January 11, 2022

Global Focused Fund – Featured

Written by Evan Warburton

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Global Focused Fund – Manager’s Commentary – Q3 2021

"Every past decline looks like an opportunity; every future decline looks like a risk." - Morgan Housel Fellow unitholders, In this commentary we cover: Popularity Cycles Pessimism – What (else) could go wrong? Optionality – What could go right? Commentary on Zillow Group, Inc. (ZG), Stitch, Fix Inc. (SFIX), and Baidu, Inc. (BIDU) The Pender Global Focused Fund (PGFF) was down 8.4%[1] for the quarter ending September 30. On a year-to-date basis, PGFF was up 6.0%. The long-term performance of PGFF remains solid with a 5-year annualized return of 16.3%. The primary objective of the Fund is to grow capital…

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