Facts and Fees

Class C NavJune 30, 2021
Reporting NAV Per Share *$9.83
Deferred Gain (net of fees)($3.62)
IFRS Shareholders’ Equity Per Share$6.21
* “Reporting NAV per share” is a non-IFRS measure that the Company uses as a key indicator to evaluate the performance and condition of our business.
It represents PTF’s Net Asset Value (“NAV”) per share including the proportionate share of the NAV of Pender Private Investments Inc. (“PPI”).Reporting NAV – The calculation of Reporting NAV uses two financial measures that are individually recognized under IFRS, assets and liabilities, and adjusts them to include PTF’s proportionate ownership share of PPI’s NAV. PTF acquired its share of PPI’s portfolio at a discount of 43.5% to fair value. Under IFRS, the gain on this acquisition at a discount, is treated as a deferred gain and total shareholders’ equity per share for financial reporting purposes excludes this deferred gain and the deferred gain will be recognized to the extent that it arises from a change in a factor (including time) that market participants would take into account when pricing the investment. We believe that Reporting NAV, which reflects the full value of the day one gain on acquisition of PPI, is a useful indicator of the value and condition of our business. Reporting NAV is a non-IFRS financial measure and does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other reporting issuers. Please refer to the Company’s AIF for more information.
Pender Growth Fund is a taxable Canadian corporation therefore NAV is shown net of current income taxes. However, the NAV does not include potential future taxes associated with unrealized capital gains.
Asset ClassAlternative Strategies
Inception DateJuly 26, 2010
Valuation FrequencyMonthly
Management Fee2.50% on the first $15 million of net assets; 1.75% on net assets over $15 million.
Performance Fee20% with a hurdle rate of 6% subject to a high water mark.