Pender Growth Fund

The Pender Growth Fund is a closed-end investment fund with a goal of growing the net asset value of the Fund on a per share basis over the long-term. The Fund will utilize its small capital base, closed-end structure and long-term horizon to invest in unique situations; primarily small cap, special situations, and illiquid public and private companies.  The Fund trades on the TSX Venture Exchange under the symbol "PTF". The Net Asset Value (NAV) is calculated on a weekly basis, however, the shares may trade at a discount or premium to the NAV.  The Fund was selected for inclusion in the 2017 TSX Venture 50, a ranking of top performers on TSX Venture Exchange over the prior year.

  • Class C NAV: $4.18 (December 7, 2018)
    Asset Class:  Alternative Strategies
    Inception Date: July 26, 2010
    Valuation Frequency: Weekly
    Management Fee: 2.50%
    Performance Fee: 20% with a hurdle rate of 6% subject to a high water mark.
    Portfolio Manager: David Barr, CFA. President and Portfolio Manager, PenderFund Capital Management
  • Pender Growth Fund is a closed-end investment fund invests in opportunities identified by the Pender Investment team. The Fund aims to uncover unique investment situations in small but profitable companies, often in the technology sector. We invest in both public and private companies and look to invest in businesses that have hit an inflection point.

    The Fund has invested in a number of publicly listed companies with an emphasis on established businesses requiring capital for growth, expansion or restructuring. In each situation, the Fund’s capital has been invested to improve the equity value of the company.

    This approach has the potential to yield attractive returns over time if these companies are able to execute on their business plans and improve their growth and profitability. This strategy is not without risk, however, as companies face both internal and external challenges to their business plans. This aggressive component of the Fund’s investment strategy has been partially offset by also making more traditional investments in later-stage companies that are already well-positioned for growth.

    As a closed-end fund, we are able to employ a much longer time horizon when considering an investment which allows us to invest in private companies and take large positions in both private and public companies. We believe employing a longer time horizon when investing is one of the few real advantages you can have in the market today.

  • Ian D. Power

    Independent Director, Chair of Audit Committee

    Ian Power graduated from the University of British Columbia in 1977 and qualified for his Chartered Accountant designation in 1979. Mr. Power spent several years in public accounting before joining Norsat International Inc. where he rose to the position of Chief Financial Officer before departing in 1993 to become an independent consultant in corporate finance and accounting. Mr. Power was Chief Financial Officer of Strand Capital Corporation, a real estate development finance company focused on the Western United States, from 2002 to 2007. He is currently a director of Radiant Communications Corporation where he is the chairman of the Audit Committee.

    Wendy Porter

    Independent Director, Chair of Investment Committee

    Wendy Porter holds an MBA degree from the Schulich Business School at York University. Ms. Porter currently provides consulting and contract services in the areas of strategy, compensation, electronic payments and financial services for national and international clients. Ms. Porter held several senior positions with the Bank of Montreal from 1986 to 2000 and with Moneris Solutions (a joint venture of the Merchant Services Divisions of the Royal Bank of Canada and the Bank of Montreal) during 2000 and 2001. From 2002 to 2004, Ms. Porter was the President of Vital Merchant Services of Sacramento, California. Ms. Porter currently serves on the board of directors of Vivonet Inc. and VersaPay Corp. and assists various technology companies with strategic matters.

    Kelly Edmison


    Mr. Edmison is Chairman of Pender, which he founded in 2002. Prior to founding Pender, Mr. Edmison practiced law for over 20 years, with much of his time focused on representing BC-based technology companies. For the last 15 years he has been a director and officer of a number of successful companies in a variety of sectors, including technology, products and services, and healthcare. Mr. Edmison has a BA in Economics from the University of Toronto and a law degree from Queen’s University.

    David Barr


    Mr. Barr is the President and CEO of Pender. He is also Co-Chief Investment Officer with Felix Narhi, working together in setting the direction for Pender’s overall value-based investment strategy. He is also the Portfolio Manager of several of Pender’s funds.

    In November 2015, the Pender Small Cap Opportunities Fund, managed by Mr. Barr, won a Lipper Fund Award 2015 for Best Canadian Small/Mid Cap Equity Fund over both three and five year performance periods. In November 2016, the Fund once again won a Lipper Award, for Best Canadian Focused Small/Mid Cap Equity Fund over both three and five year periods. The Lipper awards recognize consistent strong risk-adjusted performance relative to their peers.

    Mr. Barr has over 15 years of investment experience. 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.

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David Barr

President, CEO & Portfolio Manager

David Barr

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