Financial Highlights
- Net loss was
$127,838,962 for the year endedDecember 31, 2022 (December 31, 2021 – Net income$152,096,772 ) primarily the result of a decline in publicly traded share prices for portfolio holdings during the year. - Net loss per Share for the year ended
December 31, 2022 was$16.85 (December 31, 2021 – Net income per Share$19.90 ). - Shareholders’ equity per Class C common share (“Share”) was
$9.28 as atDecember 31, 2022 (December 31, 2021 –$26.08 ). - The Company’s total shareholders’ equity was
$70.2 million as atDecember 31, 2022 , a decrease fromDecember 31, 2021 ($198.6 million ) resulting primarily from a decline in market prices of public company shares during the year. - Shares outstanding were 7,569,929 as at
December 31, 2022 , a decrease fromDecember 31, 2021 (7,616,529) as a result of share repurchases under the Company’s Normal Course Issuer Bid (“NCIB”), which was renewed onFebruary 14, 2023 . - At
December 31, 2022 , 84.1% of the investment portfolio was made up of private companies and 15.9% 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 74.4% of the Company’s holdings. - Management Expense Ratio (“MER”) excluding performance fees was 1.90% for the year ended
December 31, 2022 , an improvement compared to 2.15% in 2021.
PERFORMANCE (Based on Shareholders’ Equity) | 3 Month | 1 Year | 3 Year | 5 Year | Since Inception | |||||
Class C | -11.3% | -64.4% | 25.7% | 15.6% | 19.1% |
The Company’s portfolio is materially concentrated in the shares of one publicly listed
Copperleaf became publicly listed in 2021. Its closing price that year of
During the year ended
Portfolio Highlights
The economic uncertainties around persistent inflation pressure, bank failures, geopolitical events and the lingering COVID-19 pandemic continue to impact public and private markets. 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 2022, as always, we worked closely with our private portfolio companies and certain of our public portfolio companies.
Significant Equity Investments & Recent Developments
Pender Technology Inflection Fund II
The Company made an investment in the
At
Copperleaf Technologies Inc.
At
D-Wave Quantum Inc.
On
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.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.
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