Felix Narhi is a Senior Equity Analyst, with a dedication to deep research and uncovering new “best ideas” that will benefit Pender’s equity portfolios.
Felix has been a Portfolio Manager on a number of Pender’s funds and was Pender’s CIO from April 2016 (as Co-CIO until April 2017) for over eight years during which time Pender grew assets from approximately $400 million to $3 billion and was recognised with multiple industry awards. In June 2024 he stepped back from the position to return to focusing on investing.
Prior to joining Pender in July 2013, Felix spent over nine years at an independent and value-oriented investment firm in Vancouver. As a Director and Senior Equity Analyst, he contributed thought leadership and primarily US equity ideas to the company’s Model Portfolio, a concentrated equity portfolio that has outpaced North American benchmarks since its inception in 1994.
Felix holds a Bachelor of Commerce degree from the University of British Columbia. He earned his Chartered Financial Analyst (CFA) designation in 2003 and is a member of CFA Vancouver.
Felix advocates a business-like approach to investing. Sound investing is the process of determining the value underlying a security and then buying it at a considerable discount to that value. The greatest challenge is to maintain the necessary balance between patience, emotional fortitude and discipline to only buy when prices are attractive and to sell when they are dear, while avoiding the short-term “noise” that consumes most market participants.
"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 Within the Fund’s equity holdings, strong positive contributions came from Onex Corp. (TSX: ONEX), ARC Resources Ltd. (TSX: ARX), and Burford Capital Ltd. (NYSE: BUR). Detractors included Brookfield Corporation (TSX: BN), Texas Pacific Land Corporation (NYSE: TPL), as well as Fiera Capital Corp (TSX: FSZ). However, Brookfield and Texas Pacific Land have both contributed […]
Highlights The Fund returned 2.6% in the first quarter. Over the last three years, performance has been strong at 17.3%1. One of the major areas of market concern during the quarter was the meltdown of Silicon Valley Bank. We do not own any U.S regional banks in the Fund, nor any banks for that matter. […]
Highlights Our equity exposure to energy companies led the way with Spartan Delta Corp. (TSX: SDE), ARC Resources Ltd. (TSX: ARX), and Texas Pacific Land Corporation (NYSE: TPL) among the top five contributors. Defense contractor Northrup Grumman Corporation (NYSE: NOC) was also among the top contributors. CCL Industries Inc. (TSX: CCL.B) was a detractor however […]
Highlights Policymakers in most parts of the world have raised rates this year with the count and pace continuing to mount. The US Bond Market has had a -0.3% annualized return over the last five years, the first negative five-year return in US bond market history. Global bond markets have been even worse. Against this […]
Dear Unitholders, The second quarter of 2022 was challenging for investors. Macro trends from the first quarter of the year continued and the headwinds intensified. The war in Ukraine, elevated commodity prices, and persistent and rising inflation all contributed to investor uncertainty. Central banks have moved swiftly to withdraw stimulus from the economy, raising benchmark […]
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