PenderFund Capital Management Ltd.

Q4 2025 13F-HR Holdings

Location
Vancouver, A1
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
219
Total value ($000)
$634,671
Net value change ($000)
+41,924 (7.1%)
New positions
93
Sold out positions
78
Turnover %
65.4%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
EQX 28,546 NEW
WOLF 12,085 NEW
TXNM 7,958 NEW
TSAT 5,428 51.6%
SLV 5,351 50.5%
PAR 4,909 NEW
PSLV 2,921 28.0%
SARO 2,314 NEW
DLTR 2,250 7758.6%
WBS 2,035 586.5%
Top Reduces (Value $000, Stocks/ETFs)
EQX -43,085 -100.0%
PAR -14,762 -100.0%
CANE -14,303 -100.0%
FET -6,947 -100.0%
BUR -4,465 -50.1%
DECK -2,228 -91.1%
MOH -1,949 -100.0%
ESPR -1,443 -8.2%
KW -1,288 -86.3%
EDD -567 -100.0%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type