Articles by Sharon Wang

Small Cap Equity – Q4 2023

Written by Sharon Wang

Highlights The strong performance into year-end is indicative of a strengthening small cap market. A more stable interest rate environment and improved business strategies among small caps, we believe, will lead to increased M&A by […]

January 17, 2024

Small Cap Equity – Q3 2023

Written by Sharon Wang

Highlights We continue to focus on the fundamentals, rotating into high quality businesses. We initiated new positions in two companies during the quarter that we have been following for a long time but have finally […]

October 12, 2023

Small Cap Equity – Q2 2023

Written by Sharon Wang

Highlights It was the first month of outperformance for small caps relative to large caps since February. Sylogist Inc. (TSX: SYZ) was a top contributor in the quarter. We are focused on reviewing our holdings […]

July 13, 2023

Small Cap Equity – March 2023

Written by Sharon Wang

HIGHLIGHTS  Small-cap stocks have historically traded at a premium to large caps given their higher growth potential. However, we are now in a market when small caps trade at a significant discount to large caps.  […]

April 19, 2023

Small Cap Equity – December 2022

Written by Sharon Wang

HIGHLIGHTS The Fund had a nice recovery in the fourth quarter with a return of 9.7%. Maxar Technologies Inc. (TSX: MAXR) was a top contributor to the portfolio after private equity firm Advent International made […]

January 18, 2023

Small Cap Equity – September 2022

Written by Sharon Wang

Fellow unit holders, The Pender Small Cap Opportunities returned -12.5% in September, bringing returns so far this year to -34.8%[1]. This was a challenging period for the Fund, which was up against a difficult market […]

October 17, 2022

Small Cap Equity – July 2022

Written by Sharon Wang

Fellow unit holders, In a reversal of the weak equity market performance in the first half of the year, markets posted a strong rebound in July. The macro environment was again in focus with a […]

August 25, 2022

Small Cap Equity – June 2022

Written by Sharon Wang

Fellow unit holders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth going forward. Investors have […]

July 13, 2022