Fellow Unitholders, At the risk of sounding like a broken record, equity markets continued their upward trend during July with the S&P/TSX index total return of 34 basis points and the Russell 2000 total return […]
Fellow Unitholders, We are happy to report that both the Pender Value and Pender Small Cap Opportunities Funds had positive quarters. The Pender Value Fund was up 5.5%[1] and the Pender Small Cap Opportunities Fund […]
Fellow Unitholders, In our last commentary, we started by being thankful that 2018 was in the rear-view mirror and we were looking forward to 2019. It turns out that forces beyond our control have conspired […]
Fellow Unitholders, I started drafting this commentary soon after quarter end, but then we were immediately presented with some interesting volatility in equity markets, so I put my pen down and went bargain hunting. Now, […]
After some exciting volatility in Q1, Q2 was a return to market complacency, lower volatility and stocks going up. This was a tailwind for our equity portfolios, as performance was strong in the quarter. Enough […]
Increased Volatility and Continued Underperformance by Canadian Indices The Moment We’ve All Been Waiting For That was an interesting quarter. One thing didn’t change: Canada is out of favour. Canadian indices continued their lacklustre performance. […]
Who is the better hockey player? Wayne Gretzky or Sidney Crosby. Since the teams I usually cheer for have demonstrated a complete inability to compete for the Stanley Cup this year, I’m left to ponder […]
As active managers we are trying to build a portfolio of companies within our strategies that can provide strong, long term, risk adjusted returns for our investors. One of our key tenets is to find […]
We are well into summer now, our favourite time of year for taking a step back and reading about bigger picture topics that deepen our investing skill set. Halfway through the year we can assess […]
When talking to investors today, the questions we hear quite frequently revolve around one central theme – are markets expensive? We spend the majority of our time trying to figure out if an individual company […]
That was an interesting quarter to say the least. Our small cap positions were strong beneficiaries of the post US election rally. We would like to take credit for positioning the portfolio for this event […]
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. […]
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 […]
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 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 […]
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 […]
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 […]
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 […]
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Manager’s Commentary – July 2019 – David Barr
Fellow Unitholders, At the risk of sounding like a broken record, equity markets continued their upward trend during July with the S&P/TSX index total return of 34 basis points and the Russell 2000 total return […]
Manager’s Commentary – Q2 2019 – David Barr
Fellow Unitholders, We are happy to report that both the Pender Value and Pender Small Cap Opportunities Funds had positive quarters. The Pender Value Fund was up 5.5%[1] and the Pender Small Cap Opportunities Fund […]
Manager’s Commentary – Q1 2019 – David Barr
Fellow Unitholders, In our last commentary, we started by being thankful that 2018 was in the rear-view mirror and we were looking forward to 2019. It turns out that forces beyond our control have conspired […]
Manager’s Quarterly Commentary – David Barr – Q3 2018
Fellow Unitholders, I started drafting this commentary soon after quarter end, but then we were immediately presented with some interesting volatility in equity markets, so I put my pen down and went bargain hunting. Now, […]
Manager’s Quarterly Commentary – David Barr – Q2 2018
After some exciting volatility in Q1, Q2 was a return to market complacency, lower volatility and stocks going up. This was a tailwind for our equity portfolios, as performance was strong in the quarter. Enough […]
Manager’s Quarterly Commentary – David Barr – Q1 2018
Increased Volatility and Continued Underperformance by Canadian Indices The Moment We’ve All Been Waiting For That was an interesting quarter. One thing didn’t change: Canada is out of favour. Canadian indices continued their lacklustre performance. […]
Manager’s Quarterly Commentary – David Barr – Q4 2017
Who is the better hockey player? Wayne Gretzky or Sidney Crosby. Since the teams I usually cheer for have demonstrated a complete inability to compete for the Stanley Cup this year, I’m left to ponder […]
Manager’s Quarterly Commentary – David Barr – Q3 2017
As active managers we are trying to build a portfolio of companies within our strategies that can provide strong, long term, risk adjusted returns for our investors. One of our key tenets is to find […]
Manager’s Quarterly Commentary – David Barr – Q2 2017
We are well into summer now, our favourite time of year for taking a step back and reading about bigger picture topics that deepen our investing skill set. Halfway through the year we can assess […]
Manager’s Quarterly Commentary – David Barr – Q1 2017
When talking to investors today, the questions we hear quite frequently revolve around one central theme – are markets expensive? We spend the majority of our time trying to figure out if an individual company […]
Manager’s Quarterly Commentary – David Barr – Q4 2016
That was an interesting quarter to say the least. Our small cap positions were strong beneficiaries of the post US election rally. We would like to take credit for positioning the portfolio for this event […]
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 – 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 – 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 – 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 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 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 – 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 […]