News Release: PenderFund Capital Management Ltd. Announces Risk Rating Change on Certain Pender Funds

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Vancouver, B.C., June 26, 2020 – PenderFund Capital Management Ltd. (“Pender”), the Manager of the Pender Funds (the “Funds”), announces that the risk ratings of the funds listed below have changed. As part of its review of the investment risk level of its mutual funds, and applying the standardized risk classification methodology as set out in Appendix F to National Instrument 81- 102 Investment Funds, the Manager has determined that the investment risk levels of certain of the Funds have changed and the change was reflected in the Funds’ annual simplified prospectus renewal, which was filed on June 25, 2020.

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Funds with Lower Risk Rating

FundNew Risk RatingPrior Risk Rating
Pender Enhanced Income FundMediumLow to Medium
Pender Small/Mid Cap Dividend FundMediumLow to Medium
Pender US All Cap Equity FundMedium to HighMedium


A summary of the methodology used by Pender to identify the risk rating of each of the Funds can be found in the Funds’ simplified prospectus available on SEDAR at  This methodology is also available by calling toll-free 1-866-377-4743 or sending an email to

The risk rating for each of the Funds is reviewed at a minimum on an annual basis, as well as when a Fund undergoes a material change.  No material changes have been made to the investment objectives, strategies or management of the Pender Funds.

About PenderFund Capital Management Ltd.
Pender was founded in 2003 and is an independent, employee-owned investment firm located in Vancouver, British Columbia. Our goal is to protect and grow wealth for our investors over time. We have a talented investment team of expert analysts, security selectors and independent thinkers who actively manage our suite of niche investment funds, exploiting inefficient parts of the investing universe to achieve our goal. For more information on Pender and for standard performance information on our funds, please visit or

Please read important disclosures at For further information please contact:

Melanie Moore                                                                   Toll Free: 1-866-377-4743
Director of Marketing