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Fixed Income – July 2022
The Pender Corporate Bond Fund emerged from July with a positive return of 1.9%[1]. The compressed spring of lower bond prices unwound a bit in the month as a potential slowdown in inflation provided the […]
Balanced Funds – Q2 2022
Dear Unitholders, The second quarter of 2022 was challenging for investors. Macro trends from the first quarter of the year continued and the headwinds intensified. The war in Ukraine, elevated commodity prices, and persistent and […]
Small/Mid Cap Dividend – Q2 2022
Fellow Unitholders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth in the coming quarters. Investors […]
Value Fund – June 2022
Fellow Unitholders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth in the coming quarters. Investors […]
Emerging Markets – Q2 2022
The Pender Emerging Markets Impact Fund began operating in April and this represents our first quarterly commentary. Download PDF The second quarter broadly saw drawdowns in equity markets as investors anticipated weaker global growth in […]
Small Cap Equity – June 2022
Fellow unit holders, It has been a volatile first half of the year that has seen significant drawdowns in equity markets as valuations have reset in anticipation of weaker economic growth going forward. Investors have […]
Alternative Absolute Return – June 2022
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 […]
Alternative Arbitrage – June 2022
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 […]
Fixed Income – June 2022
The Pender Corporate Bond Fund emerged from June, a volatile month, down 3.2%[1]. Although the result was hardly what we had hoped for, the month did seem to show signs of slowing inflation which may […]
Emerging Markets – Manager’s Commentary – April-June 2022
The Pender Emerging Markets Impact Fund began operating in April and this represents our first monthly commentary. We are happy to report that despite the heightened levels of volatility, the Fund has managed to take […]
Small Cap Equity – Manager’s Commentary – May 2022
Fellow unit holders, Equity markets continued to be volatile in May as investors focused on the macro dynamics of rising inflation, rising interest rates and the potential impact on future economic growth. Sentiment has weakened […]
Alternative Arbitrage – Manager’s Commentary – May 2022
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 […]
Alternative Absolute Return – Manager’s Commentary – May 2022
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 […]
Fixed Income – Manager’s Commentary – May 2022
The Pender Corporate Bond Fund finished a volatile May with a NAV total return of approximately -0.7%[1]. Lower bond prices in the portfolio more than offset the growing level of current income in the Fund […]
Small Cap Equity – Manager’s Commentary – April 2022
Fellow unit holders, The selloff in risk assets carried on in April and volatility continued to trend higher. This was driven by growing macro concerns that focused on the outlook for inflation, rising interest rates […]