Portffolio Manage
er, David Barrr Mr. B
Barr is the Chief Investmennt Officer for PenderFund Capital Management, settting the direcction for Pend
der’s overall vvalue‐based egy. He is alsoo the Portfolio
o Manager fo
or the Pender invesstment strate
Smalll Cap Opporttunities Fund.. Mr. B
Barr began his career as a consultant to
o emerging teechnology comp
panies, assistting them in t he developm
ment of strateggic and financcing planss. He became
e an investmeent analyst, th
hen investmeent manager, at a Vanccouver‐based venture capiital fund. When the fund w
was transferreed to Pend
der, he took o
on full portfollio managemeent responsib
bilities for botth it and P
Pender’s othe
er venture ca pital fund. Afterr managing ve
enture capitaal for five years, Mr. Barr w
was appointed
d Chieff Investment Officer at whhich time he p
proposed a neew direction for the company. Pender llaunched two
o mutual fund
ds in June 20009 and two m
more in Novem
mber 2010. Mr. Barr h
holds a Bache
elor of Science
e degree from
m the Universsity of British Columbia and an MBA (Finance aand Strategic Managemen
nt) from the Schulich Schoool of Businesss at York Univversity. He earned his CFA de
esignation in 2003 and is aa very active m
member of thhe Vancouverr chapter. He is currently President after four ye
ears on the Bo
oard of Directtors. Value Invvesting Mr. Barr is an advocate
e of value invvesting, a strategy of selectting undervallued stocks in
n anticipation
n of an upward correction w
when the market recognisses a compan y’s intrinsic vvalue. This forrms the basis of Pender’s o
overall investtment strateggy and producct structure, aand he successsfully applies it to managging the Pende
er Small Cap O
Opportunitiess Fund to preserve and groow clients’ caapital. Contrarian does Mr. Barrr strive to research and select stocks thhat are tradingg at a discoun
nt to intrinsicc Not only d
value, butt he also take
es a contrarian
n approach to
o investing. H
He looks for vaalue in unpop
pular places w
with a view to re
educing risk and finding prrices that inclu
ude a margin ‐of‐safety. Hee refuses to ffollow the cro
owds and is drivven to find qu
uality at a disccount. Commission
ns, trailing comm
missions, manageement fees and expenses all maay be associated with mutual fund
d investments. P
Please read the p
prospectus beforre investing. Muttual funds are noot guaranteed,
d, their values change frequentlyy and past perforrmance may nott be repeated. Thhis commentarry is intended forr information purposes only and does not constiitute an offer to buy or sell our prod
ducts or servicess nor is it intendeed as investmentt and/or financiaal advice on anyy subject mattter and is provid
ded for your info
ormation only. EEvery effort has bbeen made to ennsure the accuracyy of its contents. © Copyright P
PenderFund Capital Management Ltd. All rights reserved. February 21st, 20113
10
066 West Hasttings St Van
ncouver, BC, V6E 3X1
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ww.penderfun
nd.com
1‐866‐377
7‐4743