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 VitalHub Corp. (TSX:VHI). VHI is a Canadian healthcare software company that helps health and human services organizations manage clinical information, patient flow, staffing, and operational performance. Its product portfolio includes electronic health records, operational intelligence, and workforce automation solutions, serving more than 1,300 clients across the United Kingdom, Canada, and other markets. The company pursues growth through both product expansion and acquisitions. On November 6, 2026, its Toronto-listed shares closed at C$7.82, an increase of 2.22%, or C$0.17, from the previous session. Its market capitalization was approximately C$495.31 million.
Here’s what PenderFund has to say about VitalHub Corp. (TSX:VHI):
“VitalHub Corp. (VHI) – Was another top contributor in the month. The company reported earnings broadly in line with expectations, crossing the milestone of $100 million in Annual Recurring Revenue (ARR). VitalHub ended the quarter with over $130M in cash, and management announced an NCIB to buy back nearly 5% of shares. Management noted that the company’s strong cash position allows it to pursue both share buybacks and its M&A strategy simultaneously.”
VitalHub announced on November 3 that it would release its third-quarter 2026 results after market close on November 12, followed by an investor call on November 13. Its latest published quarterly results therefore remained those for the second quarter, when revenue increased 33% year over year to C$31.7 million and annual recurring revenue rose 28% to C$101.5 million. Adjusted EBITDA increased 29% to C$8.2 million. The company also completed its acquisition of Buddy Healthcare in July, expanding its patient-care coordination capabilities and Nordic presence, with pro forma annual recurring revenue reaching approximately C$106 million following the acquisition.
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Disclosure: No material interests to disclose. This article was originally published on Global Market Bulletin.
