Commentaires

The Pender Global Small/Mid Cap Equity Fund returned 0.1%1 in a challenging month for international investing. The MSCI World SMID Cap Gross Total Return USD Index (CAD) returned -2.1% in July, with emerging market (EM) small caps suffering a steeper 7.0% drop. Small-cap equities faced broad selling pressure globally during the month, underperforming their large-cap […]

Market Insights At various points during July, it started to feel like markets were finally going to break. After months of defying negative headlines and ominous signals, this seemed to be the window for the correction many had been waiting for. Yet, it never really played out that way. As usual the bond market caught […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.8%1 in July, bringing year to date return to 1.8%. Credit markets were softer in July despite a sharp rally to close the month, impacted by both higher government bond yields and modestly wider spreads. High volumes of supply, much of which used to fund the […]

While the summer months are typically quieter for markets, July was dominated by earnings releases from several of the Magnificent Seven. As expected, artificial intelligence (AI) remained a central theme, with capital expenditure (capex) guidance and management commentary driving much of the market’s reaction. Amazon, Alphabet, Microsoft and Meta continued to invest heavily in the […]

In July, the Fund returned 2.5%1, ahead of the S&P/TSX Composite at 1.2% and the Russell 2000, which declined -4.1%, in an eventful month for Canadian and international markets. Canadian markets saw significant divergence in July, characterized by a rotation into value stocks and energy, while growth-oriented segments and broader small-cap indices faced headwinds. Market […]

The Pender Corporate Bond Fund dipped just slightly below breakeven in July (monthly return was -0.02%1) within the context of a negative fixed income environment that was afflicted by rising benchmark yields across the curve. The relative strength the Fund experienced was due, in large part, to our positioning in the oil and gas sector, […]

At various points during July, it started to feel like markets were finally going to break. After months of defying negative headlines and ominous signals, this seemed to be the window for the correction many had been waiting for. Yet, it never really played out that way. As usual the bond market caught on to this […]

Market Update June 2026 was defined by a stark divergence between resilient global indices and localized volatility, driven by a shifting geopolitical landscape and a turn in the AI narrative. The month brought a meaningful "broadening" as investors rotated away from dominant mega-cap tech names and toward more defensive and cyclical sectors, with focus shifting […]

La première moitié de l’année a été faite d’un peu de tout. Nous en sommes tous arrivés à attendre l’inattendu du président Trump, mais les événements qui se sont déroulés ont pris de court même les plus cyniques d’entre nous.