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“It is not the strongest that survive, nor the most intelligent but the ones most responsive to change.”
- Charles Darwin

Pendragon Investment Strategy: For Accredited Investors Only

The Pendragon Fund is a global macro hedge fund focused on finding undervalued assets. The Fund begins with a top down view of the global economy, followed by in-depth fundamental research at the industry and company specific level. Pendragon looks for opportunities around the world where other investors start to feel uncomfortable. Investing means taking advantage of change, changing economies, changing companies and changing markets. Change is good, but the dynamic nature of the markets can result in short-term investors acting on emotions, which offers Pendragon opportunities as fundamentals are eventually restored over the medium and long-term.

It’s these emotions, along with the global economic cycles, that we thrive on.

Having the right world view is essential to making the right decision.

We are realists, not bulls or bears.

Investment Objective

The investment objective of the Fund is to provide superior longer-term capital appreciation with less volatility and lower correlation to major equity markets than traditional long only global investment funds.

Interested Investors

If you are interested in the Pendragon Fund please contact your financial advisor. Accredited Investors Only.

Pendragon FundServ Codes:

Builders Class Series A Units: CWF1400
Builders Class Series F Units: CWF1401

For more information on the Pendragon Fund call us at 416-593-1798 or 1-800-256-2441 or send us a message. Back to top

Management Team:

James E. Thorne, Ph.D.

Chief Capital Market Strategist & Senior Portfolio Manager
Dr. James Thorne has a PhD in Economics and is the former Chief Investment Officer of Equities at M&T Bank and its wholly owned subsidiary, Wilmington Trust, in the U.S., where he was responsible for the management of more than $23 billion in assets under management.

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Wilbur Ross, the Secretary of Commerce, finally stated what many have known for some time, since World War II, trade has not been fair and balanced. The devaluation of currencies and the inability of the World Trade Organization to police global participants has meant that we have actually been in a trade war for decades. It has just been implicit. Now Team Trump has brought this dirty little secret into the light. We’ve seen this narrative many times in the economic history of the world. Economic nationalism is upon us. To be sure, those forces (the status quo), who benefit from globalization will not allow change without a fight. As was the case in the early years of American history, when the agricultural sector fought hard against policies that supported an infant manufacturing sector. But true to Darwinism, we hypothesize that the global economy needs to evolve because it has no choice. The rise of populism, the chronic economic growth in the western world and the view that policy makers are out of touch is not about the left or the right but about that fact that the so called “Party of Davos” has left the middle class behind. This leads us to think that we are now living through one of those critical periods of history equivalent to the American Revolution, the U.S. Civil War, and the 30 years of war between 1915 and 1945.

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Why Global Macro?

Malcom Gladwell (Gladwell, 2000) introduced the concept the “Tipping Point”, the point at which a series of small changes or incidents become important enough to cause a larger significant evolutionary change. For many the dual crises of the popping of the Technology Bubble in 2000 and the Global Financial Crisis in 2008, created a tipping point causing modern portfolio management to experience a significant regime change and evolve. Portfolio Management1 theories were developed in the mid to late 1960’s and taught at universities. They were based on the simple assumption that markets were efficient and investors were rational, non-emotional, decision makers. In that controlled environment, optimal portfolio performance and diversification was largely achieved by using the traditional asset allocation mix of 60% stocks and 40% bonds.

The Fund is available on a private placement basis only to residents of Canada who are qualified “accredited investors” as defined under National Instrument 45-106 Prospectus Exemptions and who are resident in Canada. This material is for information purposes only and does not constitute an offering memorandum or an offer or solicitation in any jurisdiction in which an offer or solicitation is not authorized. Please read the Fund’s Offering Memorandum before investing. Prospective investors should rely solely on the Offering Memorandum which outlines the risk factors in making a decision to invest. The indicated rates of return are historical annual compounded total returns net of fees and expenses paid by the Fund, including changes in unit value and reinvestment of all distributions, but do not take into account sales charges or income taxes payable by any security holder that would have reduced returns. Investments in the Fund are not guaranteed, their values change frequently and past performance may not be repeated. Investment losses do and may occur, and investors could lose some or all of their investment in the Fund. The information herein does not consider the specific investment objectives, financial situation or particular needs of any prospective investor. No assurance can be given that the Fund’s investment objective will be achieved or that investors will meet their investment goals. Prospective investors should consult their appropriate advisors prior to investing. Information presented herein is obtained from sources we believe reliable, but we assume no responsibility for information provided to us from third parties. Caldwell Securities Ltd. and Caldwell Investment Management Ltd. are wholly-owned subsidiaries of Caldwell Financial Ltd. Officers, directors and employees of Caldwell Financial Ltd. and its subsidiaries may have positions in the securities mentioned herein and may make purchases and/or sales from time to time. This information may not be reproduced for any purpose or provided to others in whole or in part without the prior written permission of Caldwell Investment Management Ltd. All information and opinions indicated herein are subject to change without notice. Inception date: September 15, 2016.

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