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Pender

Mar 2025 → Aug 2026 · Publishes quarterly · 16 funds

Our archive holds 25 letters from Pender, behind 15 investment theses and positions in 38 companies. Every quote below is copied verbatim from the letter it came from.

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Pender’s own letters page
25
Letters
38
Companies
13
Moves
15
Theses

16 strategies

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

What they bought and sold · 13 moves

  • AddedKraken Robotics Inc.
    August 2026
    “Kraken Robotics 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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  • AddedMDA Space Ltd.
    August 2026
    “MDA Space Ltd. (MDA) Add Increased position size on share price weakness.”
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  • AddedTelesat Corp.
    July 2026
    “we added to our Telesat position in anticipation of a positive announcement related to an agreement in principle to provide Ka-band connectivity to the Canadian Armed Forces, which came to fruition early in the month.”
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  • ExitedKneat.com Inc.
    July 2026
    “Kneat.com Inc. (KSI) Sold Sold following takeout by Thoma Bravo.”
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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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  • AddedARTG
    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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  • ExitedBlackline Safety
    July 2026
    “Sold position following the take private transaction.”
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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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  • TrimmedRivian Holdings LLC
    July 2026
    “We used the decline in share price to opportunistically cover most of our short position.”
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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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  • 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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Companies held · 38

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

Theses · 15

  • Blue Moon Metals Inc.
    July 2026

    Blue Moon Metals Inc. is a critical-minerals company that the fund believes can benefit from strong structural demand and constrained supply.

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  • 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.

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  • 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.

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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.

    Read the full thesis

Letter archive · 25

2026

2025

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