Pender Global Focused Fund
The Pender Global Focused Fund (formerly Pender US All Cap Equity Fund) is a concentrated portfolio of global securities, primarily listed in North America. The Manager’s primary focus is on owning founder-led companies with underappreciated competitive advantages and growth potential over the long term. His secondary focus is to generate potential returns driven by opportunistic shorter-term gaps between intrinsic value and price, which tend to emerge during periodic market dislocations. The Fund utilizes a value-driven fundamental approach.
Class Fund Codes Description MER Minimum Investment: Initial/[Subsequent] A PGF 800 Front End 2.30% $5,000 / [$100] F PGF 810 Fee Based 1.30% $5,000 / [$100] A (US$) PGF 801 Front End 2.30% US$5,000/[US$100] F (US$) PGF 811 Fee Based 1.30% US$5,000/[US$100] H PGF 840 Front End – HNW 2.00% $100,000 / [$100] I PGF 850 Fee Based – HNW 1.15% $100,000 / [$100] D PGF 860 Discount Brokerage 1.30% $5,000 / [$100] Asset Class: US Equity Inception Date: June 28, 2013 Valuation Frequency: Weekly Eligibility: Canada-wide, Registered Plans Distributions: DRIP annually, cash optional Benchmark: S&P 500 Index Portfolio Manager: Felix Narhi, CFA. Monthly
- Pender US All Cap Equity Fund – Profile Sheet – Class F (CAD)
- Pender US All Cap Equity Fund – Profile Sheet – Class F (USD)
- Pender US All Cap Equity Fund – Profile Sheet – Class A
Annual (POS)
- Pender US All Cap Equity Fund – Fund Facts – CAD (A Class)
- Pender US All Cap Equity Fund – Fund Facts – USD (A Class)
- Pender US All Cap Equity Fund – Fund Facts – (D Class)
- Pender US All Cap Equity Fund – Fund Facts – CAD (F Class)
- Pender US All Cap Equity Fund – Fund Facts – USD (F Class)
- Pender US All Cap Equity Fund – Fund Facts (H Class)
- Pender US All Cap Equity Fund – Fund Facts (I Class)
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The Latest
The Manager’s Commentary – Q2 2021
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was up 6.2%[1] for the quarter, and the Pender Enhanced Income Fund (PEIF) was up 5.9%1. On a year-to-date (YTD) basis, PSGIF was up 18.4%1, while PEIF was up 22.9%1. The PEIF edged out PSGIF YTD performance primarily due to the sale of a private investment holding in the first quarter (Agawa Canyon Inc for a return of 3.3%). Remaining legacy private holdings account for 0.6% of PEIF. The long-term performance of PSGIF remains solid, with 5-year annualized returns of 10.8%1[2]. PSGIF and PEIF are largely mirrored portfolios, but the PEIF has a significant amount of tax losses available to shelter income. This commentary refers to PSGIF unless otherwise noted. In today’s zero-coupon world, we believe PSGIF is well-positioned as a “modern makeover” of the traditional 60/40 balanced portfolio. Rather than owning government bonds with ultra-low or negative yields in…
Felix Narhi
Chief Investment Officer and Portfolio Manager
Mr. Narhi is the Chief Investment Officer of Pender and the Portfolio Manager of the Pender Global Focused Fund (formerly the Pender US All Cap Equity Fund) and the Pender Strategic Growth and Income Fund, and Co-Manager of the Pender Value Fund.
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