Equity
Classes B and G of the Pender Small Cap Opportunities Fund are currently open to retail investors.
The Pender Small Cap Opportunities Fund is an opportunistic, concentrated portfolio. The Fund is focused on undervalued small and microcap companies with strong underlying economics, predominantly in Canada. The manager often seeks out special situations, and has a track record of identifying catalysts, where market-leading companies have been acquired. After deep fundamental analysis these businesses are purchased at a discount to our estimate of intrinsic value.
As at June 30, 2026. The management expense ratio ("MER") is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions, performance fees and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.
| Class | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | 0.0% | 3.8% | 14.8% | 18.0% | 27.7% | 8.0% | 11.8% | 15.1% | 15.2% |
| F | 0.1% | 4.0% | 15.4% | 19.2% | 29.0% | 9.1% | 12.9% | 16.3% | 16.3% |
| B | 0.0% | 3.8% | 14.8% | 17.9% | 27.6% | 8.1% | 11.8% | ||
| G | 0.1% | 4.0% | 15.4% | 19.2% | 29.0% | 9.3% | 12.9% |
| # | Security Name | Fund (%) |
|---|---|---|
| 1 | General Fusion Group Ltd. | 7.6 |
| 2 | McDermott International Ltd. | 5.1 |
| 3 | Kinaxis Inc. | 4.9 |
| 4 | Sangoma Technologies Corporation | 4.7 |
| 5 | Coveo Solutions Inc. | 4.7 |
| 6 | Tantalus Systems Holding Inc. | 4.4 |
| 7 | Vitalhub Corp. | 4.3 |
| 8 | 5N Plus Inc. | 4.2 |
| 9 | TerraVest Industries Inc. | 3.7 |
| 10 | Telesat Corporation | 3.4 |
| Total Percentage of Top 10 Holdings | 47.00 | |
| Total Net Assets of Fund | $492,127,509 | |
| Code | Class | Description | MER | Trailer | Min. Investment Initial/[Subsequent] |
|---|---|---|---|---|---|
| PGF 315 | A | Front End | 2.61 | 1.00 | $500/[$] |
| PGF 320 | F | Fee Based | 1.59 | $500/[$] | |
| PGF 380 | B | Front End | 2.66 | 1.00 | $500/[$] |
| PGF 390 | G | Fee Based | 1.57 | $500/[$] |
As at 30-06-2026. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions, performance fees and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.
In September, the Pender Small Cap Opportunities Fund returned 0.1%¹, outperforming the Russell 2000 Index, which declined 2.7%, and the Russell Microcap Index, which fell -1.6%. Small-cap equities faced a challenging backdrop during the month, as elevated interest rates, higher borrowing costs and continued market concentration in large-cap technology weighed on relative performance. Portfolio weights […]
Only available in EnglishIn August, the Fund returned 1.5%1, ahead of the Russell 2000, which declined -0.1%. 2026 has been a year where software has dominated headlines, from the SaaSpocalypse, to recovery, and back again, and August was no different. Software valuations continue to rebound off 52-week lows, although many of the names we follow have been caught […]
In July, the Fund returned 2.5%1, ahead of the S&P/TSX Composite at 1.2% and the Russell 2000, which declined -4.1%, in an eventful month for Canadian and international markets. Canadian markets saw significant divergence in July, characterized by a rotation into value stocks and energy, while growth-oriented segments and broader small-cap indices faced headwinds. Market […]
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