Penderfund
Pender Small Cap – Manager’s Commentary – Q3 2024
Highlights
- Many positive contributors in the quarter, such as Kraken Technologies Limited, TerraVest Industries Inc., Altius Renewable Royalties Corp, Dye & Durham Ltd. and BlackLine Systems, Inc..
- Thinkific was a key detractor in the quarter.
- We are finding attractive opportunities in companies in the early stages of their growth cycles in areas of the market with long-term demand drivers.
Download the PDF.
Fund Performance
The positive momentum in the Pender Small Cap Opportunities Fund continued in the third quarter, with the Fund gaining 11.3%.[1] This builds on the previous quarter’s gains with the portfolio up 38.4% year-to-date and 47.4% over the last year. The performance in the quarter outpaced the S&P/TSX Composite which gained 10.5%, as well as the S&P/TSX Small Cap Index which gained 8.4%. The performance in Canadian Small Caps was stronger than south of the border, driven by the resource-heavy exposure of the Canadian market. While our Fund has outperformed on a relative basis, small caps continue to lag their larger peers.