PenderFund

Cash as a Strategic Asset Class

Written on . Posted in Investment Insights

At Pender, we are often asked about our cash levels because it fluctuates over time depending on the individual Fund mandate and the opportunity set. One of the common misconceptions regarding some Pender mandates is that most outsiders think we have generated good risk-adjusted returns despite holding cash. However, we are of the view that good risk-adjusted returns have been achieved because of the opportunistic deployment of cash over the cycle. Without that cash, it would be impossible to deploy capital when individual stocks drop and “fat pitches” suddenly become available, or when the market enters one of its recurring corrections and great opportunities become more widespread.

Continue Reading

A Better Way in Fixed Income

Written on . Posted in Investment Insights

There is no longer an “easy button” in fixed income whereby investors can earn relatively high real returns from invested instruments guaranteed by the government. While most investors still construct their portfolio with a mix of “ballast” and “earners” (fixed income and equities), many no longer expect to earn meaningful returns from their fixed income allocation. However, we believe that it can be done. Moreover, we believe that there should be a healthy part of investor portfolios assigned to credit instruments that can protect their principal well, while adding to the overall return of their portfolio. Investors no longer have to depend on equity markets to carry the full weight of their return expectations.

Continue Reading

2016 – Summary of Performance and Process

Written on . Posted in Investment Insights

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

The Pender Edge: What factors give us an advantage?

Written on . Posted in Insights & Ideas, Investment Insights

Download PDF

We take a private equity approach to public markets

We research potential holdings as if we were buying an ownership stake in the business, not just the stock. We take a deep look at financials, risk factors, the industry, competition and the management team. We also determine how we can exit the position by estimating a present and projected range of intrinsic value.

Continue Reading

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The indicated rates of return are the historical annual compounded total returns including changes in net asset value and assume 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. This content is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter and is provided for your information only. Every effort has been made to ensure the accuracy of its contents.