| Class C Nav | February 28, 2023 |
| NAV Per Share * | $8.83 |
| * NAV Per Share is equal to Shareholder’s Equity per Share as calculated under IFRS | |
| 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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David Barr is the 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. In July 2021, the role was split, with Carlo Desierto joining Pender as President.
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.
Checkfront helps schedule based businesses better manage their operations, centralize administration, sell and market their services online. Checkfront’s cloud based booking application provides a centralized business management tool, while offering self-service bookings from a merchants own website. We find innovative ways to ensure awareness and occupancy of your venues, activities and special events. Make it easy for your customers to find, select and book your services. Checkfront combines leading technologies and industry best practices to ensure customer satisfaction.
D-Wave is the leader in the development and delivery of quantum computing systems and software, and the world’s only commercial supplier of quantum computers. Our mission is to unlock the power of quantum computing for the world. We believe that quantum computing will enable solutions to the most challenging national defense, scientific, technical, and commercial problems. Our latest system, the D-Wave 2000Q™ quantum computer, is a 2000 qubit computing system. D-Wave’s systems are used by major corporations, universities and government agencies such as Lockheed Martin, Google, NASA, USRA, the University of Southern California, and Los Alamos National Laboratory. D-Wave systems are designed to solve a broad class of difficult optimization, machine learning, and sampling problems that have information volumes and complexity that overwhelm the ability of conventional computers to derive accurate, timely and actionable knowledge. Quantum computing holds the promise of unlocking these computational bottlenecks to enable better understanding and create new insights into important problems for customers in defense and intelligence, web search, cancer research, bioinformatics and logistics, with a focus on machine learning, pattern analysis, and a whole host of difficult graph and number theory problems.
Teradici is the technology leader for creating virtual workspaces and powers the spectrum of local, remote, mobile and collaborative workstyles, fundamentally simplifying how computing is provisioned, managed and used throughout virtual and cloud environments. Teradici PCoIP technology is deployed end-to-end in virtual and cloud environments, in zero clients, hardware accelerators, standalone workstations and mobile devices. Simple, green, and cost-effective, PCoIP technology delivers a secure, high-definition computing experience. Teradici customers benefit from a broad PCoIP ecosystem of innovative products and services. Our customers include Fortune 500 enterprises and institutions around the world, local and federal government agencies, and cloud and service providers. Our commitment to innovation and development is demonstrated through our continued investment in our people and our proactive pursuit of patents of which more than 40 have been issued to date.
Copperleaf provides enterprise decision analytics software solutions to companies managing critical infrastructure. We leverage operational and financial data to empower our clients to make investment decisions that deliver the highest business value. What sets us apart is our commitment to providing extraordinary experiences, shaped by people who care deeply, products that deliver exceptional value, and partnerships that stand the test of time. Copperleaf is a patron of The Institute of Asset Management and actively participates in shaping the future of asset management standards, including ISO 55000. Headquartered in Vancouver, Canada, our solutions are distributed and supported by regional staff and partners worldwide. Together, we are transforming how the world sees value.
www.copperleaf.com/
General Fusion: General Fusion was founded in 2002 with a goal to transform the world’s energy supply by developing the fastest, most practical, and cost-competitive path to commercial fusion power. In 2006, Dr. Michel Laberge completed proof-of-principle experiments, and with the support of leading venture capital firms, General Fusion began building a team that today is recognized as a global leader in commercial fusion energy. The company has now grown to a team of more than 100 at its world class laboratories in Burnaby, just outside Vancouver, where it is developing the key components of the world’s first fusion power plant.
Tantalus provides mission-critical smart grid solutions that include a market-leading edge computing platform, robust software applications and an advanced IoT communications network. By leveraging technology, Tantalus empowers its utility customers to access granular data from both legacy meters and cutting-edge two-way intelligent devices to improve customer service, facilitate consumer engagement, realize cost savings and streamline system operations. Tantalus’ comprehensive suite of smart grid solutions includes advanced metering infrastructure, demand-management technologies, data analytics, distribution automation and street lighting control systems – a broad portfolio built purposefully to support smart community initiatives essential to both the near-term and long-term success of the utilities Tantalus supports and the communities they serve.
tantalus.com
One45 was launched in 2001 and co-founded by Derek Hemmes, John Simms, and the University of British Columbia’s Dr. Ric Arseneau. At the time, Dr. Arseneau’s Internal Medicine program was generating so much evaluations paperwork that his students and residents were slipping through the cracks of the process. One45 was born from that frustration. Since then, the Company has grown from an evaluation-only system into an end-to-end medical education management platform that provides software tools to drive MedEd operations and fuel the analytics that enable continuous quality improvement. Its software powers the management and operations of 100+ graduate and undergraduate medical education programs around the world.
one45.com
Vigil Health Solutions Inc. develops and markets a proprietary technology platform combining software and hardware to provide solutions that guide care of and monitor seniors living in senior living communities. This includes Vigil’s unique passive, non-invasive monitoring system for residents with Alzheimer’s, or other forms of dementia – The Vigil Memory Care System. This platform is called the Vigil Integrated Care Management System™ (the “Vigil System”).
Vigil is focused on selling to the North American senior housing market. This market is expected to see continued growth for the next three decades as “Baby Boomers” reach an age when they require long-term care. The current healthcare system does not have capacity for the aging population. Technology provides a means to meet the demands of the aging population, offering innovative, creative and feasible solutions.
Vigil’s objective is to offer solutions for the full continuum of senior care. To achieve this the Company has expanded the Vigil platform to include a full range of proprietary and third party technologies. Vigil’s product range now includes: nurse call, wireless emergency call, perimeter monitoring, resident check-in as well as the Vigil Memory Care System. Vigil is focused on providing affordable practical and innovative solutions to the senior housing industry that will address the needs of the growing elderly population now and in the future.
www.vigil.com
ProntoForms is the global leader in field-focused low-code application platforms for enterprise. The Company’s solution is used to create apps and forms to collect and analyze field data with smartphones and tablets – either as a standalone solution or as a mobile front-end to enterprise systems of record.
The ProntoForms mobile solution makes it easy for remote workers to collect data on a mobile device, access company data in the field, and automatically share the results with back-office systems, cloud services, and people. We make it possible for companies to track, analyze, and continuously improve processes.
The Company’s 100,000+ subscribers harness the intuitive, secure, and scalable solution to increase productivity, improve quality of service, and mitigate risks.
www.prontoforms.com
Quorum offers innovative and robust software technology solutions and services to traditional and electric vehicle dealerships and Original Equipment Manufacturers across North America.
quoruminformationsystems.com
Sangoma Technologies is a trusted leader in delivering Unified Communications and Unified Communications as a Service (UCaaS) solutions for SMBs, Enterprises, OEMs, Carriers and service providers. Sangoma’s globally scalable offerings also include industry leading Voice-Over-IP solutions, which together provide seamless connectivity between traditional infrastructure and new technologies. Sangoma’s products and services are used in leading PBX, IVR, contact center, carrier networks and data-communication applications worldwide. Businesses can achieve enhanced levels of collaboration, productivity and ROI with Sangoma. Sangoma is the primary developer and sponsor of the Asterisk project, the world’s most widely used open source communications software and FreePBX, the world’s most widely used open source PBX software.
www.sangoma.com.
Since 1888, Inscape has been designing products and services that are focused on the future, so businesses can adapt and evolve without investing in their workspaces all over again. Our versatile portfolio includes systems furniture, storage, and walls – all of which are adaptable and built to last. Inscape’s wide dealer network, showrooms in the United States and Canada, along with full service and support for all of our clients, enables us to stand out from the crowd. We make it simple. We make it smart. We make our clients wonder why they didn’t choose us sooner.
www.myinscape.com
GreenSpace is a Canadian-based brand ideation team that develops, markets and sells premium natural food products to consumers across North America. GreenSpace owns Love Child, a producer of 100% organic food for infants and toddlers made with natural and nutritionally-rich ingredients, Central Roast, a clean snacking brand featuring a wide assortment of nut and seed mixes and GO VEGGIE, one of the leaders in the US plant-based dairy market. All brands are wholly-owned and retail in a variety of natural and mass retail grocery locations.
www.greenspacebrands.ca/
Clarius is on a mission to make accurate, easy-to-use and affordable ultrasound tools available to all medical professionals. Its handheld wireless ultrasound scanners connect to iOS and Android devices, delivering high resolution ultrasound images traditionally only available with bulkier, high end systems.
Clarius scanners are available in more than 50 countries, including the United States, Europe, Australia, Hong Kong, Indonesia, Korea, the Philippines with more to follow.
www.clarius.com.
BuildDirect is the first technology platform for the home improvement industry. The BuildDirect platform includes two core business units:
BuildDirect Marketplace: An online marketplace that offers Pro Buyers and Homeowners the ability to purchase heavyweight home improvement products direct from Sellers and receive efficient direct-to-home (or jobsite) shipping of those products.
Gateway Supply Chain: The first anywhere-to-the-home supply chain for heavy and bulky goods that equips manufacturers, distributors and retailers with efficient and cost-effective shipping solutions to move their products from anywhere in the world, to locations across North America.
The platform is powered by proprietary machine learning and predictive analytics that drive robust efficiencies for the innovation of heavyweight product services, distribution, and sales across buyers, sellers, shippers, and everyone in between.
www.builddirect.com
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.
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.
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