PenderFund Capital Management Ltd.

• Pender US Small/Mid Cap Equity Fund Manager’s Commentary, July 2026 ↗ Amazon’s accelerating AWS demand and long-lived data-centre infrastructure underpin the fund’s view that AI capital spending can earn attractive returns despite near-term volatility. The portfolio emphasizes smaller companies benefiting from power, cooling, compute and grid-investment demand, including Generac, Fluor, Modine and Microchip. JULY 2026 AMZN $2.8T
• Pender Small Cap Opportunities Fund ↗ Pender Small Cap Opportunities Fund increased cash and equivalents to approximately 18% while preparing to deploy capital if tighter liquidity creates bargains. The team backed Kinaxis’s raised guidance, assessed MDA Space’s CLS acquisition and financing, and retained conviction in Telesat after its Canadian military connectivity contract. July 2026 KXS $3.5BMDA $4.7BTSAT $683M

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