Pender Small / Mid Cap Dividend Fund

The Pender Small/Mid Cap Dividend Fund is designed to provide investors with a combination of long-term capital appreciation and a stable quarterly stream of cash distributions. The Fund will invest primarily in Canadian securities, with a focus on, but not limited to, dividend paying small/mid cap companies. Assets in the Fund may also be held in cash or other securities to the extent that the economic, market, or other conditions make it appropriate.

  • Pender will be reporting the standard performance information for this Fund from January 2021.

  • ClassFund Codes DescriptionMER (Capped)Minimum Investment: Initial/[Subsequent]
    APGF 1300Front End2.50%$5,000 / [$100]
    FPGF 1310Fee Based1.50%$5,000 / [$100]
    HPGF 1340Front End-HNW2.20%$100,000 / [$100]
    IPGF 1350Fee Based1.35%$100,000 / [$100]
    DPGF 1360Discount Brokerage1.50%$5,000 / [$100]
    Asset Class: Small/Mid Cap Equities
    Inception Date: January 31, 2020
    Valuation Frequency: Weekly
    Eligibility: Registered Plans
    Distributions: Drip quarterly, cash optional
    Benchmark: S&P/TSX Composite Index

    Portfolio Manager: Don Walker, CFA

  • The Latest

    Manager’s Commentary – October 2020 – Don Walker

    October was a shaky month. The risks seemed to outnumber the potential rewards and the broader markets ended on a down note. All eyes were on a looming presidential election and a rising COVID case count. Investors were understandably jittery. Download the pdf We also saw a couple of false starts during the month in the rotation from the COVID “winners” into the COVID “losers”. Businesses benefitting from the pandemic and the stay-at-home mandate have become a hedge against the ability to discover a vaccine. The two sides pitted against each other and a rotation predicated on finding a vaccine.…

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    Manager’s Commentary – September 2020 – Don Walker

    After several consecutive months of equity markets moving steadily higher, September saw a return to volatility. As the COVID case count started to rise again, there were fears of a second wave and containing its spread and the likelihood of some sort of government intervention which will again have an impact on the economy. With this in mind, we thought we would discuss the stability of the dividends in the portfolio and review how our companies managed their dividends through the first wave in the spring. We also added a new company to the Fund in the month, which we…

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    Manager’s Commentary – August 2020 – Don Walker

    Reported earnings for the second quarter ended as strong as they started. Through a combination of better-than-expected revenue and reduced costs, basically every company in our portfolio either met or handily surpassed our expectations.   Download PDF In last month’s update we noted that a portion of the stronger than expected earnings was likely unsustainable. Discretionary spending and travel expenses that were put on hold for example would return. However, there were a number of positives for our portfolio companies that could be sustained.    GDI Integrated, a janitorial service company, saw their margins in their Canadian segment double for the quarter. Revenue was impacted by building closures for a short period but additional cleaning services more than made up for this. Customers are now asking the company to disinfect, not just to clean for appearances, and these additional services will likely continue.  Pollard Banknote,…

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    Manager’s Commentary – July 2020 – Don Walker

    With this month’s commentary we have hit a key milestone for the Pender Small Mid Cap Dividend Fund. The Fund is officially six months into it’s mandate and while it’s been a wild six months, we are grateful for the early buy-in to our investment strategy. Thank you. Stocks continued their recovery through July. Small caps performed particularly well in the month with many stocks back to, or above, their pre-COVID levels. In many cases this equates to returns in excess of 100% from the lows. The initial rally in April and May was a bounce from the aggressive panic…

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    Manager’s Commentary – June 2020 – Don Walker

    In last month’s update, we talked about a couple of our portfolio companies providing mid-quarter updates with a noticeably more positive tone, compared to the outlook given with Q1 earnings just 30 days prior. So, what changed in that one month to cause the change in positivity? What we have gathered through our conversations with these companies is that the worst of the shut-downs was felt in the last week of April and the first two weeks in May. Although the economy was closed for April and began opening again in May, there was a lag to both its impact…

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Don Walker

Don Walker

Portfolio Manager

Don Walker is the Portfolio Manager of the Pender Small/Mid Cap Dividend Fund. He began his investment career in 2004 and has managed micro and small capitalization equity funds for nine years.

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