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Value Fund – Manager’s Commentary – March 2022
Fellow unit holders, The first quarter of 2022 came to a close with mixed performance to start the year. Investors were focused on macro events on several fronts, including the ongoing conflict in Ukraine, rising […]
Value Fund – Manager’s Commentary – January 2022
Fellow unit holders, It was a tough start to 2022, with January being one of the worst months ever for broad indices and our fund. The Pender Value Fund was down 7.0%[1] in January, while […]
Value Fund – Manager’s Commentary – December 2021
Fellow unit holders, The Pender Value Fund was down 1.1%[1] in December, lagging large-cap indices such as the S&P/TSX Composite Index and the S&P 500 Index (CAD), which were up 3.1% and 3.5%, respectively. The […]
Value Fund – Manager’s Commentary – November 2021
Fellow unit holders, The Pender Value Fund was down 5.2%[1] in November, while the S&P/TSX Composite Index dropped 1.6% and the S&P/TSX Small Cap Index dropped 3.6%. In the US, major indices also lost ground […]
Pender Value Fund – Manager’s Commentary – October 2021
Fellow unit holders, In the month of October, an appetite for risk returned to equity markets and the Pender Value Fund posted a gain of 2.4%[1] in the month. This result trailed large cap indices […]
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 […]
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 […]