The Pender Global Small/Mid Cap Equity Fund* is a concentrated portfolio consisting of the “Best Ideas” across North America from the Pender investment team. The Fund is an actively managed portfolio and seeks to deliver long-term capital appreciation by leveraging a fundamental, bottom-up investment approach. It maintains flexibility to allocate up to 10% of its assets to international equities, allowing for opportunistic exposure and growth outside North America.
* Effective June 27, 2025, the Pender Value Fund was renamed to the Pender Global Small/Mid Cap Equity Fund.
| Class | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | 1.8 | 6.2 | 1.3 | 14.2 | 16.0 | 7.0 | 5.5 | 8.5 | |
| F | 1.9 | 6.5 | 1.8 | 15.5 | 17.2 | 8.1 | 6.6 | 9.7 | |
| H | 1.8 | 6.3 | 1.4 | 14.6 | 16.3 | 7.3 | 5.8 | 6.9 | |
| I | 1.9 | 6.5 | 1.9 | 15.6 | 17.4 | 8.3 | 6.7 | 7.9 |
| Class | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | YTD |
|---|---|---|---|---|---|---|---|---|---|---|
| A | 18.3 | 7.0 | -9.4 | 18.1 | 18.9 | -1.8 | -31.3 | 6.5 | 54.2 | -2.2 |
| F | 19.5 | 8.0 | -8.5 | 19.3 | 20.1 | -0.8 | -30.6 | 7.7 | 55.9 | -1.5 |
| H | 18.6 | 7.3 | -9.1 | 18.5 | 19.3 | -1.5 | -31.1 | 6.9 | 54.7 | -2.0 |
| I | 19.7 | 8.2 | -8.3 | 19.5 | 20.3 | -0.6 | -30.5 | 7.8 | 56.1 | -1.4 |
| Premium Brands Holdings Corporation | 5.1 |
| Vitalhub Corp. | 4.7 |
| Burford Capital Limited | 4.3 |
| Coveo Solutions Inc. | 4.1 |
| Aecon Group Inc. | 3.9 |
| ADENTRA Inc. | 3.9 |
| Trisura Group Ltd. | 3.7 |
| Kinaxis Inc. | 3.4 |
| dentalcorp Holdings Ltd. | 3.4 |
| Deckers Outdoor Corporation | 3.4 |
| Total Percentage of Top 10 Holdings | 39.90 |
| Total Net Assets of Fund | $105,812,297 |
| Code | Class | Description | MER | Trailer | Min. Investment Initial/[Subsequent] |
|---|---|---|---|---|---|
| PGF 200 | A | Front End | 2.50 | 1.00 | $500/[$] |
| PGF 210 | F | Fee Based | 1.45 | $500/[$] | |
| PGF 240 | H | Front End - HNW | 2.21 | 0.85 | $100,000/[$] |
| PGF 250 | I | Fee Based - HNW | 1.31 | $100,000/[$] |
As at 30-06-2025. 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.
Fund Performance The Pender Value Fund continued to perform well, returning 12.6% in the fourth quarter and bringing 2024 returns to 55.9%[1]. The performance in the quarter outpaced the S&P/TSX Composite Index which gained 3.8%, as well as the S&P/TSX Small Cap Index which gained 0.7%. While broad small caps continued to trail large caps, […]
Highlights The Fund has gained 38.4% year-to-date. Top contributor this quarter was Kraken Robotics Inc., (TSXV: PNG), a marine technology company. Thinkific Labs Inc. (TSX:THNC) was a detractor this quarter subsequent to their SIB as the market waits for business fundamentals to improve. Fund Performance The Pender Value Fund continued to perform well in the […]
The Pender Value Fund had a strong start to the year, gaining 17.3%[1] in the first quarter of 2024. This result compares with gains of 6.6% in the S&P/TSX Composite Index and 7.9% in the S&P/TSX Small Cap Index. In the US, the Russell 2000 Index (CAD) returned 7.5%. The strength in overall equity market […]
Highlights Positive performance in the Fund during the quarter was driven by by D2L Inc. (TSX: DTOL), Dye & Durham Ltd. (TSX: DND) and KKR and Co L.P (NYSE: KKR), Detractors included Baidu Inc. (Nasdaq: BIDU), Tiny Ltd. (CVE: TINY) and Texas Pacific Land Trust (NYSE: TPL). The Fund increased exposure to Canadian equities to […]
Highlights During the quarter, we added Aecon Group Inc. (TSX:ARE) and Thinkific Labs Inc. (TSX:THNC). Canadian equities stood at 52.7% at the end of the quarter, up from 50.3% at the end of December 2022. As our Canadian exposure has grown, we have been reducing our weights to international companies, which stood at 9.5% at […]
Highlights Sylogist Inc (TSX: SYZ) is the largest holding in the Fund and was a top contributor in the quarter. We have been active with the company over the last few months and have successfully negotiated a nomination agreement that allows us to appoint a director to their board. Burford Capital Inc (NYSE: BUR) was […]
Highlights At the end of the quarter, small caps were trading at a valuation of 14.5x forward P/E in the S&P 600 Index compared to 19.0x for the S&P 500 Index – a 4.5x discount. This is a far cry from the wide premium that small caps traded at for the decade prior to 2020. […]
Highlights Pender Value Fund returned 9.7%[1] in January, following a 4.7% gain in the fourth quarter. Technology holdings now represent the largest sector weight in the portfolio at 37.6% at the end of January, up from 29.3% at the end of June 2022. We see many high-quality tech companies trading at a discount of greater […]
Fellow Unitholders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth in the coming quarters. Investors have focused on the macro headwinds of rising interest rates as policymakers are focused on curbing demand to slow inflation. […]
Fellow unit holders, The first quarter of 2022 came to a close with mixed performance to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in Ukraine, rising commodity prices that underpin already strong inflation, and the start of an interest rate hiking cycle that could dampen growth […]
Fellow unit holders, It was a tough start to 2022, with January being one of the worst months ever for broad indices and our fund. The Pender Value Fund was down 7.0%[1] in January, while large and small-cap indices were also down: the S&P 500 Index (CAD) was down 4.7% and the Russell 2000 Index […]
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