Equity
Classes B and G of the Pender Small Cap Opportunities Fund are currently open to retail investors.
The Pender Small Cap Opportunities Fund is an opportunistic, concentrated portfolio. The Fund is focused on undervalued small and microcap companies with strong underlying economics, predominantly in Canada. The manager often seeks out special situations, and has a track record of identifying catalysts, where market-leading companies have been acquired. After deep fundamental analysis these businesses are purchased at a discount to our estimate of intrinsic value.
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 | 2.4% | 1.9% | 9.2% | 19.2% | 25.2% | 8.0% | 12.3% | 14.7% | 15.2% |
| F | 2.5% | 2.2% | 9.8% | 20.4% | 26.5% | 9.1% | 13.4% | 15.9% | 16.4% |
| B | 2.4% | 1.9% | 9.2% | 19.2% | 25.1% | 8.1% | 11.9% | ||
| G | 2.5% | 2.2% | 9.8% | 20.5% | 26.5% | 9.3% | 12.9% |
| # | Security Name | Fund (%) |
|---|---|---|
| 1 | General Fusion Group Ltd. | 10.3 |
| 2 | Purpose Cash Management Fund | 9.1 |
| 3 | kneat.com, inc. | 5.4 |
| 4 | Kinaxis Inc. | 4.6 |
| 5 | Vitalhub Corp. | 3.9 |
| 6 | TerraVest Industries Inc. | 3.9 |
| 7 | PAR Technology Corporation | 3.5 |
| 8 | Sangoma Technologies Corporation | 3.3 |
| 9 | Coveo Solutions Inc. | 3.3 |
| 10 | Zedcor Inc. | 3.1 |
| Total Percentage of Top 10 Holdings | 50.40 | |
| Total Net Assets of Fund | $488,727,800 | |
| Code | Class | Description | MER | Trailer | Min. Investment Initial/[Subsequent] |
|---|---|---|---|---|---|
| PGF 315 | A | Front End | 2.61 | 1.00 | $500/[$] |
| PGF 320 | F | Fee Based | 1.59 | $500/[$] | |
| PGF 380 | B | Front End | 2.66 | 1.00 | $500/[$] |
| PGF 390 | G | Fee Based | 1.57 | $500/[$] |
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.
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 […]
Only available in EnglishFellow 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 […]
Only available in EnglishFellow 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. […]
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