Highlights The Fund has gained 38.4% year-to-date. Top contributor this quarter was Kraken Robotics Inc., (TSXV: PNG), a marine technology company. Thinkific Labs Inc. (TSX:THNC) was a detractor this quarter subsequent to their SIB as the market waits for business fundamentals to improve. Fund Performance The Pender Value Fund continued to perform well in the […]
As published in the Conseiller on October 14, 2024 (In French) The efficient market hypothesis states that share prices reflect fair market value. Since everyone has access to the same publicly available information, every known and relevant piece of data is already baked in and reflected in the current price. By this reasoning, there can […]
Highlights Many positive contributors in the quarter, such as Kraken Technologies Limited, TerraVest Industries Inc., Altius Renewable Royalties Corp, Dye & Durham Ltd. and BlackLine Systems, Inc.. Thinkific was a key detractor in the quarter. We are finding attractive opportunities in companies in the early stages of their growth cycles in areas of the market […]
As published in The Globe and Mail on September 26, 2024 (for subscribers only). Use low sentiment to your advantage Rush hour traffic is no one’s idea of fun. Studies show idling on crowded roads negatively affects our health and lowers satisfaction with work and life. Likewise, crowded trades are no picnic for advisors who […]
As published in the Financial Post on August 25, 2024 British pop band Dead or Alive had a massive hit in the mid-80s with their song “You Spin Me Round (Like a Record)” on their “Youthquake” album. It’s a catchy little number. Over on the other side of the pond, in the investment world, something […]
As published in Conseiller (in French) on 12 August, 2024. Investment success over the long term is based on the positive synergy of three pillars which form the basis of alpha generation through various market cycles. For professional investors, table stakes are 1) clarity of goals and alignment across the whole company and, 2) having […]
Highlights One of our largest holdings, Copperleaf Technologies Inc (TSX: CPLF) announced it was to be acquired for $12.00 per share. It was among our top three contributors for the quarter, along with Sylogist Ltd (TSX: SYZ). and TerraVest Industries Inc (TSX: TVK). Top detractors this quarter included Dye & Durham Ltd (TSX: DND), Chesswood […]
As published in CFA Institute Enterprising Investor on July 29, 2024. How confident are you in what you know? In 2002, Donald Rumsfeld, U.S. Secretary of Defense spoke these, now-famous, words during a Pentagon briefing: “As we know, there are known knowns; there are things we know we know. We also know there are known […]
The investing adage that returns are greatest where capital is most scarce applies well to small cap stocks. These firms, often founder-led or family-owned, tend to be less well capitalized than larger enterprises and they have suffered the most during the recent period of rising interest rates. But this is not the first time they […]
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