Our focus on identifying high quality businesses that generate strong returns on invested capital and have promising internal reinvestment opportunities generally results in our funds having little to no exposure in resource companies. That said, we’re always opportunistic, especially if we find a stock that we believe is trading at a substantial discount to a […]
The Pender Investment Process Pender’s goal is to protect and grow wealth for our investors over time. To achieve this, we seek to understand the quality of a business or security; obtain more value than we are paying for; deploy capital in flexible mandates and mitigate downside risk. Take a journey through our investment process to […]
David Barr One of the things I love about the summer is that you get away from the office and have the chance to reflect. I can think about our investment process and I have the opportunity to make changes and input new learnings, all of which will help to improve the investment process over […]
Don’t just do something, stand there. Like many investors, we are always looking for insights into how we might improve our outcomes over time. By taking a multi-disciplinary approach and “thinking outside the box”, we sometimes get our inspiration from endeavors completely unrelated to the world of investing. As we prepare to watch the World […]
It is phenomenal to think about the evolution of the Berkshire Hathaway (BRK) annual meeting over the years. Fifty three years ago the first Berkshire Hathaway annual meeting was held in a lunch room for friends and family. Today, more than forty thousand people descend on Omaha and fill an arena to capacity; not to […]
PenderFund Capital Management held its annual Investment Ideas Conference on Thursday 31 May, 2018. The event was streamed live, and a full replay is now available. To watch the replay please register here. You will receive password protected access. Here is a list of the key time stamps from the event – what was presented and discussed when, and questions asked […]
Recently asked questions from the field: Does the recent drop of Facebook offer us an opportunity to add a megacap name to our portfolios? If Washington decides to increase regulations on technology companies, would that impact megatech enough to provide entry points? Here are some thoughts on Pender’s investment strategy as it relates to our […]
“I ask everybody not to think in two to three-year time frames, but to think in five to seven-year time frames.” – Jeff Bezos Amazon is a remarkable enterprise that was built in part on an unwavering long-term orientation. Founder Jeff Bezos doesn’t care about quarterly earnings because he knows the near-term earnings simply reflect […]
It is important to keep in mind that one of Charles Darwin’s great insights on evolution also applies to capitalism: “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” It’s better to be a disruptor than the disruptee, […]
“It’s déjà vu all over again.” – Yogi Berra We often own stakes in companies which can be characterized as boring, operating in “meat and potatoes” industries that have faced cyclical headwinds. Some major current Pender holdings in this category include Liberty Global and Liberty Latin America (large international TV and broadband companies), Platform Specialty […]
To access the recent Pender Webinar, recorded on Monday, February 5th, 2018, please complete this form.
Index funds, or funds that passively track indexes, have a role to play in investor portfolios. Jack Bogle created the Vanguard 500 Index Fund in 1976, the first index fund. He had the most noble of intentions – to provide investors with the cheapest possible way to get exposure to the market index. The fund […]
David Barr A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market Edward O. Thorp (Author), Nassim Nicholas Taleb (Foreword) Investing is a probabilistic endeavour and that drew me to this book about Edward Thorp. Thorp is a mathematician and former MIT professor who devised a […]
At Pender, we are often asked about our cash levels because it fluctuates over time depending on the individual Fund mandate and the opportunity set. One of the common misconceptions regarding some Pender mandates is that most outsiders think we have generated good risk-adjusted returns despite holding cash. However, we are of the view that […]
There is no longer an “easy button” in fixed income whereby investors can earn relatively high real returns from invested instruments guaranteed by the government. While most investors still construct their portfolio with a mix of “ballast” and “earners” (fixed income and equities), many no longer expect to earn meaningful returns from their fixed income […]
