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.

  • Class Fund Codes Description MER (Capped) Minimum Investment: Initial/[Subsequent]
    A PGF 1300 Front End 2.50% $5,000 / [$100]
    F PGF 1310 Fee Based 1.50% $5,000 / [$100]
    H PGF 1340 Fee Based 2.20% $100,000 / [$100]
    I PGF 1350 Fee Based 1.35% $100,000 / [$100]
    D PGF 1360 Fee Based 1.50% $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 – 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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    The Latest

    Manager’s Commentary – May 2020 – Don Walker

    Staying Sensible (Keeping Emotions in Check) What a roller coaster ride. From the most severe correction in North American equity markets right into the fastest 50-day rally of all time. The Canadian major indices have rallied hard off their bottoms, but still remain a fair distance from where they started the year. At the time of writing, the TSX Small Cap Index is still down around 15% year to date but up over 50% from where it bottomed in April. Investors went from panic to euphoria in a matter of months. It is nearly impossible not to have an emotional…

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    Manager’s Commentary – April 2020 – Don Walker

    First Survive, Then Thrive At the time of writing this note, first quarter earnings are wrapping up. The reported earnings for the quarter were not overly relevant as the economy was, for the most part, still functioning. But they did give some important insight into the initial impacts of the shut-down in mid-March. Most companies also gave increased disclosures around operations and performance in April when the shut-downs were in full effect. The good news from the quarterly conference calls was that April took by far the worst of the impact and in May things had started to thaw. This…

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    Manager’s Commentary – March 2020 – Don Walker

    And this too shall pass Pender is entering its fourth week of working from home. There have been some adjustments to our new reality, but we have been extremely fortunate to so far be free of any health issues and we sincerely hope you are staying healthy as well. As I take long walks in the evening both to get some exercise and to clear my head, my mind is constantly shifting from the near-term impact of the shutdown to the longer term potential of the recovery. The near term is all about risk mitigation, while the longer term is…

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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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