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 Deckers Outdoor Corporation (NYSE:DECK). DECK is a footwear, apparel, and accessories company whose brands include HOKA, UGG, and Teva. Its products span performance running shoes, casual footwear, boots, and sandals, with distribution through wholesale partners, company-operated stores, and online channels. This gives the company exposure to both athletic footwear demand and lifestyle spending across international markets. On November 6, 2026, the stock closed at $86.71, a decrease of 1.17%, or $1.03, from the previous session. Its market capitalization stood at approximately $11.57 billion.
Here’s what PenderFund has to say about Deckers Outdoor Corporation (NYSE:DECK):
“Deckers Outdoor Corp. (DECK) – Was a detractor in the month. Despite beating Q1 estimates and raising full-year guidance in July, shares had already come under pressure on margin and tariff concerns heading into August. That pressure was compounded when other athletic footwear/apparel retailers reported disappointing quarters, and the read-through hit the whole group. JD Sports warned of weaker core sentiment, a slow quarter for high-heat footwear products, and deferred backto-school demand, with shares dropping more than 13%. Dick’s Sporting Goods stock fell 30.7% on August 25 (its worst day ever) after Q2 earnings missed and it cut full-year guidance. Despite this sector’s weakness, our thesis on the name hasn’t changed.”
Deckers reported fiscal second-quarter 2027 results on October 22, with revenue rising 3.5% year over year to $1.481 billion. HOKA sales increased 6.8% to $677.2 million, while UGG sales grew 3.5% to $786.4 million. Diluted earnings per share increased 27% to $2.31, although that figure included a $0.28 benefit from tariff refunds and associated interest. Performance varied by channel, with wholesale sales increasing 5.5% while direct-to-consumer sales declined 1.8%. Management raised its full-year earnings outlook to $7.80–$7.95 per share, including approximately $0.52 in benefits related to tariff refunds, and reported $299.3 million in quarterly share repurchases.
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Disclosure: No material interests to disclose. This article was originally published on Global Market Bulletin.
