Effective June 23, 2023, the Pender Strategic Growth and Income Fund merged with the Pender Enhanced Income Fund. On completion of the merger, all of the assets and investments of the Pender Strategic Growth and Income Fund were transferred to the Pender Enhanced Income Fund and unitholders of the Pender Strategic Growth and Income Fund became unitholders of the Pender Enhanced Income Fund.
After the Merger, the name of the Pender Enhanced Income Fund was changed to “Pender Strategic Growth and Income Fund”.
The Pender Strategic Growth and Income Fund is a conservatively managed balanced fund. The fixed income strategy of the Fund will be primarily effected through the Pender Corporate Bond Fund, with weightings generally ranging from 30-60%, and may vary depending on market conditions. The remaining assets will be mainly in equities. Direct equity strategy will be primarily effected through small to mid-sized Canadian and US companies, with an emphasis on businesses that generate stable or growing cash distributions to shareholders. The Fund provides uncapped access to the Pender Small Cap Opportunities Fund, with weightings ranging from 5-10%
Class | Fund Codes | Description | MER* | Minimum Investment: Initial/[Subsequent] |
A | PGF 1000 | Front End | 2.35% | $5,000 / [$100] |
F | PGF 1010 | Fee Based | 1.28% | $5,000 / [$100] | H | PGF 1040 | Front End – HNW | 1.40% | $5,000 / [$100] |
I | PGF 1050 | Fee Based -HNW | 1.11% | $100,000 / [$100] |
*As at 2023-06-30
Asset Class: Growth and Income Fund |
Inception Date: September 21, 2009 |
Valuation Frequency: Daily |
Eligibility: Canada-Wide, Registered Plans |
Distributions: DRIP annually, cash optional |
Benchmark: S&P/TSX Composite Index |
Portfolio Manager: Felix Narhi, CFA Co- Manager: Geoff Castle |
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Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was down 1.8%[1] and the Pender Enhanced Income Fund (PEIF) was down 1.5%[1] for the quarter. On a year-to-date basis, PSGIF was up 16.3%[1], while PEIF was up 21.0%[2]. The long-term performance of PSGIF remains solid, with 5-year annualized returns of 8.8%[3]. PSGIF and PEIF are largely mirrored portfolios, but the PEIF has a material amount of tax losses available to shelter taxable income. This commentary refers to PSGIF unless otherwise noted. Download PDF At the end of the quarter, the equity weighting in PSGIF stood at 61.3%. This is down…
Standard Performance Data is subject to important disclosures set out in our Disclaimer
Mr. Narhi is the Chief Investment Officer of Pender and the Portfolio Manager of the Pender Strategic Growth and Income Fund, and Co-Manager of the Pender Value Fund.
Mr. Castle is the Portfolio Manager of the Pender Corporate Bond Fund and the Pender Bond Universe Fund. He began his investing career in 2000 and has experience in both public mutual funds and proprietary investment fund management for ultra-high net worth individuals.
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