Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.1% and 0.0%1 in September 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned –0.5%2. M&A Market Update Global M&A activity remained well ahead of last year through September, although momentum slowed during the third quarter. According to LSEG, […]
Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.3%1 in September bringing year to date return to 1.8%. A historic spike in interest rates resulted in the US high yield market recording its worst monthly return in four years. Market returns were driven by a combination of sharply higher treasury rates as well as wider […]
Dear Co-investors, Thank you for your continued partnership in the Pender Credit Opportunities Fund. In the third quarter of 2026, the Fund returned -5.4%1 net of fees versus the benchmark return: -2.5%2 Pender Credit Opportunities Fund Class F returned 5.6% YTD compared to the benchmark return of 0% YTD. The Fund’s Yield to Maturity is […]
On October 20, Amar Pandya, Portfolio Manager at Pender, moderated Canada Rearms: The Future of Defence, Industry and Investment, a CFA Society Vancouver panel at The Vancouver Club. The discussion focused on how Canada will meet the need of defence spending and the role of investing in scaling our domestic supply chain. Amar, who focuses […]
The Pender Alternative Special Situations Fund returned -4.0%1 in September, compared to the S&P/TSX Composite, which fell -2.6% during the month. September was a challenging month for equities, as continued inflation pushed central banks to begin tightening. With price pressures still running above target, both the US Federal Reserve and the European Central Bank raised […]
Volatility remained the dominant theme as markets moved into the fall. Renewed inflation concerns and ongoing tensions in the Middle East weighed on sentiment for another month, with no sign of easing. What set September apart from recent months was the strain that began to show in the bond market. Global government bond yields rose […]
September was another challenging month for global equity markets. Concerns about inflation, alongside ongoing tensions in the Middle East, weighed on sentiment. US Treasury yields rose to multi-year highs across the curve, and the 30-year yield reached its highest level since 2002. The Pender Global Small/Mid Cap Equity Fund returned -4.9% in September, compared with […]
As rates moved higher in Q3, the class F units of the Bond Universe Fund were down 1.5%1, relatively outperforming their benchmark however by 1.5%2. This quarter saw the first US rate hike in over three years, with most of the move higher along the curve in Q3 taking place into quarter-end, post the Fed’s […]
In September, one theme was difficult to ignore: the growing divergence between the areas of the market driving returns and those being left behind. Dispersion has been a recurring feature of 2026, but it became particularly pronounced heading into the fall. For the month, the Pender US Small/Mid Cap Equity Fund declined 2.0%, roughly in […]
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