,000 | 3.2% | 6 |
| EQUINOX GOLD CORP | - | $20.5M | 12,077,000 | 2.6% | 8 |
| EVOLENT HEALTH INC | - | $19.0M | 23,370,000 | 2.4% | 4 |
| SANGOMA TECHNOLOGIES CORP | [SANG](https://holderbook.com/stocks/SANG/) | $16.7M | 4,386,194 | 2.1% | 19 |
| CARDLYTICS INC | - | $15.5M | 53,802,000 | 2.0% | 5 |
| TEUCRIUM COMMODITY TR | [WEAT](https://holderbook.com/stocks/WEAT/) | $15.3M | 696,000 | 2.0% | 1 |
| PAR TECHNOLOGY CORP | - | $14.4M | 15,000,000 | 1.8% | 3 |
| PAR TECHNOLOGY CORP | [PAR](https://holderbook.com/stocks/PAR/) | $14.2M | 812,462 | 1.8% | 29 |
| TEUCRIUM COMMODITY TR | [CORN](https://holderbook.com/stocks/CORN/) | $13.5M | 804,300 | 1.7% | 2 |
| OPKO HEALTH INC | - | $12.8M | 8,491,000 | 1.6% | 6 |
| MERITAGE HOMES CORP | - | $12.5M | 12,000,000 | 1.6% | 2 |
| ESPERION THERAPEUTICS INC NE | [ESPR](https://holderbook.com/stocks/ESPR/) | $12.3M | 3,884,508 | 1.6% | 6 |
| ABRDN PLATINUM ETF TRUST | [PPLT](https://holderbook.com/stocks/PPLT/) | $11.3M | 800,000 | 1.4% | 10 |
| TELESAT CORP | [TSAT](https://holderbook.com/stocks/TSAT/) | $11.0M | 225,153 | 1.4% | 5 |
| IRHYTHM HOLDINGS INC | - | $10.2M | 9,260,000 | 1.3% | 1 |
| SOUTHERN CO | - | $10.1M | 10,000,000 | 1.3% | 1 |
| WESTERN AST INFL LKD OPP & I | [WIW](https://holderbook.com/stocks/WIW/) | $8.4M | 998,747 | 1.1% | 18 |
| TXNM ENERGY INC | - | $7.7M | 5,900,000 | 1.0% | 5 |
| MDA SPACE LTD | [MDA](https://holderbook.com/stocks/MDA/) | $7.6M | 183,588 | 1.0% | 2 |
| BLUE MOON METALS INC | [BMM](https://holderbook.com/stocks/BMM/) | $7.5M | 1,176,098 | 1.0% | 2 |
| OMNICELL COM | - | $3.6M | 3,353,000 | 0.5% | 1 |
| MORGAN STANLEY EMERGING MKTS | [EDD](https://holderbook.com/stocks/EDD/) | $3.0M | 504,800 | 0.4% | 2 |
| HIGHLANDER SILVER CORP | [HSLV](https://holderbook.com/stocks/HSLV/) | $2.8M | 587,800 | 0.4% | 2 |
| MAPLEBEAR INC | [CART](https://holderbook.com/stocks/CART/) | $2.7M | 56,068 | 0.3% | 3 |
| STANDARDAERO INC | [SARO](https://holderbook.com/stocks/SARO/) | $2.5M | 81,962 | 0.3% | 3 |
| TEUCRIUM COMMODITY TR | [SOYB](https://holderbook.com/stocks/SOYB/) | $2.4M | 100,000 | 0.3% | 2 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $2.4M | 26,540 | 0.3% | 31 |
| ADECOAGRO S A | [AGRO](https://holderbook.com/stocks/AGRO/) | $2.4M | 250,000 | 0.3% | 4 |
| FLUOR CORP | [FLR](https://holderbook.com/stocks/FLR/) | $2.4M | 45,374 | 0.3% | 7 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $2.3M | 27,000 | 0.3% | 1 |
| DOLLAR TREE INC | [DLTR](https://holderbook.com/stocks/DLTR/) | $2.3M | 18,634 | 0.3% | 8 |
| GENERAC HLDGS INC | [GNRC](https://holderbook.com/stocks/GNRC/) | $2.2M | 7,570 | 0.3% | 2 |
| DECKERS OUTDOOR CORP | [DECK](https://holderbook.com/stocks/DECK/) | $1.9M | 19,305 | 0.2% | 5 |
| ADDUS HOMECARE CORP | [ADUS](https://holderbook.com/stocks/ADUS/) | $1.9M | 18,497 | 0.2% | 5 |
| NEXGEN ENERGY LTD | [NXE](https://holderbook.com/stocks/NXE/) | $1.8M | 196,400 | 0.2% | 18 |
| CLARIVATE PLC | [CLVT](https://holderbook.com/stocks/CLVT/) | $1.8M | 830,400 | 0.2% | 10 |
| STONECO LTD | [STNE](https://holderbook.com/stocks/STNE/) | $1.7M | 157,200 | 0.2% | 6 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $1.5M | 3,900 | 0.2% | 2 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.5M | 6,100 | 0.2% | 1 |
| INTERNATIONAL FLAVORS&FRAGRA | [IFF](https://holderbook.com/stocks/IFF/) | $1.4M | 17,642 | 0.2% | 4 |
| ISOENERGY LTD | [ISOU](https://holderbook.com/stocks/ISOU/) | $1.4M | 139,300 | 0.2% | 5 |
| EVERCORE INC | [EVR](https://holderbook.com/stocks/EVR/) | $1.3M | 3,916 | 0.2% | 4 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $1.3M | 11,200 | 0.2% | 2 |
| MARAVAI LIFESCIENCES HLDGS I | [MRVI](https://holderbook.com/stocks/MRVI/) | $1.3M | 205,000 | 0.2% | 7 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $1.3M | 29,310 | 0.2% | 15 |
| COPART INC | [CPRT](https://holderbook.com/stocks/CPRT/) | $1.2M | 43,900 | 0.2% | 1 |
| BEL FUSE INC | [BELFA](https://holderbook.com/stocks/BELFA/) | $1.2M | 4,100 | 0.2% | 3 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $1.1M | 7,302 | 0.1% | 1 |
| CHART INDS INC | [GTLS](https://holderbook.com/stocks/GTLS/) | $1.1M | 5,400 | 0.1% | 4 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $1.1M | 1,100 | 0.1% | 1 |
| ATS CORPORATION | [ATS](https://holderbook.com/stocks/ATS/) | $1.1M | 37,700 | 0.1% | 4 |
| BOOZ ALLEN HAMILTON HLDG COR | [BAH](https://holderbook.com/stocks/BAH/) | $1.1M | 17,693 | 0.1% | 3 |
| BROOKFIELD RENEWABLE ENERGY | [BEP](https://holderbook.com/stocks/BEP/) | $1.0M | 30,000 | 0.1% | 4 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $992.5K | 40,000 | 0.1% | 4 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $987.4K | 5,600 | 0.1% | 2 |
| BAYTEX ENERGY CORP | [BTE](https://holderbook.com/stocks/BTE/) | $972.1K | 242,300 | 0.1% | 1 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $958.4K | 900 | 0.1% | 2 |
| HEXCEL CORP NEW | [HXL](https://holderbook.com/stocks/HXL/) | $912.6K | 9,121 | 0.1% | 8 |
| WESTERN COPPER & GOLD CORP | [WRN](https://holderbook.com/stocks/WRN/) | $900.1K | 401,445 | 0.1% | 4 |
| WESTERN ASSET INFLT LNK INC | [WIA](https://holderbook.com/stocks/WIA/) | $842.9K | 103,800 | 0.1% | 18 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $822.2K | 421 | 0.1% | 7 |
| DRUGS MADE IN AMER ACQ II CO | [DMII](https://holderbook.com/stocks/DMII/) | $799.8K | 79,500 | 0.1% | 2 |
| GREEN DOT CORP | [GDOT](https://holderbook.com/stocks/GDOT/) | $798.4K | 59,100 | 0.1% | 3 |
| FOREFRONT TECHNOLOGY HOLDING | - | $765.0K | 75,000 | 0.1% | 1 |
| AMERICAS GOLD AND SILVER COR | [USAS](https://holderbook.com/stocks/USAS/) | $757.5K | 160,100 | 0.1% | 4 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $751.6K | 3,946 | 0.1% | 5 |
| BAIDU INC | [BIDU](https://holderbook.com/stocks/BIDU/) | $742.9K | 6,500 | 0.1% | 3 |
| JANUS HENDERSON GROUP PLC | [JHG](https://holderbook.com/stocks/JHG/) | $722.1K | 13,900 | 0.1% | 3 |
| GLOBALSTAR INC | [GSAT](https://holderbook.com/stocks/GSAT/) | $707.2K | 8,700 | 0.1% | 1 |
| EQV VENTURES AC CORP. II | [EVAC](https://holderbook.com/stocks/EVAC/) | $673.7K | 66,178 | 0.1% | 3 |
| SELECT MED HLDGS CORP | [SEM](https://holderbook.com/stocks/SEM/) | $670.3K | 40,600 | 0.1% | 2 |
| SPDR SERIES TRUST | [KRE](https://holderbook.com/stocks/KRE/) | $662.4K | 8,850 | 0.1% | 1 |
| HIGHVIEW MERGER CORP | [HVMC](https://holderbook.com/stocks/HVMC/) | $649.0K | 63,939 | 0.1% | 2 |
| WHITESTONE REIT | [WSR](https://holderbook.com/stocks/WSR/) | $608.6K | 32,100 | 0.1% | 1 |
| ORGANON & CO | [OGN](https://holderbook.com/stocks/OGN/) | $607.9K | 44,900 | 0.1% | 1 |
| CLEAR CHANNEL OUTDOOR HLDGS | [CCO](https://holderbook.com/stocks/CCO/) | $602.8K | 249,097 | 0.1% | 2 |
| TRUBRIDGE INC | [TBRG](https://holderbook.com/stocks/TBRG/) | $581.9K | 22,200 | 0.1% | 1 |
| NCR ATLEOS CORPORATION | [NATL](https://holderbook.com/stocks/NATL/) | $573.0K | 13,200 | 0.1% | 2 |
| WEN ACQUISITION CORP | [WENN](https://holderbook.com/stocks/WENN/) | $570.9K | 55,480 | 0.1% | 3 |
| MOUNTAIN CREST ACQUISITION 6 | - | $560.8K | 55,200 | 0.1% | 1 |
| CATALYST PHARMACEUTICALS INC | [CPRX](https://holderbook.com/stocks/CPRX/) | $559.5K | 17,800 | 0.1% | 1 |
| KORE GROUP HLDGS INC | [KORE](https://holderbook.com/stocks/KORE/) | $556.4K | 60,284 | 0.1% | 2 |
| SOULPOWER ACQUISITION CORP | [SOUL](https://holderbook.com/stocks/SOUL/) | $506.6K | 48,951 | 0.1% | 3 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $500.0K | 3,000 | 0.1% | 4 |
| M3-BRIGADE ACQUISITION VI CO | [MBVI](https://holderbook.com/stocks/MBVI/) | $492.0K | 48,564 | 0.1% | 2 |
| AFFINITY BANCSHARES INC | [AFBI](https://holderbook.com/stocks/AFBI/) | $484.8K | 21,450 | 0.1% | 1 |
| SIZZLE ACQUISITION CORP. II | [SZZL](https://holderbook.com/stocks/SZZL/) | $477.6K | 46,080 | 0.1% | 3 |
| IAMGOLD CORP | [IAG](https://holderbook.com/stocks/IAG/) | $471.4K | 29,700 | 0.1% | 1 |
| TXNM ENERGY INC | [TXNM](https://holderbook.com/stocks/TXNM/) | $465.6K | 8,200 | 0.1% | 5 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $463.9K | 17,400 | 0.1% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2019 | +11.4% | +8.5% | +2.9% | 62% |
| Q3 2019 | -8.1% | +1.3% | -9.4% | 81% |
| Q2 2019 | +3.3% | +3.7% | -0.4% | 61% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $780.1M | 231 |
| Q1 2026 | $638.6M | 253 |
| Q4 2025 | $634.7M | 219 |
| Q3 2025 | $592.7M | 207 |
| Q2 2025 | $422.5M | 159 |
| Q1 2025 | $367.1M | 141 |
| Q4 2024 | $465.4M | 129 |
| Q3 2024 | $434.2M | 137 |
| Q2 2024 | $363.9M | 126 |
| Q1 2024 | $378.2M | 116 |
| Q4 2023 | $306.8M | 105 |
| Q3 2023 | $333.7M | 109 |