Pender’s Summer Holiday Reading List 2017
Summertime is a slower time of year for travel for us. Fewer companies to see, conferences to attend or clients to meet with. This gives us the opportunity to use this time to dive deeper […]
July 12, 2017
Forward Thinking. Finding Value.
Whole Foods – Amazon’s big move into the grocery value chain
Whole Foods (NASDAQ: WFM) is the second announced takeout of a top five Pender Value Fund holding last quarter (following the Panera deal – see our blog post). WFM is also a holding in the […]
July 7, 2017
Pender Book Review: Billion Dollar Lessons by Paul Carroll and Chunka Mui
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 […]
May 10, 2017
Capital Preservation and Probabilities
We’ve been asked a lot over the past week about whether or not we have exposure to certain headline housing stocks in our equity portfolios. Fortunately, the answer is no. We think this is a […]
May 1, 2017
Panera Bread – When News of a Take-Out at a Premium is Bittersweet
As we reflect on the announcement that Panera Bread, a holding in several of Pender’s funds, is about to go private thanks to a takeover by European holding company JAB, we are left feeling somewhat […]
April 6, 2017
Pender Book Review: The Undoing Project by Michael Lewis
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 […]
February 7, 2017
2016 FundGrade A+ Awards go to two Pender Funds
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
2016 – Summary of Performance and Process
Stocks rarely perform in the time frames we predict, which is why the market works best for investors who have a long-term portfolio focus. Volatility in short-term returns, especially with the relatively concentrated strategies we […]
January 23, 2017
Catalysts: Investing in “take-outs”
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
Pender’s Holiday Reading List 2016
Here’s what’s on the reading list of some of our Investment Team, along with their notes. “Warren Buffett credits many of his great money decisions to his voracious reading habit. He … estimates […]
December 16, 2016
The Pender Edge: What factors give us an advantage?
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
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
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
Sandridge Energy Emerges from Bankruptcy
During the week of October 4, 2016, Sandridge Energy emerged from its re-organization and the positions in both the Pender Corporate Bond Fund and the Pender Value Fund were converted to new Sandridge common equity […]
October 11, 2016
Sharpe Ratio
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
