PenderFund

Geoff and Callum revisit the big themes in 2024 and tally which of their 2023 calls went right. They look ahead to 2025 and beyond and discuss the current market cycle, and where opportunities are in global small caps, Treasuries, commodities and the commercialization of space. A must-listen for professional and regular investors alike.

This is the first in a new Pender Ventures podcast series reflecting the scale-up stories of some of the great Canadian technology companies.   We kick off with the story of PMC-Sierra, a pioneering and leading semiconductor chipset supplier that specialized in the design and development of integrated circuits for networking, telecommunications and data storage.  Maria Pacella, Managing Partner of Pender Ventures sat down with three key executives and co-founders, each of whom made significant contributions to the semiconductor industry, Greg Aasen, Kevin Huscroft and Colin Harris.   They look back on the critical phases of PMC-Sierra's evolution, the strategic decisions made by leadership, its impact on the broader tech landscape, navigating 2000, and what they'd do differently if they had to do it all again.  

In this discussion, hosted by Rita Silvan, Parul Garg, Pender's distressed credit expert in default securities, reorganizations and recapitalizations, discusses the impending catalysts for generating meaningful alpha in distressed debt in the next 3-to-5 years, and how a public credit strategy complements investing in private credits. She explains the various approaches to creating value and managing risk in both the Pender Credit Opportunities Fund and Pender Corporate Bond Fund portfolios. 

In a candid conversation, Parul Garg, hosted by Rita Silvan, provides an in-depth overview of the Pender Credit Opportunities Fund. Known for its strategic focus on distressed and stressed credits in public fixed income markets, the Fund leverages its nimble approach to capitalize on unique opportunities often overlooked by larger funds. Parul explains the Fund's investment strategy, the advantages of focusing on public over private credit, and how proactive credit management plays a crucial role in generating alpha for investors. This insightful discussion sheds light on the risk and rewards of investing in distressed credit markets, highlighting the Fund's distinctive position within the broader investment landscape.

Welcome to the PenderFund podcast! In today's episode, we delve into the intricate world of public distressed credit investing. Join Rita Silvan, Director of Content Strategy at PenderFund Asset Management, as she speaks with Parul Garg, a specialist in stressed and distressed public holdings within the Pender Credit Opportunities Fund and the Pender Corporate Bond Fund. With over a decade of experience, Parul provides a comprehensive look at the strategies and insights that drive success in this challenging yet rewarding investment landscape. Subtitle: Expertise and experience, transparency and liquidity

Maria Pacella, Managing Partner of Pender Ventures gets an in-depth status report on Generative AI in this fascinating conversation with Duncan Stewart, Director of Technology, Media and Telecommunications (TMT) Research at Deloitte Canada. Duncan's research includes travelling the world for real-time, face to face updates from companies in every sector to unravel TMT and report resulting predictions. Maria and Duncan talk about Generative AI from a number of angles: company side implementation, client-side adoption, supply and demand, pricing and more. Listen to Duncan's up-to-the-minute insights. But don't leave it too long. He predicts that by the end of the year all his predictions will be wrong!  Subtitle: “I predict by the end of the year all of my predictions will be wrong” 

In this episode Geoff Castle, Lead Portfolio Manager of Pender's Fixed Income portfolios, hosts Callum Thomas, founder and head of research of Topdown Charts for their annual podcast. Subtitle: Building puzzles.   Geoff and Callum reflect on 2023 and review which of their December 2022 calls were right, and which were early. They look ahead to 2024 and really dive into a wide range of topics, both fixed income as well as small-cap equities, commodities and UAPs (formerly UFOs). Is the US government hiding something? Many would regard this as a “must-listen”.   

Moderated by David Dufresne, Partner, CMD Capital chats with Maria Pacella, Managing Partner of Pender Ventures, Anne Phan, VP, Corporate Development at Wealthsimple and Brent Holliday, Founder & CEO of Garibaldi Capital Advisors. They discuss the final phase of the venture cycle. Subtitle: Creating liquidity through exits.

Subtitle: "A rolling loan gathers no loss" Geoff and Winnie jump right into discussing how to navigate credit markets in the current climate. There's a lot to cover as they touch on the latest remarks from the Fed, public vs private debt, dealer inventories, maturity walls, what the rest of 2023 might hold and more, closing with Winnie's book recommendation.

We are happy to bring you the latest installment in Pender's Profiles in Credit podcast series, hosted by Geoff Castle, Lead Portfolio Manager of Pender's Fixed Income. In this episode, Geoff is joined by Sabrina Fox, Founder of Fox Legal Training and Parul Garg, Associate Portfolio Manager, also jumps with her questions. The group covered Sabrina's road to her current position and starting her company, the benefits of “speaking legalese” as well as some cautionary tales and lessons learned. And before you jump to any conclusions, if you think that a discussion of legal covenants in credit might be boring, think again.

We are delighted to welcome Greg Malpass, founder of Traction on Demand, to the podcast studio, with host, Maria Pacella, managing partner of Pender Ventures. With Traction on Demand having been acquired by SalesForce in 2022, Greg can reflect on the journey to build and sell Traction, creating a “best place to work in Canada” culture, his proudest moments and his new venture.

Welcome to Part Three of this six-part series on investing in stressed and distressed debt in which Parul Garg and Geoff Castle cover the complexities of stressed and distressed credit investing, the risks and rewards, the current opportunity and their history and experience in this area. Highlights  Capital priority for credit investors—a key advantage over equity investors.  What it really takes to be a great distressed credit investor.  Why distressed credit is an all-weather investing strategy.  Ideal asset allocation to distressed credit in a balanced portfolio for enhanced long-term returns.  

In this series, Parul and Geoff will cover the complexities of stressed and distressed credit investing, the risks and rewards, the current opportunity and their history and experience in this area.  In Part Two of this six-part series on investing in stressed and distressed debt, Geoff and Parul continue the conversation. They cover:  The opportunity set they are seeing and cyclicality.  Overvalued and undervalued sectors.  Where investing ideas come from.  The Four Ps: Pre-investment, Purchase, Pro-active credit management, Position exit.  The Team's 13-Point Credit Checklist. 

Introducing a new six-part series on investing in distressed debt. Parul Garg and Geoff Castle have been investing in this part of credit markets since 2015 and see an opportunity emerging. The cycle created by the transition in monetary policy and the squeeze from higher interest rates now favours stressed and distressed credit investing. In this series, Parul and Geoff will cover the complexity of this investment niche, the risks and rewards, the current opportunity and their history and experience in this area. In Part One they tackle: A road-tested investment strategy spins out from the Pender Corporate Bond Fund. How the team looks beyond just the balance sheet to determine true value and calculate the margin of safety. The stressed debt cascade and how to separate the signal from the noise.  A lesser-known secret on timing and investing in credit markets.

Subtitle: Actionable insights from a sea of economic and market data.  Geoff and Callum reflect on 2022 and look ahead to 2023. Geoff and Callum revisit their prior conversation and discuss how their understanding of the market has evolved over the year and what 2023 may bring. As is tradition, Geoff and Callum also do a deep dive on a variety of topics with a focus on recession, the US dollar, precious metals and more. The podcast ends with a recommendation from Callum and his thoughts on ChatGPT. 

In this episode of Profiles in Credit, Geoff Castle, Portfolio Manager of Pender Corporate Bond Fund, reconnects with Dave Thomas, Principal and Co-Head of Training at The Marquee Group, one of Canada's leading training organizations for financial analysts and investment bankers. Former classmates at Ivey Business School, Geoff and Dave discuss the art and science of financial modelling, why modelling is the most important shortcut to finding value, and where a financial model might find value today.

In this episode Rita Silvan, host, chats with Amar Pandya, Portfolio Manager of the Pender Alternative Arbitrage Fund and Justin Jacobsen, Portfolio Manager of the Pender Alternative Absolute Return Fund. Together the team looks at performance from the last quarter and discusses current market dynamics. Amar and Justin also share some insight into the opportunities that they believe may come up in the future. They shed some light into M&A activity and whether they believe the momentum is over. The team also discusses at length their current risk management tactics and how they are adjusting their strategy to respond to dynamic market conditions. The podcast closes with a reading recommendation from the team.

In this episode Rita Silvan, host, is joined by Geoff Castle, Portfolio Manager of the Pender Corporate Bond Fund (PCBF), and Parul Garg, Associate Portfolio Manager of the Fund. Together they look back at the last quarter and discuss in depth the challenges they faced. They also discuss the FED's response to increasing volatility and share some insights into how the portfolio is being positioned, adjusted and assessed as market conditions change. Is there a silver lining? The podcast ends with an assessment of current and future opportunities and risks, and a reading recommendation from both Geoff and Parul.

In this special episode David Barr, CEO and Portfolio Manager is joined by Felix Narhi, Pender's Chief Investment Officer and Portfolio Manager, Maria Pacella, Managing Partner of Pender Ventures and Geoff Castle, Portfolio Manager. Together they celebrate episode 100 by looking back on the journey that has brought Pender to where it stands today. The group discusses the Pender way of doing things, growing the team and how processes and the business have evolved over the years. They also look back at some of their favorite moments from featured guests in our podcasts to major milestones for the firm. The podcast ends with a message from Dave to our listeners and the team.

In this episode, Melanie Moore, Vice President of Marketing revisits many of our podcasts to find the best book recommendations from our featured guests. From John Mihaljevic to Dylan Grice, the compilation provides recommendations for everyone, from knowledge seekers to seasoned investors. You will find direct links to all the books featured in this podcast in the shownotes below and don't miss the Pender Investment Team's own Summer Resources List. Enjoy your summer reading!

In this episode Geoff Scott, Senior Vice President, Investments, hosts Patricia Perez-Coutts, Portfolio Manager of the Pender Emerging Markets Impact Fund. Patricia talks about her childhood curiosity for foreign countries and formative experiences in investment banking on her journey to becoming a portfolio manager. Patricia also discusses her passion for emerging markets, the Pender Emerging Markets Impact Fund and her investment strategy. She also shares some thoughts on inflation, rising interest rates and her take on the economies in certain countries. The podcast ends with a book recommendation from Patricia

In this episode Geoff Castle, Fixed Income Portfolio Manager, chats with Winnie Cisar, Global Head of Strategy at CreditSights Inc. Together they discuss Winnie's background, her foray into investment banking and the series of career steps that led her to CreditSights, especially her many experiences at Wells Fargo.  Winnie looks back on her time as a strategist during the pandemic and the decision-making process that led to some memorable calls. Geoff and Winnie also discuss Investment Grade and High Yield bonds, with some examples drawn from past and present experiences. The podcast ends with a book recommendation from Winnie.

In this episode Maria Pacella, Managing Partner of Pender Ventures chats with Jill Earthy, CEO of InBC and Leah Nguyen, CIO of InBC. Jill and Leah discuss their career journeys, their entry into venture capital and the experiences that have inspired them to keep pushing boundaries. Leah and Jill also share life lessons for current and future women entrepreneurs and discuss missed opportunities as well as the mistakes they have made along the way. Other topics of interest center around DEI, sustainable development and the opportunities and challenges Leah and Jill see for BC when it comes to investing in Canadian companies. The podcast ends with book recommendations from Leah and Jill.

In this episode Geoff Scott, Senior Vice President, Investments, chats with Amar Pandya, Portfolio Manager of the Pender Alternative Arbitrage Fund and Justin Jacobsen, Portfolio Manager of the Pender Alternative Absolute Return Fund. Together the team looks at last quarter's performance, the macro factors that contributed to volatility and the ongoing geopolitical situation that is affecting markets. The team also discusses rising inflation, the interest rate hike cycle and M&A opportunities the team has been seeing lately. Amar and Justin also provide some insight into portfolio positioning and discuss some holdings in detail. The podcast ends with a book recommendation from Amar and Justin.

In this episode Geoff Scott, Senior Vice President Investments, is joined by Geoff Castle, Portfolio Manager of the Pender Corporate Bond Fund (PCBF), and Emily Wheeler, Associate Portfolio Manager of Pender's Fixed Income mandates. Together they look at last quarter's performance and discuss in depth the global challenges that are impacting credit markets, ranging from geopolitical challenges to rising inflation and interest rates. The team also outlines how they are positioning Pender's fixed income funds defensively and what measures they are taking to ensure forward momentum. They highlight a few portfolio holdings in detail. The podcast ends with a shared book recommendation from the team.

In this episode Geoff Scott, Senior Vice President Investments, is joined by David Barr, CEO and Portfolio Manager of the Pender Small Cap Opportunities Fund and Felix Narhi, Pender's Chief Investment Officer and Portfolio Manager of the Pender Global Focused Fund and Pender Strategic Growth and Income Fund. They revisit last quarter's performance and the headwinds faced, especially in small cap and tech sector equity. They discuss the trinity of risk, being balance sheet risk, valuation risk and business risk, and in particular the team's thoughts about valuation risk, which has decreased in the last year and made for an interesting investment environment.

In this episode Maria Pacella, Managing Partner of Pender Ventures celebrates International Women's Day 2022 by taking a listen back to some of the “best bits” from our podcasts featuring Judi Hess, Natalie Dakers, Norma Biln, Jacqueline Ovens, Christy Wyatt, Michelle Scarborough and Alison Nankivell. These excerpts have been specifically selected to impart timeless advice and guidance to women looking to take the next step in their career, possibly into a leadership position, or to start their entrepreneurial journey.

In this episode Geoff Castle, Fixed Income Portfolio Manager, chats with Stan Manoukian, founder of Independent Credit Research LLC. Together they discuss Stan's background, his experiences with distressed debt and the motivation that led him to start his own firm. Stan also discusses in depth the lessons he has learned throughout his career and how he applies them to distressed debt investing. Finally, Stan shares his perspectives on a variety of topics from credit cycles, as they relate to distressed credit investing and the opportunity with reorg equities. 

In this episode Kenndal McArdle, Principal, Pender Ventures chats with Wils Theagene, Senior Director Private Equity CDPQ - Equity 25^3 Fund. Kenndal and Wils talk about diversity within venture capital and the private asset class, discuss how EQ25^3 is leveraging diversity as a vector of development and expansion, the social issues surrounding diversity and the challenges that underrepresented entrepreneurs face when seeking funding or access to resources. Kenndal and Wils also discuss ESG in depth and how CDPQ has become a leader in this domain, and Wils offers his advice and opinions on how companies can do a better job when it comes to diversifying and empowering their EDI committees to make meaningful impacts.

In this episode Sarah Wildman, Director of Institutional & Family Office Wealth Services, is joined by Geoff Castle, Portfolio Manager of the Pender Corporate Bond Fund (PCBF), and Parul Garg, Associate Portfolio Manager of the Fund. They look back at market and fund performance in 2021, discuss factors and variables that have influenced market conditions and talk in depth about their thinking and process, which helped the team achieve positive returns in 2021. The team also looks ahead to the challenges and opportunities for 2022 and discuss what they have in their sights for this year. The podcast ends with a book recommendation and some economic observations from Parul after her recent travels.

In this episode Maria Pacella, Managing Partner of Pender Ventures, is joined by Mark Longo, founder, and Managing Partner of Osler's Vancouver office. They look back at 2021 and discuss a variety of topics from talking about the M&A momentum, record IPO numbers, valuations, secondaries, and the factors responsible for record setting deals and compare 2021 to previous years. Mark also provides some detailed insight into founders turning into investors after successful exits, the current IPO trend, foreign investments, and how current and future entrepreneurs can go about raising money and what they should have ready in their tool kit. The podcast ends with a book question.

In this episode Geoff Scott, Senior Vice President, Investments, chats with Amar Pandya, Portfolio Manager of the Pender Alternative Arbitrage Fund & Justin Jacobsen, Portfolio Manager of the Pender Alternative Absolute Return Fund. Together they look back at fund for the quarter, discuss merger arbitrage and provide some insight into volatility and the taper tantrum we have seen in early 2022. The team also discusses how the funds are being positioned to handle a variety of scenarios and Justin talks about using leverage in his fund. The podcast ends with a book question.

In this episode Sarah Wildman, Director of Institutional & Family Office Wealth Services, is joined by David Barr, CEO and Portfolio Manager of the Pender Small Cap Opportunities Fund and Felix Narhi, Pender's Chief Investment Officer and Portfolio Manager of the Pender Global Focused Fund and Pender Strategic Growth & Income Fund. Together, they co-manage the Pender Value Fund. They look back on 2021 as a whole and provide their approach to 2022.

In our final episode for the year, Felix Narhi is joined by David Barr, Maria Pacella and Amar Pandya for a year end discussion on exits. The team looks back at the year through the lens of our record-breaking list of exits, with 11 public and 6 private liquidity events. They reveal some of the secret sauce and we learn why Maria has started to believe in unicorns. The team provides some in depth analysis on a few of the events and discuss where they see the M&A and IPO environment heading in the new year.

In this episode Geoff Castle, Fixed Income Portfolio Manager, picks up his conversation with Callum Thomas, founder and head of research of Topdown Charts. They revisit Callum's predictions from March 2021 to see what went right and what came out as a surprise. They also talk in depth about inflation, the impact of COVID on a variety of sectors, the sudden shift in the Chinese real estate market and finally Callum provides some insight into where he thinks the market is headed in 2022. Callum also provides his outlook and thoughts for a post pandemic world. The podcast ends with a data series that Callum recommends listeners follow.

In this episode Tony Rautava, Associate, Pender Ventures is joined by David Barr, Pender's CEO and Portfolio Manager, Brian Claire, former CEO of One45 and Derek Hemmes, Founder and Board Member of One45. Together they take a stroll down memory lane and talk about the early days of One45, the idea that launched the company, when they knew they had product market fit, the challenges they faced, the lessons they learned as they build the company for not just one but three acquisitions. Listen out for Brian's recruitment and promotion stories!

In this episode Sarah Wildman, Director of Institutional & Family Office Wealth Services, is joined by David Barr, CEO and Portfolio Manager of the Pender Small Cap Opportunities Fund and Felix Narhi, Pender's Chief Investment Officer and Portfolio Manager of the Pender Global Focused Fund and Pender Strategic Growth & Income Fund. Together, they co-manage the Pender Value Fund. They revisit last quarter's equity fund performance, looking at key contributors and discuss some of the holdings in detail. The podcast ends with a book recommendation.

In this episode Sarah Wildman, Director of Institutional & Family Office Wealth Services, is joined by David Barr, CEO and Portfolio Manager of the Pender Small Cap Opportunities Fund, Sharon Wang, Senior Equity Analyst and Tracy Tidy, Equity Analyst. They look back on what happened in the quarter, some key contributors to the Fund, positioning and a few key characteristics of companies poised to scale up, leaning on Sharon's expertise in the tech space and Tracy's in-depth knowledge of the food sector.

In this episode Sarah Wildman, Director of Institutional & Family Office Wealth Services, is joined by Geoff Castle, Portfolio Manager of the Pender Corporate Bond Fund (PCBF), and Emily Wheeler, Associate Portfolio Manager of the Pender Bond Universe Fund (PBUF). They look back at the last quarter's performance, the rising rate environment and investing in areas that look uninvestable. The team also provides examples of holdings that were considered uninvestable but have performed well. The podcast ends with book recommendations from Geoff and Emily.

In this episode Geoff Scott, Senior Vice President, Investments, chats with Amar Pandya, Portfolio Manager of the Pender Alternative Arbitrage Fund. Together they will introduce the Fund and dive into the investing strategies behind the Fund, the opportunities that Amar sees on the horizon and the overall Fund positioning. They also explore the risk management and return strategies for the Fund, in particular Pender's unique expertise and track record in identifying and analyzing M&A catalysts. Amar closes the podcast with a book recommendation.

In this episode Geoff Scott, Senior Vice President, Investments, chats with Justin Jacobsen, Portfolio Manager of the Pender Alternative Absolute Return Fund. Together they discuss Justin's background in investing, his shift from equity to credit and introduce the Pender Alternative Absolute Return Fund. Geoff and Justin dive into the investing strategies behind the Fund, the opportunities that Justin sees on the horizon and the current market environment. They also explore the details of some of the external variables the Fund may be subjected to and talk about the risk management and return strategy for the Fund. The podcast ends with two book recommendations from Justin.

In this episode Geoff Castle, Fixed Income Portfolio Manager, chats with Stephen Foerster, Professor of Finance at Western University's Ivey School of Business. They discuss Stephen's thoughts on a variety of topics as laid out in latest book, In Pursuit of the Perfect Portfolio. The book features contributions from a star-studded cast of luminaries who have shaped the investing industry, including six Nobel laureates. Geoff and Stephen dive into detail on the many themes in the book.

In this episode Kenndal McArdle, Principal, Pender Ventures chats with Carlo Perez, Founder and CEO of Swift Medical Inc. Kenndal and Carlo talk about the series of decisions and choices that led Carlo down the path of entrepreneurship and the eureka moment that led him to launch Swift Medical. Carlo also provides some background on his upbringing and how his proclivity for programming and engineering combined with many of his family being in the medical profession gave him an edge. They also discuss the medical challenges Swift is tackling, the challenges of building the business, how entrepreneurship is a constant learning process and the opportunity that lies ahead of the company.

In this episode Maria Pacella, Managing Partner of Pender Ventures, is joined by Stephanie Andrew, founding partner of Women's Equity Lab (WEL). They discuss Stephanie's background, the history behind the formation of WEL, the success it has achieved so far and the direction it is headed in. They also talk diversity issues, the benefits of having women in leadership roles and the quantifiable difference it has made in the way WEL is investing in women. Stephanie also provides some insight into the success it has achieved with its process and how it is inspiring more women to create chapters in different countries.

In this episode Sarah Wildman, Director of Institutional & Family Office Wealth Services, is joined by Geoff Castle, Portfolio Manager of the Pender Corporate Bond Fund, and Parul Garg, Associate Portfolio Manager. They look back at the last quarter's performance, the shift in credit markets and talk about risk buckets, drivers of return and the new opportunities they are excited for.

In this episode Sarah Wildman, Director of Institutional & Family Office Wealth Services, is joined by David Barr, President, CEO and Portfolio Manager of the Pender Small Cap Opportunities Fund and Felix Narhi, Pender's Chief Investment Officer and Portfolio Manager, who manages the Pender Global Focused Fund and Pender Strategic Growth & Income Fund. Together, they co-manage the Pender Value Fund. They revisit the quarter's performance, look at key contributors and identify which ones would fall into the special situations bucket. The team also takes a moment to talk about M&A and the number of take-outs they have had this quarter.

In this episode Kenndal McArdle, Principal, Pender Ventures chats with Andrew Mosawi, President of iATS Payments. Kenndal and Andrew discuss how he pivoted from being a scuba diving instructor to the world of payments. They talk about the challenges that Andrew saw in the payments industry, current innovations and where Andrew thinks the payment industry will go next. They also talk about crypto, the future of money and why Andrew believes giving consumers a choice when it comes to payments is important.

In this episode Geoff Castle, Fixed Income Portfolio Manager, chats with James Grant, editor of the iconic Wall Street newsletter, Grants Interest Rate Observer. They discuss James' early years in Long Island, his start in journalism at the Baltimore Sun, his tenure at Barron's, where he first gained national recognition and how his interest in credit markets and capital markets formulated there. In particular they talk about the three big anniversaries rolling around for the American economy in 2021, as well as where James sees the market heading in the next decade.

In this episode Geoff Castle, Fixed Income Portfolio Manager, chats with Stephen Poloz, former Governor of the Bank of Canada. They discuss Stephen’s formative years, his interest in economics, his tenure as governor and the challenging events he led the Canadian economy through. They also discuss Stephen’s thought process, his views on emerging trends and what he thinks will change in the next decade.

In this episode David Barr, President and Portfolio Manager is joined by Tobias Carlisle, founder of The Acquirer’s Multiple and Acquirers Funds. They discuss Tobias’ background in investing, the memorable guests he has had on his podcasts, cryptocurrency, value traps, small cap stocks, social media and what defines a successful investor. They also look back at how investing has changed over the years and what keeps them moving forward during tough times.

In this episode Sarah Wildman, Director of Institutional & Family Office Wealth Services, is joined by David Barr, President, CEO and Portfolio Manager of the Pender Small Cap Opportunities Fund and Felix Narhi, Pender’s Chief Investment Officer and Portfolio Manager, who manages the Pender US All Cap Equity Fund. Together, they co-manage the Pender Value Fund. They revisit the last 12 months of portfolio performance and look at how Pender’s investment process was both stress tested and set Pender’s equity funds up for their current performance profiles. They also take a moment to talk about the opportunities they are seeing at the moment, including what they are referring to as “Phoenixes”.