Highlights Credit markets had their second negative month of 2024 in October as government bond yields reversed all the decline of the summer months. Credit spreads continued to grind tighter, with high yield spreads hitting […]
Highlights With the global rate cut cycle now well underway we have been actively reducing our exposure to broadly syndicated loans. The Fund closed out a small, long position bond issued by a stressed US […]
Highlights Market returns were driven by a combination of positive carry, narrowing spreads and lower base government bond yields. Short positions in credit were detractors on the portfolio. Contributors to the Fund included a position […]
Highlights We have put capital to work in new issues in the Canadian dollar high-yield market as some higher quality issues have come to market at meaningfully wider spreads than similar issues in the US […]
Highlights The Fund participated in new issues from Saturn Oil & Gas Inc (TSX: SOIL) and G. Cooper Equipment Rentals (private). Currently, the Fund is focused on shorter duration and event-driven positions with good carry […]
Highlights Despite historically expensive valuations at the start of the month, risk assets performed well. The Fund benefitted from several individual long positions where catalysts played out consistent with or even quicker than our initial […]
Highlights The Fund added to some higher quality, high yield positions in April. Following a market rebound, we raised cash in the later part of the month. We closed our short position in Charter Communication’s […]
Highlights Cash and T-bill holdings have been reduced by about 20% of net asset value to improve portfolio yield. Additions to loan holdings, with current yields from mid-7% to mid-8%, include high quality businesses like […]
Highlights Cash and T-bill holdings have been reduced by about 20% of net asset value to improve portfolio yield. Additions to loan holdings, with current yields from mid-7% to mid-8%, include high quality businesses like […]
Highlights A major theme in January was the reopening of the primary market in North American liquid credit, following limited issuance in late 2023. The Pender Alternative Absolute Return Fund selectively participated in new issues […]
Highlights One of the drivers of market performance in December was strong inflows for risk assets combined with limited new issue supply in credit markets. Despite our generally defensive positioning there are some areas of […]
Highlights In November we significantly added to our US Treasury Bill holdings as well as high-quality term loans. Our purchases included loans backed by Hilton Worldwide Holdings Inc. (NYSE: HLT), TransDigm Group Inc. (NYSE: TDG) […]
As published in Conseiller on 20 November 2023 (in French) In his recent memo for Oaktree Capital Management, Howard Marks opines that to achieve a superior long-term record, an investor should strive to do “a […]
Highlights Both widening credit spreads and higher government yields negatively impacted returns for the month. The Fund increased market exposure with the focus on high-quality, high yield bonds trading at attractive discounts to par. The […]
As published in Finance et Investissement on 25 October 2023. In his recent memo for Oaktree Capital Management, Howard Marks opines that to achieve a superior long-term record, an investor should strive to do “a […]
Highlights The primary driver of returns in September were higher interest rates, as 2024 rate cuts are being priced out in favour of a “higher for longer” for reality. The Fund continued to sell into […]
Highlights • The Fund benefited from volatility in credit markets with a bias to protecting capital. • The Fund’s exposure to event-driven positions was significantly reduced. The Pender Alternative Absolute Return Fund finished August with […]
Highlights The broad-based rally provided an opportunity to sell liquid high-yield positions at prices that we viewed as fully valued. There were several positive developments within our Event Driven book including Black Knight Inc. (NYSE: […]
As published in CFA Institute Enterprising Investor on August 3, 2023 Markets were generally buoyant in June as participants focused on positives while events with negative implications for asset prices, like higher risk-free rates, were […]
HIGHLIGHTS The Fund added to event-driven holdings, most notably the 5.75% 2026 notes issued by PDC Energy Inc. (Nasdaq: PDCE) which is in the process of being acquired by Chevron Corp. (NYSE:CVX). New issue activity […]
HIGHLIGHTS With improved valuations, the Fund added to long credit positions, while also topping up short positions in equity index ETFs. We believe that the divergence between credit and equities, which has been widening since […]
HIGHLIGHTS Several of our shorter duration holdings experienced solid gains in April, including secured bonds of Greystar Real Estate Partners LLC (private) and Life Time Group Holdings Inc. (NYSE: LTH). In banks, our focus was […]
HIGHLIGHTS The Fund added back a position in Valvoline Inc. 4.25% 2030 (NYSE:VVV) that we had sold out of in February. This bond is expected to be called in Q1 2024 with the proceeds from […]
HIGHLIGHTS The Fund’s positioning was very defensive to start the month and finished with more market exposure compared to the end of January. However, we remain positioned defensively as spreads are tighter than the historic […]
HIGHLIGHTS January 2023 was the strongest start to the year for credit since 2019 and the second strongest year since 2009. We added or established positions on bonds issued by SECURE Energy Services Inc. (TSX: […]
HIGHLIGHTS The Fund added to loan exposures, participating in the TransDigm Group Incorporated (NYSE: TDG) new term loan, and added a position in Maxar Technologies Inc. (Nasdaq: MAXR) 2027 bond. We exited our position in […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished November with a return of 0.3%[1], bringing year-to-date performance to 5.1%. November was one of the more difficult market environments for the Fund to navigate, as […]
Highlights There was a significant bounce in most asset classes, as dip buyers emerged following significant repricing from mid-August to mid-October Large macro moves have created pockets of dislocation within credit markets, especially between Investment […]
Highlights: September proved to be another challenging month for markets. It was the third worst month for the high-yield market since 2008. Early September presented the Fund with some good relative value trading opportunities. If […]
The Fund has marked one year since its inception and we are happy to now report the performance of the Fund. The Pender Alternative Absolute Return Fund finished August with a return of 1.5% bringing […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished July with a unit price of $9.81 and distributions of $0.04 per unit[1]. Download PDF July 2022 saw a strong rebound across most asset classes following […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished June with a unit price of $9.70 and distributions of $0.03 per unit[1]. Download PDF June 2022 saw significant weakness in the high yield market as […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished May with a unit price of $9.86 and distributions of $0.06 per unit[1]. May 2022 brought a wild swing to markets with rates, credit and equities […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished April with a unit price of $10.00 and distributions of $0.05 per unit[1]. Download PDF April 2022 was a volatile month for markets as the rubber […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished March with a unit price of $10.01 and distributions of $0.05 per unit[1]. Download PDF March 2022 was a volatile month for markets with a dramatic […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished February with a unit price of $10.01 and distributions of $0.02 per unit[1]. Download PDF February 2022 was a volatile month for markets with the high-yield […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished January with a unit price of $10.02 and distributions of $0.06 per unit[1]. Download PDF January 2022 was the worst month for the high-yield market since […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished December with a unit price of $9.99 and distributions of $0.03 per unit[1]. Download PDF December was a buoyant month for risk assets, with credit markets […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished November with a unit price of $9.91 and distributions of $0.05 per unit[1]. Download PDF November was the weakest month for the high-yield market since September […]
Dear Unitholders, The Pender Alternative Absolute Return Fund closed October with a unit price of $9.96 and distributions of $0.04.[1] Download PDF It was a challenging month in credit markets as the iBoxx Liquid High […]
Dear Unitholders, The Pender Alternative Absolute Return Fund ended its first month with a NAV of $9.99[1] per unit and distributions of $0.12[1] per unit. Download PDF The high yield market was dragged modestly lower […]
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