Pender Value Fund

The Pender Value Fund is a go-anywhere, concentrated portfolio consisting of the top “Best Ideas” from the Pender Investment team, including special situations. Bottom up fundamental analysis of each investment results in a portfolio of companies with the potential for long term capital appreciation, regardless of market cap or geographical constraints.

  • 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 Q4 Commentary – Felix Narhi

      “Since 1871, the market has spent 40% of all years either rising or falling more than 20%. Roaring booms and crushing busts are perfectly normal.” – Morgan Housel Last year was a banner year in the US markets. Following the election of Trump, the S&P500 bolted out of the gates on initial optimism for deregulation across many sectors and ended the year with investors cheering huge US corporate tax cuts. In what has become a familiar refrain, a handful of mega cap internet and technology stocks continued their momentum. Download the pdf The party on Wall Street didn’t end on New Year’s Eve. The gala continued right into 2018 as January’s total return marked the best start to a year since 1997. Indeed, since Trump was elected President, the US markets have largely shrugged off the political sideshow and chaos of the White House as the S&P500 put together an uninterrupted 15-month rally with no losing months on a total return basis. That period was the longest streak in the history of S&P500, beating the previous record of 10 months, set back in 1995, by a comfortable margin. The recent mini-streak ended in early February 2018. The CBOE Volatility Index (VIX), or “the fear ... 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.