Fellow Unitholders, I started drafting this commentary soon after quarter end, but then we were immediately presented with some interesting volatility in equity markets, so I put my pen down and went bargain hunting. Now, […]
Articles by David Barr
At Pender, we see three sources of potential competitive advantage for investors today, analytical, behavioural and organisational, or cultural. In our day to day, we spend a large percentage of our research time trying to […]
After some exciting volatility in Q1, Q2 was a return to market complacency, lower volatility and stocks going up. This was a tailwind for our equity portfolios, as performance was strong in the quarter. Enough […]
Increased Volatility and Continued Underperformance by Canadian Indices The Moment We’ve All Been Waiting For That was an interesting quarter. One thing didn’t change: Canada is out of favour. Canadian indices continued their lacklustre performance. […]
Who is the better hockey player? Wayne Gretzky or Sidney Crosby. Since the teams I usually cheer for have demonstrated a complete inability to compete for the Stanley Cup this year, I’m left to ponder […]
Building a business is hard. This is the reality for many CEOs. Just look at some of the most successful companies today. Facebook was confronted with questions on its ability to monetize its network post […]
As active managers we are trying to build a portfolio of companies within our strategies that can provide strong, long term, risk adjusted returns for our investors. One of our key tenets is to find […]
Pender Book Review: The Manual of Ideas: The Proven Framework for Finding the Best Value Investments
I read The Manual of Ideas a few years ago, but gave myself a refresher over the summer. I am currently at Latticework, an event put on by The Manual of Ideas community, where leading […]
We are well into summer now, our favourite time of year for taking a step back and reading about bigger picture topics that deepen our investing skill set. Halfway through the year we can assess […]
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 […]
When talking to investors today, the questions we hear quite frequently revolve around one central theme – are markets expensive? We spend the majority of our time trying to figure out if an individual company […]
That was an interesting quarter to say the least. Our small cap positions were strong beneficiaries of the post US election rally. We would like to take credit for positioning the portfolio for this event […]
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 […]
The winners keep on winning and the losers…. We had a strong quarter in our small and mid-cap universe as stock prices continued to rebound from the lows of Q1. As bottom-up stock pickers we […]
“If it doesn’t challenge you, it doesn’t change you.” Fred DeVito In August David Barr, Pender’s President and CEO, completed the Haute Route. A seven day cycling race through the French Pyrenees from the west […]
“I run on the road, long before I dance under the lights.” Muhammad Ali In less than a week Dave Barr will set out to achieve his latest goal. To participate in the challenging Haute […]
We’ve had an exciting start to the year. We started off with a big drawdown in energy markets and now, at the midpoint of the year, major indices are hitting highs and everything is fine. […]
Roller Coasters and Small Cap Stocks That was an exciting first quarter. Markets started the year in a steep downturn that was far less thrilling and much more stressful than a roller coaster. The TSX […]
2015 was a challenging year with not a lot of places to hide. Our performance was strong to start the year, supported by market appreciation in some of our key holdings. We were actively trimming […]
We are business analysts. When we meet with fellow unitholders to talk about our investment process, we focus on our role as business analysts and how our private equity background complements this. The reason is […]
The second quarter was met with some volatility in the Canadian markets, but we are glad to report the Fund performed positively. The Pender Small Cap Opportunities Fund returned a positive 3.90%1 vs the benchmark […]
The end of June was the two year anniversary of the Fund’s inception. We would like to thank all our fellow investors who have participated with us in the early years of this Fund. We […]
We are proud to provide the first manager’s commentary for the Pender Select Ideas Fund, launched in September 2014. The Fund’s mandate is to employ a variety of investment strategies to build a concentrated portfolio […]
When people look at our portfolios they see our overweight allocations in technology and they quite often ask us if we run technology funds. The quick answer is our funds are not technology funds and […]
The Fund started the year with positive performance, returning 7.26%1 over the last three months, and outperforming its benchmark which returned 6.59%2. Performance was driven by three of our key holdings, Nobilis Health (formally Northstar), […]
The Fund started the year on a positive note, returning 9.94%1 over the quarter compared to the benchmark return of 2.59%2. Performance was driven by Nobilis Healthcare (formally Northstar Health) and Absolute Software, both of […]
Our Fund ended the year with an excellent quarter. It was up 13.85%1 compared to 5.48% for the benchmark2. Again, the performance of the Fund was largely driven by the performance of key holdings including […]
Our Fund ended the year with an excellent quarter. It was up 15.05%1 compared to 0.30% for the benchmark2. Again, the performance of the Fund was largely driven by the performance of key holdings including […]
Canadian and US markets were relatively flat during the quarter and the Fund performed similarly. The Fund returned 1.10%1 compared to the benchmark2 returning 2.81%. Returns were predominantly currency gains for both the Fund and […]
Fellow Unitholders, Canadian and US markets were relatively flat during the quarter and the Fund performed similarly. It was down 0.29%1 while the benchmark was down 0.59%2. Volatility creates opportunity for those who are actively […]
Ted Williams played major league baseball for the Boston Red Sox for 19 years between 1939 and 1960 and went on to manage the Washington Senators and the Texas Rangers. Nicknamed “The Greatest Hitter Who […]
The Fund has now passed its five year milestone and we are pleased to announce 5 year returns of 21.19%1 as compared to benchmark returns over the same period of 10.90%2. We believe that long […]
We have passed the one year anniversary of the inception1 of the Fund and are pleased to announce that the one year return was 35.46%2 as compared to the benchmark which was 26.47%3.
We now have our first three quarters under our belt and things have progressed nicely for the Fund. Units that were initially priced at $10.00 were valued at $13.27 at March 31, 2014.
Following up on the Funds strong performance in 2013, your Fund was up 4.77%1 in the first quarter compared to 6.07% for the benchmark2. As a result of the strong performance of the Fund and […]
We have our first two quarters under our belt and things have progressed nicely for the Fund. Units that were initially priced at $10.00 were valued at $12.18 at December 31, 2013.
Our Fund ended the year with an excellent quarter. It was up 13%1 compared to 7.3% for the benchmark2. Again, the performance of the Fund was largely driven by the performance of key holdings including […]
Williams came up with three rules to hit by that I think translate very well to value investing. There are two things I look forward to every year end. Spending time over the holidays with […]
The Pender Small Cap Opportunities Fund turned in another strong quarter. It was up 8.39%1 compared to 6.26% for the benchmark2.
Following up on the Fund’s strong performance in 2012, your Fund1 was up 8.45%1 in the second quarter compared to -0.88% for the benchmark. Last year, the Fund’s performance was assisted by several of the […]
After four years of successfully managing the Pender Small Cap Opportunities Fund, we are launching the Pender Value Fund in order to take advantage of opportunities that arise within our circle of competence but are […]
Following up on the Funds strong performance in 2012, your Fund was up 4.68%1 in the first quarter compared to 3.34% for the benchmark.
2012 was a fantastic year for the Fund. It was up 31.29%, compared to the S&P/TSX Capped Composite Total Return Index which was up 7.18% for the year and the S&P Small Cap Index down […]
Good quarter, bad quarter, good quarter… sounds ominous for the fourth quarter. The S&P/TSX Capped Composite Total Return Index was up 7.02% in the third quarter. The Fund1 lagged the index by 2.54% for the […]
After a strong start to the year, the global macro picture was too much to bear and markets sold off in the second quarter. The S&P/TSX Capped Composite Total Return Index was down -5.68% for […]
Well, that is certainly preferable to last year’s volatility and market performance. The markets are off to a much better start this year with the S&P/TSX Composite Index up 3.66% in the first quarter. The […]
