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
April 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 3.7 5.7 4.0 -8.1 18.8 18.6 1.0 18.5 22.9 4.7 31.3 33.0 23.8 6.6 Class F 3.8 6.0 4.5 -6.9 20.0 19.8 1.3 19.5 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 A Inception 10000 Dec'09 10793 Jun'10 11416 Dec'10 13259 Jun'11 14104 Dec'11 13876 Jun'12 16344 Dec'12 18218 Jun'13 19757 Dec'13 24226 Jun'14 26136 Dec'14 29138 Jun'15 34250 Dec'15 31969 Apr'16 32293
Pender Small Cap Opportunities Fund Holdings
Sector Allocation (%) Information Technology 45.3 Healthcare 14.3 Utilities 6.7 Industrials 6.6 Energy 5.8 Consumer Discretionary 5.3 Diversified Financials 5.1 Telecommunications 3.3 Cash 7.7 Sector Allocation (%) Information Technology 45.3 Healthcare 14.3 Utilities 6.7 Industrials 6.6 Energy 5.8 Consumer Discretionary 5.3 Diversified Financials 5.1 Telecommunications 3.3 Cash 7.7 Geographic Allocation (%) Canada 87.1 United States 12.9 Geographic Allocation (%) Canada 87.1 United States 12.9 Top 10 Holdings Fund (%) TIO Networks Corp. 6.1 QHR Corporation 5.1 Ebix Inc. 4.9 Absolute Software Corporation 4.1 Polaris Infrastructure Inc. 4.1 Medicure Inc. 3.9 Sandvine Corporation 3.5 Espial Group, Inc. 3.3 Terago Inc. 3.3 CanWel Building Materials Group Ltd. 3.2 Total Percentage of Top 10 Holdings 41.7% Total Net Assets of Fund $115,532,535 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 oversees all business activities of Pender’s fund management and venture capital businesses. His focus is on building a leading west coast mutual fund company, offering forward-thinking, value-based products which generate outstanding returns.
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