PC
PenderFund Capital Management Ltd. — 13F Portfolio Changes & Top Buys (Q2 2026)
PenderFund Capital Management Ltd.CIK: 0001706164
Diversified strategyMomentum followerSector-focused
Total reported value
$780.1M
Reporting period: 2026-06-30 · Number of holdings: 231
PenderFund Capital Management Ltd. disclosed 231 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $780.1M and a quarterly turnover rate of 52.9%.
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Personality snowflake
- Concentration
- 14.69
- Portfolio Stability
- 52.91
- Momentum
- 100
- Sector conviction
- 73.08
- Diversification
- 100
- Sizing Uniformity
- 72.58
PenderFund Capital Management Ltd.'s disclosed holdings carry a Herfindahl concentration index of 0.037 — mathematically equivalent to about 27 equally-sized positions, well below its 231 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.74), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 36% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy VERX 0.75 05-01-29
Sold out DUK 4.125 04-15-26
Trim PPLT
+400.0% -$17.2M
Add BABA 0.5 06-01-31
+400.0% $22.6M
Add WOLF 2.5 06-15-31
-8.8% $24.4M
Trim AGCN 0.375 01-15-27
0.0% -$6.1M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 231 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NOG 3.625 04-15-29Bond | Northern Oil & Gas Inc | Bond | 8.32% | +0.53% | +50.56% | |
| 2 | FLNC 2.25 06-15-30Bond | Fluence Energy Inc | Bond | 7.81% | +1.86% | +26.73% | |
| 3 | AGCN 0.375 01-15-27Bond | First Majestic Silver | Bond | 6.20% | -2.33% | — | |
| 4 | VERX 0.75 05-01-29Bond | Vertex Inc | Bond | 5.74% | +5.74% | NEW | |
| 5 | WOLF 2.5 06-15-31Bond | Wolfspeed Inc | Bond | 5.21% | +2.66% | -8.83% | |
| 6 | SO 4.5 06-15-27Bond | Southern Co | Bond | 4.25% | -1.04% | — | |
| 7 | EVH 3.5 12-01-29Bond | Evolent Health Inc | Bond | 4.03% | +0.45% | — | |
| 8 | BABA 0.5 06-01-31Bond | Alibaba Group Holding | Bond | 3.79% | +2.70% | +400.00% | |
| 9 | NIO 4.625 10-15-30Bond | Nio Inc | Bond | 3.45% | -1.20% | -9.40% | |
| 10 | NIO 3.875 10-15-29Bond | Nio Inc | Bond | 3.30% | -0.80% | — | |
| 11 | PPL 2.875 03-15-28Bond | Ppl Capital Funding Inc | Bond | 3.23% | -0.81% | — | |
| 12 | EQXCN 4.75 10-15-28Bond | Equinox Gold CORP | Bond | 2.63% | -1.98% | — | |
| 13 | EVH 4.5 08-15-31Bond | Evolent Health Inc | Bond | 2.44% | +1.21% | +50.77% | |
| 14 | SANG | Sangoma Technologies CORP | Stock-Other | 2.14% | +0.40% | +55.49% | |
| 15 | CDLX 4.25 04-01-29Bond | Cardlytics Inc | Bond | 1.99% | -0.13% | +12.77% | |
| 16 | WEAT | Teucrium Wheat Fund | ETF-Other | 1.97% | +1.97% | NEW | |
| 17 | PAR 1.5 10-15-27Bond | Par Technology CORP | Bond | 1.84% | +1.11% | +200.00% | |
| 18 | PAR | Par Technology Corp/del | Stock-Other | 1.81% | +0.11% | — | |
| 19 | CORN | Teucrium Corn Fund | ETF-Other | 1.73% | -0.59% | — | |
| 20 | OPK 3.75 01-15-29Bond | Opko Health Inc | Bond | 1.64% | +0.21% | +16.14% | |
| 21 | MTH 1.75 05-15-28Bond | Meritage Homes CORP | Bond | 1.60% | -0.23% | — | |
| 22 | ESPR | Esperion Therapeutics Inc | Stock-Other | 1.57% | -0.10% | -0.19% | |
| 23 | PPLT | Abrdn Physical Platinum Shrs | ETF-Commodities | 1.45% | -3.02% | +400.00% | |
| 24 | TSAT | Telesat CORP | Stock-Other | 1.41% | -0.65% | -39.34% | |
| 25 | IRTC 1.5 09-01-29Bond | Irhythm Holdings Inc | Bond | 1.31% | +1.31% | NEW | |
| 26 | ✓ | Stock-Other | 1.30% | +1.30% | NEW | ||
| 27 | WIW | Western Asst Infl-lnk Opp | Stock-Other | 1.08% | -0.28% | -2.39% | |
| 28 | TXNM 5.75 06-01-54Bond | Txnm Energy Inc | Bond | 0.99% | -0.26% | — | |
| 29 | MDA | Mda Space LTD | Stock-Other | 0.97% | -0.76% | -57.92% | |
| 30 | BMM | Blue Moon Metals Inc | Stock-Other | 0.96% | +0.39% | +108.05% | |
| 31 | OMCL 1 12-01-29Bond | Omnicell Inc | Bond | 0.46% | +0.46% | NEW | |
| 32 | EDD | Morgan Stanley Emrg Mrk Dom | Stock-Other | 0.38% | +0.06% | +26.20% | |
| 33 | HSLV | Highlander Silver CORP | Stock-Other | 0.35% | -0.19% | — | |
| 34 | CART | Maplebear Inc | Stock-Consumer Disc | 0.34% | +0.01% | +0.09% | |
| 35 | SARO | Standardaero Inc | Stock-Other | 0.31% | -0.02% | +0.88% | |
| 36 | SOYB | Teucrium Soybean Fund | ETF-Other | 0.31% | -0.07% | — | |
| 37 | KKR | Kkr & Co Inc | Stock-Financials | 0.31% | -0.11% | -9.54% | |
| 38 | ✓ | Adeco Agro | Stock-Other | 0.31% | -0.28% | — | |
| 39 | FLR | Fluor CORP | Stock-Industrials | 0.30% | -0.03% | +0.52% | |
| 40 | CP | Canadian Pacific Kansas City | Stock-Industrials | 0.30% | +0.30% | NEW | |
| 41 | DLTR | Dollar Tree Inc | Stock-Consumer Staples | 0.29% | -0.03% | +0.56% | |
| 42 | GNRC | Generac Holdings Inc | Stock-Industrials | 0.28% | -0.05% | -30.23% | |
| 43 | DECK | Deckers Outdoor CORP | Stock-Consumer Disc | 0.25% | -0.08% | -7.99% | |
| 44 | ADUS | Addus Homecare CORP | Stock-Other | 0.24% | -0.03% | +0.12% | |
| 45 | NXE | Nexgen Energy LTD | Stock-Other | 0.24% | -0.24% | -25.32% | |
| 46 | CLVT | Clarivate Plc | Stock-Other | 0.23% | -0.21% | -25.43% | |
| 47 | STNE | StoneCo Ltd. | Stock-Other | 0.22% | — | +57.20% | |
| 48 | MSFT | Microsoft CORP | Stock-Tech | 0.19% | +0.06% | +69.57% | |
| 49 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.19% | +0.19% | NEW | |
| 50 | IFF | Intl Flavors & Fragrances | Stock-Materials | 0.18% | -0.02% | +0.17% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
—
Performance Last 4 Quarters
—
Based on 29% of reported portfolio value with available pricing
- Stdev
- +18.4%
- Beta
- +0.86
- Alpha
- -25.7%
- Max Drawdown
- -9.4%
- Annualized Perf
- -0.2%
- Batting Avg vs S&P
- +33.3%
- Sortino
- +0.1
- Stutzer
- +0.02
- Treynor
- +0.01
- Sterling
- —
- Calmar
- -0.03
- Information Ratio
- -1.99
- Tracking Error
- +15.1%
- Stdev Down
- +11.8%
- Winning Months %
- +50%
- Losing Months %
- +50%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- 0
- Sharpe
- +0.06
- Stdev Sectors
- +12%
- Skewness
- -0.08
- Kurtosis
- -1.69
- Upside Potential
- +2.39
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 231 | $780.1M | 53 | 1NOG 3.625 04-15-292FLNC 2.25 06-15-303AGCN 0.375 01-15-27 | |
| 2026 Q1 | 253 | $638.6M | 55 | 1AGCN 0.375 01-15-272NOG 3.625 04-15-293FLNC 2.25 06-15-30 | |
| 2025 Q4 | 219 | $634.7M | 52 | ||
| 2025 Q3 | 207 | $592.7M | 84 | ||
| 2025 Q2 | 159 | $422.5M | 0 | ||
| 2025 Q1 | 142 | $337.8M | 0 | ||
| 2024 Q4 | 129 | $465.4M | 0 | ||
| 2024 Q3 | 137 | $434.2M | 0 | 1ESPR 4 11-15-252AGCN 0.375 01-15-273EQXCN 4.75 10-15-28 | |
| 2024 Q2 | 126 | $363.9M | 0 | 1ESPR 4 11-15-252AGCN 0.375 01-15-273BAND 0.5 04-01-28 | |
| 2024 Q1 | 116 | $378.2M | 0 | 1ESPR 4 11-15-252AGCN 0.375 01-15-273BAND 0.5 04-01-28 | |
| 2023 Q4 | 105 | $306.8M | 0 | 1ESPR 4 11-15-252AGCN 0.375 01-15-273SSRMCN 2.5 04-01-39 | |
| 2023 Q3 | 112 | $333.7M | 0 | 1ESPR 4 11-15-252AGCN 0.375 01-15-273OPK 4.5 02-15-25 | |
| 2023 Q2 | 114 | $321.7M | 0 | 1ESPR 4 11-15-252OPK 4.5 02-15-253AGCN 0.375 01-15-27 | |
| 2023 Q1 | 130 | $318.4M | 0 | 1AGCN 0.375 01-15-272OPK 4.5 02-15-253PRTK 4.75 05-01-24 | |
| 2022 Q4 | 140 | $335.4M | 0 | 1FET 9 08-04-252PRTK 4.75 05-01-243OPK 4.5 02-15-25 | |
| 2022 Q3 | 179 | $319.7M | 0 | 1ESPR 4 11-15-252FET 9 08-04-253PRTK 4.75 05-01-24 | |
| 2022 Q2 | 179 | $361.7M | 0 | 1ESPR 4 11-15-252FET 9 08-04-253PGEN 3.5 07-01-23 | |
| 2022 Q1 | 172 | $408.3M | 0 | ||
| 2021 Q4 | 157 | $440.5M | 0 | ||
| 2021 Q3 | 140 | $382.7M | 0 | ||
| 2021 Q2 | 88 | $427.2M | 98 | ||
| 2021 Q1 | 92 | $411.8M | 52 | ||
| 2020 Q4 | 81 | $393.4M | 70 | ||
| 2020 Q3 | 70 | $359.6M | 59 | 1PRTK 4.75 05-01-24248213W3TWTR 0.25 06-15-24 | |
| 2020 Q2 | 71 | $370.0M | 46 | 1PRTK 4.75 05-01-242SPWR 0.875 06-01-213SPWR 4 01-15-23 | |
| 2020 Q1 | 57 | $320.4M | 70 | 1PRTK 4.75 05-01-242SPWR 0.875 06-01-213TWTR 1 09-15-21 | |
| 2019 Q4 | 56 | $356.3M | 56 | ||
| 2019 Q3 | 64 | $297.3M | 50 | ||
| 2019 Q2 | 67 | $280.1M | 52 | ||
| 2019 Q1 | 69 | $343.9M | 61 | ||
| 2018 Q4 | 70 | $302.4M | 55 | ||
| 2018 Q3 | 69 | $322.1M | 51 | ||
| 2018 Q2 | 63 | $286.0M | 59 | ||
| 2018 Q1 | 74 | $240.1M | 80 | ||
| 2017 Q4 | 35 | $152.4M | 0 |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Holding changes this quarter
PenderFund Capital Management Ltd.'s most significant position changes for 2026-06-30: New buy: Vertex Inc (VERX 0.75 05-01-29); Sold out: Duke Energy CORP (DUK 4.125 04-15-26); New buy: Teucrium Wheat Fund (WEAT); Sold out: Equinox Gold CORP (EQX); New buy: Irhythm Holdings Inc (IRTC 1.5 09-01-29).
Showing top 200 changes by size (of 322 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VERX 0.75 05-01-29Bond | Vertex Inc | +5.7% | NEW | New buy |
| 2 | BABA 0.5 06-01-31Bond | Alibaba Group Holding | +2.7% | +400.00% | Add |
| 3 | WOLF 2.5 06-15-31Bond | Wolfspeed Inc | +2.7% | -8.83% | Trim |
| 4 | WEAT | Teucrium Wheat Fund | +2% | NEW | New buy |
| 5 | FLNC 2.25 06-15-30Bond | Fluence Energy Inc | +1.9% | +26.73% | Add |
| 6 | IRTC 1.5 09-01-29Bond | Irhythm Holdings Inc | +1.3% | NEW | New buy |
| 7 | ✓ | +1.3% | NEW | New buy | |
| 8 | EVH 4.5 08-15-31Bond | Evolent Health Inc | +1.2% | +50.77% | Add |
| 9 | PAR 1.5 10-15-27Bond | Par Technology CORP | +1.1% | +200.00% | Add |
| 10 | NOG 3.625 04-15-29Bond | Northern Oil & Gas Inc | +0.5% | +50.56% | Add |
| 11 | OMCL 1 12-01-29Bond | Omnicell Inc | +0.5% | NEW | New buy |
| 12 | EVH 3.5 12-01-29Bond | Evolent Health Inc | +0.5% | — | Unchanged |
| 13 | SANG | Sangoma Technologies CORP | +0.4% | +55.49% | Add |
| 14 | BMM | Blue Moon Metals Inc | +0.4% | +108.05% | Add |
| 15 | CP | Canadian Pacific Kansas City | +0.3% | NEW | New buy |
| 16 | OPK 3.75 01-15-29Bond | Opko Health Inc | +0.2% | +16.14% | Add |
| 17 | AMZN | Amazon.com Inc | +0.2% | NEW | New buy |
| 18 | CPRT | Copart Inc | +0.2% | NEW | New buy |
| 19 | AEM | Agnico Eagle Mines LTD | +0.2% | NEW | New buy |
| 20 | GS | Goldman Sachs Group Inc | +0.1% | NEW | New buy |
| 21 | BTE | Baytex Energy CORP | +0.1% | NEW | New buy |
| 22 | PAR | Par Technology Corp/del | +0.1% | — | Unchanged |
| 23 | ✓ | +0.1% | NEW | New buy | |
| 24 | GSAT | Globalstar Inc | +0.1% | NEW | New buy |
| 25 | KRE | Ss Spdr S&p Regional Bank | +0.1% | NEW | New buy |
| 26 | USAS | Americas Gold And Silver Cor | +0.1% | +499.63% | Add |
| 27 | WSR | Whitestone Reit | +0.1% | NEW | New buy |
| 28 | OGN | Organon & Co | +0.1% | NEW | New buy |
| 29 | BELFA | Bel Fuse Inc-cl A | +0.1% | +51.85% | Add |
| 30 | MRVI | Maravai Lifesciences Hldgs-a | +0.1% | — | Unchanged |
| 31 | TBRG | Trubridge Inc | +0.1% | NEW | New buy |
| 32 | ✓ | +0.1% | NEW | New buy | |
| 33 | CPRX | Catalyst Pharmaceuticals Inc | +0.1% | NEW | New buy |
| 34 | EDD | Morgan Stanley Emrg Mrk Dom | +0.1% | +26.20% | Add |
| 35 | MSFT | Microsoft CORP | +0.1% | +69.57% | Add |
| 36 | AFBI | Affinity Bancshares Inc | +0.1% | NEW | New buy |
| 37 | IAG | Iamgold CORP | +0.1% | NEW | New buy |
| 38 | ✓ | Eqv Ventures Ac CORP. Ii | +0.1% | +226.87% | Add |
| 39 | ATS | Ats CORP | +0.1% | +88.50% | Add |
| 40 | ✓ | Highview Merger CORP | +0.1% | +255.22% | Add |
| 41 | WRN | Western Copper And Gold CORP | +0.1% | +115.66% | Add |
| 42 | AVNS | Avanos Medical Inc | +0.1% | NEW | New buy |
| 43 | ✓ | Keen Vision Acquisition CORP | +0.1% | NEW | New buy |
| 44 | NOEM | Co2 Energy Transition CORP | +0.1% | NEW | New buy |
| 45 | LPRO | Open Lending CORP | +0.1% | NEW | New buy |
| 46 | RAMP | Liveramp Holdings Inc | +0.1% | NEW | New buy |
| 47 | GTLS | Chart Industries Inc | 0% | +74.19% | Add |
| 48 | ✓ | 0% | +215.23% | Add | |
| 49 | ✓ | M3-brigade Acquisition Vi Co | 0% | +367.55% | Add |
| 50 | ✓ | 0% | NEW | New buy |
1–50 of 200
Filing History
FAQ
What is PenderFund Capital Management Ltd. and what type of investor is it?
PenderFund Capital Management Ltd. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $780.1M, spread across 231 disclosed positions.
What are PenderFund Capital Management Ltd.'s largest equity positions?
Based on the latest 13F filing, PenderFund Capital Management Ltd.'s top holdings by market value are:
1. Northern Oil & Gas Inc (NOG 3.625 04-15-29) — $64.9M (8.3%)
2. Fluence Energy Inc (FLNC 2.25 06-15-30) — $60.9M (7.8%)
3. First Majestic Silver (AGCN 0.375 01-15-27) — $48.4M (6.2%)
4. Vertex Inc (VERX 0.75 05-01-29) — $44.8M (5.7%)
5. Wolfspeed Inc (WOLF 2.5 06-15-31) — $40.7M (5.2%)
What changes did PenderFund Capital Management Ltd. make in its most recent portfolio filing?
In the latest reported quarter, PenderFund Capital Management Ltd. made 184 notable position adjustments: 49 new positions were initiated, 60 existing holdings were added to, 31 positions were partially reduced, and 44 were completely exited. The largest of these moves: New buy: Vertex Inc (VERX 0.75 05-01-29); Sold out: Duke Energy CORP (DUK 4.125 04-15-26); New buy: Teucrium Wheat Fund (WEAT); Sold out: Equinox Gold CORP (EQX); New buy: Irhythm Holdings Inc (IRTC 1.5 09-01-29)
What sectors does PenderFund Capital Management Ltd. focus on?
PenderFund Capital Management Ltd. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 35.6%
• Utilities: 23.7%
• Energy: 23.3%
• Health Care: 5.7%
• Industrials: 4.5%
• Financials: 2.9%
Investment Profile
PenderFund Capital Management Ltd.'s portfolio is broadly diversified and moderately active, with 35.6% of the portfolio concentrated in Consumer Discretionary.
Its turnover score has risen from 0 to 53 over the past 4 quarters — a shift toward more active trading.
It has added to its NOG 3.625 04-15-29 position over the past two quarters (+$45.4M, now $64.9M), while trimming PPLT over the same stretch (-$33.8M, still holding $11.3M).
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Developer Access
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