Pender

Theses · 9

• 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.

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• 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.

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• 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.

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• 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.

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• 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.

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• 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.

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• Lithia Motors

  March 2025

  Lithia Motors is a leading North American automotive retailer leveraging dealership acquisitions and a digital platform for long-term growth in a fragmented industry.

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• Cooper Companies

  March 2025

  Cooper Companies is a resilient global medical device leader in contact lenses and women's healthcare, benefiting from strong market positions and growth potential in both sectors.

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• Mercury General

  March 2025

  Mercury General is poised for a recovery in earnings following recent rate increases, despite potential wildfire impacts in early 2025.

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Letter archive · 13

Funds · 6

• Pender US Small Mid Cap Equity Fund5
• Pender Strategic Growth and Income Fund3
• Pender Small Cap Opportunities Fund2
• Pender Alternative Arbitrage Fund1
• Pender Small Cap1
• Pender US Small Mid1