In this episode Geoff Scott, Senior Vice President Investments, is joined by David Barr, CEO and Portfolio Manager of the Pender Small Cap Opportunities Fund and Felix Narhi, Pender’s Chief Investment Officer and Portfolio Manager of the Pender Global Focused Fund and Pender Strategic Growth and Income Fund. They revisit last quarter’s performance and the headwinds faced, especially in small cap and tech sector equity. They discuss the trinity of risk, being balance sheet risk, valuation risk and business risk, and in particular the team’s thoughts about valuation risk, which has decreased in the last year and made for an interesting investment environment.