Financial Highlights
- Net income was
$1,029,528 for the year endedDecember 31, 2023 (December 31, 2022 – Net loss$127,838,962 ) primarily the result of positive investment performance during the year. - Net income per Class C common share (“Share”) for the year ended
December 31, 2023 was$0.14 (December 31, 2022 – Net loss per share$16.85 ). - The Company’s total shareholders’ equity decreased by
$353,077 fromDecember 31, 2022 ($70.2 million ) to$69.9 million as atDecember 31, 2023 , primarily due to share repurchases of$1,382,605 under the Company’s Normal Course Issuer Bid (“NCIB”), offset by positive investment performance of$1,029,528 during the year. - Shareholders' equity per Share was
$9.48 as atDecember 31, 2023 (December 31, 2022 –$9.28 ). - Shares outstanding were 7,368,229 as at
December 31, 2023 , a decrease fromDecember 31, 2022 (7,569,929) as a result of share repurchases under the NCIB, which was renewed onFebruary 15, 2024 . - At
December 31, 2023 , 77.1% of the investment portfolio was made up of public companies and 22.9% of private companies. - Management Expense Ratio (“MER”) before performance fees was 2.31% for the year ended
December 31, 2023 , up 0.41% compared to 1.90% in 2022.
PERFORMANCE (Based on Shareholders’ Equity) | 3 Month | 1 Year | 3 Year | 5 Year | Since Inception | |||||
Class C | 7.2 | % | 2.2 | % | 16.0 | % | 18.0 | % | 17.8 | % |
The Company’s portfolio is materially concentrated in the shares of one publicly listed
Portfolio Highlights
With the rate of inflation continuing to slow, central banks led by the US Federal Reserve are taking the opportunity to signal a pivot in interest rate policy with the next rate move likely to be lower. There is still potential for volatility as the market was quick to adjust to these revised expectations, potentially setting the stage for disappointment if inflation remains sticky and rate cuts don’t materialize to the degree expected. We think these macro variables will likely remain in focus. We will continue to monitor these macro events and assess their impacts on the Company and our Portfolio Companies with the goal to help the businesses we own have the durability and balance sheet strength to weather a variety of economic environments.
We believe that the Company continues to be well-positioned today to pursue its investment objectives and we continue to find attractive investments opportunities as valuations in micro and small cap stocks in
Investment results may be affected by future developments and new information that may emerge about inflation and the impact of central bank measures on the economy, the state of M&A markets, geopolitical and other global events, factors that are beyond the Company’s control.
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.
In 2023, as always, we worked closely with our private portfolio companies and certain of our public portfolio companies.
Significant Equity Investments & Recent Developments
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 annual audited financial statements for the year-ended
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.sedarplus.ca. 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:
2024 GlobeNewswire, Inc., source