Pender Value Fund

The Pender Value Fund is a go-anywhere, concentrated portfolio consisting of the top “Best Ideas” from the Pender investment team, including special situations. Bottom up fundamental analysis of each investment results in a portfolio of securities which we believe have the potential for long term capital appreciation, regardless of market cap or geographical constraints.

Class	Fund Codes	Description	MER (Capped)	Minimum Investment: Initial/[Subsequent]
A	PGF 200	Front End	2.40%	$5,000 / [$100]
F	PGF 210	Fee Based	1.40%	$5,000 / [$100]
H	PGF 240	Front End – HNW	2.10%	$100,000 / [$100]
I	PGF 250	Fee Based – HNW	1.25%	$100,000 / [$100]
D	PGF 260	Discount Brokerage	1.40%	$5,000 / [$100]

Asset Class: Canadian and US Equity Fund
Inception Date: June 28, 2013
Valuation Frequency: Daily
Eligibility: Canada-wide, Registered Plans
Distributions: DRIP annually, cash optional
Benchmark: S&P/TSX Composite Index
Portfolio Manager: David Barr, CFA. Co- Manager: Felix Narhi, CFA.

Monthly
- Pender Value Fund – Profile Sheet – Class F
- Pender Value Fund – Profile Sheet – Class A
Annual (POS)
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The Latest

The Managers Commentary – February 2021

Fellow unit holders, Even though it had its ups and downs, February was another positive month for small cap stocks. The Pender Small Cap Opportunities Fund gained 9.9%[1] for the month and 17.9% YTD, outperforming large cap indices with the S&P 500 Index (in Canadian dollars) up 2.3% for the month and 1.7% for the year, while the S&P/TSX Composite Index (in Canadian dollars) was up 4.4% and 4.0% for the respective periods. The Pender Value Fund finished the month up 3.3%1 delivering a YTD return of 12.6%. It was hit hard by negative news coming out of one of the top holdings (more in the Portfolio Update section below). Download pdf Portfolio Update Volatility spiked up in major stock markets in February but if you know us, you will remember that volatility means opportunity for us. We took the uptick in volatility to adjust portfolio weightings and reposition our…

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Recent Commentaries

David Barr

President, CEO & Portfolio Manager

Mr. Barr is the President and CEO of Pender. He is also the Portfolio Manager of several of Pender’s funds.

Felix Narhi

Chief Investment Officer and Portfolio Manager

Mr. Narhi is the Chief Investment Officer of Pender and the Portfolio Manager of 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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Pender Value Fund

Monthly

Annual (POS)

The Latest

The Managers Commentary – February 2021

Recent Commentaries

David Barr

President, CEO & Portfolio Manager

Felix Narhi

Chief Investment Officer and Portfolio Manager

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