Felix Narhi is a Senior Equity Analyst, with a dedication to deep research and uncovering new “best ideas” that will benefit Pender’s equity portfolios.
Felix has been a Portfolio Manager on a number of Pender’s funds and was Pender’s CIO from April 2016 (as Co-CIO until April 2017) for over eight years during which time Pender grew assets from approximately $400 million to $3 billion and was recognised with multiple industry awards. In June 2024 he stepped back from the position to return to focusing on investing.
Prior to joining Pender in July 2013, Felix spent over nine years at an independent and value-oriented investment firm in Vancouver. As a Director and Senior Equity Analyst, he contributed thought leadership and primarily US equity ideas to the company’s Model Portfolio, a concentrated equity portfolio that has outpaced North American benchmarks since its inception in 1994.
Felix holds a Bachelor of Commerce degree from the University of British Columbia. He earned his Chartered Financial Analyst (CFA) designation in 2003 and is a member of CFA Vancouver.
Felix advocates a business-like approach to investing. Sound investing is the process of determining the value underlying a security and then buying it at a considerable discount to that value. The greatest challenge is to maintain the necessary balance between patience, emotional fortitude and discipline to only buy when prices are attractive and to sell when they are dear, while avoiding the short-term “noise” that consumes most market participants.
“Trade wars are good, and easy to win.” – Trump (Tweet, March 2, 2018) The Fund returned -3.9%[1] in Q1, driven by underperformance of our equity positions Trump's 'Liberation Day' shattered market stability, replacing order with chaos and short-termism Asset Allocation: 54.6% in equities / 45.4% in fixed income, liquid alternatives, cash Dear fellow unitholders, […]
“The future ain't what it used to be” – Yogi Berra Highlights Fund returned 3.0% in Q4 and 20.6% for 2024; 5-year milestone crossed w/ top decile performance. Rotated tactical allocation to defensive undervalued equities: 5 equity additions and 5 exits. Higher defensive positioning: Record liquid alts, new healthcare equities, high cash levels Dear Fellow […]
"Luck is random, but the ability to capitalize on luck isn't necessarily random.” - Mari Kuraishi Highlights Fund returned 7.8%, with notable contributions from small cap equity and real-estate holdings First Fed reduction in borrowing costs since March 2020, increasing appetite for risk assets Added two new equities: Services provider Calian Group Ltd. and real […]
As published in CFA Institute Enterprising Investor on July 29, 2024. How confident are you in what you know? In 2002, Donald Rumsfeld, U.S. Secretary of Defense spoke these, now-famous, words during a Pentagon briefing: “As we know, there are known knowns; there are things we know we know. We also know there are known […]
"The only difference between a salad and garbage is timing." - Andrew Lo, MIT Professor Highlights The Fund returned 1.4% in the second quarter of 2024, with notable contributions from Pender Corporate Bond Fund (fixed income) and Pender Small Cap Opportunities Fund (small caps). Modest defensive reallocation to specialized fund strategies (Pender Corporate Bond Fund […]
As seen in the Globe & Mail on May 16, 2024 (for subscribers only) In the professional sphere, investment risk is defined in technical terms with mathematical ratios, such as standard deviation, Sharpe Ratio, Beta, R-Squared and so forth. These can be useful tools. In addition, each type of asset class has its own peculiar risks. […]
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