At Pender, we have been looking at the techniques, lessons, and values from the Tokyo Olympic Games that could help investors win with their investment strategies. Canadian women dominated this year’s Olympic Games. At every […]
The Tokyo Olympic Games are in full swing, and all eyes are on the athletes competing at the very top of their game. At Pender, we have been looking at the techniques, lessons, and […]
While we are looking forward to the resumption of the NHL season if it’s done in a safe way, the suspension of the NHL in March meant finding a way to satisfy my 7-year old […]
The COVID-19 pandemic and resulting global shutdown of major parts of the economy, many of which remain closed, have created considerable distress in credit markets. By late March, the amount of US distressed debt had […]
The investment world changed dramatically in March. Stable, well run businesses seemingly became impaired in the blink of an eye. When the economy shut down, we immediately devoted a lot of time evaluating balance sheet […]
There is little doubt that COVID19 will be considered one of the biggest catastrophic events of this century. I can’t help but reflect on what good can come of this in terms of how we […]
How the portfolio is positioned to capture potential gains We believe the world will be a very different place on the other side of the global health crisis and associated financial crisis. We know that […]
Why the next big tech name could come from the healthcare sector Important Information: Pender Technology Inflection Fund I Limited Partnership managed by PenderFund Capital Management Ltd. (“Pender”) holds an investment in Clarius Mobile Health, […]
We have often talked about catalyst-driven investing, specifically in our blog post on Catalysts: Investing in “take-outs”. Another of the catalysts that can motivate a company to sell itself is prolonged stock price underperformance despite […]
Our focus on identifying high quality businesses that generate strong returns on invested capital and have promising internal reinvestment opportunities generally results in our funds having little to no exposure in resource companies. That said, […]
1. The great 35-year interest rate cycle probably bottomed in 2016 2. Disruptive periods change the opportunity sets 3. Just about everything is cyclical “I ask everybody not to think in two to three-year time […]
At Pender, we are often asked about our cash levels because it fluctuates over time depending on the individual Fund mandate and the opportunity set. One of the common misconceptions regarding some Pender mandates is […]
There is no longer an “easy button” in fixed income whereby investors can earn relatively high real returns from invested instruments guaranteed by the government. While most investors still construct their portfolio with a mix […]
At the time of writing, David Barr’s track record for picking small cap take-out1 targets stands at 40 portfolio holdings taken out since the Pender Small Cap Opportunities Fund was launched (June 2009). In just […]
At Pender we practice active management and are fundamental value investors who base our investment process on taking advantage of market inefficiencies, such as when a company becomes significantly mispriced in comparison to what the […]
Credit markets are in a state of transition, with passive instruments such as ETF’s having become major parts of the investing landscape in recent years. Within this context, an active manager faces some challenges but […]
This is a good article about investing in compounders vs. companies with legacy moats. It nicely summarises a number of important investment concepts.
Incoming Pender Corporate Bond Fund manager, Geoff Castle, brings a strong credit discipline to the Pender investment team. Here, we focus on sector exposures and the areas of opportunity he sees in the market.
Incoming Pender Corporate Bond Fund manager, Geoff Castle, brings a strong credit discipline to the Pender investment team. Here, we focus on how he is addressing the balance between credit quality, default risk and realizing […]
The classic investing advice is to “buy low and sell high”. The objective of investing in “Close the Discount” ideas is to buy a stock when it is trading at a substantial discount to a […]
Compounding is one of the bedrock concepts of investing – “the ability to generate earnings from previous earnings”1. For us, “Compounders” are those companies that can internally compound their intrinsic value at a mid-teens annualized […]
