One of Pender’s core areas of expertise is investing in small cap companies. We have developed a circle of competence over more than twenty years of fundamental analysis and deep due diligence in small caps, which has contributed to a strong, long-term track record of performance.
Why Small Cap?
Small and mid-sized companies are more agile than their supersized brethren and often operate segments of the market where inefficiencies reside. Their relative dynamism compared to large- or mega-cap companies presents us with a range of outcomes to generate potential capital gains for our clients.
Pender’s Approach to Small Cap Investing
At Pender, we employ a private equity approach to public markets, using a deep due diligence, research-based process for identifying and investing in high quality small-to-mid cap companies, with the potential for significant capital appreciation.
Our Process in Practice
Pender Small Cap Opportunities Fund
An opportunistic, concentrated portfolio focused on undervalued small and microcap companies with strong underlying economics, predominantly in Canada.
Effective June 28, 2024, the Pender Small/Mid Cap Dividend Fund merged with the Pender Small Cap Opportunities Fund. On completion of the merger, all of the assets and investments of the Pender Small/Mid Cap Dividend Fund were transferred to the Pender Small Cap Opportunities Fund and unitholders of the Pender Small/Mid Cap Dividend Fund became unitholders of the Pender Small Cap Opportunities Fund.
Pender US Small/Mid Cap Equity Fund
The Pender US Small/Mid Cap Equity Fund launched in November 2024, to provide investors with access to what we believe is a compelling opportunity set.
Pender’s Small Cap Insights: Finding Value in 2025
Here are some highlights from our webinar on Small Cap Insights, held on February 11, with Portfolio Managers David Barr and Aman Budhwar. Learn about our small cap investment process, the current opportunity, key themes we’re seeing in US equity and dive deeper into some of our portfolio holdings.
For professional investors:
Small Cap Investment Process
Molina Healthcare
Kraken Robotics
Why Small Caps
Key US Themes
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