| Class C Nav | $6.07 (December 31, 2020) |
| Asset Class | Alternative Strategies |
| Inception Date | July 26, 2010 |
| Valuation Frequency | Monthly |
| Management Fee | 2.50% on the first $15 million of net assets; 1.75% on net assets over $15 million. |
| Performance Fee | 20% with a hurdle rate of 6% subject to a high water mark. |
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Associate, Pender Ventures
Tony Rautava is an Investment Associate, PE/VC with the Pender investment team with responsibilities for the ongoing management of financial and operational aspects of existing PE/VC investments. Tony is the corporate secretary of Pender Growth Fund.
He has worked with investment funds since 2003 in the areas of operations, investment management and financial reporting. He is also experienced with compliance and continuous disclosure obligations, having served as the corporate secretary of a TSX listed reporting issuer.
He is active in the technology and venture capital community in Vancouver, currently serving as a director of the Vancouver Entrepreneurs Forum (VEF).
Tony holds a BBA with a specialization in Finance from Trinity Western University and has completed several industry related courses.
Current portfolio board positions include Inetco Systems, Methylation Sciences, Redlen Technologies, Teradici and Vitrium Technologies.
Mr. Edmison is Chairman of Pender, which he founded in 2002. Prior to founding Pender, Mr. Edmison practiced law for over 20 years, with much of his time focused on representing BC-based technology companies. For the last 15 years he has been a director and officer of a number of successful companies in a variety of sectors, including technology, products and services, and healthcare. Mr. Edmison has a BA in Economics from the University of Toronto and a law degree from Queen’s University.
Ms. Porter became a director of the Company in May 2006. Ms. Porter currently provides consulting and contract services in the areas of strategy, compensation, electronic payments and financial services for national and international clients. From 2002 to 2004, Ms. Porter was the President of Vital Merchant Services of Sacramento, California. Ms. Porter held several senior positions with the Bank of Montreal from 1986 to 2000 and with Moneris Solutions (a joint venture of the Merchant Services Divisions of the Royal Bank of Canada and the Bank of Montreal) during 2000 and 2001. Ms. Porter assists various technology companies with strategic matters and currently serves on the board of directors of the Vancouver Sun Children’s Fund. Ms. Porter holds an MBA degree from the Schulich Business School at York University.
Mr. Power became a director of the Company in March 1994. Ian Power graduated from the University of British Columbia in 1977 and qualified for his Chartered Accountant designation in 1979. Mr. Power spent several years in public accounting before joining Norsat International Inc. where he rose to the position of Chief Financial Officer before departing in 1993 to become an independent consultant in corporate finance and accounting. Mr. Power was Chief Financial Officer of Strand Capital Corporation, a real estate development finance company focused on the Western United States, from 2002 to 2007. He currently serves on the board of directors of Vigil Health Solutions Inc.
David Barr is the President and CEO of Pender. He is also the Portfolio Manager of several of Pender’s funds.
The Pender Small Cap Opportunities Fund, managed by David, has won a Lipper Fund Award for Best Canadian Small/Mid Cap Fund over both three and five year performance periods for 2015 to 2017. The Lipper awards recognize consistently strong, risk-adjusted performance relative to peers. The Pender Small Cap Opportunities Fund has also received Fundata’s FundGrade® A+ Award for the last seven consecutive years, 2012 to 2018. The Pender Value Fund, which he also co-manages with Felix Narhi, received Fundata’s FundGrade® A+ Award in 2016 and 2017. These awards recognise funds that have maintained “an exceptional performance rating over the entire previous calendar year”.
David began his investing career in 2000. He initially worked in private equity which gives him a unique background to investing capital. At the end of 2007 he became a partner at PenderFund Capital Management Ltd and was appointed Chief Investment Officer with the objective of launching Pender’s mutual fund business. In April 2016 David was appointed President and CEO of Pender upon the retirement of Kelly Edmison.
David holds a Bachelor of Science degree from the University of British Columbia and an MBA from the Schulich School of Business. He earned his Chartered Financial Analyst (CFA) designation in 2003 and is an active member of the Vancouver chapter. He is a past President of CFA Vancouver, having also served on its Board of Directors for four years.
David has been interviewed for his opinions on small cap, the technology sector and value investing by the Financial Post, The Globe & Mail, Morningstar and other media. He is a regular guest on BNN Bloomberg. In December 2012 Mr. Barr was recognized as one of British Columbia’s “Top Forty Under 40” business leaders by Business in Vancouver.
David is an advocate of value investing, a strategy to estimate the intrinsic value of a company before looking to invest in that company with a “margin of safety” or a discount to intrinsic value. He believes that investing in a company well below intrinsic value decreases the risk and sets it up for generating long term performance. This approach forms the basis of Pender’s overall investment strategy, which aims to preserve and grow client capital.
In order to execute on his value investing strategy David is a true contrarian. To meet his stringent value investing criteria, he looks for value in unpopular places with a view to reducing risk and finding prices that include a margin-of-safety. He refuses to follow the crowds and is driven to find quality at a discount.
Maria Pacella joined Pender in January 2017. She has been investing in emerging growth companies, with a focus on technology businesses since 2001. She spent 11 years with one of Canada’s largest venture capital firms where she invested in multiple early-stage ventures and served on a variety of boards, mostly in the areas of enterprise software, e-commerce and med-tech. Prior to that she worked at a digital media firm assisting the company in operational activities and strategic initiatives. She also worked in financial and technology M & A for the Canadian subsidiary of an international investment firm.
Maria’s experience includes operational roles at early‐stage companies, serving on boards, facilitating M & A’s and leading financings. She has built an extensive technology network across North America, notably in Silicon Valley, and has been a member of C100. She is currently a director on the board of Clarius Mobile Health and an observer on the board of Tantalus Systems. She is also on the SFU Beedie School of Business Advisory Board.
She holds a BBA from Simon Fraser University, is a CFA charterholder and an active member and a past President of CFA Society Vancouver.
As an investor in the rapidly changing world of early stage technology, Maria invests in exceptional entrepreneurs and teams that excel at identifying business opportunities, develop world-class products and are dedicated to building great companies.
Sharon Wang joined the Manager’s Investment Team in November 2013 and is a Senior Investment Analyst.
Prior to joining the Manager, Sharon was a Research Associate at a brokerage firm based in Vancouver, where she specialized in the information technology and consumer products sectors and special situations. In 2007 she briefly worked for the Manager, as a Research Analyst.
Sharon holds a BA in English Literature. She also holds a MSc Finance from the Carroll School of Management at Boston College, MA and has completed all three levels of the CFA program.
Tracy Tidy joined Pender’s investment team as an Equity Analyst in January 2019.
She began her investing career in 2000 as an Institutional Equity Sales Trader for two multi-national investment firms before moving to a well-regarded deep-value investment firm based in Vancouver. Tracy spent ten years as an Associate Vice President focusing on global companies.
Tracy holds a Bachelor of Business Administration degree from Simon Fraser University and is a CFA charterholder.
