“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: […]
“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 […]
“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 […]
“ 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 […]
“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 […]
“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 […]
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 […]
HIGHLIGHTS The Fund returned 2.6% in the first quarter. Over the last three years, performance has been strong at 17.3%1. One of the major areas of market concern during the quarter was the meltdown of […]
HIGHLIGHTS Our equity exposure to energy companies led the way with Spartan Delta Corp. (TSX: SDE), ARC Resources Ltd. (TSX: ARX), and Texas Pacific Land Corporation (NYSE: TPL) among the top five contributors. Defense contractor […]
Highlights Policymakers in most parts of the world have raised rates this year with the count and pace continuing to mount. The US Bond Market has had a -0.3% annualized return over the last five […]
Dear Unitholders, The second quarter of 2022 was challenging for investors. Macro trends from the first quarter of the year continued and the headwinds intensified. The war in Ukraine, elevated commodity prices, and persistent and […]
Dear unitholders, In the first quarter of 2022, markets finished with mixed results as macro trends grabbed investor attention. The quarter saw increased geopolitical risk with the Russian invasion of Ukraine and rising interest rates […]
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) returned -2.3%[1] in January, taking a breather after a strong year in 2021 when it delivered a return of 19.2%. The Pender Enhanced Income Fund […]
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) returned -1.6% in November, while the Pender Enhanced Income Fund was down 1.7%[1]. This result came amid increased volatility during the month as the new […]
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was down 1.8%[1] and the Pender Enhanced Income Fund (PEIF) was down 1.5%[1] for the quarter. On a year-to-date basis, PSGIF was up 16.3%[1], while PEIF […]
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was relatively flat in August, posting a -0.10%[1] return for the month, while the Pender Enhanced Income Fund was down 0.20%[1]. This monthly performance trailed […]
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was up 6.2%[1] for the quarter, and the Pender Enhanced Income Fund (PEIF) was up 5.9%1. On a year-to-date (YTD) basis, PSGIF was up 18.4%1, […]
“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 […]
“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 […]
“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 […]
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Pender Strategic Growth and Income Fund – Q4 2024
“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: […]
Pender Strategic Growth and Income Fund – Q3 2024
“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 […]
Pender Strategic Growth and Income Fund – Q2 2024
“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 […]
Pender Strategic Growth and Income Fund – Q1 2024
“ 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 and Income Fund – Q4 2023
“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 […]
Pender Strategic Growth and Income Fund – Q3 2023
“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 […]
Pender Strategic Growth and Income Fund – Q2 2023
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 […]
Balanced Funds – Q1 2023
HIGHLIGHTS The Fund returned 2.6% in the first quarter. Over the last three years, performance has been strong at 17.3%1. One of the major areas of market concern during the quarter was the meltdown of […]
Balanced Funds – Q4 2022
HIGHLIGHTS Our equity exposure to energy companies led the way with Spartan Delta Corp. (TSX: SDE), ARC Resources Ltd. (TSX: ARX), and Texas Pacific Land Corporation (NYSE: TPL) among the top five contributors. Defense contractor […]
Balanced Funds – Q3 2022
Highlights Policymakers in most parts of the world have raised rates this year with the count and pace continuing to mount. The US Bond Market has had a -0.3% annualized return over the last five […]
Balanced Funds – Q2 2022
Dear Unitholders, The second quarter of 2022 was challenging for investors. Macro trends from the first quarter of the year continued and the headwinds intensified. The war in Ukraine, elevated commodity prices, and persistent and […]
Balanced Funds – Manager’s Commentary – March 2022
Dear unitholders, In the first quarter of 2022, markets finished with mixed results as macro trends grabbed investor attention. The quarter saw increased geopolitical risk with the Russian invasion of Ukraine and rising interest rates […]
Balanced Funds – Manager’s Commentary – January 2022
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) returned -2.3%[1] in January, taking a breather after a strong year in 2021 when it delivered a return of 19.2%. The Pender Enhanced Income Fund […]
Balanced Funds – Manager’s Commentary – November 2021
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) returned -1.6% in November, while the Pender Enhanced Income Fund was down 1.7%[1]. This result came amid increased volatility during the month as the new […]
Balanced Funds – Manager’s Commentary – Q3 2021
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was down 1.8%[1] and the Pender Enhanced Income Fund (PEIF) was down 1.5%[1] for the quarter. On a year-to-date basis, PSGIF was up 16.3%[1], while PEIF […]
Balanced Funds – Manager’s Commentary – August 2021
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was relatively flat in August, posting a -0.10%[1] return for the month, while the Pender Enhanced Income Fund was down 0.20%[1]. This monthly performance trailed […]
Balanced Funds – Manager’s Commentary – Q2 2021
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was up 6.2%[1] for the quarter, and the Pender Enhanced Income Fund (PEIF) was up 5.9%1. On a year-to-date (YTD) basis, PSGIF was up 18.4%1, […]
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 […]
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 […]
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 […]