“If interest rates go to zero and all the governments in the world print money like crazy and prices go down – of course I’m confused. Anybody who is intelligent who is not confused doesn’t […]
Fellow Unitholders, August was a tough month for our funds. Both the Pender Value and Pender Small Cap Opportunities Funds had a negative month, down -6.8% and -5.7%[1] respectively. While major indices like the S&P […]
The Pender Corporate Bond Fund returned -0.6% in August, a relatively volatile period for the Fund, as two discrete events impacted the NAV. This volatility occurred against a backdrop of declines in many risk capital […]
The convergence of health and technology (health-tech) has become one of the fastest growing subsets of the technology sector and is directly resulting in innovations that will help drive advances, not only in the quality […]
Fellow Unitholders, At the risk of sounding like a broken record, equity markets continued their upward trend during July with the S&P/TSX index total return of 34 basis points and the Russell 2000 total return […]
The Pender Corporate Bond Fund returned 0.6% in July, a month that was characterized by a strong credit bid that anticipated the Federal Reserve’s rate cut announcement and then disappointment on the actual cut announcement […]
Fellow Unitholders, We are happy to report that both the Pender Value and Pender Small Cap Opportunities Funds had positive quarters. The Pender Value Fund was up 5.5%[1] and the Pender Small Cap Opportunities Fund […]
PenderFund Capital Management Ltd (“Pender”) assumed management of the Working Opportunity Fund (the “Fund”) in March 2019. Working with the Fund’s Board, Pender expects to call a shareholder meeting later this year to consider a […]
The Pender Corporate Bond Fund returned 0.9% in June, a result which reflected the broadly benign market conditions. For the half year ending June 30, the Fund returned 4.0% Strength in June came from our […]
“Well that escalated quickly” Investors may be feeling symptoms of vertigo with the significant volatility exhibited by the market in the last couple quarters. As the headlines almost boastfully state, 2018 capped off the worst […]
The Pender Corporate Bond Fund had a small loss of -0.2% in May. In the broader context, high yield was weaker and government bonds were stronger. Strength in May came from our holdings in AAA […]
“Swim upstream. Go the other way. Ignore the conventional wisdom. If everybody is doing it one way, there’s a good chance you can find your niche by going exactly in the opposite direction” – Sam […]
Fellow Unitholders, In our last commentary, we started by being thankful that 2018 was in the rear-view mirror and we were looking forward to 2019. It turns out that forces beyond our control have conspired […]
The Pender Corporate Bond Fund returned 1.1% in April, not a particularly remarkable result within the context of a very well-bid credit market, but nevertheless welcome as a steady progression of unitholder value. Leading the […]
The Pender Corporate Bond Fund returned 0.4% in March, amidst a backdrop of generally strong performance of corporate credit, particularly in the higher quality bands. Leading the gains in the Fund was our position in […]
CIO’s First Half Commentary – Felix Narhi
“If interest rates go to zero and all the governments in the world print money like crazy and prices go down – of course I’m confused. Anybody who is intelligent who is not confused doesn’t […]
Manager’s Commentary – August 2019 – David Barr
Fellow Unitholders, August was a tough month for our funds. Both the Pender Value and Pender Small Cap Opportunities Funds had a negative month, down -6.8% and -5.7%[1] respectively. While major indices like the S&P […]
Pender Corporate Bond Fund – Manager’s Commentary – August 2019
The Pender Corporate Bond Fund returned -0.6% in August, a relatively volatile period for the Fund, as two discrete events impacted the NAV. This volatility occurred against a backdrop of declines in many risk capital […]
Working Opportunity Fund – August Update
The convergence of health and technology (health-tech) has become one of the fastest growing subsets of the technology sector and is directly resulting in innovations that will help drive advances, not only in the quality […]
Manager’s Commentary – July 2019 – David Barr
Fellow Unitholders, At the risk of sounding like a broken record, equity markets continued their upward trend during July with the S&P/TSX index total return of 34 basis points and the Russell 2000 total return […]
Pender Corporate Bond Fund – Manager’s Commentary – July 2019
The Pender Corporate Bond Fund returned 0.6% in July, a month that was characterized by a strong credit bid that anticipated the Federal Reserve’s rate cut announcement and then disappointment on the actual cut announcement […]
Manager’s Commentary – Q2 2019 – David Barr
Fellow Unitholders, We are happy to report that both the Pender Value and Pender Small Cap Opportunities Funds had positive quarters. The Pender Value Fund was up 5.5%[1] and the Pender Small Cap Opportunities Fund […]
Working Opportunity Fund – Q2 Update
PenderFund Capital Management Ltd (“Pender”) assumed management of the Working Opportunity Fund (the “Fund”) in March 2019. Working with the Fund’s Board, Pender expects to call a shareholder meeting later this year to consider a […]
Pender Corporate Bond Fund – Manager’s Commentary – June 2019
The Pender Corporate Bond Fund returned 0.9% in June, a result which reflected the broadly benign market conditions. For the half year ending June 30, the Fund returned 4.0% Strength in June came from our […]
Managers Commentary – Q1 2019 – Amar Pandya & David Barr
“Well that escalated quickly” Investors may be feeling symptoms of vertigo with the significant volatility exhibited by the market in the last couple quarters. As the headlines almost boastfully state, 2018 capped off the worst […]
Pender Corporate Bond Fund – Manager’s Commentary – May 2019
The Pender Corporate Bond Fund had a small loss of -0.2% in May. In the broader context, high yield was weaker and government bonds were stronger. Strength in May came from our holdings in AAA […]
CIO’s Quarterly Commentary – Felix Narhi – Q1 2019
“Swim upstream. Go the other way. Ignore the conventional wisdom. If everybody is doing it one way, there’s a good chance you can find your niche by going exactly in the opposite direction” – Sam […]
Manager’s Commentary – Q1 2019 – David Barr
Fellow Unitholders, In our last commentary, we started by being thankful that 2018 was in the rear-view mirror and we were looking forward to 2019. It turns out that forces beyond our control have conspired […]
Pender Corporate Bond Fund – Manager’s Monthly Commentary – April 2019
The Pender Corporate Bond Fund returned 1.1% in April, not a particularly remarkable result within the context of a very well-bid credit market, but nevertheless welcome as a steady progression of unitholder value. Leading the […]
Pender Corporate Bond Fund – Manager’s Monthly Commentary – March 2019
The Pender Corporate Bond Fund returned 0.4% in March, amidst a backdrop of generally strong performance of corporate credit, particularly in the higher quality bands. Leading the gains in the Fund was our position in […]