The market thinks software is breaking. We think it is being tested. It has been a hard time to be a value investor. Growth stocks have meaningfully outperformed value for decades, and investors have increasingly questioned whether value investing works at all. That is a remarkable place to find ourselves. Value investing is the foundation of modern finance, built on […]
At Pender, our equity team focuses on identifying opportunities at the intersection of sector and capital cycles, structural change, and market inefficiencies. Our core thematic areas include Enterprise Software, Artificial Intelligence, the Energy Transition, and the evolving geopolitical landscape. This white paper examines artificial intelligence as major technological and economic shift. It is complemented by a companion podcast featuring Toufic Boubez, Venture Partner at Pender […]
As published in Canadian Family Offices The fund’s manager, Emily Wheeler, outlines her investment strategy, plus her take on interest rates, commodities and the 2026 economy. Family offices face a familiar tension in today’s bond market: how to preserve wealth while still achieving meaningful returns amid uncertainty. Traditional fixed income strategies—once the core of a […]
In recognition of International Women’s Day on March 8, 2026, and the global theme Give to Gain, we’re highlighting perspectives from women across PenderFund. Shaped by experience, insight, and day-to-day contributions across the firm, these reflections speak to the value of sharing knowledge, supporting one another, and thinking with a long-term view. Together, they offer […]
While visiting Las Vegas, I found myself inside Oz. At The Sphere, I watched the 1939 classic The Wizard of Oz reimagined as a fully immersive experience, one that was part spectacle, part pilgrimage. You felt like you had arrived in Oz. Apples fell from the ceiling. Wind roared during the tornado. Drones and debris […]
Pender Focus At Pender, our equity team focuses on identifying opportunities at the intersection of sector and capital cycles, structural change, and market inefficiencies. Our core themes include Enterprise Software, AI, the Energy Transition, and the evolving geopolitical environment — with this paper exploring Defense as a key expression of today’s geopolitical shift, supported by […]
I was at the movie theatre recently, and before the feature even began, a trailer caught my attention: the new film adaptation of Wuthering Heights. It reminded me of a recurring phenomenon in both the creative arts and in markets – familiar stories are repackaged as something fresh. Classic adaptations often arrive with equal parts excitement and skepticism. The new Wuthering Heights film is no different. The marketing promises a timeless love story. […]
Over the holidays, I indulge in one of life’s simplest luxuries: time. Time to slow down, disconnect, and, most importantly, read. That usually means fiction; psychological thrillers, fantasy, page-turners, escapism. Reading for joy, and joy alone. This season, though, my holiday reading delivered a lesson I was not expecting — one that felt uncomfortably familiar to anyone who has spent time in the investing world. I […]
When a chief executive steps down, markets react quickly. Shares jump (or fall). Commentators debate whether the change signals renewal or crisis. Investors begin assessing the next “star” who might reignite growth. But leadership transitions rarely hinge on a leader’s charisma alone. Over time, the companies that endure are not built on stars ... but systems. Consider the West Coast’s […]
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