There are decades when nothing happens, and then there are months when decades happen. That is what June felt like. Every day it seemed like a new, more extreme headline was coming across the screen. […]
The Pender Corporate Bond Fund returned 1.8%[1] in June amid market conditions that were generally favorable. Download the PDF. The biggest driver of performance in June was our position in entities exposed to platinum, including […]
There are decades when nothing happens, and then there are months when decades happen. That is what June felt like. Every day it seemed like a new, more extreme headline was coming across the screen. […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 1.4% and 1.8%[1] respectively in May 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 3.04%[2]. Download the […]
Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.3%[1] in May, bringing year-to-date returns to 1.1%. Following on from the strong rebound in the second half of April, risk assets performed quite well in […]
Highlights DigitalBridge Group Inc. (DBRG) and Fluor Corporation (FLR) were top contributors while Fidelity National Financial Inc. (FNF) was a top detractor to performance. Initiated a new position in Modine Manufacturing Company (MOD) Download the […]
So Now What? Download the PDF. Markets continued their surge off the April lows with one of the highest monthly returns in years, and the strongest May this century. The panic that hit investors a […]
The Pender Corporate Bond Fund returned -0.4%[1] in May. This performance was the result of a few significantly lower marks in distressed credits, offsetting a broadly positive movement across most of the Fund’s holdings. Download […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 1.0% and 1.5%[1] respectively in April 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.22%[2]. Download the […]
Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.6% in April, bringing year to date returns to 1.4%[1]. Wild swings in risk assets and market tone induced by US President Trump’s “Liberation Day” announcement […]
Highlights Verisign, Inc. (VRSN) and Dollar Tree, Inc. (DLTR) were top contributors while Tidewater Inc (TDW) was top detractor to performance. Initiated a new position in Addus HomeCare Corporation (ADUS). Download the PDF. The S&P […]
The Pender Corporate Bond Fund returned -3.0%[1] in April, a sobering result within the context of a turbulent market. Credit spreads reset significantly wider and yield curves steepened during the month. Download the PDF. Performance […]
Fund Performance In the first quarter of 2025, our Fund declined -11.7%[1], mirroring the performance of US small cap markets as measured by the Russell 2000 Index (CAD), which fell -9.4%. In contrast, the S&P/TSX […]
“Trade wars are good, and easy to win.” – Trump (Tweet, March 2, 2018) The Fund returned -3.9%[1] in Q1, driven by underperformance of our equity positions Trump’s ‘Liberation Day’ shattered market stability, replacing order […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.13% and -0.27%[1] respectively in March 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.41%[2]. Download the PDF. […]
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Pender Strategic Growth and Income Fund – Q2 2025
There are decades when nothing happens, and then there are months when decades happen. That is what June felt like. Every day it seemed like a new, more extreme headline was coming across the screen. […]
Fixed Income – June 2025
The Pender Corporate Bond Fund returned 1.8%[1] in June amid market conditions that were generally favorable. Download the PDF. The biggest driver of performance in June was our position in entities exposed to platinum, including […]
Pender Market Insights – July 2, 2025
There are decades when nothing happens, and then there are months when decades happen. That is what June felt like. Every day it seemed like a new, more extreme headline was coming across the screen. […]
Pender Alternative Arbitrage Fund
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 1.4% and 1.8%[1] respectively in May 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 3.04%[2]. Download the […]
Pender Alternative Absolute Return Fund – May 2025
Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.3%[1] in May, bringing year-to-date returns to 1.1%. Following on from the strong rebound in the second half of April, risk assets performed quite well in […]
Pender US Small/Mid Cap Equity Fund – May 2025
Highlights DigitalBridge Group Inc. (DBRG) and Fluor Corporation (FLR) were top contributors while Fidelity National Financial Inc. (FNF) was a top detractor to performance. Initiated a new position in Modine Manufacturing Company (MOD) Download the […]
CIO Letter – June 2025
So Now What? Download the PDF. Markets continued their surge off the April lows with one of the highest monthly returns in years, and the strongest May this century. The panic that hit investors a […]
Fixed Income – May 2025
The Pender Corporate Bond Fund returned -0.4%[1] in May. This performance was the result of a few significantly lower marks in distressed credits, offsetting a broadly positive movement across most of the Fund’s holdings. Download […]
Pender Alternative Arbitrage Fund – April 2025
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 1.0% and 1.5%[1] respectively in April 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.22%[2]. Download the […]
Pender Alternative Absolute Return Fund – April 2025
Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.6% in April, bringing year to date returns to 1.4%[1]. Wild swings in risk assets and market tone induced by US President Trump’s “Liberation Day” announcement […]
Pender US Small/Mid Cap Equity Fund – April 2025
Highlights Verisign, Inc. (VRSN) and Dollar Tree, Inc. (DLTR) were top contributors while Tidewater Inc (TDW) was top detractor to performance. Initiated a new position in Addus HomeCare Corporation (ADUS). Download the PDF. The S&P […]
Fixed Income – April 2025
The Pender Corporate Bond Fund returned -3.0%[1] in April, a sobering result within the context of a turbulent market. Credit spreads reset significantly wider and yield curves steepened during the month. Download the PDF. Performance […]
Pender Small Cap Opportunities Fund – Q1 2025
Fund Performance In the first quarter of 2025, our Fund declined -11.7%[1], mirroring the performance of US small cap markets as measured by the Russell 2000 Index (CAD), which fell -9.4%. In contrast, the S&P/TSX […]
Pender Strategic Growth and Income Fund – Q1 2025
“Trade wars are good, and easy to win.” – Trump (Tweet, March 2, 2018) The Fund returned -3.9%[1] in Q1, driven by underperformance of our equity positions Trump’s ‘Liberation Day’ shattered market stability, replacing order […]
Pender Alternative Arbitrage Fund – March 2025
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.13% and -0.27%[1] respectively in March 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.41%[2]. Download the PDF. […]