As someone who loves to read, choosing the next book is always exciting. Since there are more books on my reading list than I’ll ever be able to read, I use two criteria to guide […]
We’ve been asked a lot over the past week about whether or not we have exposure to certain headline housing stocks in our equity portfolios. Fortunately, the answer is no. We think this is a […]
As we reflect on the announcement that Panera Bread, a holding in several of Pender’s funds, is about to go private thanks to a takeover by European holding company JAB, we are left feeling somewhat […]
I recently read The Undoing Project: A Friendship That Changed Our Minds by Michael Lewis. When Lewis presented at the CFA Society Vancouver 50th Anniversary Dinner in November 2015, he mentioned that he was working […]
Congratulations to the Pender Investment Team and Portfolio Managers David Barr and Felix Narhi. Fundata Canada Inc has awarded two of Pender’s funds a FundGrade A+ Award for 2016. The awards were presented in Toronto […]
Stocks rarely perform in the time frames we predict, which is why the market works best for investors who have a long-term portfolio focus. Volatility in short-term returns, especially with the relatively concentrated strategies we […]
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 […]
Here’s what’s on the reading list of some of our Investment Team, along with their notes. “Warren Buffett credits many of his great money decisions to his voracious reading habit. He … estimates […]
Download PDF We take a private equity approach to public markets We research potential holdings as if we were buying an ownership stake in the business, not just the stock. We take a deep look […]
There are two different scenarios that we consider when we try to mitigate the effects of risk in the Pender Corporate Bond Fund. The two chief risks in the bond market – credit risk and […]
If you attended the CFA Society Vancouver 50th Anniversary Dinner in November 2015, you had the privilege of hearing from keynote speaker, financial journalist and New York Times best-selling author, Michael Lewis. Your second abiding […]
During the week of October 4, 2016, Sandridge Energy emerged from its re-organization and the positions in both the Pender Corporate Bond Fund and the Pender Value Fund were converted to new Sandridge common equity […]
Almost all investments come with an element of risk but does this risk contribute to your return? Sharpe ratio is one of the calculations available to investors to assess returns on a risk-adjusted basis – […]
Beta is a measure that investors can use when assessing a potential investment for volatility. Beta measures correlation to the market (or a benchmark) and how susceptible a stock or fund is to the fluctuations […]
Alpha is the measure of a fund’s actual performance above its anticipated performance, as predicted by beta. Take the fund’s performance against its benchmark on a risk-adjusted basis to ascertain the excess. This relative outperformance […]
At Pender, we consider ourselves owners of a business, not just its stock, which means that when we think about risk we believe that real investment risk is not measured by fluctuations in a stock’s […]
Paraphrasing Charlie Munger, as investors, all we want to know is where we are going to die, so we won’t go there. Common sense dictates that investors should avoid overcrowded trades in companies with lots […]
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.
With the striking increase in the number of low cost passive funds now available, whether your investments are actively or passively managed is becoming a bigger concern for investors these days. Research and publicity, not […]
