The Pender Strategic Growth and Income Fund is a diversified balanced fund. It aims to generate long-term growth and income by investing in a portfolio of equities and fixed income which may vary depending on market conditions.
The Fund makes allocations across Pender’s investment lineup, specifically, the Fund invests in Pender’s fixed income and equity funds which aim for best-in-class results. It may also allocate up to 10% of its net assets to a range of Pender’s liquid alternative funds to further diversify the portfolio. Alongside these holdings the fund will have equity exposures that are typically investments in All-Cap Canadian and U.S. companies, with an emphasis on businesses that generate stable or growing cash distributions to shareholders and further diversify and complement the existing holdings within the fund.
We believe this approach is an important differentiator to traditional balanced funds, which are often under invested in small-mid cap equities which can be an important long-term driver of returns, and liquid alternatives for diversification benefits.
Since Inception returns are from December 2019. All returns greater than a year are annual compounded returns.
| Performance (%) - March 31, 2025 | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 2 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | YTD | Since Inception | Inception Date | A | -3.8 | -4.2 | -1.6 | 7.0 | 12.2 | 6.5 | 16.2 | -4.2 | 7.7 | 2019-12-15 | F | -3.7 | -3.9 | -1.0 | 8.2 | 13.4 | 7.7 | 17.5 | -3.9 | 8.8 | 2019-12-15 |
|---|
| Annual Performance (%) | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | YTD | A | -1.9 | 22.8 | -8.0 | 12.2 | 19.3 | -4.2 | F | -1.0 | 24.1 | -7.1 | 13.4 | 20.6 | -3.9 |
|---|
| Distributions Per Unit ($) | Apr'23 | May'23 | Dec'23 | Mar'24 | Jun'24 | Sep'24 | Dec'24 | Mar'25 | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | 0.03 | 0.03 | 0.06 | 0.01 | 0.05 | 0.02 | 0.02 | 0.03 | 1.43 |
| F | 0.03 | 0.03 | 0.11 | 0.04 | 0.07 | 0.05 | 0.04 | 0.06 | 1.67 |
Standard Performance Data is subject to important disclosures set out in our Disclaimer.
| Asset Allocation | (%) |
|---|---|
| US Equities | 27.0 |
| Canadian Equities | 24.3 |
| US Corporate Bonds | 15.6 |
| Other Assets | 9.5 |
| Canadian Corporate Bonds | 6.1 |
| Foreign Equities | 5.3 |
| Foreign Corporate Bonds | 4.3 |
| Government Bonds | 3.0 |
| Term Loans | 2.5 |
| Cash | 1.6 |
| Closed End Funds | 0.6 |
| Equity ETF Option | 0.2 |
| Sector Allocation | (%) |
|---|---|
| Financial Services | 15.6 |
| Industrials | 10.4 |
| Information Technology | 9.7 |
| Other Sectors | 9.5 |
| Energy | 8.5 |
| Health Care | 8.3 |
| Real Estate | 7.6 |
| Consumer Discretionary | 5.4 |
| Consumer Staples | 4.7 |
| Insurance | 4.7 |
| Materials | 4.6 |
| Communication Services | 3.3 |
| Government Bonds | 3.0 |
| Utilities | 2.3 |
| Cash | 1.6 |
| Closed End Funds | 0.6 |
| Equity ETF Option | 0.2 |
| Currency Allocation | (%) |
|---|---|
| USD | 56.3 |
| CAD | 38.4 |
| Other | 5.3 |
| Top 10 Holdings | Fund (%) |
| Pender Corporate Bond Fund | 34.3 |
| Pender Alternative Absolute Return Fund | 8.5 |
| Pender Small Cap Opportunities Fund | 8.4 |
| Exor N.V. | 3.4 |
| Burford Capital Limited | 3.0 |
| Brookfield Corporation | 2.7 |
| Onex Corporation | 2.3 |
| Trisura Group Ltd. | 2.0 |
| Dream Unlimited Corp. | 2.0 |
| Markel Group Inc. | 2.0 |
| Total Percentage of Top 10 Holdings | 68.60% |
| Total Net Assets of Fund | $54,800,250 |
| Class | Code | Description | MER1 | Trailer | Min. Investment: Initial/[Subsequent] |
|---|---|---|---|---|---|
| A | PGF 1000 | Front End | 2.34% | 1.00% | $5,000/[$100] |
| F | PGF 1010 | Fee Based | 1.28% | $5,000/[$100] | |
| H | PGF 1040 | Front End – HNW | 2.01% | 0.85% | $100,000/[$100] |
| I | PGF 1050 | Fee Based – HNW | 1.11% | $100,000/[$100] |
1 As at 31-12-2024. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.
| Asset Class: Growth and Income Fund |
| Inception Date: December 15, 2019 |
| Valuation Frequency: Daily |
| Distributions: DRIP Quarterly, Cash Optional |
| Benchmark: Blended Benchmark (50% DEX, 35% S&P/TSX, 15% S&P500 CAD) |
| Portfolio Manager: Felix Narhi, CFA, |
| Co-Portfolio Manager: Geoff Castle |
Pender Strategic Growth and Income Fund – December 31, 2024
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“The future ain't what it used to be” – Yogi Berra Highlights Fund returned 3.0% in Q4 and 20.6% for 2024; 5-year milestone crossed w/ top decile performance. Rotated tactical allocation to defensive undervalued equities: 5 equity additions and 5 exits. Higher defensive positioning: Record liquid alts, new healthcare equities, high cash levels Dear Fellow Unitholders, The Fund returned 3.0% in the fourth quarter of 2024 compared to its Morningstar Category which returned 1.8%[1]. Small cap equity holdings and corporate credit allocations drove the quarter’s outperformance. The Fund passed its 5-year anniversary on December 15, 2024. Trailing one-, three-, and…
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”.
Mr. Narhi is 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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