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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 11, 2025 | Pender Small Cap Opportunities Fund | 11.0% | -2.0% | CVO.TO, GRID.TO, HPS-A.TO, LSPD.TO, VNP.TO | AI, Canada, Energy Transition, Enterprise Software, growth, small caps, Trade Policy, volatility | The rapid advancement and adoption of AI technologies across sectors is unlocking new efficiencies, redefining competitive moats and creating outsized growth opportunities, particularly for companies with proprietary data and scalable platforms. Coveo Solutions Inc. is highlighted as an AI-powered enterprise search platform that delivers highly relevant search experiences across websites, e-commerce, customer service and workplace applications. | CVO.TO LSPD CN CVO CN |
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| 2026 Q1 | Apr 21, 2026 | Bronte Capital Amalthea Fund | -5.9% | -5.9% | 5016.T, COF, CTVA, GOOGL, IBKR, IHG, KO, LLY, NVO, SPX.L, V, VNP.TO | energy, Europe, Geopolitical, global, Long/Short, Quality, valuation | 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 |
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| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | Pender Small Cap Opportunities Fund | 5N Plus Inc. | Specialty Chemicals | Specialty Chemicals | Bull | Toronto Stock Exchange | capacity expansion, Catalysts, conservative guidance, growth, Proprietary Materials, Space Solar, specialty materials | View Pitch |
| Feb 17, 2026 | Substack | PP Invest 007 | 5N Plus | Materials | Semiconductors | Bull | Toronto Stock Exchange | 5N Plus, friendshoring, Germanium, infrared optics, materials, semiconductors, space solar cells, supply chain, US Pentagon | View Pitch |
| Jan 8, 2026 | Substack | PP Invest 007 | 5N Plus | Materials | Specialty Semiconductors | Bull | Toronto Stock Exchange | customer dependence, EBITDA, market share, medical imaging, production complexity, revenue performance, satellite solar panels, space sector, specialty semiconductors, ultra-pure materials | View Pitch |
| 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. | ||||||||