Pender Equity PM Series: The Case for US Small & Mid Cap Equities

Rising gas demand, Canada's growing LNG export capacity, and why building infrastructure at a competitive cost may matter more than demand in deciding Canada's energy future. AI data centers, reshoring and energy security are driving up global energy demand. Meeting that demand takes physical infrastructure: power generation, transmission lines, pipelines and LNG terminals. In this episode of the Pender Podcast, host Laura Baker talks with Shaz Merwat, Energy Lead with RBC's Economics and Thought Leadership team, about what needs to be built over the next decade and what it means for oil, natural gas and Canada's place in the global energy system.

The return of the physical economy, the copper and power bottlenecks shaping the next commodity cycle, and why scarcity, security, and shifting policy are bringing Canada's energy and critical minerals advantage into focus. In this episode of the Pender Podcast, host Laura Baker sits down with Heather Exner-Pirot, Senior Fellow and Director of Natural Resources, Energy and Environment at the Macdonald-Laurier Institute, to explore why AI, electrification, and energy security are driving a return of the physical economy. They discuss the copper and power bottlenecks shaping the next commodity cycle, why new supply takes so long to build, and how Canada's shifting policy backdrop is strengthening its position as a resource leader.

Identifying specific, evidence-backed catalysts that can unlock value In this episode of the Pender Podcast PM Series, host Laura Baker sits down with Amar Pandya, Portfolio Manager of the Pender Alternative Special Situations Fund, to unpack what makes special situations investing distinct from traditional stock picking. They discuss why market inefficiency persists in small and mid cap companies, how to distinguish a genuine catalyst from a compelling narrative, and the four buckets Amar uses to categorize special situations opportunities across the portfolio.

How the AI Infrastructure Boom is Reshaping the Case for Small and Mid Cap Equities In this episode of the Pender podcast, Aman Budhwar, Portfolio Manager of the Pender US Small/Mid Cap Equity Fund, sits down with host Laura Baker, Associate Client Portfolio Manager, to explore why the AI story extends far beyond the mega caps and how small and mid-cap equities can offer an alternative way to participate in its growth. They discuss the record concentration driving the S&P 500 and Nasdaq, the valuation and growth divergence between large and small/mid cap companies, and how "picks and shovels" businesses in data center infrastructure are positioned to benefit from the AI capital investment boom.

Lessons and opportunities as the Fund approaches its three year anniversary As the Pender Credit Opportunities Fund approaches its three-year anniversary, Lead Portfolio Manager, Fixed Income Geoff Castle and Associate Portfolio Manager, Parul Garg join host Laura Baker to reflect on the fund's journey since launch. This episode breaks down how stressed and distressed credit works, how they find and size opportunities, and why Pender's established credit platform gives this fund a structural edge.

When perceived advantages don't always equate to results. In the third episode of Pender's World Cup Series, Senior Equity Analyst Felix Narhi joins host Laura Baker to explore why being the favourite can become a liability and what underdog teams like Cabo Verde and Team Canada reveal about the structural advantages of playing with freedom, finding mispriced bets, and building a culture that outlasts any strategy.

In the second episode of Pender's World Cup Series, Senior Equity Analyst Felix Narhi joins host Laura Baker to explore why copying a winning strategy is often the fastest path to failure and what Team Canada's secret weapon reveals about finding your own irreplicable edge in soccer, business, and investing.

What soccer can teach us about investing. In the first episode of Pender's World Cup Series, Senior Equity Analyst, Felix Narhi joins host Associate Client Portfolio Manager, Laura Baker to explore what soccer's penalty kick paradox can teach investors about the bias for action and why, in markets and on the field, the hardest decision is often choosing to do nothing.

Rethinking Diversification in a Correlated World Pender's CIO and Portfolio Manager, Greg Taylor spoke with Associate Client Portfolio Manager, Laura Baker to discuss how the Pender Alternative Multi-Strategy Income Fund and the newly launched Pender Alternative Multi-Strategy Growth Fund are built to diversify return drivers, not just holdings, in a market where equities and bonds increasingly move together. A conversation on portfolio construction, liquid alternatives, and finding a smoother ride to your investment goals.

Dispersion, Discipline, and Downside Protection in an Overcrowded Market In a market dominated by mega-cap concentration and AI-driven narratives, this episode explores the overlooked opportunity set within US small and mid cap equities. Portfolio Manager, Aman Budhwar spoke with Associate Client Portfolio Manager, Laura Baker on his disciplined, bottom-up investment framework, focused on sustainable competitive advantages, strong capital allocation, and downside protection. The conversation offers a compelling case for active management in a market rich with mispricing, where careful research and long-term thinking can uncover durable compounders beyond the headlines.