PenderFund

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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Panera Bread – When News of a Take-Out at a Premium is Bittersweet

Written on . Posted in Featured Company, Pender Blog

As we reflect on the announcement that Panera Bread, a holding in several of Pender’s funds, is about to go private thanks to a takeover by European holding company JAB, we are left feeling somewhat bittersweet. While this development is probably perceived as terrific news by most market participants, we believe some investors with a longer time horizon may feel differently.  So why would the take-out of Panera, at a decent premium, be less-than-ideal news?

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Pender Book Review: The Undoing Project by Michael Lewis

Written on . Posted in Book Reviews, Pender Blog

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.

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2016 FundGrade A+ Awards go to two Pender Funds

Written on . Posted in Other News & Reviews, Pender Blog

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 recognize “Canadian investment funds that have maintained an exceptional performance rating over the entire previous calendar year.”

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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.