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Fellow Unitholders, Welcome to our February monthly commentary – it’s already feeling a little outdated!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 […]

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 […]

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 […]

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 […]

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. […]