Roller Coasters and Small Cap Stocks That was an exciting first quarter. Markets started the year in a steep downturn that was far less thrilling and much more stressful than a roller coaster. The TSX […]
March was a positive month for the Pender Corporate Bond Fund, with the value of the portfolio rising 3.1%*. For the first quarter, which included a significant sell-off and rebound in high yield credit, the […]
The Pender Corporate Bond Fund returned 0.4% in February, with that rather unremarkable result belying the considerable mid-month volatility that took place. After a steep drop in the first ten days, the Fund rallied more […]
2015 was a challenging year with not a lot of places to hide. Our performance was strong to start the year, supported by market appreciation in some of our key holdings. We were actively trimming […]
“The average long-term experience in investing is never surprising, but the short-term experience is always surprising.” – Charles Ellis Last year was a very challenging year and unfortunately, full of unpleasant surprises for most investors, […]
The Pender Corporate Bond Fund ended the month of January with a decline of 0.78%*. While this performance was better than most funds in the category, the negative performance was nevertheless disappointing, coming on the […]
Monthly Update The Pender Corporate Bond Fund returned -1.6%* in December. Price declines were fairly broad-based across the Fund but particularly impacted longer-duration and lower-rated securities. Most of the price movement took place in the […]
In challenging circumstances, the Pender Corporate Bond Fund was off 2.7%* through the month of November. The month was generally weak across the board in high yield markets, a product of tax-loss selling combined with […]
Class A units were down 3.7% during the quarter and were valued at $12.01 at September 30, 2015. Panera Bread, Strayer Education and Markel led the gainers for the quarter, while Platform Specialty Products and […]
We are business analysts. When we meet with fellow unitholders to talk about our investment process, we focus on our role as business analysts and how our private equity background complements this. The reason is […]
The Pender Corporate Bond Fund returned 0.2%* in October. Performance was assisted by strong returns in a number of new holdings including the basket of credit closed end funds acquired in September, as well as […]
Fund Repositioning Upon assuming in-house management of the Pender Corporate Bond Fund in early September, we acted quickly to make a few important changes to the composition of the Fund. We sold a number of […]
The second quarter was met with some volatility in the Canadian markets, but we are glad to report the Fund performed positively. The Pender Small Cap Opportunities Fund returned a positive 3.90%1 vs the benchmark […]
Class A units were down 2.8% during the quarter and were valued at $12.56 at June 30, 2015. Altisource Portfolio Solutions, Panera Bread and Leucadia led the gainers for the quarter, while Syntel, Strayer Education […]
Class A units were down 0.97% during the quarter and were valued at $12.02 at June 30, 2015. IAC/InterActiveCorp, Manulife Financial and Magna International led the equity gainers for the quarter, while TransForce, Fossil Group […]
Manager’s Quarterly Commentary – David Barr – Q1 2016
Roller Coasters and Small Cap Stocks That was an exciting first quarter. Markets started the year in a steep downturn that was far less thrilling and much more stressful than a roller coaster. The TSX […]
Manager’s Commentary – Geoff Castle – March 2016
March was a positive month for the Pender Corporate Bond Fund, with the value of the portfolio rising 3.1%*. For the first quarter, which included a significant sell-off and rebound in high yield credit, the […]
Manager’s Commentary – Geoff Castle – February 2016
The Pender Corporate Bond Fund returned 0.4% in February, with that rather unremarkable result belying the considerable mid-month volatility that took place. After a steep drop in the first ten days, the Fund rallied more […]
Manager’s Quarterly Commentary – David Barr – Q4 2015
2015 was a challenging year with not a lot of places to hide. Our performance was strong to start the year, supported by market appreciation in some of our key holdings. We were actively trimming […]
Manager’s Quarterly Commentary – Felix Narhi – Q4 2015
“The average long-term experience in investing is never surprising, but the short-term experience is always surprising.” – Charles Ellis Last year was a very challenging year and unfortunately, full of unpleasant surprises for most investors, […]
Manager’s Commentary – Geoff Castle – January 2016
The Pender Corporate Bond Fund ended the month of January with a decline of 0.78%*. While this performance was better than most funds in the category, the negative performance was nevertheless disappointing, coming on the […]
Manager’s Commentary – Geoff Castle – December 2015
Monthly Update The Pender Corporate Bond Fund returned -1.6%* in December. Price declines were fairly broad-based across the Fund but particularly impacted longer-duration and lower-rated securities. Most of the price movement took place in the […]
Manager’s Commentary – Geoff Castle – November 2015
In challenging circumstances, the Pender Corporate Bond Fund was off 2.7%* through the month of November. The month was generally weak across the board in high yield markets, a product of tax-loss selling combined with […]
Manager’s Quarterly Commentary – Felix Narhi – Q3 2015
Class A units were down 3.7% during the quarter and were valued at $12.01 at September 30, 2015. Panera Bread, Strayer Education and Markel led the gainers for the quarter, while Platform Specialty Products and […]
Manager’s Quarterly Commentary – David Barr – Q3 2015
We are business analysts. When we meet with fellow unitholders to talk about our investment process, we focus on our role as business analysts and how our private equity background complements this. The reason is […]
Manager’s Commentary – Geoff Castle – October 2015
The Pender Corporate Bond Fund returned 0.2%* in October. Performance was assisted by strong returns in a number of new holdings including the basket of credit closed end funds acquired in September, as well as […]
Manager’s Commentary – Geoff Castle – September 2015
Fund Repositioning Upon assuming in-house management of the Pender Corporate Bond Fund in early September, we acted quickly to make a few important changes to the composition of the Fund. We sold a number of […]
Manager’s Quarterly Commentary – David Barr – Q2 2015 – Pender Small Cap Opportunities Fund
The second quarter was met with some volatility in the Canadian markets, but we are glad to report the Fund performed positively. The Pender Small Cap Opportunities Fund returned a positive 3.90%1 vs the benchmark […]
Manager’s Quarterly Commentary – Felix Narhi – Q2 2015 – Pender US All Cap Equity Fund
Class A units were down 2.8% during the quarter and were valued at $12.56 at June 30, 2015. Altisource Portfolio Solutions, Panera Bread and Leucadia led the gainers for the quarter, while Syntel, Strayer Education […]
Manager’s Quarterly Commentary – Felix Narhi – Q2 2015 – Pender Strategic Growth & Income Fund
Class A units were down 0.97% during the quarter and were valued at $12.02 at June 30, 2015. IAC/InterActiveCorp, Manulife Financial and Magna International led the equity gainers for the quarter, while TransForce, Fossil Group […]