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The Manager’s Commentary – Q2 2021
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was up 6.2%[1] for the quarter, and the Pender Enhanced Income Fund (PEIF) was up 5.9%1. On a year-to-date (YTD) basis, PSGIF was up 18.4%1, […]
The Manager’s Commentary – June 2021
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 […]
The Manager’s Commentary – June 2021
The Pender Corporate Bond Fund gained 0.6%[1] in June, a gain which was made within the context of strong credit markets. For the half year, the Fund returned 7.4%1 and its investment grade cousin, the […]
The Manager’s Commentary – May 2021
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 […]
The Manager’s Commentary – May 2021
The Pender Corporate Bond Fund gained 0.9%[1] in May, a respectable advance within the context of a fairly tepid period for high yield and a somewhat more positive high-grade market. Leading the way for the […]
Pender Small/Mid Cap Dividend Fund – Spring Commentary
The Fund continued to deliver positive performance with year-to-date returns through to April 30, 2021 of 17.9%[1]. This performance has been supported by many of the businesses we own seeing an expansion in operating leverage, […]
The Manager’s Commentary – April 2021
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 […]
Pender Fixed Income – Manager’s Commentary – April 2021
The Pender Corporate Bond Fund gained 0.5%[1] in April, a modest advance within the context of a positive high yield credit market and a neutral period for investment grade issues. Leading the way for the […]
The Managers Commentary – March 2021
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 […]
Pender Fixed Income – Manager’s Commentary – March 2021
The Pender Corporate Bond Fund earned 0.9% in March, a period in which high yield credit performed well but investment grade bonds continued to suffer from rising risk-free rates. Download pdf Strong credits for us […]
The Managers Commentary – February 2021
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 […]
Pender Fixed Income – Manager’s Commentary – February 2021
The Pender Corporate Bond Fund emerged from February with a gain of 1.5%[1], which was ahead of benchmark measures. Driving the difference was the Fund’s avoidance of losses in long duration instruments, which were impacted […]
The Managers Commentary – January 2021
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 […]
Pender Small/Mid Cap Dividend Fund – One Year Anniversary
What an eventful first year it has been for the Pender Small Mid Cap Dividend Fund. Starting the Fund amid bleak circumstances in the early days of the pandemic, we feel fortunate when we reflect […]
Working Opportunity Fund – January Update
Working Opportunity Fund (EVCC) Ltd. (“Fund”) continues to actively work with the management teams of its portfolio companies to support them through their growth and exit positioning. We are pleased to report on their latest […]