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 […]
In November, the S&P/TSX Composite Index advanced, reaching a new record high. In commodity markets, gold prices rose, and silver also hit an all-time high, making Materials one of the month’s strongest-performing sectors, alongside Consumer Staples. A major development during the month was Prime Minister Mark Carney’s first federal budget, which outlined new spending aimed […]
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 […]
Investment Strategy and Current Opportunity Why is the current opportunity set attractive? AMAN BUDHWAR: The US small- and mid-cap universe offers a uniquely attractive opportunity today due to its scale, diversification, and exposure to powerful long-term growth themes. Many investors are surprised to learn that the US small- and mid-cap market alone is larger […]
Re-acceleration, rotations, and macro turning points. In this annual conversation, Geoff Castle, Lead Portfolio Manager, Fixed Income sits down with Callum Thomas, Head of Research at Topdown Charts to look back on last year’s big macro calls, then look ahead to 2026. They cover the case for a global growth re-acceleration, why bonds might still […]
Market Insights To say 2025 has been an odd year is an understatement. After a series of years with strong returns, everyone began January with muted expectations. Valuations were high and the prospects for earnings growth were low. However, optimists were quick to remind you that President Trump in his first term would often use […]
The Pender Corporate Bond Fund enjoyed a profitable November, returning 1.1%1. The Fund outperformed peers for the period in a credit market that offered relatively muted returns. Leading the way for the Fund were our positions in precious metals, including convertible notes of miners Equinox Gold and Sibanye Stillwater, which rallied on underlying strength in […]
To say 2025 has been an odd year is an understatement. After a series of years with strong returns, everyone began January with muted expectations. Valuations were high and the prospects for earnings growth were low. However, optimists were quick to remind you that President Trump in his first term would often use the stock […]
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