PenderFund Capital Management Ltd.
Long book
$216.7M
Q1 2026
Positions
233
Top-10 weight
57%
concentration
Last quarter
+4.8%
SPY +14.8%
Turnover
61%
of book per quarter
Strategy in plain words
auto-generated from filingsPenderFund Capital Management Ltd. is a quantitative fund whose holdings reflect models, not opinions, running a $216.7M US long book across 233 positions.
The portfolio is concentrated: the top 10 names carry 57% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: ABRDN PHYSICAL PLATINUM SHRS, TEUCRIUM CORN FUND, TELESAT CORP, EQUINOX GOLD CORP, SANGOMA TECHNOLOGIES CORP.
Over the last 9 quarters its long book ran on average 0.1pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.9%
Q2 2024
+8.3%
Q3 2024
+6.3%
Q4 2024
-11.8%
Q1 2025
+12.4%
Q2 2025
+7.2%
Q3 2025
+19.2%
Q4 2025
-3.7%
Q1 2026
+4.8%
Sector allocation
Technology 22%
Materials 17%
Industrials 13%
Financials 11%
Healthcare 10%
Communications 9%
Other 6%
Services media 3%
Long book by quarter
What does PenderFund Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TSAT TELESAT CORP | Communications | 371.2K | $13.1M | 6.1% | -9.4% |
| EQX EQUINOX GOLD CORP | Materials | 812.5K | $11.7M | 5.4% | New |
| SANG SANGOMA TECHNOLOGIES CORP | Technology | 2.8M | $11.1M | 5.1% | 0.0% |
| MDA MDA SPACE LTD | Industrials | 436.2K | $11.1M | 5.1% | New |
| PAR PAR TECHNOLOGY CORP/DEL | Technology | 812.5K | $10.8M | 5.0% | New |
| ESPR ESPERION THERAPEUTICS INC | Healthcare | 3.9M | $10.7M | 4.9% | -11.4% |
| AGRO ADECOAGRO SA | Consumer staples | 250.0K | $3.8M | 1.7% | Held |
| BMM BLUE MOON METALS INC | Materials | 565.3K | $3.7M | 1.7% | New |
| HSLV HIGHLANDER SILVER CORP | Materials | 587.8K | $3.4M | 1.6% | New |
| NXE NEXGEN ENERGY LTD | Materials | 263.0K | $3.1M | 1.4% | +2.4% |
| CLVT CLARIVATE PLC | Technology | 1.1M | $2.8M | 1.3% | +113.7% |
| KKR KKR & CO INC | Financials | 29.3K | $2.7M | 1.3% | +48.6% |
| BUR BURFORD CAPITAL LTD | Financials | 498.0K | $2.3M | 1.0% | Held |
| GNRC GENERAC HOLDINGS INC | Industrials | 10.8K | $2.1M | 1.0% | New |
| FLR FLUOR CORP | Industrials | 45.1K | $2.1M | 1.0% | Held |
| DECK DECKERS OUTDOOR CORP | Other | 21.0K | $2.1M | 1.0% | +894.4% |
| SARO STANDARDAERO INC | Industrials | 81.3K | $2.1M | 1.0% | +0.7% |
| CART MAPLEBEAR INC | Services media | 56.0K | $2.1M | 1.0% | +9314.3% |
| DLTR DOLLAR TREE INC | Consumer discretionary | 18.5K | $2.0M | 0.9% | Held |
| ADUS ADDUS HOMECARE CORP | Healthcare | 18.5K | $1.7M | 0.8% | +0.4% |
| ISOU ISOENERGY LTD | Materials | 145.2K | $1.5M | 0.7% | +30.1% |
| SHOP SHOPIFY INC - CLASS A | Technology | 12.8K | $1.5M | 0.7% | New |
| BN BROOKFIELD CORP | Real estate | 35.6K | $1.4M | 0.7% | -22.8% |
| STNE STONECO LTD-A | Technology | 100.0K | $1.4M | 0.7% | Held |
| BAH BOOZ ALLEN HAMILTON HOLDINGS | Services media | 17.6K | $1.4M | 0.6% | +4934.3% |
| IFF INTL FLAVORS & FRAGRANCES | Other | 17.6K | $1.3M | 0.6% | -48.5% |
| CVE CENOVUS ENERGY INC | Energy | 40.0K | $1.1M | 0.5% | Held |
| HXL HEXCEL CORP | Materials | 12.9K | $1.0M | 0.5% | -59.3% |
| MKL MARKEL GROUP INC | Financials | 517 | $990K | 0.5% | Held |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 7.4K | $971K | 0.4% | New |
| EVR EVERCORE INC - A | Financials | 3.1K | $925K | 0.4% | +1.3% |
| DHR DANAHER CORP | Technology | 4.7K | $891K | 0.4% | Held |
| BGSI THE BOYD GROUP INC | Services media | 6.9K | $881K | 0.4% | -44.8% |
| NATH NATHAN'S FAMOUS INC | Consumer discretionary | 8.6K | $866K | 0.4% | New |
| MSFT MICROSOFT CORP | Technology | 2.3K | $851K | 0.4% | New |
| APH AMPHENOL CORP-CL A | Technology | 5.6K | $708K | 0.3% | New |
| GTLS CHART INDUSTRIES INC | Industrials | 3.1K | $641K | 0.3% | +72.2% |
| CAT CATERPILLAR INC | Industrials | 900 | $638K | 0.3% | New |
| SSRM SSR MINING INC | Financials | 21.6K | $635K | 0.3% | New |
| WBD WARNER BROS DISCOVERY INC | Communications | 22.3K | $612K | 0.3% | +32.7% |
| HO1 HOLOGIC INC | — | 8.0K | $605K | 0.3% | +81.8% |
| AM6 AMICUS THERAPEUTICS INC | — | 41.1K | $594K | 0.3% | +245.4% |
| MRVI MARAVAI LIFESCIENCES HLDGS-A | Healthcare | 205.0K | $580K | 0.3% | -7.0% |
| DAWNGBX DAY ONE BIOPHARMACEUTICALS I | — | 26.8K | $575K | 0.3% | New |
| ATS ATS CORP | Industrials | 20.0K | $564K | 0.3% | Held |
| AL AIR LEASE CORP | — | 8.5K | $554K | 0.3% | +11.8% |
| GDOT GREEN DOT CORP-CLASS A | Financials | 48.1K | $540K | 0.2% | +146.7% |
| MCHP MICROCHIP TECHNOLOGY INC | Technology | 7.7K | $500K | 0.2% | -47.9% |
| DMII DRUGS MADE IN AMERICA ACQUIS | Financials | 49.7K | $496K | 0.2% | New |
| WCN WASTE CONNECTIONS INC | Utilities | 3.0K | $487K | 0.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 253 | $638.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 219 | $634.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 207 | $592.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 159 | $422.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR/ARESTATEMENT | Aug 14, 2025 | 142 | $367.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 142 | $514.2M | SEC ↗ | |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 129 | $465.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 137 | $434.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 126 | $363.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 116 | $378.2M | canonical | SEC ↗ |
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