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 Q2, 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 Q2 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 […]

The return of the physical economy, the copper and power bottlenecks shaping the next commodity cycle, and why scarcity, security, and shifting policy are bringing Canada’s energy and critical minerals advantage into focus. In this episode of the Pender Podcast, host Laura Baker sits down with Heather Exner-Pirot, Senior Fellow and Director of Natural Resources, […]

The Pender Corporate Bond Fund had a drawdown of -1.3%1 in September within the context of an aggressive rise in benchmark yields in every major market. Duration-sensitive bonds, which do not form a particularly large portion of the portfolio, experienced significant price declines. Our holding in the longer dated 2052 US TIPS was down over […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.5%1   in August 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned 1.9%2. M&A Market Update Global M&A activity continued its strong recovery through August, with approximately $2.1 trillion of deal value announced during the first eight months of […]