{"id":65515,"date":"2025-05-27T15:32:01","date_gmt":"2025-05-27T22:32:01","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=news&#038;p=65515"},"modified":"2025-09-23T09:35:55","modified_gmt":"2025-09-23T16:35:55","slug":"pender-growth-fund-provides-financial-highlights-and-company-updates-15","status":"publish","type":"news","link":"https:\/\/penderfund.com\/fr\/news\/pender-growth-fund-provides-financial-highlights-and-company-updates-15\/","title":{"rendered":"Pender Growth Fund Provides Financial Highlights and Company Updates"},"content":{"rendered":"<p>Pender Growth Fund Inc. (the \u201cCompany\u201d) today announced its financial and operational results for the three months ended March 31, 2025.<\/p>\n<p><strong>Faits saillants financiers<\/strong><\/p>\n<ul>\n<li>Net loss was $6,787,305 for the three months ended March 31, 2025 (March 31, 2024 \u2013 net income $12,262,927) due to negative investment performance during the year.<\/li>\n<li>Net loss per Class C common share (\u201cShare\u201d) for the three months ended March 31, 2025 was $0.95 (March 31. 2024 \u2013 Net income per Share $1.67).<\/li>\n<li>The Company\u2019s total shareholders\u2019 equity decreased by $7,113,121, from $123,081,507 at December 31, 2024 to $115,968,386 as at March 31, 2025, due to net loss of $6,787,305 primarily a result of negative investment performance, offset by shares repurchased of $325,816 under the Company\u2019s Normal Course Issuer Bid (\u201cNCIB\u201d).<\/li>\n<li>Shareholders\u2019 equity was $16.33 per Share as at March 31, 2025 (December 31, 2024 \u2013 $17.25).<\/li>\n<li>7,101,429 shares were outstanding as at March 31, 2025 (December 31, 2024 \u2013 7,133,229), a decrease of 31,800 shares as a result of shares repurchase under the NCIB, which was renewed on February 20, 2025.<\/li>\n<li>At March 31, 2025, 6% of the investment portfolio was made up of public companies and 40.4% of private companies and Net Assets were 54.6% publicly listed companies, 37.0% private unlisted companies, and 8.4% cash and other assets net of liabilities.<\/li>\n<li>Management Expense Ratio (\u201cMER\u201d) before performance fees was 2.44% for the quarter ended March 31, 2025, 0.69% lower compared to 3.13% in the first quarter of 2024.<\/li>\n<\/ul>\n<p><strong>RENDEMENT<\/strong><\/p>\n<table style=\"border-style: solid; width: 543px; border-color: #080101;\" border=\"1\" width=\"543\">\n<tbody>\n<tr>\n<td width=\"163\"><strong>RENDEMENT <\/strong><br \/>\n<strong>(bas\u00e9 sur les capitaux propres)<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"76\"><strong>3 mois<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"76\"><strong>1 an<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"76\"><strong>3 ans<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"76\"><strong>5 Year<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"76\"><strong>Depuis la cr\u00e9ation<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"163\">Cat\u00e9gorie C<\/td>\n<td style=\"text-align: center;\" width=\"76\">-5.4%<\/td>\n<td style=\"text-align: center;\" width=\"76\">46.3%<\/td>\n<td style=\"text-align: center;\" width=\"76\">-5.4%<\/td>\n<td style=\"text-align: center;\" width=\"76\">32.0%<\/td>\n<td style=\"text-align: center;\" width=\"76\">20.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Faits saillants du portefeuille <\/strong><br \/>\nPublic equity markets saw mixed performance in the first quarter of 2025, taking a breather following a year of impressive results. The S&amp;P\/TSX Composite Index gained 1.5% in the quarter, while the S&amp;P\/TSX Small Cap Index added 0.9%. Markets in the US slipped in the quarter, with the S&amp;P 500 Index (CAD) down -4.2% and the small cap Russell 2000 Index (CAD) ending -9.4% lower in the quarter.<\/p>\n<p>Equity markets were mixed as investors grew concerned about the aggressive policy shifts of the Trump administration\u2019s second term. The rise of protectionism, deregulation and a more disruptive foreign policy stance fueled heightened uncertainty that resulted in lower expectations for economic growth. These uncertainties have raised the prospects of a recession amid weakening consumer sentiment, widespread job cuts and the impact of escalating tariffs. Against these headwinds, the Federal Reserve opted to hold interest rates steady during the quarter at 4.25% to 4.5%. This contrasted with the trend of continued interest rates cuts in Canada, As the Bank of Canada reduced rates by 25bp in January, followed by another 25bp reduction in March. This left the benchmark lending rate at 2.75% at quarter-end and highlighted the softening economic environment in Canada.<\/p>\n<p>We believe that the Company continues to be well-positioned today to pursue its investment objectives and we continue to find attractive investments opportunities as valuations in micro and small cap stocks in North America remain attractive despite the recent rally this year.<\/p>\n<p>Investment results may be affected by future developments and new information that may emerge about broad economic conditions, inflation, central bank measures, geopolitical risks, market risk, unexpected judicial or regulatory proceedings and other global events, factors that are beyond the Company\u2019s control.<\/p>\n<p>While macro events have driven investor sentiment, we have remained focused on our bottom-up fundamental research to identify companies that can thrive in a wide range of economic scenarios.\u00a0We believe that this environment provides compelling opportunities for long-term focused investors and that the Company is well-positioned to continue to pursue its investment objectives.<\/p>\n<p>As always, this quarter we worked closely with our private portfolio companies and certain of our public portfolio companies.<\/p>\n<p><em>Autres faits saillants<\/em><br \/>\nWe continued to acquire shares of the Company in the market under our NCIB because we believe the shares are trading at a discount to their intrinsic value. On February 20, 2025, the Company launched a new NCIB, under which the Company may purchase a maximum of 587,342 shares, or 10% of the Company\u2019s public float on launch date, during the one-year period ending February 19, 2026.We encourage you to refer to the Company\u2019s MD&amp;A and quarterly unaudited financial statements for March 31, 2025, the annual audited financial statements for the year-ended December 31, 2024, and other disclosures available under the Company\u2019s profile at <a href=\"http:\/\/www.sedarplus.c\">www.sedarplus.c<\/a>a for additional information.<\/p>\n<p><strong>\u00c0 propos de la soci\u00e9t\u00e9<\/strong><br \/>\nPender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies principally in the technology sector. It trades on the TSX Venture Exchange under the symbol \u201cPTF\u201d and posts its NAV on its website, generally within five business days of each month end.<\/p>\n<p>Veuillez visiter <a href=\"http:\/\/www.pendergrowthfund.com\">www.pendergrowthfund.com<\/a>.<\/p>\n<p>Pour plus de renseignements, veuillez communiquer avec :<\/p>\n<p><strong>Tony Rautava<\/strong><br \/>\nSecr\u00e9taire g\u00e9n\u00e9ral<br \/>\nPender Growth Fund Inc.<br \/>\n(604) 653-9625<br \/>\nSans frais : (866) 377-4743<\/p>\n<p><em>Ni la Bourse de croissance TSX ni son fournisseur de services de r\u00e9glementation (tel que ce terme est d\u00e9fini dans les politiques de la Bourse de croissance TSX) n\u2019acceptent de responsabilit\u00e9 quant \u00e0 la pertinence ou \u00e0 l\u2019exactitude du pr\u00e9sent communiqu\u00e9 de presse.<\/em><\/p>","protected":false},"featured_media":69333,"template":"","meta":{"_acf_changed":false},"fund-type":[],"news-type":[],"class_list":["post-65515","news","type-news","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pender Growth Fund Provides Financial Highlights and Company Updates - PenderFund Capital Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/penderfund.com\/fr\/news\/pender-growth-fund-provides-financial-highlights-and-company-updates-15\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pender Growth Fund Provides Financial Highlights and Company Updates\" \/>\n<meta property=\"og:description\" content=\"Pender Growth Fund Inc. 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