The Pender Partners Fund returned 2.1% in December, bringing YTD performance to +4.3%1. The Fund’s all-cap mandate provides flexibility to pursue mispriced opportunities across market segments and geographies. While broader market conditions appeared relatively stable, performance dispersion remained elevated, with returns driven by a narrow set of market leaders. In this environment, dispersion weighed on […]
As the curtain falls upon 2025, markets bow following their final act—with the assurance that, no matter how winding the plot, our revels now are ended. The year unfolded largely as optimists had hoped. Expectations were surpassed, resilience was tested and proven, and investors were broadly rewarded. Yet in such moments, the desire for an […]
Defense Strategy, Global Tension & Investor Implications In this episode of the Pender Podcast, Laura Baker, Associate Client Portfolio Manager, is joined by Retired Vice Admiral Mark Norman to discuss Canada’s evolving defense landscape and why it matters in today’s geopolitical and investment environment. Drawing on decades of military leadership and policy experience, the conversation […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.2% respectively1 in December 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 1.3%2. For the full year of 2025 the Funds were up 5.0% and 5.9% respectively while the HFRI ED: Merger Arbitrage Index (USD) returned 10.3%. […]
Market Insights Momentum is a wonderful thing, and that was seen in abundance in 2025, with global equity markets experiencing their third straight year of strong performance. Of course it wasn’t all smooth sailing, as we now know that nothing with the current leadership in Washington will be easy. That was made abundantly clear in […]
Pender Focus At Pender, our equity team focuses on identifying opportunities at the intersection of sector and capital cycles, structural change, and market inefficiencies. Our core themes include Enterprise Software, AI, the Energy Transition, and the evolving geopolitical environment — with this paper exploring Defense as a key expression of today’s geopolitical shift, supported by […]
As we begin 2026, it is worth reflecting on the forces that shaped markets over the past year. Resilience emerged as the defining theme, with equities largely shrugging off ongoing geopolitical and economic uncertainty. In many ways, 2025 felt like a long ski day with constantly changing conditions — smooth, packed powder one run, followed […]
Market Environment As we begin 2026, US equity markets appear to be at an inflection point. 2025 was shaped by a resilient economy, evolving policy dynamics, and rapid technological innovation, offset against elevated valuations and geopolitical uncertainty. The bull market that began in late 2022 is now entering its fourth year, during which large-cap equities […]
The class F units of the Pender Bond Universe Fund were up 1.3% over the quarter and 8.0%1 for the year, making 2025 the Fund’s best year on record since inception in 2020. In Q4, the class F units outperformed their benchmark by 1.6% for the quarter and 5.4% on a full year basis. Strength […]
"*" indicates required fields
