Press Release: PenderFund Capital Management Ltd. Announces Changes to the Investment Objectives of Pender Global Focused Fund (formerly Pender US All Cap Equity Fund) and Pender Special Situations Fund (formerly Pender Strategic Investment Fund)
Vancouver, B.C., June 25, 2021 – PenderFund Capital Management Ltd. (“Pender”), as Manager of Pender Global Focused Fund (formerly Pender US All Cap Equity Fund) (“PGFF”) and Pender Special Situations Fund (formerly Pender Strategic Investment Fund) (“PSSF” and collectively with PGFF, the “Funds”), announces the implementation of changes to the fundamental investment objectives of each of the Funds, along with additional associated changes.
Changes to Pender Global Focused Fund
Effective today, the following changes to PGFF’s fundamental objectives were implemented, which changes were approved by unitholders of PGFF at a special meeting of unitholders held on May 20, 2021, as announced on May 20, 2021.
Prior Fundamental Investment Objectives | New Fundamental Investment Objectives |
The primary objective of the Fund is to achieve capital growth over the long-term. The Fund also aims to provide moderate income to its unitholders, while being sufficiently diversified to mitigate volatility. The Fund will invest primarily in US securities but may also invest in Canadian and foreign securities. | The primary objective of the Fund is to achieve capital growth over the long-term. The Fund will invest primarily in securities listed on North American stock exchanges but may also invest in foreign and other securities. |
Further, as announced on May 20, 2021, in connection with the above noted change to PGFF’s investment objectives, the following additional changes were made effective today:
- PGFF changed its name from “Pender US All Cap Equity Fund” to “Pender Global Focused Fund”; and
- Certain associated amendments were made to PGFF’s investment strategies in order to implement the new investment objectives of PGFF.
Changes to Pender Special Situations Fund
In addition, effective today, the following changes to PSSF’s fundamental objectives were implemented, which changes were approved by a resolution of the sole unitholder of PSSF on May 25, 2021.
Prior Fundamental Investment Objectives | New Fundamental Investment Objectives |
The Fund’s objective is to achieve long-term capital appreciation by investing primarily in Canadian securities. The Fund may also invest a portion of its investment portfolio in securities outside of Canada. Assets in the Fund may also be held in cash or other securities to the extent that the economic, market, or other conditions make it appropriate. | The Fund’s objective is to achieve long-term capital appreciation by investing primarily in Canadian and US equity with the ability to also invest in debt and other securities. The Fund seeks to identify investment opportunities that are believed to represent special situations. |
Further, in connection with the above noted change to PSSF’s investment objectives, the following additional changes were made effective today:
- PSSF changed its name from “Pender Strategic Investment Fund” to “Pender Special Situations Fund”; and
- Certain associated amendments were made to PSSF’s investment strategies in order to implement the new investment objectives of PSSF.
Additional information regarding each Fund’s current fundamental investment objectives and investment strategies is provided in the simplified prospectus, annual information form and fund facts for the Funds, in each case dated June 25, 2021. Copies of which are available on SEDAR at www.sedar.com.
About PenderFund Capital Management Ltd.
Pender was founded in 2003 and is an independent, employee-owned investment firm located in Vancouver, British Columbia. Our goal is to protect and grow wealth for our investors over time. We have a talented investment team of expert analysts, security selectors and independent thinkers who actively manage our suite of differentiated investment funds, exploiting inefficient parts of the investing universe to achieve our goal. For more information on Pender and for standard performance information on our funds, please visit www.penderfund.com or www.fondspender.com.
Please read important disclosures at www.penderfund.com/disclaimer. For further information please contact:
Melanie Moore Toll Free: 1-866-377-4743
Vice President of Marketing mmoore@penderfund.com
