"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% […]

Highlights The strong performance into year-end is indicative of a strengthening small cap market. A more stable interest rate environment and improved business strategies among small caps, we believe, will lead to increased M&A by both private equity firms and strategic buyers. We have streamlined the number of positions in the portfolio from 61 to […]

Highlights There was a high level of activity in the Fund during December with several merger deals closing by year-end. This allowed the Fund to harvest returns and redeploy the capital in new opportunities. Nineteen merger deals held within the Fund closed in December and the Fund initiated positions in 19 new deals. There was […]

Highlights The past quarter was characterized by a strong bond market reaction to the disinflationary trend. Longer dated, high grade bonds were the strongest contributors to performance. Favourable performers included Warner Brothers Discovery Inc. (2062), and US TIPS (2052). The Fund’s exposure to credit (via Pender Corporate Bond Fund) remains lower relative to historic weightings. […]

Highlights One of the drivers of market performance in December was strong inflows for risk assets combined with limited new issue supply in credit markets. Despite our generally defensive positioning there are some areas of markets where we see value and opportunities. We continue to like our holdings in high quality term loans which trade […]

Highlights: December’s outperformance was driven by some deeply discounted and distressed lines including the preferred shares of Fannie Mae and Freddie Mac which rallied more than 30%. We added to our position in McDermott International Ltd. at deeply discounted prices. Select off-the-run and unrated bonds remain extremely attractive where the value of the issuing companies […]