SYZ-TO

SYZ-TO

SYZ-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 30, 2025	Greystone Capital	14.8%	6.3%	APG, DR.TO, KITS.TO, NRP, SYZ.TO	Coal, E-Commerce, healthcare, Quality, small caps, software, value	Small caps remain in prolonged underperformance relative to large caps, with capital flowing to emerging markets instead. Despite conditions for outperformance being in place for years including resilient economy, cheap valuations, and decade-plus underperformance, the return profile shows fits and starts pattern. Manager believes environment will eventually shift and small caps will get their moment in the sun.	DR.TO KITS.TO SYZ.TO APG NRP DR CN KITS CN SYZ CN APG NRP	View
2024 Q2	Jul 29, 2024	Pender Small Cap Opportunities Fund	4.3%	-	AVNW, CHW.TO, CPLF.TO, DND.TO, DTOL.TO, SYZ.TO, TVK.TO	Canada, Education, growth, M&A, small caps, technology, value	Fund outperformed with 4.3% returns versus -0.5% for TSX Composite. Small cap flows showing strength with $1.9 billion into Russell 2000 ETF while large caps saw $2.1 billion outflows. Significant divergence between small and large cap performance may be reversing.	DTOL.TO	View
2023 Q2	Jul 13, 2023	Pender Small Cap Opportunities Fund	-1.1%	1.8%	CPLF.TO, MAGT.TO, PAR, SYZ.TO	AI, small caps, technology, valuation, value	Small caps are trading at historically wide discounts to large caps, with the S&P 600 at 15.2x forward earnings versus S&P 500 at 20.1x. The manager sees parallels to the early 2000s tech bubble aftermath when small caps outperformed for six consecutive years. Most investors are under-allocated to small caps after a decade of large cap outperformance.	SYZ.TO CPLF.TO IPAR	View
2025 Q1	May 12, 2025	Langdon Canadian Smaller Companies	-7.2%	-	AND.TO, ATS.TO, ATZ.TO, BYD.TO, DND.TO, EQB.TO, GCG.TO, GRGD.TO, RCH.TO, SVI.TO, SYZ.TO, TVK.TO	Acquisition, Canada, healthcare, Logistics, small caps, Trade Policy, value	Andlauer Healthcare Group represents a critical logistics provider transporting 85% of pharmaceutical products used in Canada and serving 35% of the Canadian healthcare industry. The company demonstrates best-in-class operating ratios, sticky customer base, and defensible market position with value-add logistics driving outsized margins. UPS acquired Andlauer at a 30% premium, validating the investment thesis.	AND.TO	View
2023 Q1	Apr 19, 2023	Pender Small Cap Opportunities Fund	2.9%	2.9%	CPLF.TO, MAGT.TO, SYZ.TO	Banking, Canada, M&A, small caps, technology, value	Small-cap stocks are trading at a significant discount to large caps, with the S&P 600 at 14.5x NTM P/E versus 19x for the S&P 500. This represents a 4.5x discount when historically small caps traded at a premium due to higher growth potential. The manager sees this valuation divergence as creating wonderful opportunities.		View
2026 Q1	Apr 15, 2026	Pender Small Cap Opportunities Fund	4.0%	4.0%	CVO.TO, PAR, SOIL.TO, SYZ.TO, VNP.TO	AI, Canada, energy, small caps, software, technology, valuation		PAR CVO.TO VNP.TO SOIL.TO	View
2024 Q4	Jan 27, 2025	Pender Small Cap Opportunities Fund	14.8%	-	DTOL.TO, GLASF, LSPD.TO, MDA.TO, NFI.TO, PNG.V, SIS.TO, SYZ.TO, WISH.V	Canada, contrarian, Hedging, small caps, technology, value	The fund focuses exclusively on small cap opportunities, noting that small caps have once again underperformed large caps both in Canada and the US. The managers see pockets of risk-taking emerging in the small cap market, though it is not broad-based as evidenced by overall small cap index performance.	LSPD.TO MDA.TO	View
2025 Q4	Jan 13, 2026	Pender Small Cap Opportunities Fund	0.0%	5.7%	DND.TO, FDY.TO, GRID.TO, NGEX.TO, PAR, PNG.TO, SYZ.TO, TCS.TO, VNP.TO	Canada, Defense Spending, Energy Transition, Quality, small caps, value	Kraken Robotics is positioned to benefit from heightened geopolitical tensions and increased global defense spending, particularly in undersea and autonomous systems. The company designs and manufactures advanced subsea robotics, sonar systems, and batteries used in autonomous underwater vehicles for defense applications. Multiple portfolio companies are aligned with the energy transition theme. 5N Plus develops specialty semiconductor and performance materials critical to solar and advanced electronics. Tantalus Systems operates in grid optimization and modernization, providing smart meters and data analytics software that help utilities modernize infrastructure and support the energy transition through improved grid efficiency. After several years of small-cap underperformance relative to large caps in Canada, the slope now appears to be leveling out. This has created a more attractive opportunity set for both small-cap quality and value heading into 2026, with many high-quality Canadian businesses trading at compelling valuations despite being overlooked.	GRID CN VNP CN	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Pender Small Cap Opportunities Fund	Sylogist Inc.	Information Technology	Application Software	Bull	TSX	Activist Investment, board representation, Enterprise software, growth inflection, Non-Profit Software, organic growth, SaaS	View Pitch
Apr 13, 2026	Fund Letters	Greystone Capital	Sylogist	Information Technology	Application Software	Bull	TSX	ARR growth, Canada, Counter-cyclical, ERP software, Government, Mission-Critical, Non-profit, recurring revenue, SaaS, turnaround	View Pitch

BSD Shareholders of SYZ-TO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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