Navigating Macro Uncertainty, Thematics, and Standout Performers
In this episode, Laura Baker, Associate Client Portfolio Manager, is joined by Amar Pandya, Portfolio Manager, and Ruben Gomez Garcia, Equity Analyst, to break down the major themes, trends, and standout moments from Q3 2025 across Pender’s small/mid cap portfolios. The team discusses resilience in the face of macro uncertainty, key thematics driving performance, and highlights several companies that delivered exceptional results.
02:00
Key Trends: Breakdown of small cap landscape, management signals for 2026, and standout companies.
02:39
Four Thematics: AI momentum, energy transition, geopolitical/defense, and enterprise software.
04:00
Company Spotlight: Zedcor’s growth, expansion into the US, and strong unit economics.
05:37
Company Spotlight: Sangoma’s improved cash generation, leverage reduction, and market opportunity.
08:18
Top Contributor: 5N Plus benefits from electrification and geopolitics, unique supplier position, and raised guidance.
09:47
Key Takeaways: Strategic focus, disciplined capital allocation, and credible guidance drive performance.
12:24
Defense & Infrastructure: Kraken Robotics and MDA Space benefit from increased government spending.
14:18
Electrification Theme: 5N Plus, Tantalus Systems, Hammond Power, and Itron positioned for grid modernization and utility demand.
