Highlights Genpact Ltd. (NYSE: G) and Webster Financial Corporation (NYSE: WBS) were top contributors while Harmonic Inc. (Nasdaq: HLIT) and Fluor Corporation (NYSE: FLR) were detractors to performance. Initiated a new position in Tidewater, Inc. […]
Fund Performance The Pender Value Fund continued to perform well, returning 12.6% in the fourth quarter and bringing 2024 returns to 55.9%[1]. The performance in the quarter outpaced the S&P/TSX Composite Index which gained 3.8%, […]
Highlights Strong contributors to the Fund included Kraken Robotics Inc. (TSXV: PNG), D2L Inc. (TSX: DTOL), and MDA Space Ltd. (TSX: MDA). Detractors to the Fund this quarter included Sylogist Ltd. (TSX: SYZ), NFI Group […]
Highlights Positive contributors to the Fund included Jabil Inc. (NYSE: JBL) and Antero Resources Corporation (NYSE: AR). Detractors to performance this month included Fluor Corporation (NYSE: FLR) and M/I Homes, Inc. (NYSE: MHO) . The […]
We Are Live! This is a great time to be launching the Pender US Small/Mid Cap Equity Fund. The historical premium small- and mid-cap stocks traded at relative to large caps has turned into a […]
Highlights The Fund has gained 38.4% year-to-date. Top contributor this quarter was Kraken Robotics Inc., (TSXV: PNG), a marine technology company. Thinkific Labs Inc. (TSX:THNC) was a detractor this quarter subsequent to their SIB as […]
Highlights Many positive contributors in the quarter, such as Kraken Technologies Limited, TerraVest Industries Inc., Altius Renewable Royalties Corp, Dye & Durham Ltd. and BlackLine Systems, Inc.. Thinkific was a key detractor in the quarter. […]
Highlights One of our largest holdings, Copperleaf Technologies Inc (TSX: CPLF) announced it was to be acquired for $12.00 per share. It was among our top three contributors for the quarter, along with Sylogist Ltd […]
Download the PDF. The Pender Value Fund had a strong start to the year, gaining 17.3%[1] in the first quarter of 2024. This result compares with gains of 6.6% in the S&P/TSX Composite Index and […]
Highlights The Fund generated excess returns mainly driven by company-specific performance. Rotation into high quality growth companies is now complete. The Fund exited several smaller positions and created new positions in a Canadian SaaS firm […]
Highlights The Pender Small Mid Cap Dividend Fund outperformed its benchmark with a posted total return of 9.6% for the quarter ended March. Strong contributors included Aecon Group Inc., Total Energy Services Inc., and Adentra […]
Highlights Positive performance in the Fund during the quarter was driven by by D2L Inc. (TSX: DTOL), Dye & Durham Ltd. (TSX: DND) and KKR and Co L.P (NYSE: KKR), Detractors included Baidu Inc. (Nasdaq: […]
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 […]
Highlights Top contributors to the Fund were Computer Modeling Group Ltd. (TSX: CMG), a technology company in the oil and gas industry and Aecon Group Inc. (TSX: ARE), which provides construction and infrastructure development services […]
Highlights During the quarter, we added Aecon Group Inc. (TSX:ARE) and Thinkific Labs Inc. (TSX:THNC). Canadian equities stood at 52.7% at the end of the quarter, up from 50.3% at the end of December 2022. […]
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 […]
Highlights The top contributors included Computer Modeling Group, Saturn Oil & Gas, Spartan Delta, and NFI Group. Among the detractors were Chorus Aviation, and Trisura Group, despite posting strong quarterly earnings. The Fund took advantage […]
Highlights Sylogist Inc (TSX: SYZ) is the largest holding in the Fund and was a top contributor in the quarter. We have been active with the company over the last few months and have successfully […]
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 […]
Highlights The Fund ended the quarter with total returns of 2.1%[1], outperforming the S&P TSX Composite Index total return of 1.1% and the S&P TSX Small Cap Index total return of -3.8%. The Fund added […]
HIGHLIGHTS At the end of the quarter, small caps were trading at a valuation of 14.5x forward P/E in the S&P 600 Index compared to 19.0x for the S&P 500 Index – a 4.5x discount. […]
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Pender US Small/Mid Cap Equity Fund – January 2025
Highlights Genpact Ltd. (NYSE: G) and Webster Financial Corporation (NYSE: WBS) were top contributors while Harmonic Inc. (Nasdaq: HLIT) and Fluor Corporation (NYSE: FLR) were detractors to performance. Initiated a new position in Tidewater, Inc. […]
Pender Value Fund – Q4 2024
Fund Performance The Pender Value Fund continued to perform well, returning 12.6% in the fourth quarter and bringing 2024 returns to 55.9%[1]. The performance in the quarter outpaced the S&P/TSX Composite Index which gained 3.8%, […]
Pender Small Cap Opportunities Fund – Q4 2024
Highlights Strong contributors to the Fund included Kraken Robotics Inc. (TSXV: PNG), D2L Inc. (TSX: DTOL), and MDA Space Ltd. (TSX: MDA). Detractors to the Fund this quarter included Sylogist Ltd. (TSX: SYZ), NFI Group […]
Pender US Small/Mid Cap Equity Fund – December 2024
Highlights Positive contributors to the Fund included Jabil Inc. (NYSE: JBL) and Antero Resources Corporation (NYSE: AR). Detractors to performance this month included Fluor Corporation (NYSE: FLR) and M/I Homes, Inc. (NYSE: MHO) . The […]
Pender US Small/Mid Cap Equity Fund – November 2024
We Are Live! This is a great time to be launching the Pender US Small/Mid Cap Equity Fund. The historical premium small- and mid-cap stocks traded at relative to large caps has turned into a […]
Pender Value Fund – Q3 2024
Highlights The Fund has gained 38.4% year-to-date. Top contributor this quarter was Kraken Robotics Inc., (TSXV: PNG), a marine technology company. Thinkific Labs Inc. (TSX:THNC) was a detractor this quarter subsequent to their SIB as […]
Pender Small Cap Opportunities Fund – Q3 2024
Highlights Many positive contributors in the quarter, such as Kraken Technologies Limited, TerraVest Industries Inc., Altius Renewable Royalties Corp, Dye & Durham Ltd. and BlackLine Systems, Inc.. Thinkific was a key detractor in the quarter. […]
Pender Small Cap Opportunities Fund – Q2 2024
Highlights One of our largest holdings, Copperleaf Technologies Inc (TSX: CPLF) announced it was to be acquired for $12.00 per share. It was among our top three contributors for the quarter, along with Sylogist Ltd […]
Pender Value Fund – Q1 2024
Download the PDF. The Pender Value Fund had a strong start to the year, gaining 17.3%[1] in the first quarter of 2024. This result compares with gains of 6.6% in the S&P/TSX Composite Index and […]
Pender Small Cap Opportunities Fund – Q1 2024
Highlights The Fund generated excess returns mainly driven by company-specific performance. Rotation into high quality growth companies is now complete. The Fund exited several smaller positions and created new positions in a Canadian SaaS firm […]
Small/Mid Cap Dividend – Q1 2024
Highlights The Pender Small Mid Cap Dividend Fund outperformed its benchmark with a posted total return of 9.6% for the quarter ended March. Strong contributors included Aecon Group Inc., Total Energy Services Inc., and Adentra […]
Pender Value Fund – Q4 2023
Highlights Positive performance in the Fund during the quarter was driven by by D2L Inc. (TSX: DTOL), Dye & Durham Ltd. (TSX: DND) and KKR and Co L.P (NYSE: KKR), Detractors included Baidu Inc. (Nasdaq: […]
Pender Small Cap Opportunities Fund – Q4 2023
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 […]
Small/Mid Cap Dividend – Q4 2023
Highlights Top contributors to the Fund were Computer Modeling Group Ltd. (TSX: CMG), a technology company in the oil and gas industry and Aecon Group Inc. (TSX: ARE), which provides construction and infrastructure development services […]
Pender Value Fund – Q3 2023
Highlights During the quarter, we added Aecon Group Inc. (TSX:ARE) and Thinkific Labs Inc. (TSX:THNC). Canadian equities stood at 52.7% at the end of the quarter, up from 50.3% at the end of December 2022. […]
Pender Small Cap Opportunities Fund – Q3 2023
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 […]
Small/Mid Cap Dividend – Q3 2023
Highlights The top contributors included Computer Modeling Group, Saturn Oil & Gas, Spartan Delta, and NFI Group. Among the detractors were Chorus Aviation, and Trisura Group, despite posting strong quarterly earnings. The Fund took advantage […]
Pender Value Fund – Q2 2023
Highlights Sylogist Inc (TSX: SYZ) is the largest holding in the Fund and was a top contributor in the quarter. We have been active with the company over the last few months and have successfully […]
Small Cap Equity – Q2 2023
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 […]
Small/Mid Cap Dividend – Q2 2023
Highlights The Fund ended the quarter with total returns of 2.1%[1], outperforming the S&P TSX Composite Index total return of 1.1% and the S&P TSX Small Cap Index total return of -3.8%. The Fund added […]
Pender Value Fund – Q1 2023
HIGHLIGHTS At the end of the quarter, small caps were trading at a valuation of 14.5x forward P/E in the S&P 600 Index compared to 19.0x for the S&P 500 Index – a 4.5x discount. […]