Pender’s Summer Hot List 2024
Pender’s Summer Hot List – 2024 July 4th, 2024 Written by PenderFund The Pender guide to what we think are the best books blogs, and podcasts to enjoy this summer is back! From business memoirs, […]
July 2, 2024
Articles by PenderFund
Award-winning Morgan Housel discusses risk, data traps, and how to be happier
Written by PenderFund
Award-winning Morgan Housel discusses risk, data traps, and how to be happier with PenderFund’s Amar Pandya presented by the CFA Society Vancouver “Risk is what you don’t see.”- Morgan Housel The biggest risks come from […]
May 8, 2024
Pender Women’s Spring Reading List – 2024
Written by PenderFund
Looking for some inspired reading this long weekend? Explore our Spring Reading List, curated by the incredible women at Pender.
March 25, 2024
International Women’s Day 2024
Written by PenderFund
We asked the amazing women at Pender what this year’s theme #InspireInclusion means to them. Here’s what they said:
March 8, 2024
Pender’s 12 Days of Holiday Reading & Listening – 2023
Written by PenderFund
Pender’s 12 Days of Holiday Reading & Listening – 2023 December 1st, 2023 Written by PenderFund PenderFund’s 12 Days of Holiday Reading and Listening is here! This year, the Pender Investment Team reflects on the […]
December 1, 2023
ESG Reporting Outlook: Four leading indicators of legal risk
Written by PenderFund
Pender attended the recent World ESG Communications Summit in Toronto. Among the many insightful presentations, Connor Chell, Head of ESG Practice Group at MLT Aikins LLP, spoke about changes to the ESG regulatory environment in […]
July 26, 2023
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
Women of Pender on International Women’s Day #EmbraceEquity
Written by PenderFund
The theme of this year’s International Women’s Day is #EmbraceEquity. At current rates, it will take another 132 years to close the global gender gap. This does not include future crises—geopolitical, environmental, health—that disproportionately affect […]
March 8, 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
Stephen Poloz talks to Pender about his new book, The Next Age of Uncertainty – Part 2
Written by PenderFund
In part-two, Stephen Poloz, Special Advisor to Osler and former Governor of the Bank of Canada, talks to Pender about how his early life shaped his career, the outlook for inflation and the digitization of money
August 22, 2022
Stephen Poloz talks to Pender about his new book, The Next Age of Uncertainty – Part 1
Written by PenderFund
In part one of two, Stephen Poloz, Special Advisor to Osler and former Governor of the Bank of Canada, talks about future economic volatility and the five tectonic forces driving it. Why title your book […]
August 3, 2022
The Pender Hot List: Summer Reading & Listening 2022
Written by PenderFund
Pender’s ever-popular summer hot list is back! It’s packed with big ideas to challenge and inspire you on a range of topics
July 4, 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
Balanced Funds – Manager’s Commentary – January 2022
Written by PenderFund
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) returned -2.3%[1] in January, taking a breather after a strong year in 2021 when it delivered a return of 19.2%. The Pender Enhanced Income Fund […]
February 22, 2022
Balanced Funds – Manager’s Commentary – November 2021
Written by PenderFund
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) returned -1.6% in November, while the Pender Enhanced Income Fund was down 1.7%[1]. This result came amid increased volatility during the month as the new […]
December 17, 2021
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
Balanced Funds – Manager’s Commentary – August 2021
Written by PenderFund
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was relatively flat in August, posting a -0.10%[1] return for the month, while the Pender Enhanced Income Fund was down 0.20%[1]. This monthly performance trailed […]
September 15, 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
Invest like an Olympian: Part I
Written by PenderFund
The Tokyo Olympic Games are in full swing, and all eyes are on the athletes competing at the very top of their game. At Pender, we have been looking at the techniques, lessons, and […]
August 6, 2021
Pender’s Summer Holiday Reading List – June 2021
Written by PenderFund
The Pender Investment Team shares what’s on their summer reading list for 2021. Topics include Gene Editing, Global Themes, Investing, Mental Models, Small Business Mindset & Special Situations.
June 30, 2021
Pender’s Holiday Reading List – December 2020
Written by PenderFund
Investing Philosophy, Process & Best Practice Geoff Castle – The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy, by Stephanie Kelton Emily Wheeler – Principles For Navigating Big Debt Crises, by […]
December 7, 2020
Pender’s Summer Holiday Reading List – June 2020
Written by PenderFund
Building a Business Felix Narhi – The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time, Jim McKelvey Tony Rautava – The Hard Thing About Hard Things: Building a Business When There […]
June 25, 2020
Investing During Uncertain Times: What is Pender Doing?
Written by PenderFund
When the facts change, we change our minds The nature of most human activity is that the facts involved tend to change, but often not as abruptly, and rarely on such a wide scale as […]
April 2, 2020
Investing During Uncertain Times: Positioning for the Recovery
Written by PenderFund
How the portfolio is positioned to capture potential gains We believe the world will be a very different place on the other side of the global health crisis and associated financial crisis. We know that […]
April 2, 2020
Investing During Uncertain Times: Assessing the Trinity of Risk
Written by PenderFund
Assessing the trinity of risk is a key pillar of Pender’s investment strategy at all times, but during a financial crisis, when the risks increase, it becomes more crucial than ever to double and triple […]
April 2, 2020
Four Potential Investment Strategies in a Stock Market Correction
Written by PenderFund
Investors had largely ignored COVID-19 for over a month, but now emotions have started to get the better of cooler heads, and markets have reacted. Extreme fear has taken over. Unfortunately, emotional trading can quickly […]
March 5, 2020
Pender’s Holiday Reading List – December 2019
Written by PenderFund
Business Best Practices Gina Jones – Deep Survival: Who Lives, Who Dies, and Why, Laurence Gonzales Felix Narhi – A Dozen Lessons for Entrepreneurs, Tren Griffin Kenndal McArdle – Trillion Dollar Coach: The Leadership Playbook […]
November 28, 2019
2016 FundGrade A+ Awards go to two Pender Funds
Written by PenderFund
Congratulations to the Pender Investment Team and Portfolio Managers David Barr and Felix Narhi. Fundata Canada Inc has awarded two of Pender’s funds a FundGrade A+ Award for 2016. The awards were presented in Toronto […]
January 26, 2017
Catalysts: Investing in “take-outs”
Written by PenderFund
At the time of writing, David Barr’s track record for picking small cap take-out1 targets stands at 40 portfolio holdings taken out since the Pender Small Cap Opportunities Fund was launched (June 2009). In just […]
January 16, 2017
The Pender Edge: What factors give us an advantage?
Written by PenderFund
Download PDF We take a private equity approach to public markets We research potential holdings as if we were buying an ownership stake in the business, not just the stock. We take a deep look […]
December 13, 2016
Hitting the Sweet Spot: Low default risk and short duration are keys to attractive risk/reward in the current corporate credit market
Written by PenderFund
There are two different scenarios that we consider when we try to mitigate the effects of risk in the Pender Corporate Bond Fund. The two chief risks in the bond market – credit risk and […]
November 16, 2016
“How to make money without lifting anything heavy” – An Evening with Michael Ryan
Written by PenderFund
If you attended the CFA Society Vancouver 50th Anniversary Dinner in November 2015, you had the privilege of hearing from keynote speaker, financial journalist and New York Times best-selling author, Michael Lewis. Your second abiding […]
October 17, 2016
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
Question Time with Charlie Munger: The Future is Unknowable – Stay the Course with Good Businesses (Part 4)
Written by PenderFund
We attended the Daily Journal (NYSE:DJCO) 2016 Annual General Meeting in Los Angeles where Daily Journal Chairman, Charlie Munger took questions on a broad range of topics. We took away four key thoughts. This is […]
February 25, 2016
Question Time with Charlie Munger: Be Rational (Part 3)
Written by PenderFund
We attended the Daily Journal (NYSE:DJCO) 2016 Annual General Meeting in Los Angeles where Daily Journal Chairman, Charlie Munger took questions on a broad range of topics. We took away four key thoughts. This is […]
February 25, 2016
Question Time with Charlie Munger: Specialization vs. a Multi-disciplinary Approach (Part 2)
Written by PenderFund
We attended the Daily Journal (NYSE:DJCO) 2016 Annual General Meeting in Los Angeles where Daily Journal Chairman, Charlie Munger took questions on a broad range of topics. We took away four key thoughts. This is […]
February 25, 2016
Question Time with Charlie Munger: Block Off Some Uninterrupted Time to Read and Think (Part 1)
Written by PenderFund
We attended the Daily Journal (NYSE:DJCO) 2016 Annual General Meeting in Los Angeles where Daily Journal Chairman, Charlie Munger took questions on a broad range of topics. We took away four key thoughts. This is […]
February 25, 2016
Question Time with Berkshire Hathaway’s Charlie Munger: Pender’s Key Take-Away Thoughts
Written by PenderFund
Felix Narhi and Ian Collins recently attended the Daily Journal (NYSE:DJCO) Annual General Meeting in Los Angeles. During the meeting, Charlie Munger (Vice Chairman of Berkshire Hathaway and the Chairman of the Daily Journal) took […]
February 25, 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
Berkshire Hathaway 2015 AGM – Pender’s Key Take-Away Thoughts
Written by PenderFund
Felix Narhi and Ian Collins attended the recent Berkshire Hathaway Annual General Meeting in Omaha. As the company was celebrating the 50th year anniversary since Warren Buffett took management control, the mood was particularly festive […]
May 7, 2015
“If we continue with these interest rates, stocks will look very cheap”
Written by PenderFund
Berkshire Hathaway AGM 2015 – Pender’s Key Take Away Thoughts (Part 4) 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
“If people weren’t so often wrong, we wouldn’t be so rich.”
Written by PenderFund
Berkshire Hathaway AGM 2015 – Pender’s Key Take Away Thoughts (Part 3) 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
“Hardly anything is more important than behaving well as you go through life.”
Written by PenderFund
Berkshire Hathaway AGM 2015 – Pender’s Key Take Away Thoughts (Part 2) 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
“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
It’s Awards Season and Pender is a Winner
Written by PenderFund
The Pender Small Cap Opportunities Fund has been awarded an A+ FundGrade from Fundata for the third year running.
March 2, 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 Value Investing Conference 2014 – Keynote Takeaways
Written by PenderFund
How we can improve our decisions Largely in his own hand, here are the takeaways from keynote presenter Shane Parrish, founder of Farnam Street, “mastering the best of what other people have already figured out”. […]
November 27, 2014
A Timely Reminder of the Mr. Market Allegory
Written by PenderFund
During the stock market’s inevitable periodic declines, we believe it is helpful to reread Buffett’s “Mr. Market” allegory because it can help reduce decisions that might be regrettable later (see extract and link below).
October 14, 2014
The Long and Short of It: Key Takeaways from the Value Investing Congress 2014
Written by PenderFund
David Barr and Felix Narhi had the opportunity to attend the recent Value Investing Congress meeting in New York. CNBC has dubbed the event “The Super Bowl of Value Investors”, albeit we believe most value […]
September 22, 2014
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
Pender attends Berkshire Hathaway Annual Meeting 2014 – Key Notes and Thoughts
Written by PenderFund
David Barr, Felix Narhi and eight Pender colleagues had the opportunity to attend the recent Berkshire Hathaway Annual Meeting in Omaha. A chance to hear first-hand from two of our value investing icons, Warren Buffett […]
May 8, 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
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