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.
Managed by Aman Budhwar the Fund invests in small/mid-cap companies with a sustainable competitive advantage, ability to reinvest capital at high rates of return that are positioned to benefit from growth tailwinds.
| Class | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | 2.0 | 2.8 | 11.2 | 12.7 | 8.7 | ||||
| F | 2.0 | 2.8 | 11.2 | 12.7 | 8.7 |
| Class | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
|---|---|---|---|---|---|---|---|---|---|---|
| A | 12.7 | 12.7 | ||||||||
| F | 12.7 | 12.7 |
| DigitalBridge Group, Inc. | 4.9 |
| Jabil Inc. | 4.2 |
| Dollar Tree, Inc. | 4.0 |
| Webster Financial Corporation | 4.0 |
| Ero Copper Corp. | 3.9 |
| Hexcel Corporation | 3.8 |
| Deckers Outdoor Corporation | 3.8 |
| Genpact Limited | 3.7 |
| The Estée Lauder Companies Inc. | 3.7 |
| Mercury General Corporation | 3.6 |
| Total Percentage of Top 10 Holdings | 39.60 |
| Total Net Assets of Fund | $1,389,035 |
| Code | Class | Description | MER | Trailer | Min. Investment Initial/[Subsequent] |
|---|---|---|---|---|---|
| PGF 1800 | A | Front End | 1.00 | $500/[$] | |
| PGF 1810 | F | Fee Based | $500/[$] |
MER was NIL as at 30-06-2025 due to waiver of fees. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions, performance fees 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.
Market Environment As we begin 2026, US equity markets appear to be at an inflection point. 2025 was shaped by a resilient economy, evolving policy dynamics, and rapid technological innovation, offset against elevated valuations and geopolitical uncertainty. The bull market that began in late 2022 is now entering its fourth year, during which large-cap equities […]
Inside the fund’s first year: lessons, opportunity sets, and 2026 themes Celebrating one year of the Pender US Small/Mid Cap Equity Fund. In this episode, Laura Baker sits down with Aman Budhwar to reflect on the Fund’s first year, the investment framework behind its early consistency, and how Aman is navigating opportunity and risk across […]
Market Environment The first 10 months of the year were exceptionally resilient for US equities, but the market took a pause in November. Even with a solid set of earnings and revenue beats, the momentum did not carry through, and the broader US market advanced only 0.2% during the month. This was somewhat surprising given […]
Investment Strategy and Current Opportunity Why is the current opportunity set attractive? AMAN BUDHWAR: The US small- and mid-cap universe offers a uniquely attractive opportunity today due to its scale, diversification, and exposure to powerful long-term growth themes. Many investors are surprised to learn that the US small- and mid-cap market alone is larger […]
Market Environment October was a notable month for US markets. The period began with a government shutdown that surpassed the 35-day record set in 2019. While the shutdown has both direct and indirect implications for the broader US economy, the equity market reaction has been limited, with investors remaining focused on corporate earnings and monetary […]
Macro Backdrop US markets were dominated by macro headlines in September. The government shutdown entered its first week with partisan gridlock, though behind the scenes there are signs of agreement emerging around extending enhanced subsidies for Affordable Care Act (ACA) health-insurance plans. At the same time, the Institute of Supply Management’s services index fell back […]
Highlights The US consumer is increasingly under pressure from a combination of higher inflation and lower job opportunities. While the market is fixated on a potential Fed rate cut, we have positioned the portfolio to benefit from opportunities over the medium to long term. The S&P MidCap 400 Index posted total returns of 3.6% for […]
Highlights Modine Manufacturing Company (MOD) and Rambus Inc. (RMBS) were top contributors while Molina Healthcare Inc. (MOH) was a top detractor to performance in the month of July 2025. The S&P MidCap 400 Index posted total returns of 1.6% for the month of July 2025, underperforming its large cap peer, the S&P 500 Index, […]
Highlights Jabil Inc. (JBL) and Fluor Corporation (FLR) were top contributors while Euronet Worldwide Inc. (EEFT) was top detractor to performance in the month of June. Initiated a new position in Deckers Outdoor Corporation (DECK) The S&P MidCap 400 Index posted total returns of 3.6% for the month of June 2025, underperforming its large cap […]
Highlights DigitalBridge Group Inc. (DBRG) and Fluor Corporation (FLR) were top contributors while Fidelity National Financial Inc. (FNF) was a top detractor to performance. Initiated a new position in Modine Manufacturing Company (MOD) The S&P MidCap 400 Index posted total returns of 5.4% for the month of April 2025, underperforming its large cap peer, the […]
Highlights Verisign, Inc. (VRSN) and Dollar Tree, Inc. (DLTR) were top contributors while Tidewater Inc (TDW) was top detractor to performance. Initiated a new position in Addus HomeCare Corporation (ADUS). The S&P MidCap 400 Index posted total returns of -2.25% for the month of April 2025, underperforming its large cap peer, the S&P 500 Index […]
Highlights Molina Healthcare, Inc. (MOH) and Antero Resources Corporation (AR) were top contributors while DigitalBridge Group, Inc. (DBRG) was a top detractor to performance. Initiated new position in Mercury General Corporation (MCY) and The Cooper Companies, Inc. (COO). The S&P MidCap 400 Index posted total returns of -5.47% for the month of March 2025, outperforming […]
Highlights Brookfield Business Partners (NYSE: BBU) and Fidelity National Financial, Inc. (NYSE: FNF) were top contributors while Fluor Corporation (NYSE: FLR) was once again a detractor to performance. Initiated a new position in Euronet Worldwide, Inc. (NYSE: EEFT) and Monolithic Power Systems, Inc. (NYSE: MPWR). The S&P MidCap 400 Index posted total returns of -4.35% […]
Highlights Genpact Ltd. (NYSE: G) and Webster Financial Corporation (NYSE: WBS) were top contributors while Harmonic Inc. (Nasdaq: HLIT) and Fluor Corporation (NYSE: FLR) were detractors to performance. Initiated a new position in Tidewater, Inc. (NYSE: TDW). The S&P MidCap 400 Index posted total returns of 3.85% for January 2025, outperforming its large cap peer […]
Highlights Positive contributors to the Fund included Jabil Inc. (NYSE: JBL) and Antero Resources Corporation (NYSE: AR). Detractors to performance this month included Fluor Corporation (NYSE: FLR) and M/I Homes, Inc. (NYSE: MHO) . The Fund initiated a new position in Verisign Inc. (NYSE: VRSN) In a sign of things to come, the weeks since […]
We Are Live! This is a great time to be launching the Pender US Small/Mid Cap Equity Fund. The historical premium small- and mid-cap stocks traded at relative to large caps has turned into a discount following the strong run up in large caps over recent years. Given the outperformance of small- and mid-caps over […]
Question: In a fast-changing world of high-tech and geopolitical challenges, can you explain what having a “moat” means today? How can a small investor know if a company has a sustainable competitive advantage? — Cassandra Answer: Sustainable value creation has two dimensions: the magnitude of returns in excess of the cost of capital, and how long […]
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