Value Fund – Q1 2023
HIGHLIGHTS At the end of the quarter, small caps were trading at a valuation of 14.5x forward P/E in the S&P 600 Index compared to 19.0x for the S&P 500 Index – a 4.5x discount. […]
May 4, 2023
Articles by David Barr
Small/Mid Cap Dividend – Q1 2023
Written by David Barr
HIGHLIGHTS The Fund ended the quarter down -0.5% compared to the S&P/TSX Composite Index (4.6%) and the S&P/TSX SmallCap Index (4.5%) for the quarter. The indices were helped by their relative higher weight in commodities, […]
April 21, 2023
Small Cap Equity – March 2023
Written by David Barr
HIGHLIGHTS Small-cap stocks have historically traded at a premium to large caps given their higher growth potential. However, we are now in a market when small caps trade at a significant discount to large caps. […]
April 19, 2023
Small but mighty – five reasons why small caps are set to outperform
Written by David Barr
As seen in The Globe & Mail on March 28, 2023 The Globe & Mail: Small but mighty – five reasons why small caps are set to outperform (for subscribers only) Even though small-cap stocks […]
March 28, 2023
Value Fund – Outlook For 2023
Written by David Barr
HIGHLIGHTS Pender Value Fund returned 9.7%[1] in January, following a 4.7% gain in the fourth quarter. Technology holdings now represent the largest sector weight in the portfolio at 37.6% at the end of January, up […]
February 24, 2023
Small/Mid Cap Dividend – Q4 2022
Written by David Barr
HIGHLIGHTS Key positive drivers were Spartan Delta Corp (TSX: SDE), North American Construction Group Ltd. (TSX: NOA), Chorus Aviation Inc. (TSX: CHR) and Exchange Income Corporation (TSX: EIF). A new position is NFI Group Inc. […]
January 23, 2023
Small Cap Equity – December 2022
Written by David Barr
HIGHLIGHTS The Fund had a nice recovery in the fourth quarter with a return of 9.7%. Maxar Technologies Inc. (TSX: MAXR) was a top contributor to the portfolio after private equity firm Advent International made […]
January 18, 2023
Small/Mid Cap Dividend – November 2022
Written by David Barr
Fellow Unitholders, The Pender Small/Mid Cap Dividend Fund (PSMDF) returned a positive 3.6% in November, bringing year-to-date returns to -10.4%[1]. This compares to the TSX Small Cap Index returning -7.3% year-to-date and the TSX Composite […]
December 13, 2022
Small Cap Equity – September 2022
Written by David Barr
Fellow unit holders, The Pender Small Cap Opportunities returned -12.5% in September, bringing returns so far this year to -34.8%[1]. This was a challenging period for the Fund, which was up against a difficult market […]
October 17, 2022
Small Cap Equity – July 2022
Written by David Barr
Fellow unit holders, In a reversal of the weak equity market performance in the first half of the year, markets posted a strong rebound in July. The macro environment was again in focus with a […]
August 25, 2022
Small/Mid Cap Dividend – Q2 2022
Written by David Barr
Fellow Unitholders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth in the coming quarters. Investors […]
July 21, 2022
Value Fund – June 2022
Written by David Barr
Fellow Unitholders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth in the coming quarters. Investors […]
July 20, 2022
Small Cap Equity – June 2022
Written by David Barr
Fellow unit holders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth going forward. Investors have […]
July 13, 2022
Small Cap Equity – Manager’s Commentary – May 2022
Written by David Barr
Fellow unit holders, Equity markets continued to be volatile in May as investors focused on the macro dynamics of rising inflation, rising interest rates and the potential impact on future economic growth. Sentiment has weakened […]
June 23, 2022
Small Cap Equity – Manager’s Commentary – April 2022
Written by David Barr
Fellow unit holders, The selloff in risk assets carried on in April and volatility continued to trend higher. This was driven by growing macro concerns that focused on the outlook for inflation, rising interest rates […]
May 18, 2022
Small/Mid Cap Dividend – Manager’s Commentary – March 2022
Written by David Barr
Dear unitholders, The first quarter of 2022 came to a close with mixed performance in equity markets to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in […]
April 20, 2022
Small Cap Equity – Manager’s Commentary – March 2022
Written by David Barr
Fellow unit holders, The first quarter of 2022 came to a close with mixed performance to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in Ukraine, rising […]
April 20, 2022
Value Fund – Manager’s Commentary – March 2022
Written by David Barr
Fellow unit holders, The first quarter of 2022 came to a close with mixed performance to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in Ukraine, rising […]
April 20, 2022
Small/Mid Cap Dividend – Manager’s Commentary – February 2022
Written by David Barr
Dear unitholders, As investors continue to assess the financial risks related to the conflict between Russia and Ukraine, stock markets ended February on a mixed note. In Canada, the S&P/TSX Composite Index was up 0.3% […]
March 17, 2022
Small Cap Equity – Manager’s Commentary – February 2022
Written by David Barr
Fellow unit holders, As investors continue to assess the financial risks related to the conflict between Russia and Ukraine, stock markets ended February on a mixed note. In the US, the S&P 500 Index (CAD) […]
March 14, 2022
Small/Mid Cap Dividend – Manager’s Commentary – January 2022
Written by David Barr
Dear unitholders, It was a tough start to 2022, with January being one of the worst months ever for broad stock indices, particularly in the US. The large cap S&P 500 Index (CAD) returned -4.7% […]
February 25, 2022
Small Cap Equity – Manager’s Commentary – January 2022
Written by David Barr
Fellow unit holders, It was a tough start to 2022, with January being one of the worst months ever for broad indices and our fund. The Pender Small Cap Opportunities Fund was down 7.8%[1] in […]
February 22, 2022
Value Fund – Manager’s Commentary – January 2022
Written by David Barr
Fellow unit holders, It was a tough start to 2022, with January being one of the worst months ever for broad indices and our fund. The Pender Value Fund was down 7.0%[1] in January, while […]
February 22, 2022
Small Cap Equity – Manager’s Commentary – December 2021
Written by David Barr
Fellow unit holders, The Pender Small Cap Opportunities Fund was down 2.0%[1] in December, lagging large-cap indices such as the S&P/TSX Composite Index and the S&P 500 Index (CAD), which were up 3.1% and 3.5%, […]
January 21, 2022
Small/Mid Cap Dividend – Manager’s Commentary – December 2021
Written by David Barr
Dear unitholders, The Pender Small/Mid Cap Dividend Fund performed well in 2021 – returning 28.7%[1] for 2021 compared to 25.2% for the S&P/TSX Composite Index and 20.4% for the S&P/TSX Small Cap Index. Since the […]
January 21, 2022
Value Fund – Manager’s Commentary – December 2021
Written by David Barr
Fellow unit holders, The Pender Value Fund was down 1.1%[1] in December, lagging large-cap indices such as the S&P/TSX Composite Index and the S&P 500 Index (CAD), which were up 3.1% and 3.5%, respectively. The […]
January 21, 2022
Small Cap Equity – Manager’s Commentary – November 2021
Written by David Barr
Fellow unit holders, The Pender Small Cap Opportunities Fund was up 1.3%[1] in November, outperforming the S&P/TSX Composite Index and the S&P/TSX Small Cap Index, which were down 1.6% and 3.6%, respectively. In the US, […]
December 14, 2021
Value Fund – Manager’s Commentary – November 2021
Written by David Barr
Fellow unit holders, The Pender Value Fund was down 5.2%[1] in November, while the S&P/TSX Composite Index dropped 1.6% and the S&P/TSX Small Cap Index dropped 3.6%. In the US, major indices also lost ground […]
December 14, 2021
Small Cap Equity – Manager’s Commentary – October 2021
Written by David Barr
Fellow unit holders, October was a strong month for equity markets as the appetite for risk returned after a bout of volatility in September. The Pender Small Cap Opportunities Fund participated nicely in the rally […]
November 15, 2021
Pender Value Fund – Manager’s Commentary – October 2021
Written by David Barr
Fellow unit holders, In the month of October, an appetite for risk returned to equity markets and the Pender Value Fund posted a gain of 2.4%[1] in the month. This result trailed large cap indices […]
November 15, 2021
Small Cap Equity – Manager’s Commentary – September 2021
Written by David Barr
Fellow unit holders, September is a seasonally weak month for stock markets and this year was no different. Major indices ended with losses in September – the S&P 500 Index (in Canadian dollars) had a […]
October 18, 2021
Small Cap Equity – Manager’s Commentary – August 2021
Written by David Barr
Fellow unit holders, Over the past year, we have enjoyed the benefits of running concentrated portfolios, as many of our key holdings have performed well in the stock market. August was the opposite of that. […]
September 10, 2021
Small Cap Equity – Manager’s Commentary – July 2021
Written by David Barr
Fellow unit holders, Well, here we go again. Small cap stocks were out of favour in July, lagging large cap stocks. While the S&P 500 Index (in Canadian dollars) rose 3.0% in the month, the […]
August 17, 2021
Small Cap Equity – Manager’s Commentary – June 2021
Written by David Barr
Fellow unit holders, In June we saw a bounce back in tech stocks and the US dollar, which impacted our funds positively, both from a general sector perspective and a currency perspective. The Pender Small […]
July 13, 2021
Small Cap Equity – Manager’s Commentary – May 2021
Written by David Barr
Fellow unit holders, May was a “Buy Canada” month. The S&P/TSX Composite Index was up 3.4% while the S&P 500 (CAD) was down 1.1%. The tech sector was under pressure in May with the Nasdaq […]
June 24, 2021
Small Cap Equity – Manager’s Commentary – April 2021
Written by David Barr
Fellow unit holders, After several months where small cap stocks outperformed large cap stocks, April saw a rotation back to large cap stocks. The Pender Small Cap Opportunities Fund did well, up 5.3%[1] for the […]
May 20, 2021
Small Cap Equity – Manager’s Commentary – March 2021
Written by David Barr
Fellow unit holders, Small cap and technology stocks put the brakes on a little in March after a great run. The Pender Small Cap Opportunities Fund was up modestly by 0.3%[1] for the month and […]
April 13, 2021
Small Cap Equity – Manager’s Commentary – February 2021
Written by David Barr
Fellow unit holders, Even though it had its ups and downs, February was another positive month for small cap stocks. The Pender Small Cap Opportunities Fund gained 9.9%[1] for the month and 17.9% YTD, outperforming […]
March 18, 2021
Small Cap Equity – Manager’s Commentary – January 2021
Written by David Barr
Fellow unit holders, The strong performance of the Pender Small Cap Opportunities Fund during the fall of 2020 continued in December and into the New Year. For December, the Pender Small Cap Opportunities Fund was […]
February 19, 2021
Value Fund – Manager’s Commentary – November 2020
Written by David Barr
Fellow Unitholders, Our holiday wishes came true early this year, in November. The Pender Value Fund had its highest monthly return in its history[1] – an amazing 14.3%[2] for the month, ahead of the S&P […]
December 17, 2020
Small Cap Equity – Manager’s Commentary – November 2020
Written by David Barr
Fellow Unitholders, We had an early holiday wish come true in November. The Pender Small Cap Opportunities Fund had its highest monthly return in history1 – a whopping 19%2 for the month, ahead of the S&P 500 Index (CAD) with 8.1% and the S&P/TSX Composite Index with a 10.6% return. We hope there are more months like […]
December 16, 2020
Small Cap Equity – Manager’s Commentary – October 2020
Written by David Barr
Fellow Unitholders, Stock markets dipped again in October after a broad sell off in September. The S&P 500 (CAD) index lost 2.6% and the S&P/TSX Composite index was down 3.1%. While markets were in negative […]
November 10, 2020
Small Cap Equity – Manager’s Commentary – September 2020
Written by David Barr
Fellow Unitholders, Markets decided to take a pause from their dogged return from March lows this month. In September, the S&P 500 (CAD) was down 1.8% and the S&P/TSX Composite was down 2.1%. Our funds […]
October 19, 2020
Small Cap Equity – Manager’s Commentary – August 2020
Written by David Barr
Fellow Unitholders, August marked the fifth straight monthly gain for major markets. The S&P 500 (CAD) was up 4.4% and the S&P/TSX Composite was up 2.3%, while the Pender Value Fund generated a total return […]
September 17, 2020
Small Cap Equity – Manager’s Commentary – July 2020
Written by David Barr
Fellow Unitholders, We hope you and your families continue to be safe and healthy. July continued where the last couple of months left off. Pender Small Cap Opportunities Fund was up 7.9%, while Pender Value […]
August 12, 2020
The 80’s Oilers or Jacques Lemaire? Finding the Right Balance
Written by David Barr
While we are looking forward to the resumption of the NHL season if it’s done in a safe way, the suspension of the NHL in March meant finding a way to satisfy my 7-year old […]
July 29, 2020
Small Cap Equity – Manager’s Commentary – June 2020
Written by David Barr
Fellow Unitholders, We hope you and your families are safe and healthy. Q2 ended on a much more positive note than Q1, when COVID-19 threw the entire stock market into unprecedented turmoil in March. While […]
July 22, 2020
Evaluating Opportunities in a Period of Disruption
Written by David Barr
The investment world changed dramatically in March. Stable, well run businesses seemingly became impaired in the blink of an eye. When the economy shut down, we immediately devoted a lot of time evaluating balance sheet […]
June 20, 2020
Small Cap Equity – Manager’s Commentary – May 2020
Written by David Barr
Fellow Unitholders, We hope you and your families continue to be safe and healthy. Stock markets continued to push higher in May and small caps led the way this month. The Russell 2000 (CAD) and […]
June 8, 2020
Small Cap Equity – Manager’s Commentary – April 2020
Written by David Barr
Fellow Unitholders, We hope you and your families are safe and healthy in these challenging times. Stock markets made an astonishing rebound in April, making it the best month for the S&P 500 since 1987. […]
May 21, 2020
Small Cap Equity – Manager’s Commentary – March 2020
Written by David Barr
Fellow Unitholders, Before I start, I want to acknowledge the unsettling situation we are all facing. I look around and I see people playing their part to reduce the spread of COVID-19 and that fills […]
April 7, 2020
Manager’s Commentary – February 2020 – David Barr
Written by David Barr
Fellow Unitholders, Welcome to our February monthly commentary – it’s already feeling a little outdated! These are certainly volatile times as we watch markets react to the potential impact of the COVID-19 virus and now […]
March 11, 2020
Manager’s Commentary – January 2020 – David Barr
Written by David Barr
Fellow Unitholders, We had a positive start to 2020 with the Pender Value Fund up 1.0% in January and the Pender Small Cap Opportunities Fund with a gain of 3.7%[1]. During the same time period, […]
February 20, 2020
Manager’s Commentary – December 2019 – David Barr
Written by David Barr
Fellow Unitholders, What a difference a year makes. Or does it? Putting pen to paper (well, fingers to keyboard) for the 2019 year-end commentary, it was interesting to reflect on how things are today compared […]
January 24, 2020
Manager’s Commentary – November 2019 – David Barr
Written by David Barr
Fellow Unitholders, After the strong equity performance in the month of November it brings to my mind the quote, “Please sir, I want some more”. The Pender Value Fund had a positive return of 5.5% […]
December 16, 2019
Manager’s Commentary – October 2019 – David Barr
Written by David Barr
Fellow Unitholders, Fund performance was mixed in October. The Pender Value Fund had a positive return of 1.4% while Pender Small Cap Opportunities Fund had a negative return of 1.4%[1]. During the same time period, […]
November 12, 2019
Manager’s Commentary – September 2019 – David Barr
Written by David Barr
Looking back on the month of September, things may have seemed relatively benign. The Pender Small Cap Opportunities Fund was up 3.1%, while the Pender Value Fund was up 1.5%[1]. These results are pretty much […]
October 15, 2019
Manager’s Commentary – August 2019 – David Barr
Written by David Barr
Fellow Unitholders, August was a tough month for our funds. Both the Pender Value and Pender Small Cap Opportunities Funds had a negative month, down -6.8% and -5.7%[1] respectively. While major indices like the S&P […]
September 16, 2019
Manager’s Commentary – July 2019 – David Barr
Written by David Barr
Fellow Unitholders, At the risk of sounding like a broken record, equity markets continued their upward trend during July with the S&P/TSX index total return of 34 basis points and the Russell 2000 total return […]
August 12, 2019
Manager’s Commentary – Q2 2019 – David Barr
Written by David Barr
Fellow Unitholders, We are happy to report that both the Pender Value and Pender Small Cap Opportunities Funds had positive quarters. The Pender Value Fund was up 5.5%[1] and the Pender Small Cap Opportunities Fund […]
July 16, 2019
Managers Commentary – Q1 2019 – Amar Pandya & David Barr
Written by David Barr
“Well that escalated quickly” Investors may be feeling symptoms of vertigo with the significant volatility exhibited by the market in the last couple quarters. As the headlines almost boastfully state, 2018 capped off the worst […]
June 12, 2019
Manager’s Commentary – Q1 2019 – David Barr
Written by David Barr
Fellow Unitholders, In our last commentary, we started by being thankful that 2018 was in the rear-view mirror and we were looking forward to 2019. It turns out that forces beyond our control have conspired […]
May 16, 2019
How Do Catalysts Form?
Written by David Barr
We have often talked about catalyst-driven investing, specifically in our blog post on Catalysts: Investing in “take-outs”. Another of the catalysts that can motivate a company to sell itself is prolonged stock price underperformance despite […]
February 21, 2019
Managers Commentary – Q4 2018 – Amar Pandya & David Barr
Written by David Barr
A lost decade in the past could be a great setup for the future 2018 was a “terrible, horrible, no good, very bad” year for the S&P/TSX Composite Index which rung in the New Year […]
February 11, 2019
Webinar – Pender Small Cap Opportunities Fund Reopening – David Barr
Written by David Barr
Webinar The Pender Small Cap Opportunities Fund has been reopened. Classes B and G are now available to all investors for a limited time. So why is it a good time to reopen the Fund? […]
January 23, 2019
Manager’s Commentary – David Barr – Q4 2018
Written by David Barr
Fellow Unitholders, Happy New Year. Or should I say good riddance to 2018. Either way, it’s that time of year when we reflect on the previous year. What we can say is that last year […]
January 22, 2019
Manager’s Quarterly Commentary – David Barr – Q3 2018
Written by David Barr
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, […]
November 5, 2018
Book Review: The Clash of the Cultures: Investment vs. Speculation By John C. Bogle
Written 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 […]
August 29, 2018
Manager’s Quarterly Commentary – David Barr – Q2 2018
Written by David Barr
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 […]
July 30, 2018
Manager’s Quarterly Commentary – David Barr – Q1 2018
Written by David Barr
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. […]
April 30, 2018
Manager’s Quarterly Commentary – David Barr – Q4 2017
Written by David Barr
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 […]
January 19, 2018
Pender Book Review: Shoe Dog: A Memoir by the Creator of Nike
Written by David Barr
Building a business is hard. This is the reality for many CEOs including Shoe Dog author Phil Knight. Just look at some of the most successful companies today. Facebook was confronted with questions on its […]
November 3, 2017
Manager’s Quarterly Commentary – David Barr – Q3 2017
Written by David Barr
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 […]
October 31, 2017
Pender Book Review: The Manual of Ideas: The Proven Framework for Finding the Best Value Investments
Written by David Barr
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 […]
September 7, 2017
Manager’s Quarterly Commentary – David Barr – Q2 2017
Written by David Barr
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 […]
August 15, 2017
Pender Book Review: Billion Dollar Lessons by Paul Carroll and Chunka Mui
Written by David Barr
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 […]
May 10, 2017
Manager’s Quarterly Commentary – David Barr – Q1 2017
Written by David Barr
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 […]
May 1, 2017
Manager’s Quarterly Commentary – David Barr – Q4 2016
Written by David Barr
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 […]
February 27, 2017
Pender Book Review: The Undoing Project by Michael Lewis
Written by David Barr
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 […]
February 7, 2017
Manager’s Quarterly Commentary – David Barr – Q3 2016
Written by David Barr
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 […]
October 19, 2016
Manager’s Quarterly Commentary – David Barr – Q2 2016
Written by David Barr
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. […]
August 2, 2016
Manager’s Quarterly Commentary – David Barr – Q1 2016
Written by David Barr
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 […]
April 29, 2016
Manager’s Quarterly Commentary – David Barr – Q4 2015
Written by David Barr
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 […]
February 29, 2016
Manager’s Quarterly Commentary – David Barr – Q3 2015
Written by David Barr
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 […]
November 13, 2015
Manager’s Quarterly Commentary – David Barr – Q2 2015 – Pender Small Cap Opportunities Fund
Written by David Barr
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 […]
August 20, 2015
Manager’s Quarterly Commentary – David Barr – Q2 2015 – Pender Value Fund
Written by David Barr
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 […]
July 22, 2015
Does Pender run technology funds?
Written by David Barr
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 […]
May 27, 2015
Manager’s Quarterly Commentary – David Barr – Q1 2015 – Pender Value Fund
Written by David Barr
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), […]
May 27, 2015
Manager’s Quarterly Commentary – David Barr – Q1 2015 – Pender Small Cap Opportunities Fund
Written by David Barr
The Pender Small Cap Opportunities 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 […]
May 27, 2015
Manager’s Quarterly Commentary – David Barr – Q4 2014 – Pender Value Fund
Written by David Barr
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 […]
January 16, 2015
Manager’s Quarterly Commentary – David Barr – Q4 2014 – Pender Small Cap Opportunities Fund
Written by David Barr
The Pender Small Cap Opportunities 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 […]
January 16, 2015
Manager’s Quarterly Commentary – David Barr – Q3 2014 – Pender Value Fund
Written by David Barr
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 […]
December 8, 2014
Manager’s Quarterly Commentary – David Barr – Q3 2014 – Pender Small Cap Opportunities Fund
Written by David Barr
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 […]
December 1, 2014
Investing like Ted Williams
Written by David Barr
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 […]
November 20, 2014
Manager’s Quarterly Commentary – David Barr – Q2 2014 – Pender Small Cap Opps Fund
Written by David Barr
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 […]
August 6, 2014
Manager’s Quarterly Commentary – David Barr – Q2 2014 – Pender Value Fund
Written by David Barr
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.
August 6, 2014
Manager’s Quarterly Commentary – David Barr – Q1 2014 – Pender Value Fund
Written by David Barr
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.
April 23, 2014
Manager’s Quarterly Commentary – David Barr – Q1 2014
Written by David Barr
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 […]
April 23, 2014
Manager’s Quarterly Commentary – David Barr – Q4 2013 – Pender Value Fund
Written by David Barr
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.
January 27, 2014
Manager’s Quarterly Commentary – David Barr – Q4 2013 – Pender Small Cap Opportunities Fund
Written by David Barr
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 […]
January 27, 2014
Investing Like Ted Williams
Written by David Barr
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 […]
January 14, 2014
Manager’s Quarterly Commentary – David Barr – Q3 2013
Written by David Barr
The Pender Small Cap Opportunities Fund turned in another strong quarter. It was up 8.39%1 compared to 6.26% for the benchmark2.
October 10, 2013
Manager’s Quarterly Commentary – David Barr – Q2 2013
Written by David Barr
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 […]
August 23, 2013
Manager’s Quarterly Commentary – David Barr – Q2 2013 – Pender Value Fund
Written by David Barr
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 […]
July 3, 2013
Manager’s Quarterly Commentary – David Barr – Q1 2013
Written by David Barr
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.
April 22, 2013
Manager’s Quarterly Commentary – David Barr – 2012 Review
Written by David Barr
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 […]
January 24, 2013
Manager’s Quarterly Commentary – David Barr – Q3 2012
Written by David Barr
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 […]
September 30, 2012
Manager’s Quarterly Commentary – David Barr – Q2 2012
Written by David Barr
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 […]
July 1, 2012
Manager’s Quarterly Commentary – David Barr – Q1 2012
Written by David Barr
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 […]
April 20, 2012
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