As we pass the halfway point of 2026, investors may be surprised to learn that the Russell 2000 has been the top-performing major index so far this year, outpacing the S&P 500 and far exceeding the mega-cap Magnificent 7. Small caps are beating large-cap peers by nearly 1,400 basis points YTD, the largest first-half gap […]
As we move into June, the macro backdrop remains dynamic. Inflation stays front and center, shaped by several converging forces: ongoing conflict in the Middle East and supply disruptions tied to the Strait of Hormuz, the lingering effects of tariffs, AI-driven demand, and a broadening global growth recovery. Despite these factors, markets have continued to […]
Market Environment – Navigating a Volatile April April 2026 has been a pivotal month as the US stock market continued to experience heightened volatility driven by a combination of geopolitical risks and shifting expectations for Federal Reserve policy. The ongoing conflict in the Middle East continued to impact oil markets, resulting in volatile price spikes, […]
Market Environment – (More) Energy Shocks and the Prevalence of the US Economy March delivered a blunt reminder that geopolitics can reprice markets faster than fundamentals. The optimism that carried US small and mid-caps to outperformance in the early weeks of 2026 gave way to a more difficult backdrop as instability in the Middle East […]
Market Environment – Energy Shocks and the AI Economy In February, markets faced several crosswinds. The US Supreme Court ruled against the use of the International Economic Emergency Powers Act to justify the April 2025 reciprocal tariffs, while tensions between the United States and Iran escalated into armed conflict, adding to geopolitical uncertainty. Against this […]
Market Environment – AI from Narrative to Numbers At the start of 2026, investors entered the year with a mix of optimism and uncertainty. While outlooks were published and geopolitical risks remained elevated, one theme continued to shape market narratives and investor focus: artificial intelligence. As the “Magnificent Seven” report earnings, AI-related themes were increasingly […]
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 […]
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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