“Nothing is so painful to the human mind as a great and sudden change.” ― Mary Shelley Although we live in a world where change is constant, it seems to be getting increasingly unpredictable. In […]
The winners keep on winning and the losers…. We had a strong quarter in our small and mid-cap universe as stock prices continued to rebound from the lows of Q1. As bottom-up stock pickers we […]
We’ve had an exciting start to the year. We started off with a big drawdown in energy markets and now, at the midpoint of the year, major indices are hitting highs and everything is fine. […]
The first quarter was volatile and strange. It was a wild, roller coaster-like experience. There have been very few periods over the last three decades which have seen a larger number of three standard deviation […]
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 […]
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 […]
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 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 […]
The end of June was the two year anniversary of the Fund’s inception. We would like to thank all our fellow investors who have participated with us in the early years of this Fund. We […]
The Fund started the year with positive performance, returning 7.26%1 over the last three months, and outperforming its benchmark which returned 6.59%2. Performance was driven by three of our key holdings, Nobilis Health (formally Northstar), […]
The Pender Small Cap Opportunities Fund started the year on a positive note, returning 9.94%1 over the quarter compared to the benchmark return of 2.59%2. Performance was driven by Nobilis Healthcare (formally Northstar Health) and […]
Our Fund ended the year with an excellent quarter. It was up 13.85%1 compared to 5.48% for the benchmark2. Again, the performance of the Fund was largely driven by the performance of key holdings including […]
The Pender Small Cap Opportunities Fund ended the year with an excellent quarter. It was up 15.05%1 compared to 0.30% for the benchmark2. Again, the performance of the Fund was largely driven by the performance […]
Canadian and US markets were relatively flat during the quarter and the Fund performed similarly. The Fund returned 1.10%1 compared to the benchmark2 returning 2.81%. Returns were predominantly currency gains for both the Fund and […]
Fellow Unitholders, Canadian and US markets were relatively flat during the quarter and the Fund performed similarly. It was down 0.29%1 while the benchmark was down 0.59%2. Volatility creates opportunity for those who are actively […]
The Fund has now passed its five year milestone and we are pleased to announce 5 year returns of 21.19%1 as compared to benchmark returns over the same period of 10.90%2. We believe that long […]
We have passed the one year anniversary of the inception1 of the Fund and are pleased to announce that the one year return was 35.46%2 as compared to the benchmark which was 26.47%3.
We now have our first three quarters under our belt and things have progressed nicely for the Fund. Units that were initially priced at $10.00 were valued at $13.27 at March 31, 2014.
Following up on the Funds strong performance in 2013, your Fund was up 4.77%1 in the first quarter compared to 6.07% for the benchmark2. As a result of the strong performance of the Fund and […]
We have our first two quarters under our belt and things have progressed nicely for the Fund. Units that were initially priced at $10.00 were valued at $12.18 at December 31, 2013.
Our Fund ended the year with an excellent quarter. It was up 13%1 compared to 7.3% for the benchmark2. Again, the performance of the Fund was largely driven by the performance of key holdings including […]
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Manager’s Quarterly Commentary – Felix Narhi – Q3 2016
“Nothing is so painful to the human mind as a great and sudden change.” ― Mary Shelley Although we live in a world where change is constant, it seems to be getting increasingly unpredictable. In […]
Manager’s Quarterly Commentary – David Barr – Q3 2016
The winners keep on winning and the losers…. We had a strong quarter in our small and mid-cap universe as stock prices continued to rebound from the lows of Q1. As bottom-up stock pickers we […]
Manager’s Quarterly Commentary – David Barr – Q2 2016
We’ve had an exciting start to the year. We started off with a big drawdown in energy markets and now, at the midpoint of the year, major indices are hitting highs and everything is fine. […]
Manager’s Quarterly Commentary – Felix Narhi – Q1 2016
The first quarter was volatile and strange. It was a wild, roller coaster-like experience. There have been very few periods over the last three decades which have seen a larger number of three standard deviation […]
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 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 – 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 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 – David Barr – Q2 2015 – Pender Value Fund
The end of June was the two year anniversary of the Fund’s inception. We would like to thank all our fellow investors who have participated with us in the early years of this Fund. We […]
Manager’s Quarterly Commentary – David Barr – Q1 2015 – Pender Value Fund
The Fund started the year with positive performance, returning 7.26%1 over the last three months, and outperforming its benchmark which returned 6.59%2. Performance was driven by three of our key holdings, Nobilis Health (formally Northstar), […]
Manager’s Quarterly Commentary – David Barr – Q1 2015 – Pender Small Cap Opportunities Fund
The Pender Small Cap Opportunities Fund started the year on a positive note, returning 9.94%1 over the quarter compared to the benchmark return of 2.59%2. Performance was driven by Nobilis Healthcare (formally Northstar Health) and […]
Manager’s Quarterly Commentary – David Barr – Q4 2014 – Pender Value Fund
Our Fund ended the year with an excellent quarter. It was up 13.85%1 compared to 5.48% for the benchmark2. Again, the performance of the Fund was largely driven by the performance of key holdings including […]
Manager’s Quarterly Commentary – David Barr – Q4 2014 – Pender Small Cap Opportunities Fund
The Pender Small Cap Opportunities Fund ended the year with an excellent quarter. It was up 15.05%1 compared to 0.30% for the benchmark2. Again, the performance of the Fund was largely driven by the performance […]
Manager’s Quarterly Commentary – David Barr – Q3 2014 – Pender Value Fund
Canadian and US markets were relatively flat during the quarter and the Fund performed similarly. The Fund returned 1.10%1 compared to the benchmark2 returning 2.81%. Returns were predominantly currency gains for both the Fund and […]
Manager’s Quarterly Commentary – David Barr – Q3 2014 – Pender Small Cap Opportunities Fund
Fellow Unitholders, Canadian and US markets were relatively flat during the quarter and the Fund performed similarly. It was down 0.29%1 while the benchmark was down 0.59%2. Volatility creates opportunity for those who are actively […]
Manager’s Quarterly Commentary – David Barr – Q2 2014 – Pender Small Cap Opps Fund
The Fund has now passed its five year milestone and we are pleased to announce 5 year returns of 21.19%1 as compared to benchmark returns over the same period of 10.90%2. We believe that long […]
Manager’s Quarterly Commentary – David Barr – Q2 2014 – Pender Value Fund
We have passed the one year anniversary of the inception1 of the Fund and are pleased to announce that the one year return was 35.46%2 as compared to the benchmark which was 26.47%3.
Manager’s Quarterly Commentary – David Barr – Q1 2014 – Pender Value Fund
We now have our first three quarters under our belt and things have progressed nicely for the Fund. Units that were initially priced at $10.00 were valued at $13.27 at March 31, 2014.
Manager’s Quarterly Commentary – David Barr – Q1 2014
Following up on the Funds strong performance in 2013, your Fund was up 4.77%1 in the first quarter compared to 6.07% for the benchmark2. As a result of the strong performance of the Fund and […]
Manager’s Quarterly Commentary – David Barr – Q4 2013 – Pender Value Fund
We have our first two quarters under our belt and things have progressed nicely for the Fund. Units that were initially priced at $10.00 were valued at $12.18 at December 31, 2013.
Manager’s Quarterly Commentary – David Barr – Q4 2013 – Pender Small Cap Opportunities Fund
Our Fund ended the year with an excellent quarter. It was up 13%1 compared to 7.3% for the benchmark2. Again, the performance of the Fund was largely driven by the performance of key holdings including […]