PenderFund Capital Management Ltd.

CIK 0001706164 · Q1 2026

13F Equity AUM

$638.6M

+0.6% QoQ

Positions

249

+32 QoQ

AUM Rank

#3,714

Top 30%

Skill Alpha (FF)

—

Building track record (6q)

Quarters Tracked

~8 years

Portfolio Concentration

Top 5: 32.2%Top 10: 53.8%Top 20: 75.3%

AGCN 0.375 01/15/278.5%

NOG 3.625 04/15/297.8%

FLNC 2.25 06/15/306.0%

SO 4.5 06/15/275.3%

NIO 4.625 10/15/304.7%

EQXCN 4.75 10/15/284.6%

PPLT4.5%

DUK 4.125 04/15/264.4%

NIO 3.875 10/15/294.1%

PPL 2.875 03/15/284.0%

Others (239)46.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services19.2%

Fixed Income17.3%

Basic Materials15.5%

Consumer Cyclical11.7%

Technology10.9%

Healthcare9.4%

Utilities7.5%

Communication Services2.6%

Other5.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 249Median: 0.04%Avg: 0.40%

0–0.5%

218(13.4%)

0.5–1%

5(3.3%)

1–3%

15(25.9%)

3–5%

7(29.9%)

5%+

4(27.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

Loading summary cards...

Portfolio Overlap

Shared: 175Unique: 74vs 20 funds

2.4%Low

249

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

JPMORGAN CHASE & CO

2.7%

MORGAN STANLEY

2.5%

BANK OF AMERICA CORP /DE/

2.7%

BlackRock, Inc.

3.1%

STATE STREET CORP

3.3%

GEODE CAPITAL MANAGEMENT, LLC

3.3%

VANGUARD CAPITAL MANAGEMENT LLC

3.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

3.4%

FMR LLC

3.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

Loading overlap analysis...

Position Changes This Quarter

New111Increased55Decreased24Exited77

New Positions

CORN2.3%

+804K

MTH 1.75 05/15/281.8%

+12.0M

MDA1.7%

+436K

BABA 0.5 06/01/311.1%

+5.0M

SUPER MICRO COMPUTER…0.8%

+6.0M

MOON0.6%

+565K

HIGHLANDER SILVER CO…0.5%

+588K

SOYB0.4%

+100K

GNRC0.3%

+11K

EDD0.3%

+400K

Increased

EVH 3.5 12/01/293.6%

+33.2M(+379%)

NOG 3.625 04/15/297.8%

+24.5M(+123%)

EVH 4.5 08/15/311.2%

+11.5M(+288%)

FLNC 2.25 06/15/306.0%

+9.4M(+34%)

NIO 4.625 10/15/304.7%

+7.1M(+32%)

WOLF 2.5 06/15/312.5%

+3.2M(+39%)

PPL 2.875 03/15/284.0%

+3.0M(+16%)

CLVT0.4%

+593K(+114%)

PAR1.7%

+395K(+95%)

WRN0.1%

+118K(+172%)

Decreased

DUK 4.125 04/15/264.4%

-7,000,000(-22%)

AGCN 0.375 01/15/278.5%

-5,300,000(-12%)

EQX1.8%

-1,783,654(-69%)

ESPR1.7%

-500,000(-11%)

ERO0.0%

-94,720(-92%)

NIO 3.875 10/15/294.1%

-85,000(-0%)

PPLT4.5%

-82,000(-34%)

TSAT2.1%

-38,600(-9%)

WBS0.1%

-32,138(-85%)

SZ70.0%

-26,700(-50%)

Exited

-19,737,000

-247,500

-14,225,000

-565,000

-5,000,000

-98,995

-2,400

-7,300

-27,000

-3,500

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

Loading position changes...

Holdings

Loading holdings...