Pender Small Cap Opportunities Fund

Equity markets continued to advance in October, though gains moderated as investors assessed a busy earnings season amid ongoing macroeconomic uncertainty. The Canadian economy continues to lose momentum, weighed down by trade frictions with the United States. Inflation edged higher during the month, while labour market indicators showed further signs of cooling. In response, the […]

September was another positive month for equities, with markets pushing to record highs despite ongoing macro uncertainty. In Canada, both the TSX Composite and TSX Small Cap Index reached new highs, while US small caps joined the rally with the Russell 2000 up 4.5% in September. US small caps gained ~15% (CAD) in Q3 vs. […]

Fund Performance In the second quarter, our Fund delivered a strong return of 11.0%[1], marking a significant rebound from the negative performance in the first quarter. The Fund outperformed both the Canadian and US markets, with the S&P/TSX Composite Index gaining 8.5% and the Russell 2000 Index (CAD) rising 2.7%. The muted performance of the […]

Fund Performance In the first quarter of 2025, our Fund declined -11.7%[1], mirroring the performance of US small cap markets as measured by the Russell 2000 Index (CAD), which fell -9.4%. In contrast, the S&P/TSX Composite Index gained 1.5%, and the S&P/TSX Small Cap Index rose 1.0%. This divergence between US and Canadian markets reflects […]

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 Inc. (TSX: NFI) and Glass House Brands Inc. (OTCPK: GLAS.F). We continue to own them. The Fund exited several positions […]

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. We are finding attractive opportunities in companies in the early stages of their growth cycles in areas of the market […]

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 (TSX: SYZ). and TerraVest Industries Inc (TSX: TVK). Top detractors this quarter included Dye & Durham Ltd (TSX: DND), Chesswood […]

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 and select U.S.-based companies in the cannabis sector. Fund Performance What a way to start the year! Our Fund had […]

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 both private equity firms and strategic buyers. We have streamlined the number of positions in the portfolio from 61 to […]