Aman Budhwar is a Portfolio Manager in the Pender Equity Investment Team. He joined Pender in February 2022.
Aman is passionate about capital markets and has over 25 years of experience in the field of equity research, analysis and stock-picking. Prior to joining Pender, Aman held Senior Equity Analyst positions at leading Canadian fund and asset management firms. Prior to that, he began his career as an Investment Correspondent for India’s leading business daily. He also worked with a domestic stockbroker in Mumbai before immigrating to Canada in 2001.
Throughout his career, Aman has uncovered investment opportunities by analysing long term trends, and adopting a differentiated view to the market. He is methodical in his approach, assessing both the potential bull and bear cases before committing capital to an investment. Over the years, he has developed a process to help identify long term compounders by focusing on key attributes such as a sustainable competitive advantage, high returns on capital, and an attractive free cash flow yield. Aman's sector-agnostic approach, coupled with his vast experience in markets which demand deep, company-specific knowledge, is advantageous to investors in the small- and mid-cap Canadian equity market.
Aman holds a Bachelor of Commerce from Garhwal University in India and an MBA from the Institute of Management Technology in India. He earned his Chartered Financial Analyst (CFA) designation in 2004.
In his free time, he enjoys an active lifestyle, traveling and spending time with his family.
As we pass the halfway point of 2026, investors may be surprised to learn that the Russell 2000 has been the top-performing major index so far this year, outpacing the S&P 500 and far exceeding the mega-cap Magnificent 7. Small caps are beating large-cap peers by nearly 1,400 basis points YTD, the largest first-half gap […]
As we move into June, the macro backdrop remains dynamic. Inflation stays front and center, shaped by several converging forces: ongoing conflict in the Middle East and supply disruptions tied to the Strait of Hormuz, the lingering effects of tariffs, AI-driven demand, and a broadening global growth recovery. Despite these factors, markets have continued to […]
Market Environment – Navigating a Volatile April April 2026 has been a pivotal month as the US stock market continued to experience heightened volatility driven by a combination of geopolitical risks and shifting expectations for Federal Reserve policy. The ongoing conflict in the Middle East continued to impact oil markets, resulting in volatile price spikes, […]
Market Environment – (More) Energy Shocks and the Prevalence of the US Economy March delivered a blunt reminder that geopolitics can reprice markets faster than fundamentals. The optimism that carried US small and mid-caps to outperformance in the early weeks of 2026 gave way to a more difficult backdrop as instability in the Middle East […]
Market Environment – Energy Shocks and the AI Economy In February, markets faced several crosswinds. The US Supreme Court ruled against the use of the International Economic Emergency Powers Act to justify the April 2025 reciprocal tariffs, while tensions between the United States and Iran escalated into armed conflict, adding to geopolitical uncertainty. Against this […]
Market Environment – AI from Narrative to Numbers At the start of 2026, investors entered the year with a mix of optimism and uncertainty. While outlooks were published and geopolitical risks remained elevated, one theme continued to shape market narratives and investor focus: artificial intelligence. As the “Magnificent Seven” report earnings, AI-related themes were increasingly […]
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