Pender Small Cap Opportunities Fund
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.
| Performance (%) - August 29, 2025 | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 2 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | YTD | Since Inception | Inception Date | A | 0.5 | 11.0 | 12.1 | 21.1 | 29.4 | 17.8 | 16.4 | 12.0 | 15.3 | 3.6 | 15.0 | 2009-06-01 | F | 0.6 | 11.3 | 12.7 | 22.4 | 30.7 | 19.1 | 17.6 | 13.2 | 16.5 | 4.4 | 16.1 | 2009-06-01 |
|---|
| Annual Performance (%) | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | YTD | A | 8.5 | -16.3 | 19.2 | 46.3 | 24.7 | -29.3 | 5.1 | 57.2 | 3.6 | F | 9.6 | -15.4 | 20.3 | 47.8 | 26.0 | -28.5 | 6.2 | 58.8 | 4.4 |
|---|
Standard Performance Data is subject to important disclosures set out in our Disclaimer.
-
Holdings
Asset Allocation (%) Canadian Equities 90.1 US Equities 10.1 Other Assets 1.1 Cash -1.3 Sector Allocation (%) Information Technology 41.1 Health Care 13.1 Materials 12.7 Industrials 12.6 Other Sectors 10.1 Energy 8.4 Consumer Discretionary 3.3 Cash -1.3 Currency Allocation (%) CAD 90.1 USD 9.9 Top 10 Holdings Fund (%) Coveo Solutions Inc. 6.4 PAR Technology Corporation 4.9 Dye & Durham Limited 4.5 Sylogist Ltd. 4.1 MDA Space Ltd. 3.7 Kraken Robotics Inc. 3.6 kneat.com, inc. 3.5 5N Plus Inc. 3.5 Vitalhub Corp. 3.4 dentalcorp Holdings Ltd. 3.3 Total Percentage of Top 10 Holdings 40.90% Total Net Assets of Fund $429,908,592 -
Facts
Class Code Description MER1 Before Performance Fee Trailer Performance Fee2 Min. Investment: Initial/[Subsequent] A PGF 315 Front End 2.62% 1.00% $500/[$] F PGF 320 Fee Based 1.59% $500/[$] H PGF 342 Front End - HNW 2.28% 0.85% $100,000/[$] B PGF 380 Front End 2.67% 1.00% 20% / S&P/TSX $500/[$] G PGF 390 Fee Based 1.57% 20% / S&P/TSX $500/[$] 1 As at 30-06-2025. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions 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.
2
Asset Class: Small Cap Equity Inception Date: June 1, 2009 Valuation Frequency: Daily Distributions: DRIP Annually, Cash Optional Benchmark: S&P/TSX Composite Index (CAD) Portfolio Manager: David Barr, CFA, Portfolio Manager: Amar Pandya, CFA *Effective February 18, 2025, the Pender Small Cap Opportunities Fund’s pricing frequency changed from Weekly to Daily. Effective February 24, 2025, the redemption settlement changed to T+1.
-
Documents
Know Your Product
Monthly
- Pender Small Cap Opportunities Fund – Profile Sheet – CAD – Class A
- Pender Small Cap Opportunities Fund – Profile Sheet – CAD – Class B
- Pender Small Cap Opportunities Fund – Profile Sheet – CAD – Class F
- Pender Small Cap Opportunities Fund – Profile Sheet – CAD – Class G
Annual (POS)
- Pender Small Cap Opportunities Fund – Fund Facts – CAD – Class A
- Pender Small Cap Opportunities Fund – Fund Facts – CAD – Class B
- Pender Small Cap Opportunities Fund – Fund Facts – CAD – Class F
- Pender Small Cap Opportunities Fund – Fund Facts – CAD – Class G
- Pender Small Cap Opportunities Fund – Fund Facts – CAD – Class H
- Pender Small Cap Opportunities Fund – Fund Facts – CAD – Class I
For More Visit: Legal & Financial
-
Commentary
The Latest
Pender Small Cap Opportunities Fund – August 2025
August recap It feels as if we were just heading into the summer in the midst of Liberation Day drama, but somehow, we already find ourselves post Labour Day! August was marked by rising fears and uncertainty around tariffs and trade, creating a difficult backdrop for forecasting and keeping expectations subdued. That said, investment results surprised to the upside—an unexpected late-summer lift. Download the PDF. A key theme in August was the resurgence of small-cap and value stocks. In Canada, small caps outpaced the broader market by a wide margin: the S&P/TSX SmallCap Index advanced 9.2% versus a 4.8% gain…
