Articles by Amar Pandya

Alternative Arbitrage Fund – September 2024

Written by Amar Pandya

Highlights Ten new merger deals were initiated in the Fund and six deals held within the Fund closed. We are currently seeing the highest level of potential “deals in the works” for small and mid-cap […]

October 18, 2024

Alternative Arbitrage Fund – August 2024

Written by Amar Pandya

  Highlights  The Fund has increased exposure to SPACs through participation in new issuances adding exposure to existing SPACs.   Equity markets corrected in early August before subsequently recovering. The Fund took advantage of widening spreads […]

September 24, 2024

Alternative Arbitrage Fund – July 2024

Written by Amar Pandya

Highlights July was another positive month for Fund as several of the larger holdings closed allowing us to harvest and redeploy capital. Key deals included: Apartment Income REIT, Vericity Inc, National Western Life Insurance Co, […]

August 21, 2024

Alternative Arbitrage Fund – June 2024

Written by Amar Pandya

Highlights Key deals held in the Fund closed in June, including Indigo Books & Music Inc., Shockwave Medical Inc., Model N Inc., and Secure Energy Services. The Fund initiated positions in 13 new merger deals […]

July 18, 2024

Alternative Arbitrage Fund – May 2024

Written by Amar Pandya

Highlights The Fund initiated positions in 17 new merger deals. Several key deals closed after achieving their final approvals. These included: Tricon Residential Inc, Carrols Restaurant Group, TrueContext Corp and MDF Commerce Inc. Our SPAC […]

June 14, 2024

Alternative Arbitrage Fund – April 2024

Written by Amar Pandya

Highlights After a euphoric March, April poured cold water on the euphoria halting the market’s year-to-date rise. Global M&A at the end of April was up 31% from last year. In Canada, technology sector leads […]

May 17, 2024

Alternative Arbitrage Fund – March 2024

Written by Amar Pandya

Highlights Fund holding, Everbridge Inc (NASDAQ: EVBG, a critical event management enterprise software company) announced they had entered into an agreement to be acquired by private equity firm Thoma Bravo. The Fund initiated positions in […]

April 11, 2024

Alternative Arbitrage Fund – February 2024

Written by Amar Pandya

Highlights North America is expected to lead global M&A with the health care, real estate, consumer staples and technology sectors expected to be the primary beneficiaries of the recovery. After a slow start to the […]

March 21, 2024

Alternative Arbitrage Fund – January 2024

Written by Amar Pandya

Highlights After a positive end to 2023 which saw several key deals held by the Fund close, January had muted activity due to seasonality. The Fund initiated positions in 15 new merger deals. Six deals […]

February 23, 2024

Alternative Arbitrage Fund – December 2023

Written by Amar Pandya

Highlights There was a high level of activity in the Fund during December with several merger deals closing by year-end. This allowed the Fund to harvest returns and redeploy the capital in new opportunities. Nineteen […]

January 17, 2024

Alternative Arbitrage Fund – November 2023

Written by Amar Pandya

Highlights November was a strong month driven by the closing of several deals including many of the largest positions in the Fund. There were 19 merger deals held within the Fund that closed during the […]

December 19, 2023

M&A update: Building confidence

Written by Amar Pandya

As featured in FundLibrary on November 22, 2023 Conditions ripe for increasing small-cap M&A activity Global merger and acquisition (M&A) activity totaled $2 trillion through the first three quarters of 2023, a 27% decline from […]

November 22, 2023

Alternative Arbitrage Fund – October 2023

Written by Amar Pandya

Highlights October was a tough month for markets as recessionary fears and higher bond yields pressured markets. In October, the Fund initiated positions in 23 new or previously announced mergers, while 20 merger deals held […]

November 21, 2023

Alternative Arbitrage Fund – September 2023

Written by Amar Pandya

Dear Unitholders, Highlights The Fund initiated positions in 14 new or previously announced mergers while five merger deals held within the Fund closed during the month. At the end of September, the Fund had 41 […]

October 20, 2023

Alternative Arbitrage Fund – August 2023

Written by Amar Pandya

Highlights The Fund initiated positions in 20 new or previously announced mergers, while nine merger deals held within the Fund closed during the month. Performance was impacted by a regulatory challenge to a merger deal […]

September 19, 2023

Alternative Arbitrage Fund – July 2023

Written by Amar Pandya

Highlights: July was an active month for the Fund as we continued to harvest returns from closed merger deals and reinvest that capital in new mergers. Merger arbitrage spreads continued to remain at wide levels […]

August 15, 2023

Alternative Arbitrage Fund – June 2023

Written by Amar Pandya

Highlights June was a good month for the Fund as it harvested returns from several closed merger deals, which we added to at wider spreads in May. The Fund took advantage of recent volatility to […]

July 20, 2023

Alternative Arbitrage – May 2023

Written by Amar Pandya

HIGHLIGHTS In response to the hostile regulatory environment for merger deals this year and particularly in May, spreads for mergers have widened considerably. Merger arbitrage spreads now offer increasingly appealing returns with average merger arbitrage […]

June 20, 2023

Alternative Arbitrage – April 2023

Written by Amar Pandya

HIGHLIGHTS April saw a return to a more normalized merger arbitrage market following a volatile March fraught with regulatory pushback and increased uncertainty due to the regional banking crisis. A benefit of the elevated volatility […]

May 19, 2023

Alternative Arbitrage – March 2023

Written by Amar Pandya

Highlights A positive development during the month was banks returning to provide buyout debt financing. March was the peak month of SPAC maturities for 2023 with the industry now fully lapping the peak of the […]

April 25, 2023

Alternative Arbitrage – February 2023

Written by Amar Pandya

HIGHLIGHTS 2023 is seeing deals materialize from a more diverse range of sectors. We expect technology sector M&A to continue representing a leading share of deal flow over the next year. The relative slowdown in […]

March 10, 2023

Alternative Arbitrage – January 2023

Written by Amar Pandya

Highlights After a busy December where we had positioned the Fund to take advantage of the wave of year-end SPAC liquidations, January was an active month as we redeployed proceeds from those liquidations into new […]

February 23, 2023

Alternative Arbitrage – December 2022

Written by Amar Pandya

HIGHLIGHTS The Fund’s positive performance was driven by proceeds from several SPAC liquidations and redemptions, tightening of some wide-spread merger arbitrage deals, and the closing of several merger deals. The Fund had its highest positioning […]

January 18, 2023

Alternative Arbitrage – November 2022

Written by Amar Pandya

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was up 0.3% in November, bringing year-to-date performance to 2.8% and one-year performance of 3.1%[1]. Download PDF M&A Market Update Global M&A activity totalled $3.3 trillion through […]

December 12, 2022

Alternative Arbitrage – October 2022

Written by Amar Pandya

Highlights The Fund initiated a position in the Twitter acquisition by Elon Musk. While this deal was a relatively bumpy ride, it’s also a great example of the contractual and legal strength of a definitive […]

November 24, 2022

Alternative Arbitrage – September 2022

Written by Amar Pandya

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was down 1.1% in September, bringing year-to-date performance to 1.1% with one-year performance of 2.9%[1]. Download PDF  M&A Market Update M&A activity stalled in Q3 with a […]

October 18, 2022

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

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

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
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