PenderFund Capital Management Ltd.

13F filer, CIK 1706164, VANCOUVER, British Columbia, Canada

PenderFund Capital Management Ltd. reported $465,404,559 across 129 holdings for the quarter ended 2024-12-31, in a 13F-HR filed 2025-02-14. Its ten largest share positions make up 61.64% of the portfolio.

Filed 2025-02-14 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:55 UTC13F-HR 0001706164-25-000001

Period: 2024-12-31
Reported value: $465M
Holdings: 129
Top 10 weight: 61.64%
New: 57
Sold out: 65

Largest buys vs the previous quarter

Security	Shares change	Approx. value
PPLTadded	+125,000	$14.9M
LSPDadded	+371,100	$8.13M
MRVInew	+580,300	$4.55M
SANGadded	+408,500	$4.08M
MOHadded	+9,531	$3.99M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
NZFexited	-365,500	-$6.48M
NADreduced	-250,000	-$4.19M
XNEAXreduced	-250,000	-$4.05M
TPLreduced	-1,621	-$2.58M
IBKRreduced	-10,000	-$2.54M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2024

Share positions as resolved from 13F-HR 0001706164-25-000001, largest first. % of portfolio is the value over $465,404,559, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
SANGSANGOMA TECHNOLOGIES CORP	3,548,733	$35.5M	7.63%	+408,500	Timeline
PPLTABRDN PLATINUM ETF TRUST	250,000	$29.8M	6.41%	+125,000	Timeline
PARPAR TECHNOLOGY CORP	236,509	$24.7M	5.31%	-21,500	Timeline
BURBURFORD CAPITAL LIMITED	771,713	$14.1M	3.04%	0	Timeline
WIWWESTERN AST INFL LKD OPP & I	953,094	$11.3M	2.43%	0	Timeline
DCBODOCEBO INC	151,920	$9.79M	2.1%	+34,100	Timeline
LSPDLIGHTSPEED COMMERCE INC	374,800	$8.22M	1.77%	+371,100	Timeline
ZZILLOW GROUP INC	74,947	$7.98M	1.71%	0	Timeline
NADNUVEEN QUALITY MUNCP INCOME	335,000	$5.61M	1.21%	-250,000	Timeline
MRVIMARAVAI LIFESCIENCES HLDGS I	580,300	$4.55M	0.98%	new	Timeline
FETFORUM ENERGY TECHNOLOGIES IN	199,122	$4.43M	0.95%	0	Timeline
XNEAXNUVEEN AMT FREE QLTY MUN INC	265,000	$4.3M	0.92%	-250,000	Timeline
MOHMOLINA HEALTHCARE INC	10,031	$4.2M	0.9%	+9,531	Timeline
CLVTCLARIVATE PLC	531,100	$3.88M	0.83%	+28,300	Timeline
KWKENNEDY-WILSON HOLDINGS INC	265,362	$3.81M	0.82%	+702	Timeline
KKRKKR & CO INC	17,320	$3.68M	0.79%	-7,400	Timeline
HXLHEXCEL CORP NEW	31,348	$2.83M	0.61%	+27,548	Timeline
IBKRINTERACTIVE BROKERS GROUP IN	10,038	$2.55M	0.55%	-10,000	Timeline
TPLTEXAS PACIFIC LAND CORPORATI	1,500	$2.38M	0.51%	-1,621	Timeline
EROERO COPPER CORP	122,656	$2.38M	0.51%	-15,044	Timeline
BNBROOKFIELD CORP	23,740	$1.96M	0.42%	0	Timeline
MCHPMICROCHIP TECHNOLOGY INC.	16,360	$1.35M	0.29%	+4,700	Timeline
MKLMARKEL GROUP INC	504	$1.25M	0.27%	new	Timeline
HHHHOWARD HUGHES HOLDINGS INC	9,600	$1.06M	0.23%	0	Timeline
PPLIPEOPLE INC	16,100	$998K	0.21%	0	Timeline
SMARTSHEET INC. (CLASS A)SMARTSHEET INC. (CLASS A)	11,900	$958K	0.21%	+7,900
ELVELEVANCE HEALTH INC FORMERLY	1,800	$954K	0.21%	new	Timeline
NOCNORTHROP GRUMMAN CORP	1,400	$944K	0.2%	0	Timeline
GMABGENMAB A/S	31,100	$933K	0.2%	new	Timeline
BARNES GROUP INCBARNES GROUP INC	13,400	$910K	0.2%	new
LPAALAUNCH ONE ACQUISITION CORP	60,000	$866K	0.19%	new	Timeline
AVID BIOSERVICES INCAVID BIOSERVICES INC	47,200	$837K	0.18%	new
ENSTAR GROUP LIMITEDENSTAR GROUP LIMITED	1,800	$834K	0.18%	+300
ZUORA INCZUORA INC	56,796	$810K	0.17%	new
MANITEX INTL INCMANITEX INTL INC	96,200	$801K	0.17%	0
BRIGHTCOVE INCBRIGHTCOVE INC	126,900	$795K	0.17%	new
BALLYS CORPORATIONBALLYS CORPORATION	30,600	$785K	0.17%	0
SBUXSTARBUCKS CORP	5,930	$778K	0.17%	0	Timeline
AIR TRANSPORT SERVICES GRP IAIR TRANSPORT SERVICES GRP I	24,300	$767K	0.16%	new
EVERI HLDGS INCEVERI HLDGS INC	39,600	$767K	0.16%	-5,500
PACTIV EVERGREEN INCPACTIV EVERGREEN INC	29,200	$734K	0.16%	new
SECUREWORKS CORPSECUREWORKS CORP	58,400	$709K	0.15%	new
XWIAXWESTERN ASSET INFLT LNK INC	61,666	$709K	0.15%	0	Timeline
UNIVERSAL STAINLESS & ALLOYUNIVERSAL STAINLESS & ALLOY	10,900	$688K	0.15%	new
CCRNCROSS CTRY HEALTHCARE INC	25,700	$667K	0.14%	new	Timeline
INNOVID CORPINNOVID CORP	148,000	$657K	0.14%	new
MONEYLION INCMONEYLION INC	4,800	$595K	0.13%	new
PROFIRE ENERGY INCPROFIRE ENERGY INC	161,736	$591K	0.13%	new
ALEALLETE INC	6,280	$583K	0.13%	+2,500	Timeline
SUMMIT MATERIALS INC CLASS ASUMMIT MATERIALS INC CLASS A	8,000	$581K	0.12%	new
PLAYAGS INCPLAYAGS INC	34,900	$577K	0.12%	+6,900
ADAMS RESOURCES & ENERG…ADAMS RESOURCES & ENERGY INC	10,496	$562K	0.12%	new
VALUENCE MERGER CORP IVALUENCE MERGER CORP I	33,435	$554K	0.12%	+8,035
SSYSSTRATASYS LTD	35,940	$459K	0.1%	-10,800	Timeline
HCM II ACQUISITION CORPHCM II ACQUISITION CORP	30,000	$432K	0.09%	new
WBSWEBSTER FINL CORP	5,363	$426K	0.09%	+163	Timeline
EMCORE CorpEMCORE Corp	91,297	$394K	0.08%	new
HLITHARMONIC INC	20,561	$391K	0.08%	+561	Timeline
HASHICORP INCHASHICORP INC	7,900	$388K	0.08%	-3,000
RETAIL OPPORTUNITY INVESTME…RETAIL OPPORTUNITY INVESTMENTS	15,100	$377K	0.08%	new
PATTERSON COS INCPATTERSON COS INC	8,200	$364K	0.08%	new
SIMASIM ACQUISITION CORP. I	25,000	$361K	0.08%	new	Timeline
VCICVINE HILL CAP INVT CORP.	25,000	$360K	0.08%	new	Timeline
HEARTLAND FINL USA INCHEARTLAND FINL USA INC	4,000	$353K	0.08%	-1,200
AQUARON ACQUISITION CORPAQUARON ACQUISITION CORP	21,901	$352K	0.08%	+201
PREMIER FINANCIAL CORPPREMIER FINANCIAL CORP	9,500	$351K	0.08%	new
JBLJABIL INC	1,669	$345K	0.07%	+69	Timeline
AFBIAFFINITY BANCSHARES INC	9,200	$288K	0.06%	-4,627	Timeline
TERRITORAL BANCORP INCTERRITORAL BANCORP INC	20,300	$284K	0.06%	+17,383
HESS CORPHESS CORP	1,500	$282K	0.06%	0
VACASA INCVACASA INC	38,800	$273K	0.06%	new
SILVERCREST METALS INCSILVERCREST METALS INC	21,100	$271K	0.06%	new
JUNIPER NETWORKS INCJUNIPER NETWORKS INC	4,600	$247K	0.05%	+200
LYTSLSI INDS INC OHIO	8,771	$245K	0.05%	+371	Timeline
CPACOPA HOLDINGS SA	1,864	$235K	0.05%	+64	Timeline
BM TECHNOLOGIES INCBM TECHNOLOGIES INC	33,400	$234K	0.05%	new
DMYYDMY SQUARED TECHNOLOGY GROUP I	13,264	$202K	0.04%	0	Timeline
FYBRFRONTIER COMMUNICATIONS PARE	4,000	$200K	0.04%	new	Timeline
FNFFIDELITY NATL FINL INC	2,258	$182K	0.04%	+158	Timeline
SGRPSPAR GROUP INC	60,900	$165K	0.04%	-25,300	Timeline
CANTOR EQUITY PARTNERS INCCANTOR EQUITY PARTNERS INC	10,000	$148K	0.03%	0
TONTGRAF GLOBAL CORP	10,000	$145K	0.03%	new	Timeline
QETAQUETTA ACQUISITION CORP	6,195	$94.2K	0.02%	0	Timeline
PROFPROFOUND MED CORP	9,400	$93.9K	0.02%	0	Timeline
VOXX INTERNATIONAL CORPVOXX INTERNATIONAL CORP	8,800	$93.1K	0.02%	new
AVNWAVIAT NETWORKS INC	3,700	$93K	0.02%	new	Timeline
EDDMORGAN STANLEY EMERGING MKTS	14,146	$92.3K	0.02%	0	Timeline
ATEXANTERIX INC	2,000	$87.7K	0.02%	0	Timeline
NXENEXGEN ENERGY LTD	8,000	$76.6K	0.02%	0	Timeline
GTLBGITLAB INC	900	$73.1K	0.02%	0	Timeline
VACHVOYAGER ACQUISITION CORP	5,000	$72K	0.02%	new	Timeline
FROGJFROG LTD	1,500	$63.7K	0.01%	new	Timeline
SINGULAR GENOMICS SYSTEMS INSINGULAR GENOMICS SYSTEMS IN	2,105	$59.3K	0.01%	new
FLRFLUOR CORP	175	$12.4K	<0.01%	new	Timeline
ARANTERO RESOURCES CORP	240	$12.1K	<0.01%	new	Timeline
BBUBROOKFIELD BUSINESS PARTNERS L	316	$10.7K	<0.01%	new	Timeline
GGENPACT LIMITED	172	$10.6K	<0.01%	new	Timeline
DBRGDIGITALBRIDGE GROUP INC	637	$10.3K	<0.01%	new	Timeline
DLTRDOLLAR TREE INC	95	$10.2K	<0.01%	-1,905	Timeline
RMBSRAMBUS INC DEL	130	$9.88K	<0.01%	new	Timeline
VRSNVERISIGN INC	29	$8.63K	<0.01%	new	Timeline
ITRIITRON INC	50	$7.8K	<0.01%	new	Timeline
ELLAUDER ESTEE COS INC	71	$7.65K	<0.01%	new	Timeline
XPELXPEL INC	131	$7.52K	<0.01%	new	Timeline
MHOM/I HOMES INC	36	$6.88K	<0.01%	new	Timeline
LPAAWLAUNCH ONE ACQUISITION CORP	30,000	$4.96K	<0.01%	new	Timeline
HCM II ACQUISITION CORPHCM II ACQUISITION CORP	15,000	$2.91K	<0.01%	new
VCICWVINE HILL CAP INVT CORP.	12,500	$2.88K	<0.01%	new	Timeline
SIMAWSIM ACQUISITION CORP. I	12,499	$2.17K	<0.01%	new	Timeline
PAPAYA GRWT OPPORTUNITY CORPPAPAYA GRWT OPPORTUNITY CORP	100	$1.62K	<0.01%	new
GRAF GLOBAL CORPGRAF GLOBAL CORP	5,000	$1.04K	<0.01%	new
XEMDXWESTERN ASSET EMERGING MKTS	28	$387	<0.01%	0	Timeline
VACHWVOYAGER ACQUISITION CORP	2,500	$383	<0.01%	new	Timeline
LANVIN GROUP HOLDINGS LIMITELANVIN GROUP HOLDINGS LIMITE	2,500	$144	<0.01%	0

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

Security	Type	Amount	Value	Change
FIRST MAJESTIC SILVER CORPFIRST MAJESTIC SILVER CORP NOTE 0.375% 1/1	principal	37,650,000	$46.2M	0
REVANCE THERAPEUTICS INCREVANCE THERAPEUTICS INC BOND	principal	24,950,000	$34.5M	+3,500,000
DUKE ENERGY CORP NEWDUKE ENERGY CORP NEW CONV BND	principal	22,000,000	$32.9M	new
SSR Mining IncSSR Mining Inc Convertible bond	principal	21,987,000	$30.4M	+3,000,000
EQUINOX GOLD CORPEQUINOX GOLD CORP NOTE 4.750%10/1	principal	15,999,000	$25.4M	-940,000
BANDWIDTH INCBANDWIDTH INC NOTE 0.500% 4/0	principal	11,500,000	$13.3M	-9,750,000
BEYOND MEAT INCBEYOND MEAT INC NOTE 3/1	principal	58,050,000	$13.1M	+18,500,000
WOLFSPEED INCWOLFSPEED INC NOTE 1.750% 5/0	principal	9,929,000	$12.7M	new
CARDLYTICS INCCARDLYTICS INC BOND	principal	9,018,000	$11.7M	+4,518,000
MAGNITE INCMAGNITE INC NOTE 0.250% 3/1	principal	4,225,000	$5.68M	0
EVENTBRITE INCEVENTBRITE INC NOTE 0.750% 9/1	principal	3,500,000	$4.47M	0
CABLE ONE INCCABLE ONE INC NOTE 3/1	principal	3,175,000	$4.26M	0
IRONWOOD PHARMACEUTICALS INCIRONWOOD PHARMACEUTICALS INC NOTE 1.500% 6/1	principal	3,000,000	$3.96M	0
SUNNOVA ENERGY INTL INC.SUNNOVA ENERGY INTL INC. NOTE 0.250%12/0	principal	2,500,000	$2.16M	new
ACCELERATE DIAGNOSTICS INCACCELERATE DIAGNOSTICS INC NOTE 5.000%12/1	principal	2,045,144	$1.18M	0

Sold out in Q4 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
Esperion Therapeutics IncEsperion Therapeutics Inc	40,429,000	$52.9M	principal
NZFNUVEEN MUN CR INCOME FD	365,500	$6.48M	shares
CABLE ONE INCCABLE ONE INC	5,000,000	$5.48M	principal
SPIRIT AIRLS INCSPIRIT AIRLS INC	10,850,000	$4.63M	principal
NUVEI CORPORATIONNUVEI CORPORATION	24,600	$1.11M	shares
ATLANTICA YIELD PLCATLANTICA YIELD PLC	35,680	$1.06M	shares
GFLGFL ENVIRONMENTAL INC	19,000	$1.03M	shares
BIDUBAIDU INC	7,100	$1.01M	shares
ENVESTNET INCENVESTNET INC	11,800	$999K	shares
R1 RCM INCR1 RCM INC	52,100	$998K	shares
POWERSCHOOL HOLDINGS INCPOWERSCHOOL HOLDINGS INC	31,230	$963K	shares
ITERIS INC NEWITERIS INC NEW	99,600	$962K	shares
LAUNCH ONE ACQUISITION CORPLAUNCH ONE ACQUISITION CORP	60,000	$848K	shares
ARC DOCUMENT SOLUTIONS INCARC DOCUMENT SOLUTIONS INC	174,900	$800K	shares
STERICYCLE INCSTERICYCLE INC	9,600	$792K	shares
PERFICIENT INCPERFICIENT INC	7,713	$787K	shares
SOUTHWESTERN ENERGY COSOUTHWESTERN ENERGY CO	80,100	$770K	shares
PETIQ INCPETIQ INC	17,700	$737K	shares
INSTRUCTURE HLDGS INCINSTRUCTURE HLDGS INC	22,700	$723K	shares
AARONS CO INCAARONS CO INC	49,530	$667K	shares
KVACFKEEN VISION ACQUISITION CORP	42,000	$611K	shares
SHARECARE INCSHARECARE INC	316,000	$607K	shares
TELLURIAN INC NEWTELLURIAN INC NEW	458,700	$601K	shares
GENERATION ASIA I ACQUISITIOGENERATION ASIA I ACQUISITIO	39,385	$597K	shares
Surmodics IncSurmodics Inc	11,100	$582K	shares
CEPTON INCCEPTON INC	134,276	$567K	shares
AUGMEDIX INCAUGMEDIX INC	161,327	$513K	shares
GATOS SILVER INCGATOS SILVER INC	24,600	$502K	shares
ACIALBERTSONS COMPANIES INC	19,200	$480K	shares
STWDSTARWOOD PPTY TR INC	16,700	$460K	shares
VISTA OUTDOOR INCVISTA OUTDOOR INC	7,850	$416K	shares
HCM II ACQUISITION CORPHCM II ACQUISITION CORP	30,000	$405K	shares
HAYNES INTL INCHAYNES INTL INC	5,000	$403K	shares
VECTOR GROUP LTDVECTOR GROUP LTD	19,900	$402K	shares
PROPERTYGURU GROUP LTDPROPERTYGURU GROUP LTD	44,800	$400K	shares
INFLECTION PT ACQUISITN CRPINFLECTION PT ACQUISITN CRP	25,000	$363K	shares
SIMAUSIM ACQUISITION CORP. I	25,000	$339K	shares
VINE HILL CAP INVT CORP.VINE HILL CAP INVT CORP.	25,000	$338K	shares
AXONICS INCAXONICS INC	3,400	$320K	shares
MATTERPORT INCMATTERPORT INC	47,200	$287K	shares
CARTESIAN GROWTH CORP IICARTESIAN GROWTH CORP II	18,400	$285K	shares
COLOMBIER ACQUISITION CORP ICOLOMBIER ACQUISITION CORP I	20,000	$281K	shares
METAL SKY STAR ACQUISITION CMETAL SKY STAR ACQUISITION C	16,500	$254K	shares
REVANCE THERAPEUTICS INCREVANCE THERAPEUTICS INC	30,100	$211K	shares
HORIZON SPACE ACQUSTN I CORPHORIZON SPACE ACQUSTN I CORP	13,500	$205K	shares
PEARL HOLDINGS ACQUISITN CORPEARL HOLDINGS ACQUISITN COR	12,479	$196K	shares
NORTHVIEW ACQUISITION CORPNORTHVIEW ACQUISITION CORP	10,610	$171K	shares
CHUY'S HOLDINGS INCCHUY'S HOLDINGS INC	2,900	$147K	shares
TONTUGRAF GLOBAL CORP	10,000	$139K	shares
CHAIN BRIDGE ICHAIN BRIDGE I	7,102	$108K	shares
THOUGHTWORKS HOLDING INCTHOUGHTWORKS HOLDING INC	13,726	$82.1K	shares
ATLANTIC COASTAL AQSTN CORPATLANTIC COASTAL AQSTN CORP	5,193	$78.7K	shares
MSOSADVISORSHARES TR	7,200	$69.8K	shares
VOYAGER ACQUISITION CORPVOYAGER ACQUISITION CORP	5,000	$67.6K	shares
GAN LTDGAN LTD	27,450	$65.7K	shares
BLEUACACIA LTDBLEUACACIA LTD	3,721	$55.7K	shares
SPIRIT AIRLS INCSPIRIT AIRLS INC	12,346	$40.1K	shares
SDCL EDGE ACQUISITION CORPSDCL EDGE ACQUISITION CORP	1,000	$15.4K	shares
AULT DISRUPTIVE TECHS CORPAULT DISRUPTIVE TECHS CORP	504	$7.61K	shares
DUET ACQUISITION CORPDUET ACQUISITION CORP	305	$4.9K	shares
TLGYFTLGY ACQUISITION CORP ORD SHS	177	$2.76K	shares
ONYX ACQUISITION CO IONYX ACQUISITION CO I	100	$1.53K	shares
GORES HOLDINGS IX INCGORES HOLDINGS IX INC	106	$1.52K	shares
SILVERBOX CORP IIISILVERBOX CORP III	333	$45	shares
JWSWFJAWS MUSTANG ACQUISITION CORP	250	$11	shares

How Q4 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001706164-25-000001	base		2025-02-14	acceptance time not in the bulk data set	2026-10-07 18:25:55 UTC