Highlights The Pender Small Mid Cap Dividend Fund outperformed its benchmark with a posted total return of 9.6% for the quarter ended March. Strong contributors included Aecon Group Inc., Total Energy Services Inc., and Adentra […]
Highlights Top contributors to the Fund were Computer Modeling Group Ltd. (TSX: CMG), a technology company in the oil and gas industry and Aecon Group Inc. (TSX: ARE), which provides construction and infrastructure development services […]
Highlights The top contributors included Computer Modeling Group, Saturn Oil & Gas, Spartan Delta, and NFI Group. Among the detractors were Chorus Aviation, and Trisura Group, despite posting strong quarterly earnings. The Fund took advantage […]
Highlights The Fund ended the quarter with total returns of 2.1%[1], outperforming the S&P TSX Composite Index total return of 1.1% and the S&P TSX Small Cap Index total return of -3.8%. The Fund added […]
HIGHLIGHTS Key positive drivers were Spartan Delta Corp (TSX: SDE), North American Construction Group Ltd. (TSX: NOA), Chorus Aviation Inc. (TSX: CHR) and Exchange Income Corporation (TSX: EIF). A new position is NFI Group Inc. […]
Fellow Unitholders, The Pender Small/Mid Cap Dividend Fund (PSMDF) returned a positive 3.6% in November, bringing year-to-date returns to -10.4%[1]. This compares to the TSX Small Cap Index returning -7.3% year-to-date and the TSX Composite […]
Fellow Unitholders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth in the coming quarters. Investors […]
Dear unitholders, The first quarter of 2022 came to a close with mixed performance in equity markets to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in […]
Dear unitholders, As investors continue to assess the financial risks related to the conflict between Russia and Ukraine, stock markets ended February on a mixed note. In Canada, the S&P/TSX Composite Index was up 0.3% […]
Dear unitholders, It was a tough start to 2022, with January being one of the worst months ever for broad stock indices, particularly in the US. The large cap S&P 500 Index (CAD) returned -4.7% […]
Dear unitholders, The Pender Small/Mid Cap Dividend Fund performed well in 2021 – returning 28.7%[1] for 2021 compared to 25.2% for the S&P/TSX Composite Index and 20.4% for the S&P/TSX Small Cap Index. Since the […]
The Fund continued to deliver positive performance with year-to-date returns through to April 30, 2021 of 17.9%[1]. This performance has been supported by many of the businesses we own seeing an expansion in operating leverage, […]
What an eventful first year it has been for the Pender Small Mid Cap Dividend Fund. Starting the Fund amid bleak circumstances in the early days of the pandemic, we feel fortunate when we reflect […]
October was a shaky month. The risks seemed to outnumber the potential rewards and the broader markets ended on a down note. All eyes were on a looming presidential election and a rising COVID case […]
After several consecutive months of equity markets moving steadily higher, September saw a return to volatility. As the COVID case count started to rise again, there were fears of a second wave and containing its […]
Reported earnings for the second quarter ended as strong as they started. Through a combination of better–than–expected revenue and reduced costs, basically every company in our portfolio either met or handily surpassed our expectations. Download PDF In last month’s update we noted that a portion of the stronger than expected […]
With this month’s commentary we have hit a key milestone for the Pender Small Mid Cap Dividend Fund. The Fund is officially six months into it’s mandate and while it’s been a wild six months, […]
In last month’s update, we talked about a couple of our portfolio companies providing mid-quarter updates with a noticeably more positive tone, compared to the outlook given with Q1 earnings just 30 days prior. So, […]
Staying Sensible (Keeping Emotions in Check) What a roller coaster ride. From the most severe correction in North American equity markets right into the fastest 50-day rally of all time. The Canadian major indices have […]
First Survive, Then Thrive At the time of writing this note, first quarter earnings are wrapping up. The reported earnings for the quarter were not overly relevant as the economy was, for the most part, […]
And this too shall pass Pender is entering its fourth week of working from home. There have been some adjustments to our new reality, but we have been extremely fortunate to so far be free […]
April 9, 2020
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Small/Mid Cap Dividend – Q1 2024
Highlights The Pender Small Mid Cap Dividend Fund outperformed its benchmark with a posted total return of 9.6% for the quarter ended March. Strong contributors included Aecon Group Inc., Total Energy Services Inc., and Adentra […]
Small/Mid Cap Dividend – Q4 2023
Highlights Top contributors to the Fund were Computer Modeling Group Ltd. (TSX: CMG), a technology company in the oil and gas industry and Aecon Group Inc. (TSX: ARE), which provides construction and infrastructure development services […]
Small/Mid Cap Dividend – Q3 2023
Highlights The top contributors included Computer Modeling Group, Saturn Oil & Gas, Spartan Delta, and NFI Group. Among the detractors were Chorus Aviation, and Trisura Group, despite posting strong quarterly earnings. The Fund took advantage […]
Small/Mid Cap Dividend – Q2 2023
Highlights The Fund ended the quarter with total returns of 2.1%[1], outperforming the S&P TSX Composite Index total return of 1.1% and the S&P TSX Small Cap Index total return of -3.8%. The Fund added […]
Small/Mid Cap Dividend – Q4 2022
HIGHLIGHTS Key positive drivers were Spartan Delta Corp (TSX: SDE), North American Construction Group Ltd. (TSX: NOA), Chorus Aviation Inc. (TSX: CHR) and Exchange Income Corporation (TSX: EIF). A new position is NFI Group Inc. […]
Small/Mid Cap Dividend – November 2022
Fellow Unitholders, The Pender Small/Mid Cap Dividend Fund (PSMDF) returned a positive 3.6% in November, bringing year-to-date returns to -10.4%[1]. This compares to the TSX Small Cap Index returning -7.3% year-to-date and the TSX Composite […]
Small/Mid Cap Dividend – Q2 2022
Fellow Unitholders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth in the coming quarters. Investors […]
Small/Mid Cap Dividend – Manager’s Commentary – March 2022
Dear unitholders, The first quarter of 2022 came to a close with mixed performance in equity markets to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in […]
Small/Mid Cap Dividend – Manager’s Commentary – February 2022
Dear unitholders, As investors continue to assess the financial risks related to the conflict between Russia and Ukraine, stock markets ended February on a mixed note. In Canada, the S&P/TSX Composite Index was up 0.3% […]
Small/Mid Cap Dividend – Manager’s Commentary – January 2022
Dear unitholders, It was a tough start to 2022, with January being one of the worst months ever for broad stock indices, particularly in the US. The large cap S&P 500 Index (CAD) returned -4.7% […]
Small/Mid Cap Dividend – Manager’s Commentary – December 2021
Dear unitholders, The Pender Small/Mid Cap Dividend Fund performed well in 2021 – returning 28.7%[1] for 2021 compared to 25.2% for the S&P/TSX Composite Index and 20.4% for the S&P/TSX Small Cap Index. Since the […]
Small/Mid Cap Dividend – Manager’s Commentary – April 2021
The Fund continued to deliver positive performance with year-to-date returns through to April 30, 2021 of 17.9%[1]. This performance has been supported by many of the businesses we own seeing an expansion in operating leverage, […]
Small/Mid Cap Dividend Fund – One Year Anniversary
What an eventful first year it has been for the Pender Small Mid Cap Dividend Fund. Starting the Fund amid bleak circumstances in the early days of the pandemic, we feel fortunate when we reflect […]
Manager’s Commentary – October 2020 – Don Walker
October was a shaky month. The risks seemed to outnumber the potential rewards and the broader markets ended on a down note. All eyes were on a looming presidential election and a rising COVID case […]
Manager’s Commentary – September 2020 – Don Walker
After several consecutive months of equity markets moving steadily higher, September saw a return to volatility. As the COVID case count started to rise again, there were fears of a second wave and containing its […]
Manager’s Commentary – August 2020 – Don Walker
Reported earnings for the second quarter ended as strong as they started. Through a combination of better–than–expected revenue and reduced costs, basically every company in our portfolio either met or handily surpassed our expectations. Download PDF In last month’s update we noted that a portion of the stronger than expected […]
Manager’s Commentary – July 2020 – Don Walker
With this month’s commentary we have hit a key milestone for the Pender Small Mid Cap Dividend Fund. The Fund is officially six months into it’s mandate and while it’s been a wild six months, […]
Manager’s Commentary – June 2020 – Don Walker
In last month’s update, we talked about a couple of our portfolio companies providing mid-quarter updates with a noticeably more positive tone, compared to the outlook given with Q1 earnings just 30 days prior. So, […]
Manager’s Commentary – May 2020 – Don Walker
Staying Sensible (Keeping Emotions in Check) What a roller coaster ride. From the most severe correction in North American equity markets right into the fastest 50-day rally of all time. The Canadian major indices have […]
Manager’s Commentary – April 2020 – Don Walker
First Survive, Then Thrive At the time of writing this note, first quarter earnings are wrapping up. The reported earnings for the quarter were not overly relevant as the economy was, for the most part, […]
Manager’s Commentary – March 2020 – Don Walker
And this too shall pass Pender is entering its fourth week of working from home. There have been some adjustments to our new reality, but we have been extremely fortunate to so far be free […]