PenderFund

Pender US All Cap Equity Fund

The Pender US All Cap Equity Fund is a high conviction portfolio of primarily undervalued US-listed equities. The manager focuses on long term capital appreciation from a core of “compounders” as well as shorter term “close the discount” stocks that are more opportunistic in nature. He builds the portfolio through deep fundamental analysis of the underlying businesses. Businesses with attractive economic characteristics are purchased at a discount to our estimate of intrinsic value to build out the concentrated portfolio.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in net asset value and assumes reinvestment of all distributions and are net of all management and administrative fees, but do not take into account sales, redemption or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.