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Small Cap Equity – 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 […]
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: […]
Small Cap Equity – 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 […]
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. […]
Small Cap Equity – 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 […]
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 […]
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. […]
Small/Mid Cap Dividend – Q1 2023
HIGHLIGHTS The Fund ended the quarter down -0.5% compared to the S&P/TSX Composite Index (4.6%) and the S&P/TSX SmallCap Index (4.5%) for the quarter. The indices were helped by their relative higher weight in commodities, […]
Small Cap Equity – March 2023
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. […]
Value Fund – Outlook For 2023
HIGHLIGHTS Pender Value Fund returned 9.7%[1] in January, following a 4.7% gain in the fourth quarter. Technology holdings now represent the largest sector weight in the portfolio at 37.6% at the end of January, up […]
Small/Mid Cap Dividend – Q4 2022
HIGHLIGHTS Key positive drivers were Spartan Delta Corp (TSX: SDE), North American Construction Group Ltd. (TSX: NOA), Chorus Aviation Inc. (TSX: CHR) and Exchange Income Corporation (TSX: EIF). A new position is NFI Group Inc. […]
Small Cap Equity – December 2022
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 […]
Small/Mid Cap Dividend – November 2022
Fellow Unitholders, The Pender Small/Mid Cap Dividend Fund (PSMDF) returned a positive 3.6% in November, bringing year-to-date returns to -10.4%[1]. This compares to the TSX Small Cap Index returning -7.3% year-to-date and the TSX Composite […]
Small Cap Equity – September 2022
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 […]
Small Cap Equity – July 2022
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 […]
Small/Mid Cap Dividend – Q2 2022
Fellow Unitholders, 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 in the coming quarters. Investors […]