PenderFund

Pender Canadian Opportunities Fund

The Pender Canadian Opportunities Fund (formerly the Pender Cdn Equity Fund) is focused on finding undervalued, unfollowed Canadian equities with no market cap constraints. The manager focuses on uncovering market-leading businesses with a distinct competitive edge that have the potential to generate long term capital appreciation. This is sometimes reflected in a higher weighting in the technology sector, with very little resource exposure generally. After deep fundamental analysis those businesses with attractive economic characteristics are purchased at a discount to our estimate of intrinsic value to build out this concentrated portfolio.

  • David BarrPortfolio Manager

    • David Barr

      Mr. Barr is the President and CEO of Pender. 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.

    • Manager’s Quarterly Commentary – David Barr – Q1 2017

      When talking to investors today, the questions we hear quite frequently revolve around one central theme – are markets expensive? We spend the majority of our time trying to figure out if an individual company is trading at a good price and, while our team has grown over the years, we still don’t have the resources to have an opinion on every stock and hence the “market” as a whole. Download the full commentary That being said, major indices have done well since the financial crisis and as they continue to push forward, we definitely see industry sectors where we are uncomfortable with current valuations, as well as individual securities that we wouldn’t touch with a ten-foot pole. When we look at it probabilistically, we can see scenarios where stocks continue to increase in value and scenarios where stock prices fall. At this point in time, we believe that the probability of a downturn in the market warrants a more conservative approach to allocating capital in our portfolios. Which brings us to what we are doing in the portfolios. We have been building up cash. Either from the outright sale of companies that are fully valued or from decreasing the position size of ... Continue Reading

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in net asset value and assumes reinvestment of all distributions and are net of all management and administrative fees, but do not take into account sales, redemption or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.