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 […]

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 […]

Market Environment – Energy Shocks and the AI Economy In February, markets faced several crosswinds. The US Supreme Court ruled against the use of the International Economic Emergency Powers Act to justify the April 2025 reciprocal tariffs, while tensions between the United States and Iran escalated into armed conflict, adding to geopolitical uncertainty. Against this […]

Building software for YMCAs, JCCs, and recreation centers, and reimagining member experiences through AI-powered automation. Lara Gilchrist, CEO at Traction Rec, joins Cheri Corbett, Partner at Pender Ventures to discuss management, payments and registrations of parks and recreation centers in the US. In the podcast Cheri and Lara talk about Traction Rec's spin out from […]

The Pender Corporate Bond Fund enjoyed a successful February, posting a total return of 2.2%1. The broader market context included strength in investment grade benchmarks, which advanced over 1%, and weaker high yield credit which delivered negative total returns on spread-widening. The Fund’s highest returning securities in February were convertible bond positions in the mining […]

In recognition of International Women’s Day on March 8, 2026, and the global theme Give to Gain, we’re highlighting perspectives from women across PenderFund. Shaped by experience, insight, and day-to-day contributions across the firm, these reflections speak to the value of sharing knowledge, supporting one another, and thinking with a long-term view. Together, they offer […]