Felix Narhi is a Senior Equity Analyst, with a dedication to deep research and uncovering new “best ideas” that will benefit Pender’s equity portfolios.
Felix has been a Portfolio Manager on a number of Pender’s funds and was Pender’s CIO from April 2016 (as Co-CIO until April 2017) for over eight years during which time Pender grew assets from approximately $400 million to $3 billion and was recognised with multiple industry awards. In June 2024 he stepped back from the position to return to focusing on investing.
Prior to joining Pender in July 2013, Felix spent over nine years at an independent and value-oriented investment firm in Vancouver. As a Director and Senior Equity Analyst, he contributed thought leadership and primarily US equity ideas to the company’s Model Portfolio, a concentrated equity portfolio that has outpaced North American benchmarks since its inception in 1994.
Felix holds a Bachelor of Commerce degree from the University of British Columbia. He earned his Chartered Financial Analyst (CFA) designation in 2003 and is a member of CFA Vancouver.
Felix advocates a business-like approach to investing. Sound investing is the process of determining the value underlying a security and then buying it at a considerable discount to that value. The greatest challenge is to maintain the necessary balance between patience, emotional fortitude and discipline to only buy when prices are attractive and to sell when they are dear, while avoiding the short-term “noise” that consumes most market participants.
" In finance textbooks, "risk" is defined as short-term volatility. In the real world, risk is earning low returns, which is often caused by trying to avoid short-term volatility." - Morgan Housel Dear Unitholders, The Pender Strategic Growth & Income Fund (PSGIF) returned 7.1% in the first quarter of 2024. The one year return was […]
As published in the Financial Post on 26 April 2024 Question: Some of my security investments have increased in value in both my registered and non-registered accounts. I’m having a hard time knowing when to sell. Can you recommend a checklist of criteria to help me in making a sell or hold decision? – Myles Answer: For an investor, making a sell decision […]
“Behavioral edge” is just another way of saying “temperament”. Temperament refers to a habitual way a person behaves in each situation. For example, one person may be easy-going and relaxed while another is more likely to be impatient and assertive. Temperament is the unsung hero of investing success. Gaining insight about our innate emotional temperament and learning how to work with it gives an edge in investing.
"The main reason investors struggle with how to react to bad news is that they really haven't figured out why they own the stocks they own." - Bill Nygren Highlights Solid quarter caps off positive year for both relative and absolute performance. At year-end, equity exposure was approximately 58.3%, fixed income and credit at 34.3% […]
The failure of the 60/40 balanced portfolio The traditional balanced investment portfolio, typically composed of 60 per cent equities and 40 per cent bonds, is deemed to be the goldilocks of asset allocations—neither too hot, nor too cold but just right for the average investor. Download the PDF This asset allocation aims to balance risk and return, […]
Highlights Within the Fund’s equity holdings, strong positive contributions came from Onex Corp. (TSX: ONEX), ARC Resources Ltd. (TSX: ARX), and Burford Capital Ltd. (NYSE: BUR). Detractors included Brookfield Corporation (TSX: BN), Texas Pacific Land Corporation (NYSE: TPL), as well as Fiera Capital Corp (TSX: FSZ). However, Brookfield and Texas Pacific Land have both contributed […]
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