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Alternative Arbitrage Fund – Manager’s Commentary – December 2021
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 […]
Alternative Absolute Return – Manager’s Commentary – December 2021
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 […]
Fixed Income – Manager’s Commentary – December 2021
The Pender Corporate Bond Fund ended 2021 with an annual return, after all fees and costs, of 10.3%[1], including a gain of 0.5% in December. Our investment grade (IG) mandate, the Pender Bond Universe Fund, […]
Global Focused Fund – Manager’s Commentary – Q3 2021
“Every past decline looks like an opportunity; every future decline looks like a risk.” – Morgan Housel Fellow unitholders, In this commentary we cover: Popularity Cycles Pessimism – What (else) could go wrong? Optionality – […]
Balanced Funds – Manager’s Commentary – November 2021
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) returned -1.6% in November, while the Pender Enhanced Income Fund was down 1.7%[1]. This result came amid increased volatility during the month as the new […]
Alternative Absolute Return – Manager’s Commentary – November 2021
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 […]
Small Cap Equity – Manager’s Commentary – November 2021
Fellow unit holders, The Pender Small Cap Opportunities Fund was up 1.3%[1] in November, outperforming the S&P/TSX Composite Index and the S&P/TSX Small Cap Index, which were down 1.6% and 3.6%, respectively. In the US, […]
Value Fund – Manager’s Commentary – November 2021
Fellow unit holders, The Pender Value Fund was down 5.2%[1] in November, while the S&P/TSX Composite Index dropped 1.6% and the S&P/TSX Small Cap Index dropped 3.6%. In the US, major indices also lost ground […]
Alternative Arbitrage – Manager’s Commentary – November 2021
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 […]
Fixed Income – Manager’s Commentary – November 2021
The Pender Corporate Bond Fund returned 0.5%[1] in November. The positive result was achieved in the face of a rather weak high yield credit market that may have been affected by tapering talk and COVID-19 […]
Bond Universe Fund – Manager’s Commentary – October 2021
Performance Attribution The return of the Class F units of the Pender Bond Universe Fund over the three-month period ended October 31, 2021 was negative 0.9%[1]. The Fund’s benchmark, the FTSE/TMX Canada Universe Bond Index, […]
Small Cap Equity – Manager’s Commentary – October 2021
Fellow unit holders, October was a strong month for equity markets as the appetite for risk returned after a bout of volatility in September. The Pender Small Cap Opportunities Fund participated nicely in the rally […]
Alternative Absolute Return – Manager’s Commentary – October 2021
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 […]
Pender Value Fund – Manager’s Commentary – October 2021
Fellow unit holders, In the month of October, an appetite for risk returned to equity markets and the Pender Value Fund posted a gain of 2.4%[1] in the month. This result trailed large cap indices […]
Alternative Arbitrage – Manager’s Commentary – October 2021
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 […]