Pender Canadian Opportunities Fund

The Pender Canadian Opportunities Fund is focused on finding undervalued, unfollowed Canadian equities with no market cap constraints. The manager focuses on uncovering market-leading businesses with a distinct competitive edge that have the potential to generate long term capital appreciation. This is sometimes reflected in a higher weighting in the technology sector, with very little resource exposure generally. After deep fundamental analysis those businesses with attractive economic characteristics are purchased at a discount to our estimate of intrinsic value to build out this concentrated portfolio.

  • David BarrPortfolio Manager

    • David Barr

      Mr. Barr is the President and CEO of Pender. He is also the Portfolio Manager of several of Pender’s funds.

      The Pender Small Cap Opportunities Fund, managed by Mr. Barr, has won a Lipper Fund Award for Best Canadian Small/Mid Cap Fund over both three and five year performance periods for the last three consecutive years, 2015 to 2017. The Lipper awards recognize consistently strong, risk-adjusted performance relative to  peers. The Pender Small Cap Opportunities Fund has also received Fundata’s FundGrade® A+ Award for the last six consecutive years, 2012 to 2017. The Pender Value Fund, which he also manages, has received Fundata’s FundGrade® A+ Award in 2016 and 2017. This award recognises funds that have maintained “an exceptional performance rating over the entire previous calendar year”.

      Mr. Barr began his investing career in 2000. He initially worked in private equity which gives him a unique background to investing capital. At the end of 2007 he became a partner at PenderFund Capital Management Ltd and was appointed Chief Investment Officer with the objective of launching Pender’s mutual fund business. In April 2016 Mr. Barr was appointed President and CEO of Pender upon the retirement of Kelly Edmison.

      Mr. Barr holds a Bachelor of Science degree from the University of British Columbia and an MBA from the Schulich School of Business. He earned his Chartered Financial Analyst (CFA) designation in 2003 and is an active member of the Vancouver chapter. He is a past President of CFA Vancouver, having also served on its Board of Directors for four years.

      Mr. Barr has been interviewed for his opinions on small cap, the technology sector and value investing by the Financial Post, The Globe & Mail and other media. He is a regular guest on BNN. In December 2012 Mr. Barr was recognized as one of British Columbia’s “Top Forty Under 40” business leaders by Business in Vancouver

      Value Investing

      Mr. Barr is an advocate of value investing, a strategy to estimate the intrinsic value of a company before looking to invest in that company with a “margin of safety” or a discount to intrinsic value. Mr. Barr believes that investing in a company well below intrinsic value decreases the risk and sets it up for generating long term performance and this approach forms the basis of Pender’s overall investment strategy, which aims to preserve and grow clients’ capital.


      In order to execute on his value investing strategy Mr. Barr is a true contrarian. To meet his stringent value investing criteria, he looks for value in unpopular places with a view to reducing risk and finding prices that include a margin-of-safety. He refuses to follow the crowds and is driven to find quality at a discount.

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    • Manager’s Quarterly Commentary – David Barr – Q4 2017

      Who is the better hockey player? Wayne Gretzky or Sidney Crosby. Since the teams I usually cheer for have demonstrated a complete inability to compete for the Stanley Cup this year, I’m left to ponder more meaningful long-term questions about the game of hockey such as, is Sidney Crosby today better than Gretzky was in his day? The fun part about this question is that we will never know. What we do know is that the game of hockey has changed a lot in the last 30 years. The skill level has increased dramatically over the years. As a result the worst players in the NHL today are significantly better than the worst players of 30 years ago and so the whole basis of competition has changed.  Download the full commentary. The same thing has happened in the money management industry. The general skill level has increased dramatically. This effectively makes it more challenging for professional active managers to outperform. Can Crosby or Ovechkin score 92 goals in a season like Gretzky did one year? Not in today’s game. However, if the NHL were to expand to a 64 team league it would significantly increase the dispersion between the best players and the worst players in ... Continue Reading

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in net asset value and assumes reinvestment of all distributions and are net of all management and administrative fees, but do not take into account sales, redemption or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.