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Pender Fixed Income – Manager’s Commentary – November 2020
The Pender Corporate Bond Fund enjoyed a very strong November, gaining 4.6%[1] on the happy confluence of some important tailwinds. A number of important vaccine breakthroughs, combined with a resolution of U.S. election uncertainty, were […]
Working Opportunity Fund – October & November Update
Working Opportunity Fund (EVCC) Ltd. (“Fund”) continues to actively work with the management teams of portfolio companies to support them through their growth and exit positioning. The impact of Covid-19 continues to be felt throughout […]
Manager’s Commentary – October 2020 – Don Walker
October was a shaky month. The risks seemed to outnumber the potential rewards and the broader markets ended on a down note. All eyes were on a looming presidential election and a rising COVID case […]
The Manager’s Commentary – October 2020
Fellow Unitholders, Stock markets dipped again in October after a broad sell off in September. The S&P 500 (CAD) index lost 2.6% and the S&P/TSX Composite index was down 3.1%. While markets were in negative […]
Pender Fixed Income – Manager’s Commentary – October 2020
The Pender Corporate Bond Fund experienced a modest loss of -0.3% in October, ending a series of strong months that saw the Fund substantially recover from its March drawdown. The decline occurred within the context […]
Manager’s Commentary – September 2020 – Don Walker
After several consecutive months of equity markets moving steadily higher, September saw a return to volatility. As the COVID case count started to rise again, there were fears of a second wave and containing its […]
The Manager’s Commentary – September 2020
Fellow Unitholders, Markets decided to take a pause from their dogged return from March lows this month. In September, the S&P 500 (CAD) was down 1.8% and the S&P/TSX Composite was down 2.1%. Our funds […]
Working Opportunity Fund – August/September Update
Working Opportunity Fund (EVCC) Ltd. (“Fund”) continues to actively work with the management teams of portfolio companies to support them through their growth and exit positioning. The impact of COVID-19 has been felt throughout the […]
Pender Fixed Income – Manager’s Commentary – September 2020
The Pender Corporate Bond Fund gained 0.5%[1] in September, continuing the positive trend that the Fund began after March 2020. The Fund’s performance came amidst an environment of modestly declining risk-free interest rates and a more challenging high yield market that […]
Manager’s Commentary – August 2020 – Don Walker
Reported earnings for the second quarter ended as strong as they started. Through a combination of better–than–expected revenue and reduced costs, basically every company in our portfolio either met or handily surpassed our expectations. Download PDF In last month’s update we noted that a portion of the stronger than expected […]
CIO’s Commentary – Sept 2020
“The future ain’t what it used to be.” ― Yogi Berra In this commentary we cover: The March 2020 downturn and subsequent “V” shaped recovery The dichotomy of markets being up when the economy is […]
The Manager’s Commentary – August 2020
Fellow Unitholders, August marked the fifth straight monthly gain for major markets. The S&P 500 (CAD) was up 4.4% and the S&P/TSX Composite was up 2.3%, while the Pender Value Fund generated a total return […]
Pender Fixed Income – Manager’s Commentary – August 2020
The Pender Corporate Bond Fund gained 1.5%[1] in August, continuing the positive trend that the Fund began at the March 2020 lows. The Fund’s performance came amidst an environment of modestly rising risk-free interest rates […]
In The Beginning – About The Pender Bond Universe Fund – Aug 2020
In the late summer of 2020, we look at the market for investment grade bonds and we are astounded. The Government of Canada yield curve is as low as a snake’s belly. There isn’t as […]
Manager’s Commentary – July 2020 – Don Walker
With this month’s commentary we have hit a key milestone for the Pender Small Mid Cap Dividend Fund. The Fund is officially six months into it’s mandate and while it’s been a wild six months, […]