PenderFund Capital Management Ltd. Q4 2025 Filing
Filed February 17, 2026
Portfolio Value
$634.7M
Holdings
219
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (219 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | AGCN 0.375 01/15/27FIRST MAJESTIC SILVER CORP | 44,040,000 | $54.6M | 8.60% | |
| 2 | PPLTABRDN PLATINUM ETF TRUST | 242,000 | $45.1M | 7.11% | |
| 3 | EQXEQUINOX GOLD CORP | 2,596,154 | $36.5M | 5.75% | |
| 4 | FLNC 2.25 06/15/30FLUENCE ENERGY INC | 28,000,000 | $34.0M | 5.36% | |
| 5 | DUK 4.125 04/15/26DUKE ENERGY CORP NEW | 32,000,000 | $33.3M | 5.24% | |
| 6 | SO 4.5 06/15/27SOUTHERN CO | 30,000,000 | $32.1M | 5.07% | |
| 7 | EQXCN 4.75 10/15/28EQUINOX GOLD CORP | 12,077,000 | $28.5M | 4.50% | |
| 8 | SSRMCN 2.5 04/01/39SSR MINING IN | 19,737,000 | $25.9M | 4.08% | |
| 9 | NIO 3.875 10/15/29NIO INC | 25,270,000 | $24.1M | 3.79% | |
| 10 | PPL 2.875 03/15/28PPL CAP FDG INC | 19,000,000 | $21.0M | 3.31% | |
| 11 | NIO 4.625 10/15/30NIO INC | 22,150,000 | $19.8M | 3.12% | |
| 12 | NOG 3.625 04/15/29NORTHERN OIL & GAS INC | 20,000,000 | $19.5M | 3.07% | |
| 13 | CDLX 4.25 04/01/29CARDLYTICS INC | 47,710,000 | $19.4M | 3.05% | |
| 14 | ESPRESPERION THERAPEUTICS INC NE | 4,391,926 | $16.3M | 2.56% | |
| 15 | SLVISHARES SILVER TR | 247,500 | $15.9M | 2.51% | |
| 16 | TSATTELESAT CORP | 409,753 | $15.9M | 2.51% | |
| 17 | PARPAR TECHNOLOGY CORP | 417,666 | $15.2M | 2.39% | |
| 18 | STCSANGOMA TECHNOLOGIES CORP | 2,821,433 | $14.2M | 2.23% | |
| 19 | MGNI 0.25 03/15/26MAGNITE INC | 14,225,000 | $14.1M | 2.22% | |
| 20 | PSLV/USPROTT ASSET MANAGEMENT LP | 565,000 | $13.4M | 2.11% | |
| 21 | WOLF 2.5 06/15/31WOLFSPEED INC | 8,125,060 | $12.1M | 1.90% | |
| 22 | OPK 3.75 01/15/29OPKO HEALTH INC | 7,311,000 | $9.6M | 1.51% | |
| 23 | WIWWESTERN AST INFL LKD OPP & I | 1,015,397 | $8.7M | 1.37% | |
| 24 | TXNM 5.75 06/01/54TXNM ENERGY INC | 5,900,000 | $8.0M | 1.25% | |
| 25 | EVH 3.5 12/01/29EVOLENT HEALTH INC | 8,769,000 | $5.9M | 0.94% | |
| 26 | ABNB 0 03/15/26AIRBNB INC | 5,000,000 | $5.0M | 0.78% | |
| 27 | PAR 1.5 10/15/27PAR TECHNOLOGY CORP | 5,000,000 | $4.9M | 0.77% | |
| 28 | BURBURFORD CAP LTD | 497,990 | $4.4M | 0.70% | |
| 29 | EVH 4.5 08/15/31EVOLENT HEALTH INC | 4,000,000 | $2.9M | 0.46% | |
| 30 | EROERO COPPER CORP | 102,590 | $2.8M | 0.45% | |
| 31 | KKRKKR & CO INC | 19,740 | $2.5M | 0.40% | |
| 32 | WBSWEBSTER FINL CORP | 37,838 | $2.4M | 0.38% | |
| 33 | NXENEXGEN ENERGY LTD | 256,800 | $2.4M | 0.37% | |
| 34 | HXLHEXCEL CORP NEW | 31,723 | $2.3M | 0.37% | |
| 35 | SAROSTANDARDAERO INC | 80,700 | $2.3M | 0.36% | |
| 36 | IFFINTERNATIONAL FLAVORS&FRAGRA | 34,212 | $2.3M | 0.36% | |
| 37 | DLTRDOLLAR TREE INC | 18,530 | $2.3M | 0.36% | |
| 38 | BNBROOKFIELD CORP | 46,110 | $2.1M | 0.33% | |
| 39 | BYDBOYD GROUP SERVICES INC | 12,500 | $2.0M | 0.31% | |
| 40 | AGROADECOAGRO S A | 250,000 | $2.0M | 0.31% | |
| 41 | ADUSADDUS HOMECARE CORP | 18,400 | $2.0M | 0.31% | |
| 42 | FLRFLUOR CORP NEW | 45,140 | $1.8M | 0.28% | |
| 43 | CLVTCLARIVATE PLC | 521,000 | $1.7M | 0.27% | |
| 44 | STNESTONECO LTD | 100,000 | $1.5M | 0.23% | |
| 45 | MKLMARKEL GROUP INC | 517 | $1.1M | 0.18% | |
| 46 | DHRDANAHER CORPORATION | 4,700 | $1.1M | 0.17% | |
| 47 | EVREVERCORE INC | 3,060 | $1.0M | 0.16% | |
| 48 | ISOISOENERGY LTD | 111,600 | $1.0M | 0.16% | |
| 49 | BIDUNBAIDU INC | 7,600 | $993K | 0.16% | |
| 50 | MCHPMICROCHIP TECHNOLOGY INC. | 14,835 | $945K | 0.15% | |
| 51 | 75ZSOHO HOUSE & CO INC | 98,995 | $886K | 0.14% | |
| 52 | BEPBROOKFIELD RENEWABLE PARTNER | 30,000 | $810K | 0.13% | |
| 53 | LADLITHIA MTRS INC | 2,400 | $797K | 0.13% | |
| 54 | XWIAXWESTERN ASST INFLTN LKD INM | 96,300 | $793K | 0.12% | |
| 55 | MRVIMARAVAI LIFESCIENCES HLDGS I | 220,500 | $716K | 0.11% | |
| 56 | CVECENOVUS ENERGY INC | 40,000 | $676K | 0.11% | |
| 57 | CCOCAMECO CORP | 7,300 | $668K | 0.11% | |
| 58 | NVDANVIDIA CORPORATION | 3,500 | $652K | 0.10% | |
| 59 | AAUCALLIED GOLD CORP | 27,000 | $618K | 0.10% | |
| 60 | DAYDAYFORCE INC | 8,300 | $574K | 0.09% | |
| 61 | TLNTALEN ENERGY CORP | 1,500 | $562K | 0.09% | |
| 62 | ATSATS CORPORATION | 20,000 | $550K | 0.09% | |
| 63 | WCNWASTE CONNECTIONS INC | 3,000 | $526K | 0.08% | |
| 64 | AMCXAMC NETWORKS INC | 501,000 | $521K | 0.08% | |
| 65 | DMIIDRUGS MADE IN AMER ACQ II CO | 49,700 | $497K | 0.08% | |
| 66 | ALAIR LEASE CORP | 7,626 | $489K | 0.08% | |
| 67 | WBDWARNER BROS DISCOVERY INC | 16,800 | $484K | 0.08% | |
| 68 | VZLAVIZSLA SILVER CORP | 83,000 | $454K | 0.07% | |
| 69 | CYBRCYBERARK SOFTWARE LTD | 1,000 | $446K | 0.07% | |
| 70 | SZZLSIZZLE ACQUISITION CORP. II | 43,642 | $443K | 0.07% | |
| 71 | DBRGDIGITALBRIDGE GROUP INC | 27,900 | $427K | 0.07% | |
| 72 | HIHILLENBRAND INC | 13,400 | $425K | 0.07% | |
| 73 | WOLFWOLFSPEED INC | 23,851 | $415K | 0.07% | |
| 74 | CIOCITY OFFICE REIT INC | 58,700 | $410K | 0.06% | |
| 75 | EBEVENTBRITE INC | 91,800 | $408K | 0.06% | |
| 76 | SOHOSOTHERLY HOTELS INC | 184,798 | $397K | 0.06% | |
| 77 | DENNDENNYS CORP | 63,500 | $394K | 0.06% | |
| 78 | AGIALAMOS GOLD INC NEW | 10,000 | $386K | 0.06% | |
| 79 | TACHTITAN ACQUISITION CORP | 36,600 | $375K | 0.06% | |
| 80 | GTLSCHART INDS INC | 1,800 | $371K | 0.06% | |
| 81 | TXNMTXNM ENERGY INC | 6,200 | $365K | 0.06% | |
| 82 | TVAITHAYER VENTURES ACQ CORP II | 36,000 | $364K | 0.06% | |
| 83 | CADECADENCE BANK | 7,975 | $341K | 0.05% | |
| 84 | SNCRSYNCHRONOSS TECHNOLOGIES INC | 39,000 | $333K | 0.05% | |
| 85 | LPAALAUNCH ONE ACQUISITION CORP | 31,400 | $332K | 0.05% | |
| 86 | QIPTQUIPT HOME MEDICAL CORP | 92,629 | $327K | 0.05% | |
| 87 | CTLPCANTALOUPE INC | 30,800 | $327K | 0.05% | |
| 88 | HOLXHOLOGIC INC | 4,400 | $327K | 0.05% | |
| 89 | RNAAVIDITY BIOSCIENCES INC | 4,500 | $324K | 0.05% | |
| 90 | ONON SEMICONDUCTOR CORP | 5,800 | $314K | 0.05% | |
| 91 | TXNTEXAS INSTRS INC | 1,800 | $312K | 0.05% | |
| 92 | XENEXENON PHARMACEUTICALS INC | 6,850 | $307K | 0.05% | |
| 93 | AZNASTRAZENECA PLC | 3,330 | $306K | 0.05% | |
| 94 | SOULSOULPOWER ACQUISITION CORP | 30,051 | $305K | 0.05% | |
| 95 | BCARD. BORAL ARC ACQ I CORP. | 29,400 | $294K | 0.05% | |
| 96 | SOCASOLARIUS CAPITAL ACQU CORP | 29,100 | $292K | 0.05% | |
| 97 | LNSRLENSAR INC | 24,600 | $286K | 0.05% | |
| 98 | JBLJABIL INC | 1,257 | $286K | 0.05% | |
| 99 | MAMASTERCARD INCORPORATED | 500 | $285K | 0.04% | |
| 100 | SZ7AMERICAS GOLD AND SILVER COR | 53,400 | $273K | 0.04% |
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