PENDERFUND CAPITAL MANAGEMENT LTD.

Filed: 2/14/2025ACC: 0001706164-25-000001

📋 What this filing means

PENDERFUND CAPITAL MANAGEMENT LTD. filed this quarterly 13F‑HR report disclosing 129 equity positions with a total reported market value of $465.40M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

129

Positions

$465.40M

Total AUM (reported)

240.15M

Total Shares

Allocation by class

COM$100.30M21.6%

NOTE 0.375% 1/1$46.21M9.9%

COM NEW$37.82M8.1%

NOTE 1.750% 2/1$34.53M7.4%

NOTE 4.125% 4/1$32.85M7.1%

NOTE 2.500% 4/0$30.35M6.5%

PHYSCL PLATM SHS$29.85M6.4%

Portfolio Concentration

Top 3$116.23M25.0%

4–10$170.63M36.7%

11–25$112.38M24.1%

Rest$66.17M14.2%

Top 3 weight

25.0%

Top 10 weight

61.6%

Voting Authority Distribution

Total shares with voting rights: 240.15M

Sole

Full voting authority

240.15M

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole129

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings129

Rows:

FIRST MAJESTIC SILVER CORP

SOLE

NOTE 0.375% 1/1

Shares37.65M

TypePRN

Market value$46.21M

9.93%

Sole

37.65M

Shared

0.00

None

0.00

SANGOMA TECHNOLOGIES CORP

SOLE

COM NEW

Shares3.55M

TypeSH

Market value$35.49M

7.63%

Sole

3.55M

Shared

0.00

None

0.00

REVANCE THERAPEUTICS INC

SOLE

NOTE 1.750% 2/1

Shares24.95M

TypePRN

Market value$34.53M

7.42%

Sole

24.95M

Shared

0.00

None

0.00

DUKE ENERGY CORP NEW

SOLE

NOTE 4.125% 4/1

Shares22M

TypePRN

Market value$32.85M

7.06%

Sole

22M

Shared

0.00

None

0.00

SSR MINING IN

SOLE

NOTE 2.500% 4/0

Shares21.99M

TypePRN

Market value$30.35M

6.52%

Sole

21.99M

Shared

0.00

None

0.00

ABRDN PLATINUM ETF TRUST

SOLE

PHYSCL PLATM SHS

Shares250K

TypeSH

Market value$29.85M

6.41%

Sole

250K

Shared

0.00

None

0.00

EQUINOX GOLD CORP

SOLE

NOTE 4.750%10/1

Shares16M

TypePRN

Market value$25.44M

5.47%

Sole

16M

Shared

0.00

None

0.00

PAR TECHNOLOGY CORP

SOLE

COM

Shares236.51K

TypeSH

Market value$24.71M

5.31%

Sole

236.51K

Shared

0.00

None

0.00

BURFORD CAP LTD

SOLE

ORD SHS

Shares771.71K

TypeSH

Market value$14.14M

3.04%

Sole

771.71K

Shared

0.00

None

0.00

BANDWIDTH INC

SOLE

NOTE 0.500% 4/0

Shares11.50M

TypePRN

Market value$13.28M

2.85%

Sole

11.50M

Shared

0.00

None

0.00

BEYOND MEAT INC

SOLE

NOTE 3/1

Shares58.05M

TypePRN

Market value$13.09M

2.81%

Sole

58.05M

Shared

0.00

None

0.00

WOLFSPEED INC

SOLE

NOTE 1.750% 5/0

Shares9.93M

TypePRN

Market value$12.75M

2.74%

Sole

9.93M

Shared

0.00

None

0.00

CARDLYTICS INC

SOLE

NOTE 1.000% 9/1

Shares9.02M

TypePRN

Market value$11.74M

2.52%

Sole

9.02M

Shared

0.00

None

0.00

WESTERN AST INFL LKD OPP & I

SOLE

COM

Shares953.09K

TypeSH

Market value$11.33M

2.43%

Sole

953.09K

Shared

0.00

None

0.00

DOCEBO INC

SOLE

COM

Shares151.92K

TypeSH

Market value$9.79M

2.10%

Sole

151.92K

Shared

0.00

None

0.00

LIGHTSPEED COMMERCE INC

SOLE

SUB VTG SHS

Shares374.80K

TypeSH

Market value$8.22M

1.77%

Sole

374.80K

Shared

0.00

None

0.00

ZILLOW GROUP INC

SOLE

CL C CAP STK

Shares74.95K

TypeSH

Market value$7.98M

1.71%

Sole

74.95K

Shared

0.00

None

0.00

MAGNITE INC

SOLE

NOTE 0.250% 3/1

Shares4.22M

TypePRN

Market value$5.68M

1.22%

Sole

4.22M

Shared

0.00

None

0.00

NUVEEN QUALITY MUNCP INCOME

SOLE

COM

Shares335K

TypeSH

Market value$5.61M

1.21%

Sole

335K

Shared

0.00

None

0.00

MARAVAI LIFESCIENCES HLDGS I

SOLE

COM CL A

Shares580.30K

TypeSH

Market value$4.55M

0.98%

Sole

580.30K

Shared

0.00

None

0.00

EVENTBRITE INC

SOLE

NOTE 0.750% 9/1

Shares3.50M

TypePRN

Market value$4.47M

0.96%

Sole

3.50M

Shared

0.00

None

0.00

FORUM ENERGY TECHNOLOGIES IN

SOLE

COM

Shares199.12K

TypeSH

Market value$4.43M

0.95%

Sole

199.12K

Shared

0.00

None

0.00

NUVEEN AMT FREE QLTY MUN INC

SOLE

COM

Shares265K

TypeSH

Market value$4.30M

0.92%

Sole

265K

Shared

0.00

None

0.00

CABLE ONE INC

SOLE

NOTE 3/1

Shares3.17M

TypePRN

Market value$4.26M

0.91%

Sole

3.17M

Shared

0.00

None

0.00

MOLINA HEALTHCARE INC

SOLE

COM

Shares10.03K

TypeSH

Market value$4.20M

0.90%

Sole

10.03K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
FIRST MAJESTIC SILVER CORPSOLE	NOTE 0.375% 1/1	37.65M	PRN	$46.21M 9.93%	37.65M
SANGOMA TECHNOLOGIES CORPSOLE	COM NEW	3.55M	SH	$35.49M 7.63%	3.55M
REVANCE THERAPEUTICS INCSOLE	NOTE 1.750% 2/1	24.95M	PRN	$34.53M 7.42%	24.95M
DUKE ENERGY CORP NEWSOLE	NOTE 4.125% 4/1	22M	PRN	$32.85M 7.06%	22M
SSR MINING INSOLE	NOTE 2.500% 4/0	21.99M	PRN	$30.35M 6.52%	21.99M
ABRDN PLATINUM ETF TRUSTSOLE	PHYSCL PLATM SHS	250K	SH	$29.85M 6.41%	250K
EQUINOX GOLD CORPSOLE	NOTE 4.750%10/1	16M	PRN	$25.44M 5.47%	16M
PAR TECHNOLOGY CORPSOLE	COM	236.51K	SH	$24.71M 5.31%	236.51K
BURFORD CAP LTDSOLE	ORD SHS	771.71K	SH	$14.14M 3.04%	771.71K
BANDWIDTH INCSOLE	NOTE 0.500% 4/0	11.50M	PRN	$13.28M 2.85%	11.50M
BEYOND MEAT INCSOLE	NOTE 3/1	58.05M	PRN	$13.09M 2.81%	58.05M
WOLFSPEED INCSOLE	NOTE 1.750% 5/0	9.93M	PRN	$12.75M 2.74%	9.93M
CARDLYTICS INCSOLE	NOTE 1.000% 9/1	9.02M	PRN	$11.74M 2.52%	9.02M
WESTERN AST INFL LKD OPP & ISOLE	COM	953.09K	SH	$11.33M 2.43%	953.09K
DOCEBO INCSOLE	COM	151.92K	SH	$9.79M 2.10%	151.92K
LIGHTSPEED COMMERCE INCSOLE	SUB VTG SHS	374.80K	SH	$8.22M 1.77%	374.80K
ZILLOW GROUP INCSOLE	CL C CAP STK	74.95K	SH	$7.98M 1.71%	74.95K
MAGNITE INCSOLE	NOTE 0.250% 3/1	4.22M	PRN	$5.68M 1.22%	4.22M
NUVEEN QUALITY MUNCP INCOMESOLE	COM	335K	SH	$5.61M 1.21%	335K
MARAVAI LIFESCIENCES HLDGS ISOLE	COM CL A	580.30K	SH	$4.55M 0.98%	580.30K
EVENTBRITE INCSOLE	NOTE 0.750% 9/1	3.50M	PRN	$4.47M 0.96%	3.50M
FORUM ENERGY TECHNOLOGIES INSOLE	COM	199.12K	SH	$4.43M 0.95%	199.12K
NUVEEN AMT FREE QLTY MUN INCSOLE	COM	265K	SH	$4.30M 0.92%	265K
CABLE ONE INCSOLE	NOTE 3/1	3.17M	PRN	$4.26M 0.91%	3.17M
MOLINA HEALTHCARE INCSOLE	COM	10.03K	SH	$4.20M 0.90%	10.03K

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