Staying Sensible (Keeping Emotions in Check) What a roller coaster ride. From the most severe correction in North American equity markets right into the fastest 50-day rally of all time. The Canadian major indices have […]
Fellow Unitholders, We hope you and your families continue to be safe and healthy. Stock markets continued to push higher in May and small caps led the way this month. The Russell 2000 (CAD) and […]
The Pender Corporate Bond Fund gained 3.6%[1] in May, continuing to rebound from the COVID-related drawdown. North American credit markets continued to be well bid as both the Bank of Canada and the US Federal […]
First Survive, Then Thrive At the time of writing this note, first quarter earnings are wrapping up. The reported earnings for the quarter were not overly relevant as the economy was, for the most part, […]
Fellow Unitholders, We hope you and your families are safe and healthy in these challenging times. Stock markets made an astonishing rebound in April, making it the best month for the S&P 500 since 1987. […]
Working Opportunity Fund (EVCC) Ltd. (“Fund”) portfolio companies are working through the challenges and opportunities brought on by the COVID-19 pandemic. We have been actively working with the management teams of our portfolio companies to support […]
In April, the Pender Corporate Bond Fund continued a rebound of unit values that began in the latter part of March. We have a lot of work left to do to recover from the drawdown […]
“There are decades when nothing happens; and there are weeks when decades happen.” – Vladimir Lenin In this commentary we cover: A different kind of unexpected and an extraordinary downturn “Fog of war” and decision […]
What now? “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward Like most, we watched the early advancement of the coronavirus outbreak in […]
And this too shall pass Pender is entering its fourth week of working from home. There have been some adjustments to our new reality, but we have been extremely fortunate to so far be free […]
Fellow Unitholders, Before I start, I want to acknowledge the unsettling situation we are all facing. I look around and I see people playing their part to reduce the spread of COVID-19 and that fills […]
While managing the portfolio is our main focus, we want to start by saying that we hope you and your families are staying healthy in the crisis we find ourselves in. The Pender Corporate Bond […]
Fellow Unitholders, Welcome to our February monthly commentary – it’s already feeling a little outdated! These are certainly volatile times as we watch markets react to the potential impact of the COVID-19 virus and now […]
The Pender Corporate Bond Fund declined -0.7% in February, as coronavirus fears and falling commodity prices hit credit hard in the latter half of the month. North American high yield credit spreads spiked to more […]
Fellow Unitholders, We had a positive start to 2020 with the Pender Value Fund up 1.0% in January and the Pender Small Cap Opportunities Fund with a gain of 3.7%[1]. During the same time period, […]
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Manager’s Commentary – May 2020 – Don Walker
Staying Sensible (Keeping Emotions in Check) What a roller coaster ride. From the most severe correction in North American equity markets right into the fastest 50-day rally of all time. The Canadian major indices have […]
Small Cap Equity – Manager’s Commentary – May 2020
Fellow Unitholders, We hope you and your families continue to be safe and healthy. Stock markets continued to push higher in May and small caps led the way this month. The Russell 2000 (CAD) and […]
Fixed Income – Manager’s Commentary – May 2020
The Pender Corporate Bond Fund gained 3.6%[1] in May, continuing to rebound from the COVID-related drawdown. North American credit markets continued to be well bid as both the Bank of Canada and the US Federal […]
Manager’s Commentary – April 2020 – Don Walker
First Survive, Then Thrive At the time of writing this note, first quarter earnings are wrapping up. The reported earnings for the quarter were not overly relevant as the economy was, for the most part, […]
Small Cap Equity – Manager’s Commentary – April 2020
Fellow Unitholders, We hope you and your families are safe and healthy in these challenging times. Stock markets made an astonishing rebound in April, making it the best month for the S&P 500 since 1987. […]
Working Opportunity Fund – March/April Update
Working Opportunity Fund (EVCC) Ltd. (“Fund”) portfolio companies are working through the challenges and opportunities brought on by the COVID-19 pandemic. We have been actively working with the management teams of our portfolio companies to support […]
Fixed Income – Manager’s Commentary – April 2020
In April, the Pender Corporate Bond Fund continued a rebound of unit values that began in the latter part of March. We have a lot of work left to do to recover from the drawdown […]
CIO’s Commentary – April 2020 – Part 1
“There are decades when nothing happens; and there are weeks when decades happen.” – Vladimir Lenin In this commentary we cover: A different kind of unexpected and an extraordinary downturn “Fog of war” and decision […]
CIO’s Commentary – April 2020 – Part 2
What now? “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward Like most, we watched the early advancement of the coronavirus outbreak in […]
Manager’s Commentary – March 2020 – Don Walker
And this too shall pass Pender is entering its fourth week of working from home. There have been some adjustments to our new reality, but we have been extremely fortunate to so far be free […]
Small Cap Equity – Manager’s Commentary – March 2020
Fellow Unitholders, Before I start, I want to acknowledge the unsettling situation we are all facing. I look around and I see people playing their part to reduce the spread of COVID-19 and that fills […]
Pender Fixed Income – Manager’s Commentary – March 2020
While managing the portfolio is our main focus, we want to start by saying that we hope you and your families are staying healthy in the crisis we find ourselves in. The Pender Corporate Bond […]
Manager’s Commentary – February 2020 – David Barr
Fellow Unitholders, Welcome to our February monthly commentary – it’s already feeling a little outdated! These are certainly volatile times as we watch markets react to the potential impact of the COVID-19 virus and now […]
Pender Fixed Income – Manager’s Commentary – February 2020
The Pender Corporate Bond Fund declined -0.7% in February, as coronavirus fears and falling commodity prices hit credit hard in the latter half of the month. North American high yield credit spreads spiked to more […]
Manager’s Commentary – January 2020 – David Barr
Fellow Unitholders, We had a positive start to 2020 with the Pender Value Fund up 1.0% in January and the Pender Small Cap Opportunities Fund with a gain of 3.7%[1]. During the same time period, […]