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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 – June 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 – June 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 […]
Value Fund – June 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 […]
Small Cap Equity – June 2022
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 […]
Small Cap Equity – Manager’s Commentary – May 2022
Fellow unit holders, Equity markets continued to be volatile in May as investors focused on the macro dynamics of rising inflation, rising interest rates and the potential impact on future economic growth. Sentiment has weakened […]
Small Cap Equity – Manager’s Commentary – April 2022
Fellow unit holders, The selloff in risk assets carried on in April and volatility continued to trend higher. This was driven by growing macro concerns that focused on the outlook for inflation, rising interest rates […]
Small/Mid Cap Dividend – Manager’s Commentary – March 2022
Dear unitholders, The first quarter of 2022 came to a close with mixed performance in equity markets to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in […]
Small Cap Equity – Manager’s Commentary – March 2022
Fellow unit holders, The first quarter of 2022 came to a close with mixed performance to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in Ukraine, rising […]
Value Fund – Manager’s Commentary – March 2022
Fellow unit holders, The first quarter of 2022 came to a close with mixed performance to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in Ukraine, rising […]
Small/Mid Cap Dividend – Manager’s Commentary – February 2022
Dear unitholders, As investors continue to assess the financial risks related to the conflict between Russia and Ukraine, stock markets ended February on a mixed note. In Canada, the S&P/TSX Composite Index was up 0.3% […]