PenderFund reopens Small Cap Opportunities FundBy The IJ Staff | January 14 2019 09:30AM
PenderFund Capital Management announced Jan. 11that it is opening two classes of the Pender Small Cap Opportunities Fund. The Fund was capped in early 2015 when it had reached capacity.
Pender says it now believes that “market circumstances now make it possible for the Fund to deploy additional capital.”
Class B and Class G units will be sold through prospectus and will be available to all investors through Fundserv. These classes will remain open for a limited time until $50 million of additional capacity has been achieved, says the company.
"We originally capped the small cap fund to maintain the existing opportunity set," said David Barr CFA, Portfolio Manager of the Fund. "However we are seeing a lot of opportunities in small and micro cap Canada, and we have been deploying capital which has taken our cash balance down. In addition, the recent downturn in the US small and microcap tech market has expanded our opportunity set in the US, increasing our ability to deploy capital prudently. Given current markets, this is a good time to be deploying capital as we can continue to take advantage of the many wonderful ideas we are finding."