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The 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 […]
The 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 […]
The 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 […]
The Managers 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 […]
The Managers 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 […]
The Managers 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
“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 […]
The Managers Commentary – November 2020
Fellow Unitholders, Our holiday wishes came true early this year, in November. The Pender Value Fund had its highest monthly return in its history[1] – an amazing 14.3%[2] for the month, ahead of the S&P […]
The 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 […]
The 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 […]
CIO’s Commentary – Sept 2020
“The future ain’t what it used to be.” ― Yogi Berra In this commentary we cover: The March 2020 downturn and subsequent “V” shaped recovery The dichotomy of markets being up when the economy is […]
The 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 […]
Manager’s Commentary – July 2020 – David Barr
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 […]
Manager’s Commentary – June 2020 – David Barr
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 […]
Manager’s Commentary – May 2020 – David Barr
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 […]