The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 15, 2026
Pender Small Cap Opportunities Fund returned 0.1% net of fees in September 2026, outperforming the Russell 2000 Index (-2.7%) and the Russell Microcap Index (-1.6%). Small-cap equities faced headwinds from elevated interest rates, increased financing costs, and persistent equity market concentration within large-cap technology. The portfolio maintains asset allocations of approximately 77.8% in Canadian equities and 17.9% in US equities, while selectively deploying cash into market dislocations and maintaining a defensive posture to preserve liquidity. The investment team highlights the return of the physical economy, marked by a multi-year capex cycle across energy systems, power infrastructure, and natural resources driven by artificial intelligence, electrification, reshoring, and energy security. In contrast to past supercycles driven by broad Chinese demand growth, the current environment is defined by supply deficits, geopolitical fragmentation, and lengthy permitting timelines. The fund emphasizes Canada's competitive positioning across extraction, domestic processing, and power infrastructure, while maintaining high conviction in select asset-light software businesses trading at depressed valuations. Portfolio activity reflected disciplined opportunistic deployment, including adding to 5N Plus on equity price weakness while trimming cash. Primary performance contributors included Sangoma Technologies following an announced acquisition by BRC Holdings, Tantalus Systems amid index inclusion into a clean grid ETF, and Tecsys. Main performance detractors included PAR Technology, VitalHub, and Kraken Robotics amid ongoing acquisition integration assessments.
Identify and invest in undervalued, high-quality small-cap companies with robust unit economics, disciplined management teams, and compelling multi-year growth prospects across physical infrastructure and enterprise software.
The investment team remains cautious on broader market conditions over the near term, keeping a defensive posture to retain flexibility. They anticipate that substantial decade-long investments in physical infrastructure and selectively mispriced software businesses will deliver compelling risk-adjusted returns.
Moderate Conviction Bullish
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