The Pender Partners Fund gained 1.5% in October and 4.5% YTD. The Fund’s all-cap mandate provides the flexibility to capture opportunities across market segments and geographies. As of quarter end, the portfolio comprised of 35 holdings with a 44.8% exposure to US equities and 42.1% exposure to Canadian equities. Top holdings are within Industrials, Technology […]
As we enter the final two months of the year, there has been no shortage of excitement for investors. The month began with a US government shutdown, which has now ended after becoming the longest in history at 43 days. Despite this headline risk, corporate earnings have been robust — with 64% of S&P 500 […]
Equity markets continued to advance in October, though gains moderated as investors assessed a busy earnings season amid ongoing macroeconomic uncertainty. The Canadian economy continues to lose momentum, weighed down by trade frictions with the United States. Inflation edged higher during the month, while labour market indicators showed further signs of cooling. In response, the […]
Market Environment October was a notable month for US markets. The period began with a government shutdown that surpassed the 35-day record set in 2019. While the shutdown has both direct and indirect implications for the broader US economy, the equity market reaction has been limited, with investors remaining focused on corporate earnings and monetary […]
Market Environment Equity markets extended their gains in September, with major global indices reaching record highs despite ongoing macro and geopolitical uncertainty. In Canada, both large- and small-cap indices posted impressive returns — the S&P/TSX Composite rose 5.4% and the S&P/TSX Small Cap Index gained 9.0% — while in the US, the Russell 2000 advanced […]
September was another positive month for equities, with global markets hitting record highs despite ongoing uncertainty. In Canada, the S&P/TSX Composite and Small Cap Index reached new levels, while in the US the S&P 500 and Nasdaq advanced on positive performance in technology. Small caps also participated, with the Russell 2000 up 3.8% in September […]
Macro Backdrop US markets were dominated by macro headlines in September. The government shutdown entered its first week with partisan gridlock, though behind the scenes there are signs of agreement emerging around extending enhanced subsidies for Affordable Care Act (ACA) health-insurance plans. At the same time, the Institute of Supply Management’s services index fell back […]
September was another positive month for equities, with markets pushing to record highs despite ongoing macro uncertainty. In Canada, both the TSX Composite and TSX Small Cap Index reached new highs, while US small caps joined the rally with the Russell 2000 up 4.5% in September. US small caps gained ~15% (CAD) in Q3 vs. […]
Market Insights It can become somewhat unsettling when it seems everything is working. We normally live in a world of mean reversion and while winning streaks can be fun, they often are followed by a rough patch. That has to be what many investors are feeling these days. Since the ‘Liberation Day’ selloff in April, […]
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