The Fund has been capped and is now closed to all purchases. Its sister fund, the Pender Value Fund, shares many of the same characteristics and is open to new purchases.
The award-winning Pender Small Cap Opportunities Fund is an opportunistic, concentrated portfolio. The Fund is focussed on undervalued small and microcap companies predominantly in Canada. The Manager is focused on businesses with strong underlying economics and often seeks out special situations, and has a track record of identifying catalysts, where market-leading companies have been acquired. After deep fundamental analysis these businesses are purchased at a discount to our estimate of intrinsic value.
Pender Small Cap Opportunities Fund PerformancePlease rotate your device to better view the content
June 30, 2016
1 Mo. 3 Mo. 6 Mo. 1 Yr. 3 Yr. 5 Yr. YTD Since Inception1 2010 2011 2012 2013 2014 2015 Class A 2.4 10.0 7.1 0.0 20.1 19.4 7.1 19.0 22.9 4.7 31.3 33.0 23.8 6.6 Class F 2.5 10.3 7.6 1.0 21.4 20.6 7.6 20.1 22.8 6.7 32.2 34.3 24.8 8.2 1Since inception date for Pender Small Cap Opportunities Fund is 1 June 2009
Growth of $10,000 since Inception (June 1, 2009)
Date Class F Inception 10000 Jul'09 10250 Aug'09 10600 Sep'09 10654 Oct'09 10620 Nov'09 10270 Dec'09 10800 Jan'10 10720 Feb'10 10480 Mar'10 10840 Apr'10 11960 May'10 11437 Jun'10 11418 Jul'10 11850 Aug'10 11470 Sep'10 11849 Oct'10 12776 Nov'10 12707 Dec'10 13262 Jan'11 13406 Feb'11 14195 Mar'11 14003 Apr'11 13929 May'11 14315 Jun'11 14308 Jul'11 14816 Aug'11 14125 Sep'11 14225 Oct'11 14688 Nov'11 13599 Dec'11 14157 Jan'12 15247 Feb'12 16042 Mar'12 16387 Apr'12 16037 May'12 16177 Jun'12 16729 Jul'12 16877 Aug'12 16937 Sep'12 17513 Oct'12 17776 Nov'12 17639 Dec'12 18707 Jan'13 19123 Feb'13 19324 Mar'13 19651 Apr'13 19874 May'13 20352 Jun'13 20402 Jul'13 21227 Aug'13 21406 Sep'13 22162 Oct'13 22807 Nov'13 23365 Dec'13 25127 Jan'14 25547 Feb'14 26119 Mar'14 26363 Apr'14 26449 May'14 27094 Jun'14 27217 Jul'14 27576 Aug'14 27926 Sep'14 27203 Oct'14 27520 Nov'14 28586 Dec'14 31353 Jan'15 32471 Feb'15 34081 Mar'15 34576 Apr'15 36931 May'15 36758 Jun'15 36154 Jul'15 34919 Aug'15 32807 Sep'15 32996 Oct'15 32906 Nov'15 33240 Dec'15 33925 Jan'16 32432 Feb'16 32367 Mar'16 33111 Apr'16 34382 May'16 35635 Jun'16 36511
Pender Small Cap Opportunities Fund Holdings
Sector Allocation (%) Information Technology 42.7 Healthcare 15.3 Industrials 9.1 Utilities 6.2 Consumer Discretionary 5.9 Energy 5.6 Diversified Financials 4.9 Other Sectors 3.0 Cash 7.3 Sector Allocation (%) Information Technology 42.7 Healthcare 15.3 Industrials 9.1 Utilities 6.2 Consumer Discretionary 5.9 Energy 5.6 Diversified Financials 4.9 Other Sectors 3.0 Cash 7.3 Geographic Allocation (%) Canada 86.5 United States 13.5 Geographic Allocation (%) Canada 86.5 United States 13.5 Top 10 Holdings Fund (%) TIO Networks Corp. 6.9 QHR Corporation 5.6 Medicure Inc. 4.3 Absolute Software Corporation 4.0 Polaris Infrastructure Inc. 3.8 Espial Group, Inc. 3.4 Sandvine Corporation 3.3 Hardwoods Distribution Inc. 3.0 SodaStream International Ltd. 3.0 RDM Corporation 3.0 Total Percentage of Top 10 Holdings 40.3% Total Net Assets of Fund $120,942,353 Pender Small Cap Opportunities Fund - Fact Sheet
Portfolio Manager's In Depth Process
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.
Mr. Barr has over 17 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.
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 recognised 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.
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.
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.
- David Barr