Fulcra Asset Management Inc.

Matthew Shandro

Mr. Shandro is the principal of Fulcra Asset Management Inc (Fulcra) which is the portfolio advisor
to the Pender Corporate Bond Fund and the fixed income portion of the Pender Balanced Fund. Fulcra is an investment management firm dedicated to the absolute return performance of clients' assets.
 

Philosophy

Fulcra Asset Management has a philosophy and expertise complementary to Pender's. Like Pender it intensively researches investment opportunities, seeking undervalued companies with the potential for significant capital appreciation.
 

Experience

2009                                    Established Fulcra Asset Management Inc. based in Vancouver, B.C.

2006 to 2008                       Portfolio manager at Great Pacific Capital Corp. a subsidiary of Jim Pattison Ltd.

2003 to 2006                       Co-manager of the CI Investments Signature High Income Fund.

2003                                    Lead Portfolio manager for CI Investments high yield corporate bond portfolio.

2002 to 2003                       Associate portfolio manager with Marret Asset Management a credit-oriented fixed income
                                            management firm where he began implementing alternative credit strategies.

1997 to 2002                       High yield analyst with Deans Knight Capital Management.

1995 to 1997                       Equity analyst for First Marathon Securities covering small to middle capitalization companies
                                             located in Western Canada.

1994 to 1995                       Equity analyst in Bangkok, Thailand.

1993                                    Began his career with Marathon Brokerage.

Performance

While at CI Investments between September 2003 and July 2006, the multi-billion dollar Signature High Income Fund which Mr. Shandro co-managed achieved a 20.2% annualized return (net of fees) and in 2004 it was named "Canadian Income Trust Fund of the Year".