PenderFund

EnerNOC – A Double-Take

Written on . Posted in Featured Company, Pender Blog

A first for Pender as a company held in both our Equity and Fixed Income portfolios gets taken out.

Demand-side energy management firm, EnerNOC, has announced it is being acquired by Enel Group, a European utility operator. The company was held in both the Pender Corporate Bond Fund and the Pender Value Fund, and this investment showcases the unique cross-over approach of the Pender investment team.

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Pender’s Summer Holiday Reading List 2017

Written on . Posted in Book Reviews, Pender Blog

Summertime is a slower time of year for travel for us. Fewer companies to see, conferences to attend or clients to meet with. This gives us the opportunity to use this time to dive deeper into areas or topics that can “sharpen the investing knife”. This summer there are a couple of books on our list that are relevant to the current market environment.

We have signed up with Amazon.ca so that any time one of the books featured is purchased using the embedded links, Pender’s portion of the profits will be donated to the Vancouver Food Bank.

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Whole Foods – Amazon’s big move into the grocery value chain

Written on . Posted in Featured Company, Pender Blog

Whole Foods (NASDAQ: WFM) is the second announced takeout of a top five Pender Value Fund holding last quarter (following the Panera deal – see our blog post). WFM is also a holding in the Pender US All Cap Equity and the Pender Strategic Growth & Income Funds. But unlike PNRA, we are pleased about this announcement.

WFM is a great company, but in our view, as an independent entity, it was no longer a compounder because its best growth days were in the rear view mirror. Nevertheless, we are always on the lookout to buy a cheap stock if we believe it can reach its fair value in a timely fashion and provide a reasonable return. WFM was an attractively priced stock because the company was going through some challenging times. Ultimately, we believed that either management would be able to fix the issues, or someone else would. That “someone else” is now Amazon.

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Pender Book Review: Billion Dollar Lessons by Paul Carroll and Chunka Mui

Written on . Posted in Book Reviews, Pender Blog

As someone who loves to read, choosing the next book is always exciting. Since there are more books on my reading list than I’ll ever be able to read, I use two criteria to guide me in my selection: 1) is it an interesting read, and 2) are there some key takeaways that will influence us as investors? Of course point number two doesn’t always apply to vacation reading!

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Capital Preservation and Probabilities

Written on . Posted in Investment Strategy, Pender Blog

We’ve been asked a lot over the past week about whether or not we have exposure to certain headline housing stocks in our equity portfolios. Fortunately, the answer is no. We think this is a good opportunity to highlight some of the key aspects of our investment strategy and why we shied away from stocks in the non-prime housing market.

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