PENDERFUND CAPITAL MANAGEMENT LTD.

Filed: 11/14/2025ACC: 0001706164-25-000010

📋 What this filing means

PENDERFUND CAPITAL MANAGEMENT LTD. filed this quarterly 13F‑HR report disclosing 207 equity positions with a total reported market value of $592.75M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

207

Positions

$592.75M

Total AUM (reported)

440.34M

Total Shares

Allocation by class

COM$122.61M20.7%

NOTE 0.375% 1/1$47.64M8.0%

PHYSCL PLATM SHS$43.15M7.3%

NOTE 4.125% 4/1$35.00M5.9%

NOTE 2.500% 4/0$27.86M4.7%

NOTE 4.750%10/1$23.59M4.0%

NOTE 4.500% 6/1$22.54M3.8%

Portfolio Concentration

Top 3$133.87M22.6%

4–10$161.94M27.3%

11–25$190.32M32.1%

Rest$106.62M18.0%

Top 3 weight

22.6%

Top 10 weight

49.9%

Voting Authority Distribution

Total shares with voting rights: 440.34M

Sole

Full voting authority

440.34M

% 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)

Sole207

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings207

Rows:

FIRST MAJESTIC SILVER CORP

SOLE

NOTE 0.375% 1/1

Shares44.04M

TypePRN

Market value$47.64M

8.04%

Sole

44.04M

Shared

0.00

None

0.00

ABRDN PLATINUM ETF TRUST

SOLE

PHYSCL PLATM SHS

Shares302K

TypeSH

Market value$43.15M

7.28%

Sole

302K

Shared

0.00

None

0.00

EQUINOX GOLD CORP

SOLE

COM

Shares3.85M

TypeSH

Market value$43.09M

7.27%

Sole

3.85M

Shared

0.00

None

0.00

DUKE ENERGY CORP NEW

SOLE

NOTE 4.125% 4/1

Shares32M

TypePRN

Market value$35.00M

5.90%

Sole

32M

Shared

0.00

None

0.00

SSR MINING IN

SOLE

NOTE 2.500% 4/0

Shares19.74M

TypePRN

Market value$27.86M

4.70%

Sole

19.74M

Shared

0.00

None

0.00

EQUINOX GOLD CORP

SOLE

NOTE 4.750%10/1

Shares12.08M

TypePRN

Market value$23.59M

3.98%

Sole

12.08M

Shared

0.00

None

0.00

SOUTHERN CO

SOLE

NOTE 4.500% 6/1

Shares20M

TypePRN

Market value$22.54M

3.80%

Sole

20M

Shared

0.00

None

0.00

PDD HOLDINGS INC

SOLE

NOTE 12/0

Shares18.50M

TypePRN

Market value$18.38M

3.10%

Sole

18.50M

Shared

0.00

None

0.00

ESPERION THERAPEUTICS INC NE

SOLE

COM

Shares6.68M

TypeSH

Market value$17.69M

2.98%

Sole

6.68M

Shared

0.00

None

0.00

BEYOND MEAT INC

SOLE

NOTE 3/1

Shares93.79M

TypePRN

Market value$16.88M

2.85%

Sole

93.79M

Shared

0.00

None

0.00

NIO INC

SOLE

NOTE 3.875%10/1

Shares15.27M

TypePRN

Market value$16.58M

2.80%

Sole

15.27M

Shared

0.00

None

0.00

WOLFSPEED INC

SOLE

NOTE 1.750% 5/0

Shares25.33M

TypePRN

Market value$15.05M

2.54%

Sole

25.33M

Shared

0.00

None

0.00

PAR TECHNOLOGY CORP

SOLE

COM

Shares372.97K

TypeSH

Market value$14.76M

2.49%

Sole

372.97K

Shared

0.00

None

0.00

CARDLYTICS INC

SOLE

NOTE 4.250% 4/0

Shares27.61M

TypePRN

Market value$14.68M

2.48%

Sole

27.61M

Shared

0.00

None

0.00

WOLFSPEED INC

SOLE

NOTE 1.875%12/0

Shares24.45M

TypePRN

Market value$14.51M

2.45%

Sole

24.45M

Shared

0.00

None

0.00

TEUCRIUM COMMODITY TR

SOLE

WHEAT FD

Shares3.48M

TypeSH

Market value$14.30M

2.41%

Sole

3.48M

Shared

0.00

None

0.00

SANGOMA TECHNOLOGIES CORP

SOLE

COM NEW

Shares2.82M

TypeSH

Market value$14.01M

2.36%

Sole

2.82M

Shared

0.00

None

0.00

MAGNITE INC

SOLE

NOTE 0.250% 3/1

Shares14.22M

TypePRN

Market value$13.90M

2.35%

Sole

14.22M

Shared

0.00

None

0.00

OPKO HEALTH INC

SOLE

NOTE 3.750% 1/1

Shares7.31M

TypePRN

Market value$11.13M

1.88%

Sole

7.31M

Shared

0.00

None

0.00

WOLFSPEED INC

SOLE

NOTE 0.250% 2/1

Shares18.05M

TypePRN

Market value$10.60M

1.79%

Sole

18.05M

Shared

0.00

None

0.00

ISHARES SILVER TR

SOLE

ISHARES

Shares250K

TypeSH

Market value$10.59M

1.79%

Sole

250K

Shared

0.00

None

0.00

TELESAT CORP

SOLE

CL A & CL B SHS

Shares409.75K

TypeSH

Market value$10.51M

1.77%

Sole

409.75K

Shared

0.00

None

0.00

SPROTT ASSET MANAGEMENT LP

SOLE

PHYSICAL SILVER

Shares665K

TypeSH

Market value$10.44M

1.76%

Sole

665K

Shared

0.00

None

0.00

PPL CAP FDG INC

SOLE

NOTE 2.875% 3/1

Shares9M

TypePRN

Market value$10.30M

1.74%

Sole

Shared

0.00

None

0.00

WESTERN AST INFL LKD OPP & I

SOLE

COM

Shares1.01M

TypeSH

Market value$8.95M

1.51%

Sole

1.01M

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
FIRST MAJESTIC SILVER CORPSOLE	NOTE 0.375% 1/1	44.04M	PRN	$47.64M 8.04%	44.04M
ABRDN PLATINUM ETF TRUSTSOLE	PHYSCL PLATM SHS	302K	SH	$43.15M 7.28%	302K
EQUINOX GOLD CORPSOLE	COM	3.85M	SH	$43.09M 7.27%	3.85M
DUKE ENERGY CORP NEWSOLE	NOTE 4.125% 4/1	32M	PRN	$35.00M 5.90%	32M
SSR MINING INSOLE	NOTE 2.500% 4/0	19.74M	PRN	$27.86M 4.70%	19.74M
EQUINOX GOLD CORPSOLE	NOTE 4.750%10/1	12.08M	PRN	$23.59M 3.98%	12.08M
SOUTHERN COSOLE	NOTE 4.500% 6/1	20M	PRN	$22.54M 3.80%	20M
PDD HOLDINGS INCSOLE	NOTE 12/0	18.50M	PRN	$18.38M 3.10%	18.50M
ESPERION THERAPEUTICS INC NESOLE	COM	6.68M	SH	$17.69M 2.98%	6.68M
BEYOND MEAT INCSOLE	NOTE 3/1	93.79M	PRN	$16.88M 2.85%	93.79M
NIO INCSOLE	NOTE 3.875%10/1	15.27M	PRN	$16.58M 2.80%	15.27M
WOLFSPEED INCSOLE	NOTE 1.750% 5/0	25.33M	PRN	$15.05M 2.54%	25.33M
PAR TECHNOLOGY CORPSOLE	COM	372.97K	SH	$14.76M 2.49%	372.97K
CARDLYTICS INCSOLE	NOTE 4.250% 4/0	27.61M	PRN	$14.68M 2.48%	27.61M
WOLFSPEED INCSOLE	NOTE 1.875%12/0	24.45M	PRN	$14.51M 2.45%	24.45M
TEUCRIUM COMMODITY TRSOLE	WHEAT FD	3.48M	SH	$14.30M 2.41%	3.48M
SANGOMA TECHNOLOGIES CORPSOLE	COM NEW	2.82M	SH	$14.01M 2.36%	2.82M
MAGNITE INCSOLE	NOTE 0.250% 3/1	14.22M	PRN	$13.90M 2.35%	14.22M
OPKO HEALTH INCSOLE	NOTE 3.750% 1/1	7.31M	PRN	$11.13M 1.88%	7.31M
WOLFSPEED INCSOLE	NOTE 0.250% 2/1	18.05M	PRN	$10.60M 1.79%	18.05M
ISHARES SILVER TRSOLE	ISHARES	250K	SH	$10.59M 1.79%	250K
TELESAT CORPSOLE	CL A & CL B SHS	409.75K	SH	$10.51M 1.77%	409.75K
SPROTT ASSET MANAGEMENT LPSOLE	PHYSICAL SILVER	665K	SH	$10.44M 1.76%	665K
PPL CAP FDG INCSOLE	NOTE 2.875% 3/1	9M	PRN	$10.30M 1.74%	9M
WESTERN AST INFL LKD OPP & ISOLE	COM	1.01M	SH	$8.95M 1.51%	1.01M

Page 1 of 9

…