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 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 […]

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 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 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 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  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.  […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Fellow unit holders, 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 the US, the S&P 500 Index (CAD) […]

Fellow unit holders, It was a tough start to 2022, with January being one of the worst months ever for broad indices and our fund. The Pender Small Cap Opportunities Fund was down 7.8%[1] in […]

Fellow unit holders, The Pender Small Cap Opportunities Fund was down 2.0%[1] in December, lagging large-cap indices such as the S&P/TSX Composite Index and the S&P 500 Index (CAD), which were up 3.1% and 3.5%, […]

Fellow unit holders, The Pender Small Cap Opportunities Fund was up 1.3%[1] in November, outperforming the S&P/TSX Composite Index and the S&P/TSX Small Cap Index, which were down 1.6% and 3.6%, respectively. In the US, […]

Fellow unit holders, October was a strong month for equity markets as the appetite for risk returned after a bout of volatility in September. The Pender Small Cap Opportunities Fund participated nicely in the rally […]