Equity
The Pender Global Small/Mid Cap Equity Fund* is a concentrated portfolio consisting of the “Best Ideas” across North America from the Pender investment team. The Fund seeks to deliver long-term capital appreciation by leveraging a fundamental, bottom-up investment approach. It maintains flexibility to allocate up to 49% of its assets to international equities, allowing for opportunistic exposure and growth outside North America.
* Effective June 27, 2025, the Pender Value Fund was renamed to the Pender Global Small/Mid Cap Equity Fund.
As at December 31, 2025. The management expense ratio ("MER") is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions, performance fees and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.
| Class | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | 2.2% | -0.2% | -2.0% | 13.3% | -0.9% | 4.8% | 7.6% | ||
| F | 0.1% | 2.4% | 0.2% | -1.0% | 14.6% | 0.3% | 6.0% | 7.0% |
| # | Security Name | Fund (%) |
|---|---|---|
| 1 | Kinaxis Inc. | 5.3 |
| 2 | Maplebear Inc. | 4.8 |
| 3 | StandardAero, Inc. | 4.5 |
| 4 | Lumine Group Inc. | 4.3 |
| 5 | CTS Eventim AG & Co. KGaA | 4.3 |
| 6 | KKR & Co. Inc. | 4.1 |
| 7 | Topicus.com Inc. | 4.1 |
| 8 | Addus HomeCare Corporation | 4.0 |
| 9 | Dollar Tree, Inc. | 4.0 |
| 10 | Fluor Corporation | 3.8 |
| Total Percentage of Top 10 Holdings | 43.20 | |
| Total Net Assets of Fund | $72,463,027 | |
| Code | Class | Description | MER | Trailer | Min. Investment Initial/[Subsequent] |
|---|---|---|---|---|---|
| PGF 200 | A | Front End | 2.48 | 0.85 | $500/[$] |
| PGF 250 | F | Fee Based | 1.31 | $500/[$] |
As at 31-12-2025. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions, performance fees and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.
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 […]
Only available in EnglishHighlights 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 […]
Only available in EnglishHighlights 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. […]
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