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 […]
“Nothing is so painful to the human mind as a great and sudden change.” ― Mary Shelley Although we live in a world where change is constant, it seems to be getting increasingly unpredictable. In […]
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. […]
The first quarter was volatile and strange. It was a wild, roller coaster-like experience. There have been very few periods over the last three decades which have seen a larger number of three standard deviation […]
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 […]
We are business analysts. When we meet with fellow unitholders to talk about our investment process, we focus on our role as business analysts and how our private equity background complements this. The reason is […]
The end of June was the two year anniversary of the Fund’s inception. We would like to thank all our fellow investors who have participated with us in the early years of this Fund. We […]
The Fund started the year with positive performance, returning 7.26%1 over the last three months, and outperforming its benchmark which returned 6.59%2. Performance was driven by three of our key holdings, Nobilis Health (formally Northstar), […]
Our Fund ended the year with an excellent quarter. It was up 13.85%1 compared to 5.48% for the benchmark2. Again, the performance of the Fund was largely driven by the performance of key holdings including […]
Canadian and US markets were relatively flat during the quarter and the Fund performed similarly. The Fund returned 1.10%1 compared to the benchmark2 returning 2.81%. Returns were predominantly currency gains for both the Fund and […]
We have passed the one year anniversary of the inception1 of the Fund and are pleased to announce that the one year return was 35.46%2 as compared to the benchmark which was 26.47%3.
We now have our first three quarters under our belt and things have progressed nicely for the Fund. Units that were initially priced at $10.00 were valued at $13.27 at March 31, 2014.
We have our first two quarters under our belt and things have progressed nicely for the Fund. Units that were initially priced at $10.00 were valued at $12.18 at December 31, 2013.
After four years of successfully managing the Pender Small Cap Opportunities Fund, we are launching the Pender Value Fund in order to take advantage of opportunities that arise within our circle of competence but are […]
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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 – Felix Narhi – Q3 2016
“Nothing is so painful to the human mind as a great and sudden change.” ― Mary Shelley Although we live in a world where change is constant, it seems to be getting increasingly unpredictable. In […]
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 – Felix Narhi – Q1 2016
The first quarter was volatile and strange. It was a wild, roller coaster-like experience. There have been very few periods over the last three decades which have seen a larger number of three standard deviation […]
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 – Q3 2015
We are business analysts. When we meet with fellow unitholders to talk about our investment process, we focus on our role as business analysts and how our private equity background complements this. The reason is […]
Manager’s Quarterly Commentary – David Barr – Q2 2015 – Pender Value Fund
The end of June was the two year anniversary of the Fund’s inception. We would like to thank all our fellow investors who have participated with us in the early years of this Fund. We […]
Manager’s Quarterly Commentary – David Barr – Q1 2015 – Pender Value Fund
The Fund started the year with positive performance, returning 7.26%1 over the last three months, and outperforming its benchmark which returned 6.59%2. Performance was driven by three of our key holdings, Nobilis Health (formally Northstar), […]
Manager’s Quarterly Commentary – David Barr – Q4 2014 – Pender Value Fund
Our Fund ended the year with an excellent quarter. It was up 13.85%1 compared to 5.48% for the benchmark2. Again, the performance of the Fund was largely driven by the performance of key holdings including […]
Manager’s Quarterly Commentary – David Barr – Q3 2014 – Pender Value Fund
Canadian and US markets were relatively flat during the quarter and the Fund performed similarly. The Fund returned 1.10%1 compared to the benchmark2 returning 2.81%. Returns were predominantly currency gains for both the Fund and […]
Manager’s Quarterly Commentary – David Barr – Q2 2014 – Pender Value Fund
We have passed the one year anniversary of the inception1 of the Fund and are pleased to announce that the one year return was 35.46%2 as compared to the benchmark which was 26.47%3.
Manager’s Quarterly Commentary – David Barr – Q1 2014 – Pender Value Fund
We now have our first three quarters under our belt and things have progressed nicely for the Fund. Units that were initially priced at $10.00 were valued at $13.27 at March 31, 2014.
Manager’s Quarterly Commentary – David Barr – Q4 2013 – Pender Value Fund
We have our first two quarters under our belt and things have progressed nicely for the Fund. Units that were initially priced at $10.00 were valued at $12.18 at December 31, 2013.
Manager’s Quarterly Commentary – David Barr – Q2 2013 – Pender Value Fund
After four years of successfully managing the Pender Small Cap Opportunities Fund, we are launching the Pender Value Fund in order to take advantage of opportunities that arise within our circle of competence but are […]