Articles by PenderFund

PenderFund’s Summer Hot List 2023

Written by PenderFund

PenderFund’s Summer Hot List 2023 When former U.S. Treasury Secretary Lawrence Summers recently said, “it’s very, very hot”, was he referring to the US economy or Pender’s Summer Hot List? Maybe both! Our ever-popular bi-annual […]

June 30, 2023

Meet Parul Garg

Written by PenderFund

When did you join Pender?    December 2015   What do you do?    Each day is varied. Obviously, there’s the investing part but there’s also an operations part. I do a wide range of tasks—everything from researching […]

June 13, 2023

CFA Society Vancouver Annual Forecast Dinner

Written by PenderFund

Like any intern, my goal is to learn, network and gain a better understanding of the finance industry. Attending the CFA Society Vancouver annual forecast dinner with Pender provided a unique experience and invaluable insights […]

February 23, 2023

Meet Nancy Gill, CPA

Written by PenderFund

When did you join Pender?   I joined in February of 2019. I had been working with the private equity fund1 since 2002 with the previous manager and when Pender took over management, I came over.   […]

February 10, 2023

Meet Lucy Nair, MBA

Written by PenderFund

  What do you do at Pender?  “I’m a senior business development manager. That is essentially inside sales, working on the retail sales team. I also supervise the other ‘insides’ on the team.”   A typical […]

February 8, 2023

PenderFund’s Holiday Hot List 2022

Written by PenderFund

Welcome to the 12 Days of Holiday Reading and Listening, Pender’s recommended resource list for the holidays. From economics, neuroscience to history, our portfolio managers recommend books, podcasts, and tv shows that helped them build […]

December 1, 2022

Balanced Funds – Manager’s Commentary – March 2022

Written by PenderFund

Dear unitholders, In the first quarter of 2022, markets finished with mixed results as macro trends grabbed investor attention. The quarter saw increased geopolitical risk with the Russian invasion of Ukraine and rising interest rates […]

April 25, 2022

The 12 Days of Holiday Reading

Written by PenderFund

Welcome to the 12 Days of Holiday Reading, Pender’s recommended book list for the holidays. A new book will be revealed each day from December 7 to December 18, 2021. Check in with us each […]

December 7, 2021

Invest like an Olympian: Part II

Written by PenderFund

At Pender, we have been looking at the techniques, lessons, and values from the Tokyo Olympic Games that could help investors win with their investment strategies. Canadian women dominated this year’s Olympic Games. At every […]

August 10, 2021

Sharpe Ratio

Written by PenderFund

Almost all investments come with an element of risk but does this risk contribute to your return? Sharpe ratio is one of the calculations available to investors to assess returns on a risk-adjusted basis – […]

October 4, 2016

Beta

Written by PenderFund

Beta is a measure that investors can use when assessing a potential investment for volatility. Beta measures correlation to the market (or a benchmark) and how susceptible a stock or fund is to the fluctuations […]

October 4, 2016

Alpha

Written by PenderFund

Alpha is the measure of a fund’s actual performance above its anticipated performance, as predicted by beta. Take the fund’s performance against its benchmark on a risk-adjusted basis to ascertain the excess. This relative outperformance […]

October 4, 2016

Risk

Written by PenderFund

At Pender, we consider ourselves owners of a business, not just its stock, which means that when we think about risk we believe that real investment risk is not measured by fluctuations in a stock’s […]

October 4, 2016

Close the Discount

Written by PenderFund

The classic investing advice is to “buy low and sell high”. The objective of investing in “Close the Discount” ideas is to buy a stock when it is trading at a substantial discount to a […]

July 30, 2015

Compounders

Written by PenderFund

Compounding is one of the bedrock concepts of investing – “the ability to generate earnings from previous earnings”1. For us, “Compounders” are those companies that can internally compound their intrinsic value at a mid-teens annualized […]

July 30, 2015

“Always be open to good accidents”

Written by PenderFund

Berkshire Hathaway AGM 2015 – Pender’s Key Take Away Thoughts (Part 1) We attended the Berkshire Hathaway 2015 Annual Meeting in Omaha. We like to hear first hand from two of our value investing icons. […]

May 7, 2015

Duration

Written by PenderFund

Duration is a measure of a bond’s price sensitivity to a change in interest rates. It is a key factor in differentiating how funds are positioned for interest rate risk. The longer the duration (the […]

May 5, 2015

Active Share

Written by PenderFund

Active share is a relatively new calculation1 and provides a measurement of whether or not a portfolio “hugs” an index or not, which is an indication of how actively a portfolio is being managed. An […]

February 27, 2015

Best Ideas

Written by PenderFund

We often call the holdings in our funds our “best ideas”. This may seem obvious – why invest in anything else? The distinction is this. While we have lots of potential investment ideas, Pender manages […]

February 20, 2015

Too Hard Pile

Written by PenderFund

The “too hard pile” is a phrase we first heard coined by Charlie Munger, Berkshire Hathaway, “At Berkshire we have three buckets: yes, no and too hard.” In order to find potential investments for our […]

February 20, 2015

Pender Investment Ideas Lunch 2014 – Notes

Written by PenderFund

Download PDF Pender has just held its annual Investment Ideas Lunch. We invited three of the companies held in our funds to present to an audience of advisors and investment professionals. The companies represented a […]

June 17, 2014

Opportunistic

Written by PenderFund

Being opportunistic in the world of finance is generally associated with an aggressive strategy to make money by taking advantage of something that is undervalued, vulnerable or depressed. Property, securities or companies are targeted, bought, […]

March 18, 2014

Special Situation

Written by PenderFund

In finance a security that is labelled a “special situation” is generally undergoing a perceived value changing event such as a restructuring, merger or acquisition and even bankruptcy proceedings. The situation could have positive or […]

March 18, 2014

Circle of Competence

Written by PenderFund

Warren Buffett and Charlie Munger said it best when they recommended that investors stay within their “Circle of Competence”. Your circle of competence is the knowledge base you have developed, over and above the average […]

March 18, 2014

Predictive Attributes

Written by PenderFund

The phrase “predictive attributes” has been coined to describe a set of characteristics that a company may have that tip the odds in favour of potential outperformance. Some attributes that we believe are potentially predictive […]

March 18, 2014

Mr. Market

Written by PenderFund

Mr. Market is the subject of a parable, created by Benjamin Graham, author of The Intelligent Investor and held by many as the father of value investing. He is an allegory for the stock market. […]

March 18, 2014

Volatility

Written by PenderFund

Technically, volatility refers to the average difference between a stock’s expected and actual returns. The actual returns may be above or below what is expected or benchmarked, and diversifying a portfolio will smooth the overall […]

October 17, 2013

Value Investing

Written by PenderFund

At its most simple, value investing is an investing strategy whereby investors buy a stock they believe to be undervalued (compared to an estimate of the company’s intrinsic value), with a view to profiting when […]

October 17, 2013

Bond Yields

Written by PenderFund

Yield measures a bond’s rate of return. It is calculated differently than a regular stock return because it takes into account the interest and coupon rates, as well as the time to maturity. Related Content:[catlist […]

October 8, 2013

Margin of Safety

Written by PenderFund

Benjamin Graham, believed by many to be the father of value investing, wrote in his book The Intelligent Investor, “Confronted with [the] challenge to distill the secret of sound investment into three words, we venture […]

October 8, 2013

Intrinsic Value

Written by PenderFund

Intrinsic value is the actual value of a company as opposed to its current market price. If an investor can conservatively estimate an actual intrinsic value range for a company, then he or she can […]

October 8, 2013