August marked an important turning point for US small and mid-cap companies, as improvement in forward earnings expectations became increasingly evident. Since the Fund's launch in December 2024, two-year forward EPS growth for the S&P MidCap 400 has risen from just over 5% to roughly 18%. The improvement within the Fund has been even more […]
How the AI Infrastructure Boom is Reshaping the Case for Small and Mid Cap Equities In this episode of the Pender podcast, Aman Budhwar, Portfolio Manager of the Pender US Small/Mid Cap Equity Fund, sits down with host Laura Baker, Associate Client Portfolio Manager, to explore why the AI story extends far beyond the mega […]
As published in The Globe and Mail, The Mover Greg Taylor, CIO and Portfolio Manager of the Pender Alternative Select Equity Fund is marking the 5 year anniversary of the Fund with a five year annualized return of 18%. Today he was featured in The Globe and Mail's "The Mover" column and talked about how he's […]
The Pender Corporate Bond Fund enjoyed a positive month in August, returning 1.6%1 within the context of a fairly benign credit market that was buffeted at points by rising benchmark yields. Precious metals exposure led the charge for the Fund, with our position in the convertible notes of South African platinum miner Sibanye Stillwater Ltd. (SBSW) […]
One phrase that I feel is true more often than not is, “markets will do what makes the most people wrong". This August seems to have captured that phrase perfectly. During what is normally one of the quietest and most volatile parts of the calendar, anyone who stepped to the sidelines missed one of the […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.0%1 in July 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned -0.4%2. M&A Market Update Global M&A activity remained near record levels through July despite some moderation from the exceptional pace of May and June. Approximately $3.19 trillion […]
VANCOUVER, B.C., August 31, 2026 - PenderFund Capital Management Ltd. (“Pender”) is pleased to announce the launch of the Pender Global Small/Mid Cap Opportunities Fund, designed to offer investors attractive risk-adjusted returns from exposure to growing global small- and mid-cap companies. The fund will be managed by Teresa Lee, CFA, Head of Equity Research at […]
Market Update July continued the themes of a summer of uncertainties, as global events continue to shape the macroeconomic backdrop, creating new opportunities as well as risks for investors. As the month came to a close, investors remained cautious as US-Iran tensions escalated, and once again shipping through the Strait of Hormuz came to an […]
The Pender Alternative Special Situations Fund returned -6.4%1 in July, compared to the S&P/TSX Composite, which rose 1.2% during the month. Fund Specific Updates July was a challenging month for the Fund, as our holdings in two of our key thematics (space/defense and critical minerals) underperformed. MDA Space Ltd. (MDA), Telesat Corp. (TSAT) and Kraken […]
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