Fellow unit holders, Over the past year, we have enjoyed the benefits of running concentrated portfolios, as many of our key holdings have performed well in the stock market. August was the opposite of that. […]
Fellow unitholders, “The man who is in need of a new thinking tool, but hasn’t yet acquired it, is already paying for it.” – Charlie Munger In this commentary we cover: New Fund name, similar […]
Fellow unit holders, Well, here we go again. Small cap stocks were out of favour in July, lagging large cap stocks. While the S&P 500 Index (in Canadian dollars) rose 3.0% in the month, the […]
Fellow unit holders, In June we saw a bounce back in tech stocks and the US dollar, which impacted our funds positively, both from a general sector perspective and a currency perspective. The Pender Small […]
Fellow unit holders, May was a “Buy Canada” month. The S&P/TSX Composite Index was up 3.4% while the S&P 500 (CAD) was down 1.1%. The tech sector was under pressure in May with the Nasdaq […]
The Fund continued to deliver positive performance with year-to-date returns through to April 30, 2021 of 17.9%[1]. This performance has been supported by many of the businesses we own seeing an expansion in operating leverage, […]
Fellow unit holders, After several months where small cap stocks outperformed large cap stocks, April saw a rotation back to large cap stocks. The Pender Small Cap Opportunities Fund did well, up 5.3%[1] for the […]
Fellow unit holders, Small cap and technology stocks put the brakes on a little in March after a great run. The Pender Small Cap Opportunities Fund was up modestly by 0.3%[1] for the month and […]
Fellow unit holders, Even though it had its ups and downs, February was another positive month for small cap stocks. The Pender Small Cap Opportunities Fund gained 9.9%[1] for the month and 17.9% YTD, outperforming […]
Fellow unit holders, The strong performance of the Pender Small Cap Opportunities Fund during the fall of 2020 continued in December and into the New Year. For December, the Pender Small Cap Opportunities Fund was […]
What an eventful first year it has been for the Pender Small Mid Cap Dividend Fund. Starting the Fund amid bleak circumstances in the early days of the pandemic, we feel fortunate when we reflect […]
“A change in perspective is worth 80 IQ points.”- Alan Kay In this commentary we cover: Protecting the gains when markets hits new highs Inevitable trade-offs – Lower volatility vs potential higher returns How fast […]
Fellow Unitholders, Our holiday wishes came true early this year, in November. The Pender Value Fund had its highest monthly return in its history[1] – an amazing 14.3%[2] for the month, ahead of the S&P […]
Fellow Unitholders, We had an early holiday wish come true in November. The Pender Small Cap Opportunities Fund had its highest monthly return in history1 – a whopping 19%2 for the month, ahead of the S&P 500 Index (CAD) with 8.1% and the S&P/TSX Composite Index with a 10.6% return. We hope there are more months like […]
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 […]
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 […]
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 […]
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 […]
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 […]
“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 […]
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 […]
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Small Cap Equity – Manager’s Commentary – August 2021
Fellow unit holders, Over the past year, we have enjoyed the benefits of running concentrated portfolios, as many of our key holdings have performed well in the stock market. August was the opposite of that. […]
Global Focused Fund – Manager’s Commentary – Q2 2021
Fellow unitholders, “The man who is in need of a new thinking tool, but hasn’t yet acquired it, is already paying for it.” – Charlie Munger In this commentary we cover: New Fund name, similar […]
Small Cap Equity – Manager’s Commentary – July 2021
Fellow unit holders, Well, here we go again. Small cap stocks were out of favour in July, lagging large cap stocks. While the S&P 500 Index (in Canadian dollars) rose 3.0% in the month, the […]
Small Cap Equity – Manager’s Commentary – June 2021
Fellow unit holders, In June we saw a bounce back in tech stocks and the US dollar, which impacted our funds positively, both from a general sector perspective and a currency perspective. The Pender Small […]
Small Cap Equity – Manager’s Commentary – May 2021
Fellow unit holders, May was a “Buy Canada” month. The S&P/TSX Composite Index was up 3.4% while the S&P 500 (CAD) was down 1.1%. The tech sector was under pressure in May with the Nasdaq […]
Small/Mid Cap Dividend – Manager’s Commentary – April 2021
The Fund continued to deliver positive performance with year-to-date returns through to April 30, 2021 of 17.9%[1]. This performance has been supported by many of the businesses we own seeing an expansion in operating leverage, […]
Small Cap Equity – Manager’s Commentary – April 2021
Fellow unit holders, After several months where small cap stocks outperformed large cap stocks, April saw a rotation back to large cap stocks. The Pender Small Cap Opportunities Fund did well, up 5.3%[1] for the […]
Small Cap Equity – Manager’s Commentary – March 2021
Fellow unit holders, Small cap and technology stocks put the brakes on a little in March after a great run. The Pender Small Cap Opportunities Fund was up modestly by 0.3%[1] for the month and […]
Small Cap Equity – Manager’s Commentary – February 2021
Fellow unit holders, Even though it had its ups and downs, February was another positive month for small cap stocks. The Pender Small Cap Opportunities Fund gained 9.9%[1] for the month and 17.9% YTD, outperforming […]
Small Cap Equity – Manager’s Commentary – January 2021
Fellow unit holders, The strong performance of the Pender Small Cap Opportunities Fund during the fall of 2020 continued in December and into the New Year. For December, the Pender Small Cap Opportunities Fund was […]
Small/Mid Cap Dividend Fund – One Year Anniversary
What an eventful first year it has been for the Pender Small Mid Cap Dividend Fund. Starting the Fund amid bleak circumstances in the early days of the pandemic, we feel fortunate when we reflect […]
CIO’s Commentary – December 2020
“A change in perspective is worth 80 IQ points.”- Alan Kay In this commentary we cover: Protecting the gains when markets hits new highs Inevitable trade-offs – Lower volatility vs potential higher returns How fast […]
Value Fund – Manager’s Commentary – November 2020
Fellow Unitholders, Our holiday wishes came true early this year, in November. The Pender Value Fund had its highest monthly return in its history[1] – an amazing 14.3%[2] for the month, ahead of the S&P […]
Small Cap Equity – Manager’s Commentary – November 2020
Fellow Unitholders, We had an early holiday wish come true in November. The Pender Small Cap Opportunities Fund had its highest monthly return in history1 – a whopping 19%2 for the month, ahead of the S&P 500 Index (CAD) with 8.1% and the S&P/TSX Composite Index with a 10.6% return. We hope there are more months like […]
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 […]
Small Cap Equity – 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 […]
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 […]
Small Cap Equity – 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 […]
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 […]
Small Cap Equity – 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 […]