• Pender Investment Conference 2021

    The Right and Left Tail of Small Cap Technology Investing.

    David Barr, Geoff Scott & Sharon Wang 

    June 10, 2021

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A big part of our small cap investment process is looking for asymmetric return profiles. We are trying to identify companies that could be right tail outliers, multi-baggers in waiting, with minimal left tail characteristics, such as catastrophic risk. All while trying to navigate the new, pandemic-driven environment where small cap tech innovation has increased exponentially, and there’s no way of knowing what new idea is just around the corner, or how the competitive landscape will evolve in the near term. And yet there will always be mispriced options to uncover.

In this session we discussed our approach. How we assess a potential multi-bagger while asking ourselves “how do we minimize the downside?”. A home run is only a home run after the fact, but what are the signals? We aimed to provide some insights based on our experience.

Disclaimer: The content of this video is for information purposes only and should not be viewed as investment advice or an offer to buy or sell Pender’s funds, or the securities we mention. Any discussion of performance is not an indicator of future results. All opinions are as of the June 10, 2021.

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“At the beginning of the pandemic, it was easy to say that you’re a long-term, patient shareholder, but it was actually really hard to do. But having strong convictions that are built upon your circle of competence and having the business fundamentals that help us to steer through difficult times and hold on to compounders, gives them the time they need to grow and become multi-baggers eventually.” – Sharon Wang