The Pender Alternative Special Situations Fund returned 1.0%1 in February, compared to the S&P/TSX Composite, which rose 7.7% during the month. The market rally was driven largely by a surge in commodity prices and a rotation into hard cyclical sectors. The materials sector continued to perform well as global resource security became an increasing strategic […]
As published in Canadian Family Offices The fund’s manager, Emily Wheeler, outlines her investment strategy, plus her take on interest rates, commodities and the 2026 economy. Family offices face a familiar tension in today’s bond market: how to preserve wealth while still achieving meaningful returns amid uncertainty. Traditional fixed income strategies—once the core of a […]
February was an interesting month for investors, marked by elevated volatility and significant return dispersion beneath relatively modest headline index moves. Market leadership continued to shift, and with geopolitical tensions rising into early March, volatility may remain a key dynamic as geopolitical tensions contribute to elevated global uncertainty. Portfolio weights remained approximately 56.7% Canadian equities […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.1% and 0.3%1 in February 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.4%2. M&A Market Update Global M&A continued to build on the momentum from last year with over $850 billion of deal activity announced in […]
Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.9%1 in February, bringing year to date return to 1.3%. Credit markets were choppy in February as elevated issuance combined with credit concerns about private debt and software companies weighed on performance. The ICE BofA US High Yield Index finished the month with a spread of […]
Market Insights February might be remembered as the month the dreams of AI started to turn into a nightmare. After a few years in which just mentioning AI in a press release would get you a multiple boost, that suddenly flipped. Fears of AI disrupting business models and destroying jobs across the entire economy took over. […]
In February, the Fund delivered a return of 1.2%. The portfolio once again benefited from its resource holdings, which helped offset a challenging month for technology companies. February was an eventful month, with AI disruption narratives continuing to drive significant drawdowns across software and IT services companies. The S&P 1500 Software and Services Index finished […]
Market Update February might be remembered as the month the dreams of AI started to turn into a nightmare. After a few years in which just mentioning AI in a press release would get you a multiple boost, that suddenly flipped. Fears of AI disrupting business models and destroying jobs across the entire economy took over. […]
Valuation dispersion, software pessimism, and shifting capital flows may be setting the stage for a new cycle in small-cap investing. In this episode, Associate Client Portfolio Manager, Laura Baker speaks with CEO and Portfolio Manager, David Barr about small caps, the reset in software valuations, and how AI is reshaping both risk and opportunity. The […]
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