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 […]
Investment Strategy and Current Opportunity Why is the current opportunity set attractive? AMAN BUDHWAR: The US small- and mid-cap universe offers a uniquely attractive opportunity today due to its scale, diversification, and exposure to powerful long-term growth themes. Many investors are surprised to learn that the US small- and mid-cap market alone is larger […]
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 […]
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