Equity Funds

In August, the Fund returned 1.5%1, ahead of the Russell 2000, which declined -0.1%. 2026 has been a year where software has dominated headlines, from the SaaSpocalypse, to recovery, and back again, and August was no different. Software valuations continue to rebound off 52-week lows, although many of the names we follow have been caught […]

Remember when August was a month to take a break and relax? Markets certainly disagreed with that idea … instead of long summer days of leisure, investors were met with volatility and broad-based doubt about what the fall season could hold. Portfolio weights are 42.7% US equities, 32.4% Canadian equities and 13.5% international equities. August […]

August marked an important turning point for US small and mid-cap companies, as improvement in forward earnings expectations became increasingly evident. Since the Fund's launch in December 2024, two-year forward EPS growth for the S&P MidCap 400 has risen from just over 5% to roughly 18%. The improvement within the Fund has been even more […]

How the AI Infrastructure Boom is Reshaping the Case for Small and Mid Cap Equities In this episode of the Pender podcast, Aman Budhwar, Portfolio Manager of the Pender US Small/Mid Cap Equity Fund, sits down with host Laura Baker, Associate Client Portfolio Manager, to explore why the AI story extends far beyond the mega […]

VANCOUVER, B.C., August 31, 2026 - PenderFund Capital Management Ltd. (“Pender”) is pleased to announce the launch of the Pender Global Small/Mid Cap Opportunities Fund, designed to offer investors attractive risk-adjusted returns from exposure to growing global small- and mid-cap companies. The fund will be managed by Teresa Lee, CFA, Head of Equity Research at […]

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 […]

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 second quarter of 2026 saw geopolitical headlines and shifting views on technology impacting equity valuations globally. The war in the Middle East began to de-escalate by quarter-end, with Brent crude falling back to more normalized levels after peaking near US$120/barrel in April, though the full market impact is still being assessed. 1 Portfolio weights […]