Articles by David Barr

The 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

The 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

The 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

The Managers 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

The Managers 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

The Managers 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

The Managers 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

The 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

The 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

The 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

The 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

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

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

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

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

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