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Fellow Unitholders, Welcome to our February monthly commentary – it’s already feeling a little outdated!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, […]
The Pender Strategic Growth & Income Fund had a modest start to 2020 with F Class units of the Fund returning 1.10%. The fixed income portion of the Fund (Pender Corporate Bond Fund, Class O) […]
Working Opportunity Fund (EVCC) Ltd. (“Fund”) provided a portfolio update in a news release on January 31, 2020. In that update we noted that one of the Fund’s private portfolio companies had accepted a term […]
The Pender Corporate Bond Fund had a modestly positive result in January, as an early year rally in wider spread credits faded towards the end of the period with investors focusing on the risks relating […]
Fellow Unitholders, What a difference a year makes. Or does it? Putting pen to paper (well, fingers to keyboard) for the 2019 year-end commentary, it was interesting to reflect on how things are today compared […]
The Pender Strategic Growth and Income Fund returned 1.6% in December 2019 and for the full year returned 18.5%[1]. The Fund finished a top decile performer in its Morningstar category in 2019[2]. 2019 was a […]
Thank you to the many shareholders who attended the Fund’s AGM in Vancouver in December. At the meeting shareholders ratified the appointment of PenderFund Capital Management as the manager of the Fund and approved the […]
The Pender Corporate Bond Fund had a positive result of 1.2%[1] in December, and a total return of 5.6%1 for the full year, 2019. Credit markets ended the year buoyantly with the exception of longer […]
“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.” – George Soros In this commentary we cover: Looking back at the […]
Fellow Unitholders, After the strong equity performance in the month of November it brings to my mind the quote, “Please sir, I want some more”. The Pender Value Fund had a positive return of 5.5% […]
We continue to have a high degree of confidence in the Fund’s portfolio companies and remain laser focused on working with them to generate the best possible returns to shareholders. The top five investments held […]
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Manager’s Commentary – March 2020 – David Barr
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, […]
Pender Strategic Growth & Income Fund – Managers Commentary – January 2020
The Pender Strategic Growth & Income Fund had a modest start to 2020 with F Class units of the Fund returning 1.10%. The fixed income portion of the Fund (Pender Corporate Bond Fund, Class O) […]
Working Opportunity Fund – January Update
Working Opportunity Fund (EVCC) Ltd. (“Fund”) provided a portfolio update in a news release on January 31, 2020. In that update we noted that one of the Fund’s private portfolio companies had accepted a term […]
Pender Corporate Bond Fund – Manager’s Commentary – January 2020
The Pender Corporate Bond Fund had a modestly positive result in January, as an early year rally in wider spread credits faded towards the end of the period with investors focusing on the risks relating […]
Manager’s Commentary – December 2019 – David Barr
Fellow Unitholders, What a difference a year makes. Or does it? Putting pen to paper (well, fingers to keyboard) for the 2019 year-end commentary, it was interesting to reflect on how things are today compared […]
Pender Strategic Growth & Income Fund – Managers Commentary – December 2019
The Pender Strategic Growth and Income Fund returned 1.6% in December 2019 and for the full year returned 18.5%[1]. The Fund finished a top decile performer in its Morningstar category in 2019[2]. 2019 was a […]
Working Opportunity Fund – December Update
Thank you to the many shareholders who attended the Fund’s AGM in Vancouver in December. At the meeting shareholders ratified the appointment of PenderFund Capital Management as the manager of the Fund and approved the […]
Pender Corporate Bond Fund – Manager’s Commentary – December 2019
The Pender Corporate Bond Fund had a positive result of 1.2%[1] in December, and a total return of 5.6%1 for the full year, 2019. Credit markets ended the year buoyantly with the exception of longer […]
CIO’s Commentary – Felix Narhi
“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.” – George Soros In this commentary we cover: Looking back at the […]
Manager’s Commentary – November 2019 – David Barr
Fellow Unitholders, After the strong equity performance in the month of November it brings to my mind the quote, “Please sir, I want some more”. The Pender Value Fund had a positive return of 5.5% […]
Working Opportunity Fund – November Update
We continue to have a high degree of confidence in the Fund’s portfolio companies and remain laser focused on working with them to generate the best possible returns to shareholders. The top five investments held […]