Pender Small Cap Opportunities Fund

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.

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Performance (%) - April 30, 20251 Mo.3 Mo.6 Mo.1 Yr.2 Yr.3 Yr.5 Yr.10 Yr.15 Yr.YTDSince InceptionInception Date
A1.2-9.6-2.820.219.57.120.39.013.8-10.914.22009-06-01
F1.3-9.3-2.321.520.88.321.610.114.9-10.615.32009-06-01
Annual Performance (%)20172018201920202021202220232024YTD
A8.5-16.319.246.324.7-29.35.157.2-10.9
F9.6-15.420.347.826.0-28.56.258.8-10.6

Standard Performance Data is subject to important disclosures set out in our Disclaimer.

  • Asset Allocation(%)
    Canadian Equities90.3
    US Equities8.8
    Other Assets2.8
    Cash-1.9
    Sector Allocation(%)
    Information Technology41.0
    Health Care15.3
    Materials11.3
    Industrials10.9
    Energy10.0
    Other Sectors8.7
    Consumer Discretionary4.7
    Cash-1.9
    Currency Allocation(%)
    CAD89.1
    USD10.9
    Top 10 HoldingsFund (%)
    Kraken Robotics Inc.4.7
    TerraVest Industries Inc.4.6
    Sylogist Ltd.4.3
    Sangoma Technologies Corporation4.2
    dentalcorp Holdings Ltd.4.1
    MDA Space Ltd.3.9
    Kinaxis Inc.3.8
    kneat.com, inc.3.7
    Vitalhub Corp.3.7
    PAR Technology Corporation3.6
    Total Percentage of Top 10 Holdings40.60%
    Total Net Assets of Fund$358,379,400
  • Class Code DescriptionMER1 Before Performance FeeTrailerPerformance Fee2Min. Investment: Initial/[Subsequent]
    APGF 315Front End2.63%1.00%Closed to new purchases
    FPGF 320Fee Based1.59%Closed to new purchases
    HPGF 342Front End – HNW2.27%0.85%Closed to new purchases
    BPGF 380Front End2.65%1.00%20% / S&P/TSX$5,000/[$100]
    GPGF 390Fee Based1.57%20% / S&P/TSX$5,000/[$100]

    1 As at 31-12-2024. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions 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.

    2 20% of excess of total return over benchmark's return, subject to a high water mark.

    Asset Class: Small Cap Equity
    Inception Date: June 1, 2009
    Valuation Frequency: Daily
    Distributions: DRIP Annually, Cash Optional
    Benchmark: S&P/TSX Composite Index (CAD)
    Performance Fee: 20% of excess of total return over benchmark's return, subject to a high water mark.
    Portfolio Manager: David Barr, CFA

    *Effective February 18, 2025, the Pender Small Cap Opportunities Fund’s pricing frequency changed from Weekly to Daily. Effective February 24, 2025, the redemption settlement changed to T+1.

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  • The Latest

    Pender Small Cap Opportunities Fund – Q1 2025

    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 distinct sector dynamics. Our Fund’s overweight exposure to technology stocks, like the US small-cap universe, contributed to underperformance amid fading investor sentiment tied to macroeconomic uncertainty and trade policy risks. Meanwhile, Canadian small-cap indices, with greater representation in energy and materials, benefited from stronger commodity…

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