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VANCOUVER, British Columbia, May 28, 2026 (GLOBE NEWSWIRE) — Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months ended March 31, 2026.
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Financial Highlights
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- Net loss was $528,121 for the three months ended March 31, 2026 (March 31, 2025 – net loss of $6,787,305).
- Net loss per Class C common share (“Share”) was $0.08 for the three months ended March 31, 2026 (March 31, 2025 – net loss per Share of $0.95).
- The Company’s total shareholders’ equity decreased by $1,305,622, from $115,404,324 as at December 31, 2025 to $114,098,702 as at March 31, 2026. This decrease was primarily due to a net loss of $528,121 and $777,501 of shares repurchased under the Company’s Normal Course Issuer Bid (“NCIB”).
- Shareholders’ equity was $16.58 per Share as at March 31, 2026 (December 31, 2025 – $16.65).
- 6,882,129 Shares were outstanding as at March 31, 2026 (December 31, 2025 – 6,933,229), representing a decrease of 51,100 Shares as a result of share repurchases under the NCIB, which was renewed on February 20, 2026.
- As at March 31, 2026, 36.4% of the investment portfolio was comprised of publicly listed companies and 63.6% of private companies. Based on Net Asset value, Net Assets were invested 35.3% in publicly listed companies, 61.6% in private unlisted companies, and 3.1% in cash and other assets, net of liabilities.
- Management Expense Ratio (“MER”) before performance fees was 2.71% for the quarter ended March 31, 2026, an increase of 0.27% compared to 2.44% in the first quarter of 2025.
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| PERFORMANCE (Based on Shareholders’ Equity) | 3 Month | 1 Year | 3 Year | 5 Year | Since Inception |
| Class C | -0.4% | 1.5% | 23.3% | 22.0% | 19.2% |
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Portfolio Highlights
During the first quarter, Pender Growth Fund continued to execute its long-term, value-oriented investment strategy, emphasizing concentrated, high-conviction opportunities across both public and private markets.
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Public equity markets in Q1 2026 experienced a mid-quarter pivot, as an initially optimistic start to the year was derailed by the outbreak of conflict involving Iran in late February and continued volatility in the software sector. Investors began to question the sustainability of AI growth amid elevated valuations and potential delays in AI-related infrastructure spending within an increasingly stagflationary environment. Software companies were particularly vulnerable, with certain peer sets seeing index declines of 20% to 25% during the quarter as capital rotated into more defensive names.
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Throughout the quarter, the Company maintained an active approach to portfolio management, continuing to support private investments while closely monitoring valuations and company-specific catalysts within the public equity portfolio.
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The Company remained actively engaged with key portfolio companies during the quarter, including General Fusion Inc., a long-standing private holding. In January 2026, General Fusion announced that it had entered into a definitive business combination agreement expected to result in the company listing on the Nasdaq, with completion anticipated in mid-2026. This development represents a potentially meaningful value realization pathway for shareholders and highlights the Company’s ability to identify, support, and patiently hold transformational private companies as they advance toward significant corporate milestones.
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Turning to the M&A environment, Q1 activity reflected a similar theme of dispersion. Geopolitical tensions and rising volatility created a more cautious environment for smaller deals, while the quarter was simultaneously dominated by megacap activity as the market prioritized larger, high-quality strategic acquisitions over the tuck-in approach prevalent in prior years.
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Turning to public markets, corporate fundamentals remain solid across many sectors, even as the risk landscape has grown more complex. Geopolitical instability, elevated debt levels, political uncertainty, and rapid technological change all warrant careful monitoring. Rather than attempting to forecast every scenario, we remain focused on staying balanced and disciplined. Quality businesses have historically demonstrated greater resilience than the broader market during periods of stress, and we remain committed to our investment process carefully analyzing both new and existing opportunities.
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