The Pender Partners Fund returned 2.1% in December, bringing YTD performance to +4.3%1. The Fund’s all-cap mandate provides flexibility to pursue mispriced opportunities across market segments and geographies. While broader market conditions appeared relatively stable, performance dispersion remained elevated, with returns driven by a narrow set of market leaders. In this environment, dispersion weighed on […]
As the curtain falls upon 2025, markets bow following their final act—with the assurance that, no matter how winding the plot, our revels now are ended. The year unfolded largely as optimists had hoped. Expectations were surpassed, resilience was tested and proven, and investors were broadly rewarded. Yet in such moments, the desire for an […]
As we begin 2026, it is worth reflecting on the forces that shaped markets over the past year. Resilience emerged as the defining theme, with equities largely shrugging off ongoing geopolitical and economic uncertainty. In many ways, 2025 felt like a long ski day with constantly changing conditions — smooth, packed powder one run, followed […]
Market Environment As we begin 2026, US equity markets appear to be at an inflection point. 2025 was shaped by a resilient economy, evolving policy dynamics, and rapid technological innovation, offset against elevated valuations and geopolitical uncertainty. The bull market that began in late 2022 is now entering its fourth year, during which large-cap equities […]
Navigating Macro Uncertainty, Thematics, and Standout Performers In this episode, Laura Baker, Associate Client Portfolio Manager, is joined by Amar Pandya, Portfolio Manager, and Ruben Gomez Garcia, Equity Analyst, to break down the major themes, trends, and standout moments from Q3 2025 across Pender’s small/mid cap portfolios. The team discusses resilience in the face of […]
As we find ourselves in December, with the holiday season upon us, the question naturally arises: Do you believe in the Santa Rally? This seasonal phenomenon, where equities tend to rise in the run-up to Christmas, is one of the market’s most enduring traditions. Across geographies and market cycles, the pattern persists: according to recent […]
In November, the S&P/TSX Composite Index advanced, reaching a new record high. In commodity markets, gold prices rose, and silver also hit an all-time high, making Materials one of the month’s strongest-performing sectors, alongside Consumer Staples. A major development during the month was Prime Minister Mark Carney’s first federal budget, which outlined new spending aimed […]
Inside the fund’s first year: lessons, opportunity sets, and 2026 themes Celebrating one year of the Pender US Small/Mid Cap Equity Fund. In this episode, Laura Baker sits down with Aman Budhwar to reflect on the Fund’s first year, the investment framework behind its early consistency, and how Aman is navigating opportunity and risk across […]
Market Environment The first 10 months of the year were exceptionally resilient for US equities, but the market took a pause in November. Even with a solid set of earnings and revenue beats, the momentum did not carry through, and the broader US market advanced only 0.2% during the month. This was somewhat surprising given […]
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