Dear Unitholders, The Pender Alternative Absolute Return Fund returned -2.0%1 in April, bringing year to date return to 1.1%. The exceptionally strong bid for risk despite the ongoing and worsening disruption to global energy markets was a difficult set up for the Fund. Credit markets tapped out early in April even as equities continued to […]

The Pender Global Small/Mid Cap Equity Fund returned 6.3%1 in April. Following a pullback of 9.10% from its January high through late March, the S&P 500 rebounded to post a gain of 7.9% for the month and briefly touched new all-time highs. The recovery was driven by three converging events: a partial de-escalation of geopolitical […]

Market Environment – Navigating a Volatile April April 2026 has been a pivotal month as the US stock market continued to experience heightened volatility driven by a combination of geopolitical risks and shifting expectations for Federal Reserve policy. The ongoing conflict in the Middle East continued to impact oil markets, resulting in volatile price spikes, […]

The Pender Corporate Bond Fund enjoyed a positive month in April, returning 1.5%1 for the period. This return was within the context of generally strong credit market conditions as expanding global growth and expectations for a relatively quick end to the Iran conflict buoyed prices. Leading the way for the Fund was our position in […]

Dispersion, Discipline, and Downside Protection in an Overcrowded Market In a market dominated by mega-cap concentration and AI-driven narratives, this episode explores the overlooked opportunity set within US small and mid cap equities. Portfolio Manager, Aman Budhwar spoke with Associate Client Portfolio Manager, Laura Baker on his disciplined, bottom-up investment framework, focused on sustainable competitive […]

How prediction markets reveal what we believe -- and how we behave. A few years ago, I read Everybody Lies by former Google data scientist Seth Stephens-Davidowitz. The book introduces the power of big data with a distinctly sociological lens, drawing on information from Google, Facebook, and other digital platforms. Its premise is simple: if […]