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, […]
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 […]
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 […]
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 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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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, […]
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 […]
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 […]
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. […]
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 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 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]