PenderFund

Pender Growth Fund

The Pender Growth Fund is a closed-end investment fund with a goal of growing the net asset value of the Fund on a per share basis over the long-term. The Fund will utilize its small capital base, closed-end structure and long-term horizon to invest in unique situations; primarily small cap, special situations, and illiquid public and private companies.  The Fund trades on the TSX Venture Exchange under the symbol “PTF”. The Net Asset Value (NAV) is calculated on a weekly basis, however, the shares may trade at a discount or premium to the NAV.  The Fund was selected for inclusion in the 2017 TSX Venture 50, a ranking of top performers on TSX Venture Exchange over the prior year. 

  • Pender Growth Fund Performance

    Performance (%)
    at 28-Feb-17
    1 Mo.3 Mo.6 Mo.1 Yr.3 Yr.5 Yr.YTDSince Inception1
    Common Share NAV*-3.4-5.9-6.9164.758.959.7-3.622.9
    Annual Performance (%)
    2011201220132014201520162017 YTD1
    Common Share NAV"-9.8-72.5660.8-27.3120.1150.9-3.6
    1Since inception date for Pender Growth Fund Class C is August 2010. Performance is calculated based on the Class C Share Net Asset Value of the Pender Growth Fund. This does not reflect the price at which the shares trade on the market.

    Class C Share NAV vs TSXV:PTF Share Price - Since Inception (August 2010)

    DateClass C NAVPTF
    31-Dec-110.510.065
    27-Jan-120.470.065
    24-Feb-120.400.055
    30-Mar-120.420.055
    27-Apr-120.320.07
    25-May-120.240.07
    29-Jun-120.180.03
    27-Jul-120.130.03
    31-Aug-120.090.04
    28-Sep-120.060.04
    26-Oct-120.010.040
    30-Nov-120.130.035
    31-Dec-120.150.035
    25-Jan-130.270.04
    22-Feb-130.120.04
    28-Mar-130.110.025
    26-Apr-130.130.025
    31-May-130.210.02
    28-Jun-130.160.025
    26-Jul-130.130.03
    30-Aug-130.600.025
    27-Sep-130.580.035
    25-Oct-130.470.075
    29-Nov-130.650.05
    31-Dec-131.070.1
    31-Jan-141.140.25
    28-Feb-141.040.135
    28-Mar-140.930.13
    25-Apr-140.830.185
    30-May-140.980.16
    30-Jun-140.940.18
    25-Jul-140.910.185
    29-Aug-140.920.27
    26-Sep-140.910.285
    31-Oct-140.920.165
    28-Nov-140.940.165
    31-Dec-140.780.2
    30-Jan-150.870.205
    27-Feb-151.260.2
    27-Mar-151.340.25
    24-Apr-151.270.22
    29-May-151.330.21
    30-Jun-151.910.3
    31-Jul-151.840.62
    28-Aug-151.820.71
    25-Sep-151.750.78
    30-Oct-151.770.77
    27-Nov-151.810.54
    31-Dec-151.720.74
    29-Jan-161.660.65
    26-Feb-161.570.7
    24-Mar-161.850.84
    29-Apr-162.391.49
    27-May-162.521.41
    30-Jun-162.561.39
    29-Jul-163.921.75
    26-Aug-164.473.05
    30-Sep-164.433
    28-Oct-164.423.07
    25-Nov-164.423
    30-Dec-164.313.04
    27-Jan-174.313.30
    24-Feb-174.333.35
    — Class C NAV 
    — PTF
  • Investment Portfolio at February 24, 2017

    Investments(%)
    Publicly Held Investments6.9
    Privately Held Investments79.2
    Total Cash & Other Net Assets13.9
    Investments(%)
    Publicly Held Investments6.9
    Privately Held Investments79.2
    Total Cash & Other Net Assets13.9
    Top HoldingsFund (%)
    Espial Group Inc.6.4
    BasicGov Systems, Inc.-
    D-Wave Systems, Inc.-
    Navarik Corp.-
    One45 Software Inc.-
    Tantalus Systems Corp.-
    Total Percentage of Publicly Held Investments6.9
    Total Percentage of Privately Held Investments79.2
    Total Cash and Other Net Assets13.9
    Total Net Assets of Fund$17,988,262
  • Pender Growth Fund is a closed-end investment fund invests in opportunities identified by the Pender Investment team. The Fund aims to uncover unique investment situations in small but profitable companies, often in the technology sector. We invest in both public and private companies and look to invest in businesses that have hit an inflection point.

    The Fund has invested in a number of publicly listed businesses with an emphasis on established businesses requiring capital for growth, expansion or restructuring. In each situation, the Fund’s capital has been invested to improve the equity value of the company, through expansion of sales and marketing, investing in new product development or providing capital needed to stabilize operations.

    This approach has the potential to yield attractive returns over time if these companies are able to execute on their business plans and improve their growth and profitability. This strategy is not without risk, however, as companies face both internal and external challenges to their business plans. This aggressive component of the Fund’s investment strategy has been partially offset by also making more traditional investments in later-stage companies that are already well-positioned for growth and where additional capital is used to further expand operations to increase revenue.

    As a closed-end fund, we are able to employ a much longer time horizon when considering an investment which allows us to invest in private companies and take very large positions in both private and public companies. We believe employing a longer time horizon when investing is one of the few real advantages you can have in the market today.

  • David BarrPortfolio Manager

    • David Barr

      Mr. Barr is the President and CEO of Pender. He is also Co-Chief Investment Officer with Felix Narhi, working together in setting the direction for Pender’s overall value-based investment strategy. He is also the Portfolio Manager of several of Pender’s funds.

      In November 2015, the Pender Small Cap Opportunities Fund, managed by Mr. Barr, won a Lipper Fund Award 2015 for Best Canadian Small/Mid Cap Equity Fund over both three and five year performance periods. In November 2016, the Fund once again won a Lipper Award, for Best Canadian Focused Small/Mid Cap Equity Fund over both three and five year periods. The Lipper awards recognize consistent strong risk-adjusted performance relative to their peers.

      Mr. Barr has over 15 years of investment experience. He initially worked in private equity which gives him a unique background to investing capital. At the end of 2007 he became a partner at PenderFund Capital Management Ltd and was appointed Chief Investment Officer with the objective of launching Pender’s mutual fund business. In April 2016 Mr. Barr was appointed President and CEO of Pender upon the retirement of Kelly Edmison.

      Read full biography

      Mr. Barr is Portfolio Manager of the Pender Small Cap Opportunities Fund, launched in June 2009 (now closed), the Pender Value Fund, launched in July 2013 and the Pender Select Ideas Fund, launched in September 2014.

      Read full biography Mr. Barr holds a Bachelor of Science degree from the University of British Columbia and an MBA from the Schulich School of Business. He earned his Chartered Financial Analyst (CFA) designation in 2003 and is an active member of the Vancouver chapter. He is a past President of CFA Vancouver, having also served on its Board of Directors for four years. Mr. Barr is a regular guest on BNN’s Business Day program and has been interviewed for his opinions on small cap, the technology sector and value investing by the Financial Post, The Globe & Mail and other media. In December 2012 Mr. Barr was recognized as one of British Columbia’s “Top Forty Under 40” business leaders by Business in Vancouver. The Pender Small Cap Opportunities Fund has received Fundata’s FundGrade® A+ Award in 2012, 2013, 2014 and 2015.

      Value Investing

      Mr. Barr is an advocate of value investing, a strategy to estimate the intrinsic value of a company before looking to invest in that company with a “margin of safety” or a discount to intrinsic value. Mr. Barr believes that investing in a company well below intrinsic value decreases the risk and sets it up for generating long term performance and this approach forms the basis of Pender’s overall investment strategy, which aims to preserve and grow clients’ capital.

      Contrarian

      In order to execute on his value investing strategy Mr. Barr is a true contrarian. To meet his stringent value investing criteria, he looks for value in unpopular places with a view to reducing risk and finding prices that include a margin-of-safety. He refuses to follow the crowds and is driven to find quality at a discount.

  • News

    February 23, 2017    Pender Growth Fund Inc. Announces Inclusion in the TSX Venture 50
    November 30, 2016    Pender Growth Fund Announces Sale of Portfolio Company, IWG Technologies Inc.
    November 9, 2016    Pender Growth Fund Announces Conversion of Class B Shares and Redemption of All Outstanding Class R Shares
    November 4, 2016    Pender Growth Fund Announces Voluntary Cancellation of Registration under the Small Business Venture Capital Act and Name Change
    August 22, 2016    Pender Growth Fund Announces Agreement to Support Sale of Investee Company
    August 2, 2016    Pender Growth Fund Portfolio Update
    December 15,2015    Pender Growth Fund (VCC) Inc. Updates Status of Redemption
    June 30, 2015    Pender Growth Fund Announces Sale of Investment
    December 11, 2014    Pender Growth Fund Updates Status of Redemptions
    November 12, 2014    Letter To Shareholders
    May 12, 2014    Letter to Shareholders

    To view all Pender Growth Fund press releases, please visit www.sedar.com

  • Board of Directors

    Ian D. Power, Independent Director, Chair of Audit Committee

    Ian Power graduated from the University of British Columbia in 1977 and qualified for his Chartered Accountant designation in 1979. Mr. Power spent several years in public accounting before joining Norsat International Inc. where he rose to the position of Chief Financial Officer before departing in 1993 to become an independent consultant in corporate finance and accounting. Mr. Power was Chief Financial Officer of Strand Capital Corporation, a real estate development finance company focused on the Western United States, from 2002 to 2007. He is currently a director of Radiant Communications Corporation where he is the chairman of the Audit Committee.

    Wendy Porter, Independent Director, Chair of Investment Committee

    Wendy Porter holds an MBA degree from the Schulich Business School at York University. Ms. Porter currently provides consulting and contract services in the areas of strategy, compensation, electronic payments and financial services for national and international clients. Ms. Porter held several senior positions with the Bank of Montreal from 1986 to 2000 and with Moneris Solutions (a joint venture of the Merchant Services Divisions of the Royal Bank of Canada and the Bank of Montreal) during 2000 and 2001. From 2002 to 2004, Ms. Porter was the President of Vital Merchant Services of Sacramento, California. Ms. Porter currently serves on the board of directors of Vivonet Inc. and VersaPay Corp. and assists various technology companies with strategic matters.

    Kelly Edmison, Director

    Mr. Edmison is Chairman of Pender, which he founded in 2002. Prior to founding Pender, Mr. Edmison practiced law for over 20 years, with much of his time focused on representing BC-based technology companies. For the last 15 years he has been a director and officer of a number of successful companies in a variety of sectors, including technology, products and services, and healthcare. Mr. Edmison has a BA in Economics from the University of Toronto and a law degree from Queen’s University.

    David
    Barr, Director

    Mr. Barr is the President and CEO of Pender. He is also Co-Chief Investment Officer with Felix Narhi, working together in setting the direction for Pender’s overall value-based investment strategy. He is also the Portfolio Manager of several of Pender’s funds.

    In November 2015, the Pender Small Cap Opportunities Fund, managed by Mr. Barr, won a Lipper Fund Award 2015 for Best Canadian Small/Mid Cap Equity Fund over both three and five year performance periods. In November 2016, the Fund once again won a Lipper Award, for Best Canadian Focused Small/Mid Cap Equity Fund over both three and five year periods. The Lipper awards recognize consistent strong risk-adjusted performance relative to their peers.

    Mr. Barr has over 15 years of investment experience. He initially worked in private equity which gives him a unique background to investing capital. At the end of 2007 he became a partner at PenderFund Capital Management Ltd and was appointed Chief Investment Officer with the objective of launching Pender’s mutual fund business. In April 2016 Mr. Barr was appointed President and CEO of Pender upon the retirement of Kelly Edmison. 
    Read full biography