Financial Highlights (Unaudited)
- Net loss was
$3,293,058 for the three months endedMarch 31, 2023 (March 31, 2022 – Net loss$51,821,705 ) primarily the result of negative investment performance in the quarter. - Net loss per Share for the three months ended
March 31, 2023 was$0.44 (March 31, 2022 – Net loss$6.81 ). - Shareholders’ equity per Class C common share (“Share”) was
$8.85 as atMarch 31, 2023 (December 31, 2022 –$9.28 ).
- The Company’s total shareholders’ equity was
$66.8 million as atMarch 31, 2023 , a decrease fromDecember 31, 2022 ($70.2 million ) resulting primarily from negative investment performance during the period. - Shares outstanding were 7,553,629 as at
March 31, 2023 , a decrease fromDecember 31, 2022 (7,569,929) as a result of share repurchases under the Company’s Normal Course Issuer Bid (“NCIB”), which was renewed onFebruary 14, 2023 . - At
March 31, 2023 , 84.6% of the investment portfolio was made up of private companies and 15.4% of public companies. However, taken together with the Company’s indirect exposure to public companies through its investment inPender Private Investments Inc. (“PPI”) andPender Technology Inflection Fund II Limited Partnership (“PTIF II”) , public companies make up 74.1% of the Company’s holdings. - Management Expense Ratio (“MER”) excluding performance fees was 2.44% for the quarter ended
March 31, 2023 , up 0.49% compared to 1.95% in the first quarter of 2022.
PERFORMANCE (Based on Shareholders’ Equity) | 3 Month | 1 Year | 3 Year | 5 Year | Since Inception |
Class C | -4.7% | -54.1% | 29.4% | 14.8% | 18.3% |
The Company’s portfolio is materially concentrated in the shares of one publicly listed
As at
Portfolio Highlights
The first quarter of 2023 saw a continuation of the market challenges that started in early 2022. Geopolitical uncertainty, elevated inflation and rising interest rates have all contributed to a slower economic growth outlook as we entered the year. With the peak in inflation likely behind us and central banks slowing and in some cases pausing their interest rate raising campaigns, the focus has turned to growth and the lag effect of tighter financial conditions. We believe that the Company continues to be well-positioned today to pursue its investment objectives despite current market volatility and valuations in micro and small cap stocks in
The economic uncertainties around persistent inflation pressure, bank failures, geopolitical events and the lingering COVID-19 pandemic continue to impact the global economy. While macro events have driven investor sentiment, we have remained focused on our bottom-up fundamental research to identify companies that can thrive in a wide range of economic scenarios. We believe that this environment provides compelling opportunities for long term focused investors and that the Company is well-positioned to continue to pursue its investment objectives.
As always, this quarter we worked closely with our private portfolio companies and certain of our public portfolio companies.
Significant Equity Investments & Recent Developments
At
On
Copperleaf Technologies Inc.
At
Other Highlights
We continued to acquire shares of the Company in the market under our NCIB because we believe the shares are trading at a discount to their intrinsic value. On
We encourage you to refer to the Company’s MD&A and quarterly unaudited financial statements for
About the Company
Please visit www.pendergrowthfund.com.
For further information, please contact:
Corporate Secretary
(604) 653-9625
Toll Free: (866) 377-4743
Neither the
Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company’s decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company's annual information form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Source:
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