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Pender

Mar 2025 → Oct 2026 · Publishes quarterly · 19 funds

Our archive holds 30 letters from Pender, behind 15 investment theses and positions in 80 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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30
Letters
80
Companies
23
Moves
15
Theses

19 strategies

Pender publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 23 moves

  • New positionNutanix, Inc.
    September 2026
    “Our NTNX 0.5%’29 converts were another addition to the non-investment grade portion of the fund last quarter.”
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  • New positionMacquarie Group
    September 2026
    “Also new to the Investment Grade portion of the Fund this period was a position in Macquarie Group’s 2.723%’29 Senior Unsecured bonds.”
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  • New positionZscaler, Inc.
    September 2026
    “On this theme, Zscaler’s 0% of 2028 convertible bonds were added to the non-investment grade sleeve of the Fund.”
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  • New positionGlobal Payments Inc.
    September 2026
    “We added a new position in Global Payment’s Investment Grade rated 1.5%’31 convertible bonds.”
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  • AddedMDA Space Ltd.
    August 2026
    “MDA Space Ltd. (MDA) Add Increased position size on share price weakness.”
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  • AddedTantalus Systems Holdings Inc.
    August 2026
    “Tantalus Add Increased position size on share price weakness.”
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  • AddedKraken Robotics Inc.
    August 2026
    “Kraken Robotics Add Increased position size on share price weakness.”
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  • ExitedCoreWeave Inc.
    July 2026
    “We closed our small short position in CoreWeave Inc. unsecured bonds in mid-July, covering our short more than six points lower than our last sale in June.”
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  • AddedMDA Space Ltd.
    July 2026
    “We continued to add exposure in the Canadian dollar high yield market through attractively priced new issues from MDA Space Ltd. (TSX: MDA) which issued a 7-year bond at 6.5%,”
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  • AddedTelesat Corp.
    July 2026
    “Telesat Add Continued conviction; thesis unchanged”
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  • ExitedKneat.com Inc.
    July 2026
    “Kneat.com Inc. (KSI) Sold Sold following takeout by Thoma Bravo.”
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  • AddedARTG
    July 2026
    “have been increasing our exposure to (ARTG and BYN).”
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  • ExitedBlackline Safety
    July 2026
    “Sold position following the take private transaction.”
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  • New positionAutotrader Group PLC
    July 2026
    “We initiated a position in Auto Trader, a UK vertical marketplace with what we believe to be a monopoly-like customer mindshare (an estimated 85%+), dealer-side mission criticality, and 70% EBITDA margins.”
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  • New positionSopaipilla Investor LLC
    July 2026
    “we did purchase an investment grade rated issue from a Meta Inc. leased and supported transaction for Sopaipilla Investor LLC,”
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  • AddedArterra Wines Canada
    July 2026

    Listed in Pender’s reported holdings.

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  • TrimmedRivian Holdings LLC
    July 2026
    “We used the decline in share price to opportunistically cover most of our short position.”
    Read the letter
  • AddedBYN
    July 2026
    “have been increasing our exposure to (ARTG and BYN).”
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  • TrimmedMDA Space Ltd.
    July 2026
    “MDA Space was the top detractor of the month despite what we viewed as meaningful positive news.”
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  • New positionDanaher Corporation
    June 2025
    “After the post-“Liberation Day” sell-off in the spring, we initiated positions in three high- conviction core holdings at compelling valuations: Danaher Corporation (DHR) –”
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  • ExitedVecima Networks Inc.
    March 2025
    “We decided to exit our position in Vecima due to its sizable customer concentration tied to Tier 1 Multiple System Operators (MSO) whose spending is highly unpredictable.”
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  • New positionMercury General Corporation
    March 2025
    “We also initiated a position in Mercury General, the leading independent agency writer of automobile and home insurance in California with a presence in a few other states.”
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  • New positionThe Cooper Companies, Inc.
    March 2025
    “We initiated a position in Cooper Companies, a leading global medical device company with operations in two growing markets: CooperVision, a leader in the contact lens industry and CooperSurgical in women’s healthcare and fertility.”
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Companies held · 80

Every company Pender has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 15

  • McDermott International Ltd.
    September 2026

    McDermott International is the only remaining pure-play energy contractor, now debt-free after restructuring and trading at about 3x EBITDA with EBITDA growth and a potential listing ahead.

    Read the full thesis
  • 5N Plus Inc.
    July 2026

    5N Plus Inc. is a critical-minerals exposure that the fund favors for its positioning in a sector with attractive demand growth and supply constraints.

    Read the full thesis
  • Neo Performance Materials Inc.
    July 2026

    Neo Performance Materials Inc. is a critical-minerals business positioned to benefit from structural demand growth and constrained supply.

    Read the full thesis
  • Auto Trader Group PLC
    July 2026

    Auto Trader is a UK vertical marketplace with monopoly-like mindshare, mission-critical dealer relationships, strong margins, proprietary data and workflow advantages, and a low valuation.

    Read the full thesis
  • Amazon
    July 2026

    Amazon benefits from accelerating AWS growth, strong AI demand and long-lived data center economics that support future earnings compounding.

    Read the full thesis
  • Space Exploration Technology Corp
    July 2026

    Space Exploration Technology Corp is scaling AI compute capacity rapidly, with management citing sub-one-year payback and improving economics on new agreements.

    Read the full thesis
  • International Flavors and Fragrances
    August 2025

    International Flavors and Fragrances is repositioning for stronger growth and margin expansion through divestitures, R&D investment, and disciplined capital allocation, presenting a compelling value opportunity ahead of expected improvements in innovation and returns on capital.

    Read the full thesis
  • Coveo Solutions Inc.
    June 2025

    Coveo Solutions Inc. is a promising Canadian AI-powered enterprise search platform experiencing growth and profitability potential, especially after recent leadership changes and a strategic investment opportunity.

    Read the full thesis
  • Applied Materials
    June 2025

    Applied Materials Inc. is an undervalued leader in materials-engineering solutions for semiconductors, with strong long-term earnings potential driven by AI, advanced packaging, and a growing services segment despite current market concerns.

    Read the full thesis
  • Deckers Outdoor Corporation
    June 2025

    Deckers is a strong capital return company with potential for growth despite short-term challenges, trading at an attractive valuation.

    Read the full thesis
  • Modine Manufacturing
    June 2025

    Modine Manufacturing is a thermal management systems provider focusing on high-growth data center cooling and indoor air quality, demonstrating strong execution and shareholder value creation under CEO Neil Brinker.

    Read the full thesis
  • Fevertree Drinks
    March 2025

    Fevertree is well-positioned for growth due to a game-changing US distribution partnership with Molson Coors, despite facing short-term earnings volatility.

    Read the full thesis

Letter archive · 30

2026

2025

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