Episode 20 – Quarterly Equity Update
July 4, 2019

Episode 20 – Quarterly Equity Update

Sarah Wildman is joined by David Barr and Felix Narhi for the first of the Pender Quarterly Update Podcasts.

Subtitle: Coiled springs, increasing quality and unknown unknowns

Sarah Wildman is joined by David Barr and Felix Narhi for the first of the Pender Quarterly Update Podcasts. David and Felix are both are analysts and portfolio managers of the Pender Value Fund. David also manages the Pender Small Cap Opportunities Fund, and Felix, the US All Cap Equity and Strategic Growth and Income mandates. They discuss the current equity environment, contribution, M&A, current investment stories and more. They also share what books are on their summer reading lists.

Key Takeaways

01:11 Sarah begins the conversation by discussing the current market environment for equities. David and Felix share their views on the apparent late-stage bull market and how they adapt their portfolios accordingly.
03:20 The percentage of compounders versus close the discount in the last year. They discuss talks about the importance of upgrading the portfolio. “The higher quality businesses will do better in a downturn and will recover faster in an uptick.”
04:36 Contribution in the portfolios. What has been working and what has not? The importance of compounders and catalyst driven situations.
07:35 David’s thought process about re-opening the Pender Small Cap Opportunities Fund.
10:12 Felix and David talk about some names they have been adding to. Zillow, the number one real estate brand in the US and Sangoma Technologies.
14:38 The M&A environment, is it still favorable?
16:12 Examples of investments that have not worked out and concerns about the current market
21:20 David and Felix share what books they will be reading this summer.

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