I recently read The Undoing Project: A Friendship That Changed Our Minds by Michael Lewis. When Lewis presented at the CFA Society Vancouver 50th Anniversary Dinner in November 2015, he mentioned that he was working on a book featuring the collaboration between Israeli psychologists, Daniel Kahneman and Amos Tversky. I had previously read Kahneman’s book Thinking, Fast and Slow and was excited to read about how he and Tversky had developed some of the ideas that led to that book.Continue Reading
The Pender Corporate Bond Fund returned 1.3% in January. This was a good, if unspectacular, result. Driving our returns in January was the increase in price of a number of discounted bonds, combined with our earning regular interest coupons. The proportion of returns was split roughly evenly between these two factors.Continue Reading
Congratulations to the Pender Investment Team and Portfolio Managers David Barr and Felix Narhi. Fundata Canada Inc has awarded two of Pender’s funds a FundGrade A+ Award for 2016.
The awards were presented in Toronto on January 25, 2017 and recognise “Canadian investment funds that have maintained an exceptional performance rating over the entire previous calendar year.”Continue Reading
Stocks rarely perform in the time frames we predict, which is why the market works best for investors who have a long-term portfolio focus. Volatility in short-term returns, especially with the relatively concentrated strategies we deploy, comes with the territory and we don’t place too much emphasis on it in any given year. Nevertheless, despite a bumpy ride as various macro events shook the markets, 2016 was a great year for Pender.Continue Reading
At the time of writing, David Barr’s track record for picking small cap take-out1 targets stands at 40 portfolio holdings taken out since the Pender Small Cap Opportunities Fund was launched (June 2009). In just over seven years, that averages out to around one every two months.