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Join our online community and receive a monthly round up of new blog posts, commentaries, podcasts, media coverage and more.
Value Fund – June 2022
Fellow Unitholders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth in the coming quarters. Investors […]
Small Cap Equity – June 2022
Fellow unit holders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth going forward. Investors have […]
Small Cap Equity – Manager’s Commentary – May 2022
Fellow unit holders, Equity markets continued to be volatile in May as investors focused on the macro dynamics of rising inflation, rising interest rates and the potential impact on future economic growth. Sentiment has weakened […]
Small Cap Equity – Manager’s Commentary – April 2022
Fellow unit holders, The selloff in risk assets carried on in April and volatility continued to trend higher. This was driven by growing macro concerns that focused on the outlook for inflation, rising interest rates […]
Small/Mid Cap Dividend – Manager’s Commentary – March 2022
Dear unitholders, The first quarter of 2022 came to a close with mixed performance in equity markets to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in […]
Small Cap Equity – Manager’s Commentary – March 2022
Fellow unit holders, The first quarter of 2022 came to a close with mixed performance to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in Ukraine, rising […]
Value Fund – Manager’s Commentary – March 2022
Fellow unit holders, The first quarter of 2022 came to a close with mixed performance to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in Ukraine, rising […]
Small/Mid Cap Dividend – Manager’s Commentary – February 2022
Dear unitholders, As investors continue to assess the financial risks related to the conflict between Russia and Ukraine, stock markets ended February on a mixed note. In Canada, the S&P/TSX Composite Index was up 0.3% […]
Small Cap Equity – Manager’s Commentary – February 2022
Fellow unit holders, As investors continue to assess the financial risks related to the conflict between Russia and Ukraine, stock markets ended February on a mixed note. In the US, the S&P 500 Index (CAD) […]
Small/Mid Cap Dividend – Manager’s Commentary – January 2022
Dear unitholders, It was a tough start to 2022, with January being one of the worst months ever for broad stock indices, particularly in the US. The large cap S&P 500 Index (CAD) returned -4.7% […]
Small Cap Equity – Manager’s Commentary – January 2022
Fellow unit holders, It was a tough start to 2022, with January being one of the worst months ever for broad indices and our fund. The Pender Small Cap Opportunities Fund was down 7.8%[1] in […]
Value Fund – January 2022
Fellow unit holders, It was a tough start to 2022, with January being one of the worst months ever for broad indices and our fund. The Pender Value Fund was down 7.0%[1] in January, while […]
Small Cap Equity – Manager’s Commentary – December 2021
Fellow unit holders, The Pender Small Cap Opportunities Fund was down 2.0%[1] in December, lagging large-cap indices such as the S&P/TSX Composite Index and the S&P 500 Index (CAD), which were up 3.1% and 3.5%, […]
Small/Mid Cap Dividend – Manager’s Commentary – December 2021
Dear unitholders, The Pender Small/Mid Cap Dividend Fund performed well in 2021 – returning 28.7%[1] for 2021 compared to 25.2% for the S&P/TSX Composite Index and 20.4% for the S&P/TSX Small Cap Index. Since the […]
Value Fund – Manager’s Commentary – December 2021
Fellow unit holders, The Pender Value Fund was down 1.1%[1] in December, lagging large-cap indices such as the S&P/TSX Composite Index and the S&P 500 Index (CAD), which were up 3.1% and 3.5%, respectively. The […]
Global Focused Fund – Manager’s Commentary – Q3 2021
“Every past decline looks like an opportunity; every future decline looks like a risk.” – Morgan Housel Fellow unitholders, In this commentary we cover: Popularity Cycles Pessimism – What (else) could go wrong? Optionality – […]
Small Cap Equity – Manager’s Commentary – November 2021
Fellow unit holders, The Pender Small Cap Opportunities Fund was up 1.3%[1] in November, outperforming the S&P/TSX Composite Index and the S&P/TSX Small Cap Index, which were down 1.6% and 3.6%, respectively. In the US, […]
Value Fund – Manager’s Commentary – November 2021
Fellow unit holders, The Pender Value Fund was down 5.2%[1] in November, while the S&P/TSX Composite Index dropped 1.6% and the S&P/TSX Small Cap Index dropped 3.6%. In the US, major indices also lost ground […]
Small Cap Equity – Manager’s Commentary – October 2021
Fellow unit holders, October was a strong month for equity markets as the appetite for risk returned after a bout of volatility in September. The Pender Small Cap Opportunities Fund participated nicely in the rally […]
Pender Value Fund – Manager’s Commentary – October 2021
Fellow unit holders, In the month of October, an appetite for risk returned to equity markets and the Pender Value Fund posted a gain of 2.4%[1] in the month. This result trailed large cap indices […]
Small Cap Equity – Manager’s Commentary – September 2021
Fellow unit holders, September is a seasonally weak month for stock markets and this year was no different. Major indices ended with losses in September – the S&P 500 Index (in Canadian dollars) had a […]