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 […]
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 […]
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. […]
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 […]
Fellow Unitholders, Welcome to our February monthly commentary – it’s already feeling a little outdated!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 […]
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, […]
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 […]
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% […]
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, […]
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 […]
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 […]
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 […]
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 […]
“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 […]
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 […]
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 […]
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 […]
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? […]
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 […]
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, […]
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 including Shoe Dog author Phil Knight. Just look at some of the most successful companies today. Facebook was confronted with questions on its […]
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 […]
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 […]
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 […]
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 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 […]
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 […]
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 […]
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 […]
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