Pender Strategic Growth & Income Fund

The Pender Strategic Growth and Income Fund (formerly the Pender Balanced Fund) is a conservatively managed balanced fund. Our investment team believes that at any point in time, individual securities, sectors or asset classes can become mispriced so the Fund is also designed to be opportunistic. The Pender Strategic Growth and Income Fund has a flexible mandate that can move from 80/20 to 20/80 fixed income/equity. It looks for securities with the best risk/return balance, regardless of whether that is through capital appreciation or income.

  • Felix NarhiPortfolio Manager

    • Felix Narhi Felix Narhi

      Mr. Narhi is the Chief Investment Officer of Pender, responsible for setting Pender’s investment direction. He is the Portfolio Manager of the Pender US All Cap Equity Fund and the Pender Strategic Growth and Income Fund, and Co-Manager of the Pender Value Fund.

      Prior to joining Pender in July 2013, Mr. Narhi spent over nine years at an independent and value-oriented investment firm in Vancouver. As a Director and Senior Equity Analyst, Mr. Narhi contributed thought leadership and primarily US equity ideas to the company’s Model Portfolio, a concentrated equity portfolio that has outpaced North American benchmarks since its inception in 1994.

      Mr. Narhi holds a Bachelor of Commerce degree from the University of British Columbia. He earned his Chartered Financial Analyst (CFA) designation in 2003 and is a member of CFA Vancouver.

      Mr. Narhi advocates a business-like approach to investing. Sound investing is the process of determining the value underlying a security and then buying it at a considerable discount to that value. The greatest challenge is to maintain the necessary balance between patience, emotional fortitude and discipline to only buy when prices are attractive and to sell when they are dear, while avoiding the short-term “noise” that consumes most market participants.

    • Manager’s Quarterly Commentary – Felix Narhi – Q1 2017 – Part 2

      All we want in life is no competition or an unfair advantage At Pender we sometimes joke that all we want in life is either no competition or an unfair advantage. This is only partly in jest. In truth, virtually all great businesses have unfair advantages – Warren Buffett calls such advantages economic “moats”. Moats are very valuable if they provide a business with the ability to generate sustainably high returns on capital, which creates wealth for its owners. The ideal business is one that uses very little capital, has a defensible business model and can continue to grow at a decent clip. The growth of such a capital-light business generates lots of extra free cash flow every year which is not required in the core business. As an investor, you get a double-barreled compounding effect from this earnings growth – first from the value of the growing business and second from the value of the excess cash which can be used to fund other promising opportunities, repurchase shares or pay out dividends. There are relatively few businesses like that, but this approach describes the business models of many of today’s tech giants including Apple, Google, Facebook, Amazon and Microsoft. As ... 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.