"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." - George Soros Highlights The Fund recorded positive performance in a down quarter, extending our record of favourable up/downside capture. The Fund leveraged Pender’s specialized strategies for better balance […]

Dear Unitholders, Highlights The Fund initiated positions in 14 new or previously announced mergers while five merger deals held within the Fund closed during the month. At the end of September, the Fund had 41 investments in small-cap deals under $2 billion, 32 of which were valued at under $1 billion. Deal activity in Canada […]

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 […]

Vancouver, BC, October 19, 2023 – Pender Ventures is pleased to announce their plans to host the first annual edition of HealthTech Ignite, a groundbreaking one-day conference set to take place on November 14, 2023, in the vibrant city of Montréal, Quebec. The conference aims to bring together healthcare innovators and investors with providers, payers, […]

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 The primary driver of returns in September were higher interest rates, as 2024 rate cuts are being priced out in favour of a “higher for longer” for reality. The Fund continued to sell into market strength early in September before increasing exposure as markets sold off towards the end of the month. The Fund […]