With this month’s commentary we have hit a key milestone for the Pender Small Mid Cap Dividend Fund. The Fund is officially six months into it’s mandate and while it’s been a wild six months, […]
Fellow Unitholders, We hope you and your families continue to be safe and healthy. July continued where the last couple of months left off. Pender Small Cap Opportunities Fund was up 7.9%, while Pender Value […]
Fellow Unitholders, We hope you and your families are safe and healthy. Q2 ended on a much more positive note than Q1, when COVID-19 threw the entire stock market into unprecedented turmoil in March. While […]
In last month’s update, we talked about a couple of our portfolio companies providing mid-quarter updates with a noticeably more positive tone, compared to the outlook given with Q1 earnings just 30 days prior. So, […]
Staying Sensible (Keeping Emotions in Check) What a roller coaster ride. From the most severe correction in North American equity markets right into the fastest 50-day rally of all time. The Canadian major indices have […]
Fellow Unitholders, We hope you and your families continue to be safe and healthy. Stock markets continued to push higher in May and small caps led the way this month. The Russell 2000 (CAD) and […]
First Survive, Then Thrive At the time of writing this note, first quarter earnings are wrapping up. The reported earnings for the quarter were not overly relevant as the economy was, for the most part, […]
Fellow Unitholders, We hope you and your families are safe and healthy in these challenging times. Stock markets made an astonishing rebound in April, making it the best month for the S&P 500 since 1987. […]
“There are decades when nothing happens; and there are weeks when decades happen.” – Vladimir Lenin In this commentary we cover: A different kind of unexpected and an extraordinary downturn “Fog of war” and decision […]
What now? “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward Like most, we watched the early advancement of the coronavirus outbreak in […]
And this too shall pass Pender is entering its fourth week of working from home. There have been some adjustments to our new reality, but we have been extremely fortunate to so far be free […]
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 […]
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 […]
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, […]
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 […]
“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% […]
Fellow Unitholders, Fund performance was mixed in October. The Pender Value Fund had a positive return of 1.4% while Pender Small Cap Opportunities Fund had a negative return of 1.4%[1]. During the same time period, […]
Looking back on the month of September, things may have seemed relatively benign. The Pender Small Cap Opportunities Fund was up 3.1%, while the Pender Value Fund was up 1.5%[1]. These results are pretty much […]
“If interest rates go to zero and all the governments in the world print money like crazy and prices go down – of course I’m confused. Anybody who is intelligent who is not confused doesn’t […]
Fellow Unitholders, August was a tough month for our funds. Both the Pender Value and Pender Small Cap Opportunities Funds had a negative month, down -6.8% and -5.7%[1] respectively. While major indices like the S&P […]
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Manager’s Commentary – July 2020 – Don Walker
With this month’s commentary we have hit a key milestone for the Pender Small Mid Cap Dividend Fund. The Fund is officially six months into it’s mandate and while it’s been a wild six months, […]
Small Cap Equity – Manager’s Commentary – July 2020
Fellow Unitholders, We hope you and your families continue to be safe and healthy. July continued where the last couple of months left off. Pender Small Cap Opportunities Fund was up 7.9%, while Pender Value […]
Small Cap Equity – Manager’s Commentary – June 2020
Fellow Unitholders, We hope you and your families are safe and healthy. Q2 ended on a much more positive note than Q1, when COVID-19 threw the entire stock market into unprecedented turmoil in March. While […]
Manager’s Commentary – June 2020 – Don Walker
In last month’s update, we talked about a couple of our portfolio companies providing mid-quarter updates with a noticeably more positive tone, compared to the outlook given with Q1 earnings just 30 days prior. So, […]
Manager’s Commentary – May 2020 – Don Walker
Staying Sensible (Keeping Emotions in Check) What a roller coaster ride. From the most severe correction in North American equity markets right into the fastest 50-day rally of all time. The Canadian major indices have […]
Small Cap Equity – Manager’s Commentary – May 2020
Fellow Unitholders, We hope you and your families continue to be safe and healthy. Stock markets continued to push higher in May and small caps led the way this month. The Russell 2000 (CAD) and […]
Manager’s Commentary – April 2020 – Don Walker
First Survive, Then Thrive At the time of writing this note, first quarter earnings are wrapping up. The reported earnings for the quarter were not overly relevant as the economy was, for the most part, […]
Small Cap Equity – Manager’s Commentary – April 2020
Fellow Unitholders, We hope you and your families are safe and healthy in these challenging times. Stock markets made an astonishing rebound in April, making it the best month for the S&P 500 since 1987. […]
CIO’s Commentary – April 2020 – Part 1
“There are decades when nothing happens; and there are weeks when decades happen.” – Vladimir Lenin In this commentary we cover: A different kind of unexpected and an extraordinary downturn “Fog of war” and decision […]
CIO’s Commentary – April 2020 – Part 2
What now? “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward Like most, we watched the early advancement of the coronavirus outbreak in […]
Manager’s Commentary – March 2020 – Don Walker
And this too shall pass Pender is entering its fourth week of working from home. There have been some adjustments to our new reality, but we have been extremely fortunate to so far be free […]
Small Cap Equity – Manager’s Commentary – March 2020
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 […]
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 […]
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, […]
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 […]
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% […]
Manager’s Commentary – October 2019 – David Barr
Fellow Unitholders, Fund performance was mixed in October. The Pender Value Fund had a positive return of 1.4% while Pender Small Cap Opportunities Fund had a negative return of 1.4%[1]. During the same time period, […]
Manager’s Commentary – September 2019 – David Barr
Looking back on the month of September, things may have seemed relatively benign. The Pender Small Cap Opportunities Fund was up 3.1%, while the Pender Value Fund was up 1.5%[1]. These results are pretty much […]
CIO’s First Half Commentary – Felix Narhi
“If interest rates go to zero and all the governments in the world print money like crazy and prices go down – of course I’m confused. Anybody who is intelligent who is not confused doesn’t […]
Manager’s Commentary – August 2019 – David Barr
Fellow Unitholders, August was a tough month for our funds. Both the Pender Value and Pender Small Cap Opportunities Funds had a negative month, down -6.8% and -5.7%[1] respectively. While major indices like the S&P […]