Better together? Challenges and opportunities in M&As
Despite the choppy macro backdrop, global M&A activity remains elevated with US$2-trillion in the first half of the year
September 20, 2022
Articles by Amar Pandya
Alternative Arbitrage – August 2022
Written by Amar Pandya
The Pender Alternative Arbitrage Fund (PAAF) marked one year since its inception on September 8, 2022 with performance of 4.3% since inception. The Fund was up 1.1% in August, bringing year to date performance to […]
September 14, 2022
Alternative Arbitrage – July 2022
Written by Amar Pandya
The Pender Alternative Arbitrage Fund (PAAF) ended the month of July 2022 with a NAV of $10.30 per unit[1]. Download PDF The first seven months of 2022 saw $2.3T of deals announced globally, the fourth […]
August 26, 2022
Alternative Arbitrage – June 2022
Written by Amar Pandya
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of June 2022 with a NAV of $10.27 per unit[1]. Download PDF The first half of 2022 closed off with $2.2T of global M&A […]
July 13, 2022
Alternative Arbitrage – Manager’s Commentary – May 2022
Written by Amar Pandya
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of May 2022 with a NAV of $10.23 per unit[1]. M&A activity remains elevated with over $1.8T of deals announced globally at the end […]
June 23, 2022
Alternative Arbitrage – Manager’s Commentary – April 2022
Written by Amar Pandya
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of April 2022 with a NAV of $10.23 per unit[1]. Download PDF After a slow-down last month, M&A activity is picking back up with […]
May 10, 2022
Alternative Arbitrage – Manager’s Commentary – March 2022
Written by Amar Pandya
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of March 2022 with a NAV of $10.28 per unit[1]. M&A activity ended Q1 with over $1 trillion of global deal activity, down 21% […]
April 11, 2022
Alternative Arbitrage – Manager’s Commentary – February 2022
Written by Amar Pandya
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of February 2022 with a NAV of $10.18 per unit[1]. Despite equity market volatility, record inflation, rising rates and a geopolitical crisis, M&A activity […]
March 7, 2022
Alternative Arbitrage – Manager’s Commentary – January 2022
Written by Amar Pandya
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of January 2022 with a NAV of $10.15 per unit[1]. Download PDF M&A activity is off to the races, with momentum from the record […]
February 11, 2022
Alternative Arbitrage – Manager’s Commentary – December 2021
Written by Amar Pandya
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of December 2021 with a NAV of $10.19 per unit[1]. Download PDF M&A activity capped off 2021 with a record $5.8 trillion in global […]
January 10, 2022
Alternative Arbitrage – Manager’s Commentary – November 2021
Written by Amar Pandya
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of November with a NAV of $10.18 per unit[1]. Download PDF M&A activity continues to set records, topping $5 trillion in global deal activity […]
December 13, 2021
Alternative Arbitrage – Manager’s Commentary – October 2021
Written by Amar Pandya
Dear Unitholders, The Pender Alternative Arbitrage Fund ended the month of October with a NAV of $10.10 per unit[1]. Download PDF M&A is red-hot with a record level of global deal activity through the first […]
November 8, 2021
The Commercialization of Space – Part 2
Written by Amar Pandya
I’m not the man they think I am at home…I’m a rocket man. It’s been an exciting summer in the race for human space exploration, with Richard Branson and Jeff Bezos successfully completing suborbital space […]
August 19, 2021
Small/Mid Cap Dividend – Manager’s Commentary – April 2021
Written by Amar Pandya
The Fund continued to deliver positive performance with year-to-date returns through to April 30, 2021 of 17.9%[1]. This performance has been supported by many of the businesses we own seeing an expansion in operating leverage, […]
May 31, 2021
Small/Mid Cap Dividend Fund – One Year Anniversary
Written by Amar Pandya
What an eventful first year it has been for the Pender Small Mid Cap Dividend Fund. Starting the Fund amid bleak circumstances in the early days of the pandemic, we feel fortunate when we reflect […]
February 18, 2021
The Commercialization of Space – Part 1
Written by Amar Pandya
November 15, 2020 marked a historical milestone with the successful launch of the SpaceX Crew-1 Mission, transporting four astronauts aboard the Crew Dragon Resilience over 400km into orbit on a twenty-seven hour voyage to the […]
November 24, 2020
Navigating Distressed Debt Markets
Written by Amar Pandya
The COVID-19 pandemic and resulting global shutdown of major parts of the economy, many of which remain closed, have created considerable distress in credit markets. By late March, the amount of US distressed debt had […]
July 24, 2020
MOI Global Latticework New York 2019 – The Death of Active Management?
Written by Amar Pandya
Dave Barr and I attended the MOI Global Latticework New York 2019 event on September 12, 2019. MOI Global, which was founded by John Mihaljevic the author of The Manual of Ideas (see our book […]
September 23, 2019
Transat A.T. – Searching the Skies for a Catalyst
Written by Amar Pandya
Our investment in Transat A.T. represents a successful catalyst-driven close the discount (CTD) investment. As Canada’s third largest airline and one of the largest tourism companies in the world, Transat has had a long and […]
September 13, 2019
Pender Investment Conference 2019 – Marking 10 Years of Investing the Right Way
Written by Amar Pandya
To mark 10 years since the launch of our mutual funds, Pender took its annual Investment Conference to a new level, with additional due diligence sessions and a keynote speaker. Culture First, everything else later […]
June 26, 2019
Managers Commentary – Q1 2019 – Amar Pandya & David Barr
Written by Amar Pandya
“Well that escalated quickly” Investors may be feeling symptoms of vertigo with the significant volatility exhibited by the market in the last couple quarters. As the headlines almost boastfully state, 2018 capped off the worst […]
June 12, 2019
Managers Commentary – Q4 2018 – Amar Pandya & David Barr
Written by Amar Pandya
A lost decade in the past could be a great setup for the future 2018 was a “terrible, horrible, no good, very bad” year for the S&P/TSX Composite Index which rung in the New Year […]
February 11, 2019
Manager’s Commentary – Q2 2018 – David Barr & Amar Pandya
Written by Amar Pandya
In my October 2017 commentary I talked about expanding Pender’s Circle of Competence and mentioned the addition of Amar Pandya to our team and how he brings additional depth to our mid and large cap […]
October 1, 2018
Closing the Discount: Pender’s Approach to the Unloved Parts of the Energy Sector
Written by Amar Pandya
Our focus on identifying high quality businesses that generate strong returns on invested capital and have promising internal reinvestment opportunities generally results in our funds having little to no exposure in resource companies. That said, […]
July 18, 2018
Sign Up To Our Newsletter
Stay Connected
Join our online community and receive a monthly round up of new blog posts, commentaries, podcasts, media coverage and more.
©2022 PenderFund Capital Management Ltd. All Rights Reserved.
