Pender Strategic Growth and Income Fund

There are decades when nothing happens, and then there are months when decades happen. That is what June felt like. Every day it seemed like a new, more extreme headline was coming across the screen. Yet remarkably, equity markets continued their rebound from the April lows, to close the first half of the year at […]

“Trade wars are good, and easy to win.” – Trump (Tweet, March 2, 2018) The Fund returned -3.9%[1] in Q1, driven by underperformance of our equity positions Trump's 'Liberation Day' shattered market stability, replacing order with chaos and short-termism Asset Allocation: 54.6% in equities / 45.4% in fixed income, liquid alternatives, cash Dear fellow unitholders, […]

“The future ain't what it used to be” – Yogi Berra Highlights Fund returned 3.0% in Q4 and 20.6% for 2024; 5-year milestone crossed w/ top decile performance. Rotated tactical allocation to defensive undervalued equities: 5 equity additions and 5 exits. Higher defensive positioning: Record liquid alts, new healthcare equities, high cash levels Dear Fellow […]

"Luck is random, but the ability to capitalize on luck isn't necessarily random.” - Mari Kuraishi Highlights Fund returned 7.8%, with notable contributions from small cap equity and real-estate holdings First Fed reduction in borrowing costs since March 2020, increasing appetite for risk assets Added two new equities: Services provider Calian Group Ltd. and real […]

"The only difference between a salad and garbage is timing." - Andrew Lo, MIT Professor Highlights The Fund returned 1.4% in the second quarter of 2024, with notable contributions from Pender Corporate Bond Fund (fixed income) and Pender Small Cap Opportunities Fund (small caps). Modest defensive reallocation to specialized fund strategies (Pender Corporate Bond Fund […]

" In finance textbooks, "risk" is defined as short-term volatility. In the real world, risk is earning low returns, which is often caused by trying to avoid short-term volatility." - Morgan Housel Dear Unitholders, The Pender Strategic Growth & Income Fund (PSGIF) returned 7.1% in the first quarter of 2024. The one year return was […]

"The main reason investors struggle with how to react to bad news is that they really haven't figured out why they own the stocks they own." - Bill Nygren Highlights Solid quarter caps off positive year for both relative and absolute performance. At year-end, equity exposure was approximately 58.3%, fixed income and credit at 34.3% […]

"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." - George Soros Highlights The Fund recorded positive performance in a down quarter, extending our record of favourable up/downside capture. The Fund leveraged Pender’s specialized strategies for better balance […]

Highlights Within the Fund’s equity holdings, strong positive contributions came from Onex Corp. (TSX: ONEX), ARC Resources Ltd. (TSX: ARX), and Burford Capital Ltd. (NYSE: BUR). Detractors included Brookfield Corporation (TSX: BN), Texas Pacific Land Corporation (NYSE: TPL), as well as Fiera Capital Corp (TSX: FSZ). However, Brookfield and Texas Pacific Land have both contributed […]