PenderFund Capital Management’s Global Small Mid Cap Equity Fund returned 1.4% in August 2026, narrowly beating the MSCI World SMID Cap Gross Total Return USD Index’s 1.3%. It was a photo finish, but a win still counts. The portfolio allocated 42.7% to US equities, 32.4% to Canadian equities, and 13.5% to international equities.
Meanwhile, investors had plenty to keep their blood pressure busy, including inflation readings, rising oil prices, and another round of central bank commentary. Hawkish remarks from Fed Chair Kevin Warsh heightened expectations for a September rate hike, yet US stocks rallied as strong earnings from major technology companies gave the AI trade fresh fuel. Apparently, enthusiasm for artificial intelligence can still compete with anxiety over actual interest rates.
Against that backdrop, PenderFund maintained its long-term approach, concentrating on factors within its control as market volatility and the approaching US midterm elections supplied the distractions. Readers can also explore the fund’s top five holdings for a closer look at its leading positions in 2026.
A copy of Pender Global Small Mid Cap Equity Fund’s August 2026 investor letter can be downloaded here.
In its third quarter 2026 investor letter, PenderFund mentioned Maplebear Inc. (NASDAQ:CART), better known as Instacart. CART is a grocery technology company that connects consumers with retailers through online ordering, delivery, and pickup services. It also provides retailers with e-commerce tools and gives consumer brands advertising opportunities across its platform. This means its business extends beyond delivering groceries to include the technology and advertising infrastructure behind digital grocery shopping. On November 6, 2026, the stock closed at $58.12, an increase of 0.57%, or $0.33, from the previous session. Its market capitalization was approximately $13.75 billion.
Here’s what PenderFund has to say about Maplebear Inc. (NASDAQ:CART):
“MapleBear (Instacart) – Was a top contributor in the month following another solid quarter, with gross transaction value increasing 14% y/y, marking its 10th consecutive quarter of double-digit growth. Advertising revenue increased 16%, and adjusted EBITDA exceeded guidance. The company also highlighted the continued expansion of its retail partnerships beyond traditional groceries, and a deepening commitment to AI to reduce order friction and increase basket sizes.”
On October 29, Instacart announced an agreement to be acquired by DoorDash in a cash-and-stock transaction valuing its equity at approximately $17 billion, with announced consideration of $65 per share. The agreement represents a proposed acquisition rather than a completed transaction. Alongside that announcement, Instacart reported third-quarter revenue of $1.095 billion, up 17% year over year, as orders increased 10% to 91.4 million. Advertising and other revenue rose 23% to $331 million, while net income reached $147 million. Following the acquisition announcement, the company canceled its scheduled earnings call and suspended financial guidance.
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Disclosure: No material interests to disclose. This article was originally published on Global Market Bulletin.
