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 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 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 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 […]
Fellow unit holders, The Pender Small Cap Opportunities Fund returned -12.5% in September, bringing returns so far this year to -34.8%[1]. This was a challenging period for the Fund, which was up against a difficult market environment, particularly for the small/micro-cap and technology companies that we own in the Fund. In Canada, the broad-based S&P/TSX […]
Fellow unit holders, In a reversal of the weak equity market performance in the first half of the year, markets posted a strong rebound in July. The macro environment was again in focus with a slightly dovish turn in central bank policy, the potential for a soft economic landing and investors anticipating a peak in […]
Fellow unit holders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth going forward. Investors have focused on the macro headwinds of rising interest rates as policy makers are intent on curbing demand to slow inflation. […]
Fellow unit holders, Equity markets continued to be volatile in May as investors focused on the macro dynamics of rising inflation, rising interest rates and the potential impact on future economic growth. Sentiment has weakened as the prospect of a possible recession on the horizon grew. Central banks remained focused on tamping down inflation, which […]
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