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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Lagging large-cap indices but showing strong performance in core holdings linked to defense and energy transition."
In the December 2025 commentary, managers David Barr and Amar Pandya reflect on a volatile yet resilient year. While index performance across small caps was mixed (with the Russell 2000 declining early on tariffs and recovering, and the S&P/TSX Composite up 31.7%), the Pender Small Cap Opportunity Fund posted a +5.7% 1-year return. The fund's top contributors included Kraken Robotics, 5N Plus, and Tantalus Systems, all aligned with long-term secular trends in defense and the energy transition. Top detractors suffered from short-term execution issues rather than fundamental declines. The managers are actively rebalancing by trimming winners and adding to quality growth stocks on weakness. Looking forward to 2026, they see an increasingly attractive landscape for high-quality Canadian small caps, supported by potential interest rate cuts, AI adoption, and M&A opportunities.
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