“The only difference between a salad and garbage is timing.” – Andrew Lo, MIT Professor Highlights The Fund returned 1.4% in the second quarter of 2024, with notable contributions from Pender Corporate Bond Fund (fixed […]
Download PDF Dear Investor We sincerely appreciate your continued support of Pender Credit Opportunities Fund I (PCOF I). Since its launch, the Fund has delivered an impressive return of 19.8%, net of all fees and […]
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 […]
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 Strength in Q2 was partially attributable to a rally in response to the Bank of Canada’s decision to reduce the overnight lending rate. Areas of focus over the quarter were defensive sectors including Utilities […]
Highlights Performance drivers included our positions McDermott International Ltd and Hughes Satellite Systems Corp. Detractors included issuers active in producing materials for clean energy industries, including platinum group miner Sibanye Stillwater and rare earths processor […]
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 […]
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 enjoyed one of its best performing months in May. Key contributors were Novavax convertible bonds, Fannie Mae preferred shares, Lucid Group Inc., Emergent BioSolutions, and OPKO Health Inc., along with numerous Canadian […]
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 […]
Highlights: Higher risk-free rates offset line-item strength in the portfolio. Positive performance in areas including cinemas helped our positions. We continue to look beyond a single macro idea to other options to generate returns. We […]
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 […]
Download the PDF Dear Investor We deeply appreciate your ongoing support of Pender Credit Opportunities Fund I (PCOF I). Since its inception, the Fund has delivered positive performance of 13.4% net of all fees and […]
Download the PDF. The Pender Value Fund had a strong start to the year, gaining 17.3%[1] in the first quarter of 2024. This result compares with gains of 6.6% in the S&P/TSX Composite Index and […]
“ In finance textbooks, “risk” is defined as short-term volatility. In the real world, risk is earning low returns, which is often caused by trying to avoid short-term volatility.” – Morgan Housel Dear Unitholders, The […]
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
Pender Strategic Growth and Income Fund – Q2 2024
“The only difference between a salad and garbage is timing.” – Andrew Lo, MIT Professor Highlights The Fund returned 1.4% in the second quarter of 2024, with notable contributions from Pender Corporate Bond Fund (fixed […]
Pender Credit Opportunities Fund – Manager’s Commentary – Q2 2024
Download PDF Dear Investor We sincerely appreciate your continued support of Pender Credit Opportunities Fund I (PCOF I). Since its launch, the Fund has delivered an impressive return of 19.8%, net of all fees and […]
Alternative Arbitrage Fund – June 2024
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 […]
Alternative Absolute Return – June 2024
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 […]
Bond Universe – Q2 2024
Highlights Strength in Q2 was partially attributable to a rally in response to the Bank of Canada’s decision to reduce the overnight lending rate. Areas of focus over the quarter were defensive sectors including Utilities […]
Fixed Income – June 2024
Highlights Performance drivers included our positions McDermott International Ltd and Hughes Satellite Systems Corp. Detractors included issuers active in producing materials for clean energy industries, including platinum group miner Sibanye Stillwater and rare earths processor […]
Alternative Arbitrage Fund – May 2024
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 […]
Alternative Absolute Return – May 2024
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 […]
Fixed Income – May 2024
Highlights The Fund enjoyed one of its best performing months in May. Key contributors were Novavax convertible bonds, Fannie Mae preferred shares, Lucid Group Inc., Emergent BioSolutions, and OPKO Health Inc., along with numerous Canadian […]
Alternative Arbitrage Fund – April 2024
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 […]
Fixed Income – April 2024
Highlights: Higher risk-free rates offset line-item strength in the portfolio. Positive performance in areas including cinemas helped our positions. We continue to look beyond a single macro idea to other options to generate returns. We […]
Alternative Absolute Return – April 2024
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 […]
Pender Credit Opportunities – April 2024
Download the PDF Dear Investor We deeply appreciate your ongoing support of Pender Credit Opportunities Fund I (PCOF I). Since its inception, the Fund has delivered positive performance of 13.4% net of all fees and […]
Value Fund – Q1 2024
Download the PDF. The Pender Value Fund had a strong start to the year, gaining 17.3%[1] in the first quarter of 2024. This result compares with gains of 6.6% in the S&P/TSX Composite Index and […]
Pender Strategic Growth and Income Fund – Q1 2024
“ In finance textbooks, “risk” is defined as short-term volatility. In the real world, risk is earning low returns, which is often caused by trying to avoid short-term volatility.” – Morgan Housel Dear Unitholders, The […]