How is hedge fund similarity measured?

Similarity is computed from each fund's top conviction holdings in their latest 13F filing. Funds are scored by the overlap of distinctive shared positions (the mega-caps that nearly every fund owns are excluded), so the ranking reflects genuinely shared strategy rather than common index exposure.

Hedge Funds Similar to PenderFund Ltd.

13F Portfolio OverlapQ2 2026PenderFund Ltd. portfolio →

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Most similar hedge funds by 13F overlap

PenderFund Capital Management Ltd. is an institutional investor managing $780M across 231 U.S. equity positions as of Q2 2026. Based on the overlap of conviction holdings in their latest 13F filings, the hedge funds with portfolios most similar to PenderFund Ltd. are ZAZOVE ASSOCIATES, SILVERBACK ASSET, AEGON USA Investment, with shared positions in $SO, $BABA, $PPL, $NOG, $OPK, $VERX. The full ranking of 25 similar funds is below.

#1ZAZOVE ASSOCIATES LLCActive

Notable overlap · 8 shared positions

$SO $BABA $PPL $NOG $OPK $VERX

$1.2B

151 positions

#2SILVERBACK ASSET MANAGEMENT LLCActive

Notable overlap · 5 shared positions

$WOLF $EVH $VERX $PAR $OMCL

$925M

64 positions

#3AEGON USA Investment Management, LLCSmart money

Notable overlap · 4 shared positions

$SO $PPL $MTH $KKR

$140M

42 positions

#4Ovata Capital Management LtdActive

Notable overlap · 3 shared positions

$SO $BABA $PPL

$1.3B

43 positions

#5Shaolin Capital Management LLCPassive

Notable overlap · 5 shared positions

$WOLF $NOG $SO $TXNM $KKR

$2.1B

554 positions

#6Portman Square Capital LLPActive

Notable overlap · 4 shared positions

$SO $BABA $PPL $KKR

$2.1B

94 positions

#7HIGHBRIDGE CAPITAL MANAGEMENT LLCPassive

Notable overlap · 3 shared positions

$SO $BABA $NIO

$4.1B

433 positions

#8ADVENT CAPITAL MANAGEMENT /DE/Passive

Notable overlap · 5 shared positions

$SO $PPL $MTH $IRTC $KKR

$4.5B

236 positions

#9PIER 88 INVESTMENT PARTNERS LLCPassive

Notable overlap · 4 shared positions

$PPL $SO $MTH $KKR

$421M

110 positions

#10Benefit Street Partners LLCActive

Some overlap · 3 shared positions

$EVH $NOG $FLNC

$70M

21 positions

#11WOLVERINE ASSET MANAGEMENT LLCPassive

Some overlap · 5 shared positions

$BABA $PPL $NIO $IRTC $FLR

$11.4B

1,668 positions

#12Opti Capital Management, LPActive

Some overlap · 4 shared positions

$VERX $BABA $IRTC $FLR

$1.6B

46 positions

#13Wellesley Asset ManagementPassive

Some overlap · 5 shared positions

$SO $MTH $PPL $OMCL $FLR

$1.1B

64 positions

#14NINE MASTS CAPITAL LtdActive

Some overlap · 4 shared positions

$BABA $NIO $TXNM $IRTC

$995M

170 positions

#15Aequim Alternative Investments LPActive

Some overlap · 5 shared positions

$BABA $TXNM $SO $PPL $FLR

$6.4B

102 positions

#16SHENKMAN CAPITAL MANAGEMENT INCActive

Some overlap · 5 shared positions

$NOG $FLNC $MTH $SO $IRTC

$721M

80 positions

#17WHITEBOX ADVISORS LLCPassive

Some overlap · 3 shared positions

$BABA $WOLF $FLNC

$7.7B

667 positions

#18Ruffer LLPPassive

Some overlap · 3 shared positions

$BABA $EQX $CP

$2.8B

187 positions

#19Mirabaud Asset Management (France) SASActive

Some overlap · 4 shared positions

$BABA $IRTC $OMCL $FLNC

$222M

28 positions

#20CAMDEN ASSET MANAGEMENT L P /CAActive

Some overlap · 4 shared positions

$SO $EVH $MTH $FLR

$3.4B

73 positions

#21Acasta Partners UK LLPActive

Some overlap · 3 shared positions

$BABA $BMM $NXE

$189M

18 positions

#22Energy Income Partners, LLCActive

Some overlap · 3 shared positions

$SO $PPL $GNRC

$6.4B

88 positions

#23RATIONAL ADVISORS, INC.Active

Some overlap · 4 shared positions

$PPL $MTH $SO $KKR

$1.1B

195 positions

#24CSS LLC/ILPassive

Some overlap · 3 shared positions

$WOLF $EQX $PPL

$2.6B

1,001 positions

#25Samjo Management, LLCActive

Some overlap · 3 shared positions

$PAR $KKR $FLR

$293M

58 positions

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Similarity is derived from each fund’s latest 13F-HR filing with the SEC. Funds are ranked by the overlap of distinctive conviction holdings; near-universal mega-cap positions are excluded so the ranking reflects shared strategy, not common index exposure. Data is informational only and not investment advice.