The Pender Global Small/Mid Cap Equity Fund returned 6.3%1 in April. Following a pullback of 9.10% from its January high through late March, the S&P 500 rebounded to post a gain of 7.9% for the month and briefly touched new all-time highs. The recovery was driven by three converging events: a partial de-escalation of geopolitical […]
The first quarter of 2026 was marked by significant volatility that continues to reverberate across global markets. The backdrop has been characterized by pronounced dispersion across equity sectors and individual stocks. The global economy entered 2026 following a 2025 "soft landing" supported by AI spending and fiscal stimulus, but Q1 brought heightened geopolitical risks alongside […]
February was an interesting month for investors, marked by elevated volatility and significant return dispersion beneath relatively modest headline index moves. Market leadership continued to shift, and with geopolitical tensions rising into early March, volatility may remain a key dynamic as geopolitical tensions contribute to elevated global uncertainty. Portfolio weights remained approximately 56.7% Canadian equities […]
January was characterized by a sharp shift in investor sentiment, particularly toward growth-oriented sectors. As markets reassessed expectations around artificial intelligence, concerns that AI could materially disrupt traditional software business models resurfaced and weighed heavily on software equities. This narrative assumes that enterprises will increasingly rely on internally developed AI tools rather than purchasing software […]
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 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 […]
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 […]
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 […]
Recap of August Global equities delivered robust results in the month despite the ongoing macroeconomic uncertainty. Small- and mid-cap stocks performed well, with the Russell 2000 gaining over 7% and value indices broadly outperforming large-cap growth. Outside North America, developed international equities, as measured by the FTSE Developed ex-US Index, rose 3.3%, supported by strength […]
"*" indicates required fields
