Equity Funds

Highlights During the quarter, we added Aecon Group Inc. (TSX:ARE) and Thinkific Labs Inc. (TSX:THNC). Canadian equities stood at 52.7% at the end of the quarter, up from 50.3% at the end of December 2022. As our Canadian exposure has grown, we have been reducing our weights to international companies, which stood at 9.5% at […]

Highlights We continue to focus on the fundamentals, rotating into high quality businesses. We initiated new positions in two companies during the quarter that we have been following for a long time but have finally hit our buy zone. Small caps are trading near trough valuations. The re-rating in multiples, we believe, is a tailwind […]

Highlights Sylogist Inc (TSX: SYZ) is the largest holding in the Fund and was a top contributor in the quarter. We have been active with the company over the last few months and have successfully negotiated a nomination agreement that allows us to appoint a director to their board. Burford Capital Inc (NYSE: BUR) was […]

Highlights It was the first month of outperformance for small caps relative to large caps since February. Sylogist Inc. (TSX: SYZ) was a top contributor in the quarter. We are focused on reviewing our holdings regarding their ability to service existing debt, in addition to their maturity profile and the risks of refinancing their debt. […]

Highlights At the end of the quarter, small caps were trading at a valuation of 14.5x forward P/E in the S&P 600 Index compared to 19.0x for the S&P 500 Index – a 4.5x discount. This is a far cry from the wide premium that small caps traded at for the decade prior to 2020. […]

Highlights Small-cap stocks have historically traded at a premium to large caps given their higher growth potential. However, we are now in a market when small caps trade at a significant discount to large caps.  We are continuing to rotate our portfolio into higher quality companies where we see the best risk/reward profiles such as […]

Highlights Pender Value Fund returned 9.7%[1] in January, following a 4.7% gain in the fourth quarter. Technology holdings now represent the largest sector weight in the portfolio at 37.6% at the end of January, up from 29.3% at the end of June 2022. We see many high-quality tech companies trading at a discount of greater […]

Highlights The Fund had a nice recovery in the fourth quarter with a return of 9.7%. Maxar Technologies Inc. (TSX: MAXR) was a top contributor to the portfolio after private equity firm Advent International made a bid to acquire the company at a large premium. Maxar was a long-term holding in the portfolio, and we […]

VANCOUVER, B.C. PenderFund Capital Management Ltd. (“Pender”) is pleased to announce that the Pender Small Cap Opportunities Fund (the “Fund”) has received an industry award. The Pender Small Cap Opportunities Fund has been recognized as a Refinitiv Lipper Fund Awards Canada 2022 Winner and named the best Canadian Focused Small/Mid Cap Equity Fund over a […]