PenderFund Capital Management Ltd.

VANCOUVER, A1 · CIK 1706164 · 13F filing filed 2026-08-17

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityPENDERFUND CAPITAL MANAGEMENT LTD. (CA)

$780.1m reported value +22.2% vs Q1 2026

231positions

52.1%in top 10

69 new 83 added 43 reduced 91 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NORTHERN OIL & GAS INC NOTE 3.625% 4/1 · principal NOG 3.625 04.15.29 · principal	NOG 3.625 04.15.29	67,000,000	$64.9m8.32%	8.32%	Added +22.5m	+22,500,000 50.6%
2	FLUENCE ENERGY INC NOTE 2.250% 6/1 · principal FLNC 2.25 06.15.30 · principal	FLNC 2.25 06.15.30	47,410,000	$60.9m7.81%	7.81%	Added +10.0m	+10,000,000 26.7%
3	FIRST MAJESTIC SILVER CORP NOTE 0.375% 1/1 · principal AGCN 0.375 01.15.27 · principal	AGCN 0.375 01.15.27	38,740,000	$48.4m6.20%	6.20%	Unchanged
4	VERTEX INC NOTE 0.750% 5/0 · principal VERX 0.75 05.01.29 · principal	VERX 0.75 05.01.29	50,000,000	$44.8m5.74%	5.74%	New
5	WOLFSPEED INC NOTE 2.500% 6/1 · principal WOLF 2.5 06.15.31 · principal	WOLF 2.5 06.15.31	10,330,060	$40.7m5.21%	5.21%	Reduced -1.0m	-1,000,000 -8.8%
6	SOUTHERN CO NOTE 4.500% 6/1 · principal SO 4.5 06.15.27 · principal	SO 4.5 06.15.27	30,000,000	$33.1m4.25%	4.25%	Unchanged
7	EVOLENT HEALTH INC NOTE 3.500%12/0 · principal EVH 3.5 12.01.29 · principal	EVH 3.5 12.01.29	42,017,000	$31.5m4.03%	4.03%	Unchanged
8	ALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 · principal BABA 0.5 06.01.31 · principal	BABA 0.5 06.01.31	25,000,000	$29.5m3.79%	3.79%	Added +20.0m	+20,000,000 400.0%
9	NIO INC NOTE 4.625%10/1 · principal NIO 4.625 10.15.30 · principal	NIO 4.625 10.15.30	26,500,000	$26.9m3.45%	3.45%	Reduced -2.8m	-2,750,000 -9.4%
10	NIO INC NOTE 3.875%10/1 · principal NIO 3.875 10.15.29 · principal	NIO 3.875 10.15.29	25,185,000	$25.7m3.30%	3.30%	Unchanged
11	PPL CAP FDG INC NOTE 2.875% 3/1 · principal PPL 2.875 03.15.28 · principal	PPL 2.875 03.15.28	22,000,000	$25.2m3.23%	3.23%	Unchanged
12	EQUINOX GOLD CORP NOTE 4.750%10/1 · principal EQXCN 4.75 10.15.28 · principal	EQXCN 4.75 10.15.28	12,077,000	$20.5m2.63%	2.63%	Unchanged
13	EVOLENT HEALTH INC DEBT 4.500% 8/1 · principal DEBT 4.500% 8/1 · principal		23,370,000	$19.0m2.44%	2.44%	Added +7.9m	+7,870,000 50.8%
14	SANGOMA TECHNOLOGIES CORP COM NEW SANG	SANG	4,386,194	$16.7m2.14%	2.14%	Added +1.6m	+1,565,261 55.5%
15	CARDLYTICS INC NOTE 4.250% 4/0 · principal CDLX 4.25 04.01.29 · principal	CDLX 4.25 04.01.29	53,802,000	$15.5m1.99%	1.99%	Added +6.1m	+6,092,000 12.8%
16	TEUCRIUM COMMODITY TR WHEAT FD WEAT	WEAT	696,000	$15.3m1.97%	1.97%	New
17	PAR TECHNOLOGY CORP NOTE 1.500%10/1 · principal PAR 1.5 10.15.27 · principal	PAR 1.5 10.15.27	15,000,000	$14.4m1.84%	1.84%	Added +10.0m	+10,000,000 200.0%
18	PAR TECHNOLOGY CORP COM PAR	PAR	812,462	$14.2m1.81%	1.81%	Unchanged
19	TEUCRIUM COMMODITY TR CORN FD SHS CORN	CORN	804,300	$13.5m1.73%	1.73%	Unchanged
20	OPKO HEALTH INC NOTE 3.750% 1/1 · principal OPK 3.75 01.15.29 · principal	OPK 3.75 01.15.29	8,491,000	$12.8m1.64%	1.64%	Added +1.2m	+1,180,000 16.1%
21	MERITAGE HOMES CORP NOTE 1.750% 5/1 · principal MTH 1.75 05.15.28 · principal	MTH 1.75 05.15.28	12,000,000	$12.5m1.60%	1.60%	Unchanged
22	ESPERION THERAPEUTICS INC NE COM ESPR	ESPR	3,884,508	$12.3m1.57%	1.57%	Reduced -7.4k	-7,418 -0.2%
23	ABRDN PLATINUM ETF TRUST PHYSCL PLATM SHS PPLT	PPLT	800,000	$11.3m1.45%	1.45%	Reduced -800.0k	-800,000 -50.0%
24	TELESAT CORP CL A & CL B SHS TSAT	TSAT	225,153	$11.0m1.41%	1.41%	Reduced -146.0k	-146,000 -39.3%
25	IRHYTHM TECHNOLOGIES INC NOTE 1.500% 9/0 · principal IRTC 1.5 09.01.29 · principal	IRTC 1.5 09.01.29	9,260,000	$10.2m1.31%	1.31%	New
26	SOUTHERN CO NOTE 3.250% 6/1 · principal SO 3.25 06.15.28 · principal	SO 3.25 06.15.28	10,000,000	$10.1m1.30%	1.30%	New
27	WESTERN AST INFL LKD OPP & I COM WIW	WIW	998,747	$8.4m1.08%	1.08%	Reduced -24.4k	-24,450 -2.4%
28	TXNM ENERGY INC NOTE 5.750% 6/0 · principal TXNM 5.75 06.01.54 · principal	TXNM 5.75 06.01.54	5,900,000	$7.7m0.99%	0.99%	Unchanged
29	MDA SPACE LTD COM MDA	MDA	183,588	$7.6m0.97%	0.97%	Reduced -252.6k	-252,644 -57.9%
30	BLUE MOON METALS INC COM BMM	BMM	1,176,098	$7.5m0.96%	0.96%	Added +610.8k	+610,800 108.0%
31	OMNICELL COM NOTE 1.000%12/0 · principal OMCL 1 12.01.29 · principal	OMCL 1 12.01.29	3,353,000	$3.6m0.46%	0.46%	New
32	MORGAN STANLEY EMERGING MKTS COM EDD	EDD	504,800	$3.0m0.38%	0.38%	Added +104.8k	+104,800 26.2%
33	HIGHLANDER SILVER CORP COM HSLV	HSLV	587,800	$2.8m0.35%	0.35%	Unchanged
34	MAPLEBEAR INC COM CART	CART	56,068	$2.7m0.34%	0.34%	Added +53	+53 0.1%
35	STANDARDAERO INC COM SARO	SARO	81,962	$2.5m0.31%	0.31%	Added +712	+712 0.9%
36	TEUCRIUM COMMODITY TR SOYBEAN FD SOYB	SOYB	100,000	$2.4m0.31%	0.31%	Unchanged
37	KKR & CO INC COM KKR	KKR	26,540	$2.4m0.31%	0.31%	Reduced -2.8k	-2,800 -9.5%
38	ADECOAGRO S A COM AGRO	AGRO	250,000	$2.4m0.31%	0.31%	Unchanged
39	FLUOR CORP NEW COM FLR	FLR	45,374	$2.4m0.30%	0.30%	Added +234	+234 0.5%
40	CANADIAN PACIFIC KANSAS CITY COM CP	CP	27,000	$2.3m0.30%	0.30%	New
41	DOLLAR TREE INC COM DLTR	DLTR	18,634	$2.3m0.29%	0.29%	Added +104	+104 0.6%
42	GENERAC HLDGS INC COM GNRC	GNRC	7,570	$2.2m0.28%	0.28%	Reduced -3.3k	-3,280 -30.2%
43	DECKERS OUTDOOR CORP COM DECK	DECK	19,305	$1.9m0.25%	0.25%	Reduced -1.7k	-1,676 -8.0%
44	ADDUS HOMECARE CORP COM ADUS	ADUS	18,497	$1.9m0.24%	0.24%	Added +22	+22 0.1%
45	NEXGEN ENERGY LTD COM NXE	NXE	196,400	$1.8m0.24%	0.24%	Reduced -66.6k	-66,600 -25.3%
46	CLARIVATE PLC ORD SHS CLVT	CLVT	830,400	$1.8m0.23%	0.23%	Reduced -283.2k	-283,200 -25.4%
47	STONECO LTD COM CL A STNE	STNE	157,200	$1.7m0.22%	0.22%	Added +57.2k	+57,200 57.2%
48	MICROSOFT CORP COM MSFT	MSFT	3,900	$1.5m0.19%	0.19%	Added +1.6k	+1,600 69.6%
49	AMAZON COM INC COM AMZN	AMZN	6,100	$1.5m0.19%	0.19%	New
50	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	17,642	$1.4m0.18%	0.18%	Added +30	+30 0.2%
51	ISOENERGY LTD COM NEW ISOU	ISOU	139,300	$1.4m0.18%	0.18%	Reduced -5.9k	-5,900 -4.1%
52	EVERCORE INC CLASS A EVR	EVR	3,916	$1.3m0.17%	0.17%	Added +816	+816 26.3%
53	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	11,200	$1.3m0.16%	0.16%	Reduced -1.6k	-1,600 -12.5%
54	MARAVAI LIFESCIENCES HLDGS I COM CL A MRVI	MRVI	205,000	$1.3m0.16%	0.16%	Unchanged
55	BROOKFIELD CORP CL A LTD VT SH BN	BN	29,310	$1.3m0.16%	0.16%	Reduced -6.3k	-6,300 -17.7%
56	COPART INC COM CPRT	CPRT	43,900	$1.2m0.16%	0.16%	New
57	BEL FUSE INC CL A BELFA	BELFA	4,100	$1.2m0.15%	0.15%	Added +1.4k	+1,400 51.9%
58	AGNICO EAGLE MINES LTD COM AEM	AEM	7,302	$1.1m0.15%	0.15%	New
59	CHART INDS INC COM GTLS	GTLS	5,400	$1.1m0.14%	0.14%	Added +2.3k	+2,300 74.2%
60	GOLDMAN SACHS GROUP INC COM GS	GS	1,100	$1.1m0.14%	0.14%	New
61	ATS CORPORATION COM ATS	ATS	37,700	$1.1m0.14%	0.14%	Added +17.7k	+17,700 88.5%
62	BOOZ ALLEN HAMILTON HLDG COR CL A BAH	BAH	17,693	$1.1m0.14%	0.14%	Added +73	+73 0.4%
63	BROOKFIELD RENEWABLE PARTNER PARTNERSHIP UNIT BEP	BEP	30,000	$1.0m0.13%	0.13%	Unchanged
64	CENOVUS ENERGY INC COM CVE	CVE	40,000	$992.5k0.13%	0.13%	Unchanged
65	AMPHENOL CORP CL A APH	APH	5,600	$987.4k0.13%	0.13%	Unchanged
66	BAYTEX ENERGY CORP COM BTE	BTE	242,300	$972.1k0.12%	0.12%	New
67	CATERPILLAR INC COM CAT	CAT	900	$958.4k0.12%	0.12%	Unchanged
68	HEXCEL CORP NEW COM HXL	HXL	9,121	$912.6k0.12%	0.12%	Reduced -3.8k	-3,777 -29.3%
69	WESTERN COPPER & GOLD CORP COM WRN	WRN	401,445	$900.1k0.12%	0.12%	Added +215.3k	+215,300 115.7%
70	WESTERN ASST INFLTN LKD INM COM SH BEN INT XWIAX	XWIAX	103,800	$842.9k0.11%	0.11%	Unchanged
71	MARKEL GROUP INC COM MKL	MKL	421	$822.2k0.11%	0.11%	Reduced -96	-96 -18.6%
72	DRUGS MADE IN AMER ACQ II CO USD ORD SHS DMII	DMII	79,500	$799.8k0.10%	0.10%	Added +29.8k	+29,800 60.0%
73	GREEN DOT CORP CL A GDOT	GDOT	59,100	$798.4k0.10%	0.10%	Added +11.0k	+11,000 22.9%
74	FOREFRONT TECHNOLOGY HOLDING UNIT 04/30/2031 FTHAU	FTHAU	75,000	$765.0k0.10%	0.10%	New
75	AMERICAS GOLD AND SILVER COR COM NEW USAS	USAS	160,100	$757.5k0.10%	0.10%	Added +133.4k	+133,400 499.6%
76	DANAHER CORPORATION COM DHR	DHR	3,946	$751.6k0.10%	0.10%	Reduced -754	-754 -16.0%
77	BAIDU INC SPON ADR REP A BIDU	BIDU	6,500	$742.9k0.10%	0.10%	Reduced -1.1k	-1,100 -14.5%
78	JANUS HENDERSON GROUP PLC ORD SHS ORD SHS		13,900	$722.1k0.09%	0.09%	Added +5.2k	+5,200 59.8%
79	GLOBALSTAR INC COM NEW GSAT	GSAT	8,700	$707.2k0.09%	0.09%	New
80	EQV VENTURES AC CORP. II ORD SHS CL A EVAC	EVAC	66,178	$673.7k0.09%	0.09%	Added +45.9k	+45,932 226.9%
81	SELECT MED HLDGS CORP COM SEM	SEM	40,600	$670.3k0.09%	0.09%	Added +11.9k	+11,900 41.5%
82	SPDR SER TR S&P REGL BKG KRE	KRE	8,850	$662.4k0.08%	0.08%	New
83	HIGHVIEW MERGER CORP ORD SH CL A HVMC	HVMC	63,939	$649.0k0.08%	0.08%	Added +45.9k	+45,939 255.2%
84	WHITESTONE REIT COM COM		32,100	$608.6k0.08%	0.08%	New
85	ORGANON & CO COMMON STOCK OGN	OGN	44,900	$607.9k0.08%	0.08%	New
86	CLEAR CHANNEL OUTDOOR HLDGS COM CCO	CCO	249,097	$602.8k0.08%	0.08%	Added +96.4k	+96,397 63.1%
87	TRUBRIDGE INC COM TBRG	TBRG	22,200	$581.9k0.07%	0.07%	New
88	NCR ATLEOS CORPORATION COM SHS NATL	NATL	13,200	$573.0k0.07%	0.07%	Added +2.5k	+2,500 23.4%
89	WEN ACQUISITION CORP COM CL A WENN	WENN	55,480	$570.9k0.07%	0.07%	Added +37.9k	+37,880 215.2%
90	MOUNTAIN CREST ACQUISITION 6 UNIT 04/03/2031 MCAHU	MCAHU	55,200	$560.8k0.07%	0.07%	New
91	CATALYST PHARMACEUTICALS INC COM CPRX	CPRX	17,800	$559.5k0.07%	0.07%	New
92	KORE GROUP HLDGS INC COM NEW COM NEW		60,284	$556.4k0.07%	0.07%	Added +8.1k	+8,100 15.5%
93	SOULPOWER ACQUISITION CORP USD CL A ORD SHS SOUL	SOUL	48,951	$506.6k0.06%	0.06%	Added +18.9k	+18,900 62.9%
94	WASTE CONNECTIONS INC COM WCN	WCN	3,000	$500.0k0.06%	0.06%	Unchanged
95	M3-BRIGADE ACQUISITION VI CO ORD SHS CL A MBVI	MBVI	48,564	$492.0k0.06%	0.06%	Added +38.2k	+38,177 367.6%
96	AFFINITY BANCSHARES INC COM AFBI	AFBI	21,450	$484.8k0.06%	0.06%	New
97	SIZZLE ACQUISITION CORP. II USD CL A ORD SHS SZZL	SZZL	46,080	$477.6k0.06%	0.06%	Added +2.4k	+2,438 5.6%
98	IAMGOLD CORP COM IAG	IAG	29,700	$471.4k0.06%	0.06%	New
99	TXNM ENERGY INC COM TXNM	TXNM	8,200	$465.6k0.06%	0.06%	Added +2.8k	+2,800 51.9%
100	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	17,400	$463.9k0.06%	0.06%	Reduced -4.9k	-4,900 -22.0%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
DUKE ENERGY CORP NEW DUK 4.125 04.15.26	DUK 4.125 04.15.26	25,000,000	$28.1m25.0m shares
EQUINOX GOLD CORP EQX	EQX	812,500	$11.7m812.5k shares
SUPER MICRO COMPUTER INC SMCI 2.25 07.15.28	SMCI 2.25 07.15.28	6,000,000	$5.3m6.0m shares
BOYD GROUP SERVICES INC BGSI	BGSI	6,900	$880.9k6.9k shares
SSR MINING IN SSRM	SSRM	21,594	$634.9k21.6k shares
HOLOGIC INC HOLX	HOLX	8,000	$604.7k8.0k shares
AMICUS THERAPEUTICS INC FOLD	FOLD	41,100	$594.3k41.1k shares
DAY ONE BIOPHARMACEUTICALS I		26,800	$574.6k26.8k shares
AIR LEASE CORP AL	AL	8,526	$553.7k8.5k shares
TALEN ENERGY CORP TLN	TLN	1,500	$478.8k1.5k shares
TRI POINTE HOMES INC TPH	TPH	9,900	$462.6k9.9k shares
KENNEDY-WILSON HOLDINGS INC KW	KW	42,200	$456.6k42.2k shares
AMC NETWORKS INC AMCX 4.25 02.15.29 *	AMCX 4.25 02.15.29 *	501,000	$449.2k501.0k shares
ARM HOLDINGS PLC ARM	ARM	2,800	$423.6k2.8k shares
GOLDEN ENTMT INC GDEN	GDEN	14,855	$396.5k14.9k shares
WEBSTER FINL CORP WBS	WBS	5,700	$395.7k5.7k shares
GREAT LAKES DREDGE & DOCK CO GLDD	GLDD	23,200	$394.4k23.2k shares
PEAKSTONE REALTY TRUST PKST	PKST	16,500	$344.7k16.5k shares
SEMRUSH HLDGS INC SEMR	SEMR	28,828	$344.2k28.8k shares
BLUE FOUNDRY BANCORP BLFY	BLFY	25,796	$341.5k25.8k shares
LAUNCH ONE ACQUISITION CORP LPAA	LPAA	31,400	$336.3k31.4k shares
ARCELLX INC ACLX	ACLX	2,900	$333.0k2.9k shares
ASTRAZENECA PLC AZN	AZN	1,665	$322.5k1.7k shares
FONAR CORP FONR	FONR	17,300	$321.1k17.3k shares
CSG SYS INTL INC		4,000	$319.8k4.0k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
General Fusion Group Ltd GFUZ · 13G · filed 2026-08-10	GFUZ	10.0%	new	13G	2026-08-10