Pender Growth Fund Provides Financial Highlights and Company Updates

VANCOUVER, British Columbia, Nov. 26, 2021 (GLOBE NEWSWIRE) -- Pender Growth Fund Inc. (the “Company” or “Pender”) today announced its financial and operational results for the three months and nine months ended September 30, 2021.

Financial Highlights (Unaudited)

• Net income was $75,339,050 for the three months ended September 30, 2021 (September 30, 2020 – $2,730,979) primarily the result of positive investment performance in the quarter.
• Net income per Share for the three months ended September 30, 2021 was $9.89 (September 30, 2020 – $0.35).
• Shareholders’ equity per Class C common share (“Share”) was $17.31 as at September 30, 2021 (December 31, 2020 - $6.11).
• The Company’s total shareholders’ equity was $131.9 million as at September 30, 2021, an increase from December 31, 2020 ($47.3 million) that was primarily the result of positive investment performance during the period.
• Shares outstanding were 7,616,529, a decrease from December 31, 2020 (7,740,129) that was the result of share repurchases under the Company’s Normal Course Issuer Bid (“NCIB”) which was renewed on February 11, 2021.
• At September 30, 2021, 85.8% of the investment portfolio is in private companies and 14.2% is in publicly-listed companies.

PERFORMANCE (based on Shareholders’ Equity)	3 Month	1 Year	3 Year	5 Year	Since Inception
Class C	47.2%	81.5%	29.2%	15.6%	21.3%

• Management Expense Ratio (“MER”) was 4.30% for the quarter ended September 30, 2021, up from 2.96% over the same period in the prior period, primarily due to the increase in management fees as a result of the increase in total Net Assets, plus, additional financing expenses.
  

Portfolio Highlights

We believe that the Company is particularly well-positioned today to pursue its investment objectives in the context of current market volatility and valuations in micro and small cap stocks in North America.

During the period we continued to be active in public markets where we saw what we believed to be strong opportunities both in longer-term compounders and potentially shorter-term close the discount situations. With the continued strength in small cap markets, we have been decreasing some positions and continue to work on new opportunities to deploy capital at attractive rates of return.