Small Cap Opportunities Fund – Featured

January 11, 2022
Written by Evan Warburton

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Small Cap Equity – September 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 hit our buy zone. Small caps are trading near trough valuations. The re-rating in multiples, we believe, is a tailwind as risk appetite returns and new leadership emerges. The Pender Small Cap Opportunities Fund was down 2.1% in the quarter and remains relatively flat so far in 2023, delivering a return of -0.3 YTD[1]. Not a total coincidence but risk-off has been pulsing through the…

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