Vertex Value Fund

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Overview

Portfolio Manager David Barr & Felix Narhi of PenderFund Capital Management, effective July 1, 2019
Purchase Minimum $500 (initial), $50 (subsequent)
Type of Fund Concentrated Value
Inception Date Sept 21, 2009
RSP/TFSA Eligible Yes
Management Fee (B)2% (F)1%
High Water Mark Yes, relative to benchmark
Early Switch/Redemption 2% fee within 30 calendar days of purchase
Valuation Frequency Daily
Distribution Frequency Annually, if applicable.
Offering Type Simplified Prospectus
Administration CIBC Mellon
Trustee CIBC Mellon
Custodian CIBC Mellon
Auditor PwC

Strategy

Our investment process involves seeking out primarily equity securities of companies that we determine to be priced at attractive levels relative to the market, their competitors and their growth rates. Companies with annuity like cash flows, strong balance sheets and high dividend yields will be given the greatest weighting.

Objective

The fundamental investment objective of the Vertex Value Fund is to provide long term capital growth by investing primarily in equity securities of Canadian and United States Companies.

Portfolio Manager

DAVID BARR, CFA Mr. Barr is the President and CEO of PenderFund Capital Management Ltd. (“Pender”). He is also the Portfolio Manager of several of Pender’s funds and has been investing since 2000. Mr. Barr is an advocate of value investing and aims to determine the intrinsic value of a company and to buy shares in that company at a significant discount to that value (margin-of-safety). He looks for value in unloved and unfollowed parts of the market where he can find quality at a discount. Capital preservation and downside protection are a primary concern.

Mr. Barr holds a Bachelor of Science degree from the University of British Columbia and an MBA (Finance and Strategic Management) from the Schulich School of Business at York University. He earned his Chartered Financial Analyst (CFA) designation in 2003 and is a past President and an active member of the Vancouver chapter.

FELIX NARHI, CFA Mr. Narhi is Chief Investment Officer and a Portfolio Manager at PenderFund Capital Management Ltd. He began his investing career in 1999 and 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 and discipline to only buy when prices are attractive and to sell when they are dear.

Mr. Narhi 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.

Fund Codes

  • Class B (FEL) : VRT 600
  • Class F (NL) : VRT 601
  • Low Load : VRT 602

Purchase Info

  • Minimum Investment :
  • $500 (initial)
  • $50 (subsequent)

Downloads

Quarterly Commentary

Second Quarter Report 2019, Effective July 1st, 2019, Pender became the portfolio advisor for the Vertex Managed Value Portfolio and the Vertex Value Fund, with David Barr, CFA and Felix Narhi, CFA serving as the primary portfolio managers for the funds.For the past few years, we have been impressed by Pender’s steadfast approach to value investing, as well as their impressive history. Their experienced investment team brings an established, dynamic...

Vertex Value Fund F Performance

View Class B Statistics *Annualized compound returns. Returns are Net of all Fees and include reinvested distributions. Inception Sept 21, 2009.

Current Net Asset Value

As at August 23, 2019

One Day

As at August 23, 2019

Month to Date

As at August 23, 2019

Year to Date

As at August 23, 2019
$13.3571 $-0.2663 (-1.95%) -10.87% -23.40%

Monthly Performance

As at July 31, 2019

1 Month

-4.09%

3 Month

-20.88%

6 Month

-20.68%

1 Year

-46.71%

3 Year*

-10.45%

5 Year*

-4.72%

Cumulative Return

As at July 31, 2019

Since Inception*

As at July 31, 2019

Percent Positive Months

As at July 31, 2019
68.94% 5.46% 59.66%
 
 
 

Fund vs Benchmark*

*50% S&P 500 TRI $CAD + 50% S&P/TSX TRI

Fund / Benchmark

Beta

Standard Deviation

Sharpe Ratio†

Largest Monthly Gain

Largest Monthly Loss

Positive Months

Vertex Value Fund 1.30 17.01% 0.26 13.61% -16.29% 59.66%
Benchmark* N/A 8.51% 1.05 5.67% -6.00% 68.91%

†Risk Free Rate = 1 Month LIBOR $USD (annualized)

*Returns are based on Class F shares. Inception Sept 21, 2009

Historical Returns*

*Returns are based on Class F shares. Inception Sept 21, 2009

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Year

20198.35%-0.10%-2.28%2.70%-15.99%-1.81%-4.09%-14.05%
2018-1.62%-0.44%-1.58%5.61%1.36%1.36%-5.05%-2.18%-0.64%-16.29%-10.69%-14.68%-38.44%
20173.96%2.79%-2.93%-2.07%-5.03%-5.87%1.66%-0.30%7.34%6.17%0.63%0.75%6.33%
2016-10.73%1.60%8.74%-0.03%1.52%0.28%9.83%4.23%2.47%0.46%13.61%4.70%40.69%
20153.27%2.85%-1.61%-2.29%5.05%-2.00%-6.35%-4.68%-5.87%2.86%2.86%-1.31%-7.78%
20142.62%4.93%-1.24%-1.56%1.29%1.00%-3.40%4.54%-3.99%2.00%0.93%4.08%11.25%
20135.27%3.10%5.69%0.11%2.41%1.83%4.43%-1.13%2.19%2.79%5.17%4.48%42.73%
20124.61%3.49%3.54%-3.56%-0.84%4.34%-2.47%4.92%3.75%6.24%3.15%7.33%39.69%
20113.43%-1.81%4.79%-2.13%-3.34%-3.78%-6.44%-6.36%-4.83%4.80%0.83%0.80%-13.97%
20102.57%4.75%3.78%4.27%-7.06%-6.03%1.55%-1.93%4.73%2.57%-1.42%8.22%15.87%
20090.81%-1.98%4.96%0.92%4.67%