The Pender Corporate Bond Fund returned 1.4%[1] in January, which was a generally benign period in both the credit market and high-grade bonds markets. Top contributors to the month’s return included our position in Spirit […]
“The future ain’t what it used to be” – Yogi Berra Highlights Fund returned 3.0% in Q4 and 20.6% for 2024; 5-year milestone crossed w/ top decile performance. Rotated tactical allocation to defensive undervalued equities: […]
Highlights There was a pickup in deal activity in December as pent-up demand going into the US election was released. We initiated positions in 16 new merger deals during the month, notably in several small-cap […]
Dear Investor Since its inception, the Fund has achieved a net return of 29.6%, outperforming our benchmark[1] return of 14.8%. As of the end of 2024, the Fund’s net IRR stands at 20.6%. The investment […]
Highlights Strong contributors to the Fund included Kraken Robotics Inc. (TSXV: PNG), D2L Inc. (TSX: DTOL), and MDA Space Ltd. (TSX: MDA). Detractors to the Fund this quarter included Sylogist Ltd. (TSX: SYZ), NFI Group […]
Highlights Positive contributors to the Fund included Jabil Inc. (NYSE: JBL) and Antero Resources Corporation (NYSE: AR). Detractors to performance this month included Fluor Corporation (NYSE: FLR) and M/I Homes, Inc. (NYSE: MHO) . The […]
Highlights Positive contributors to the Fund included TXNM Energy 5.75% ’54 convertible bonds via the combination of price appreciation and a competitive coupon, and OPKO Health Inc. 3.75% ’29 convertible bonds. The Fund added Duke […]
Highlights The Fund generated a positive December and found opportunities in the new issue markets in both Canada and the US that included Wolf Midstream Canada LP (private) and Diebold Nixdorf Incorporated (NYSE: DBD). Our […]
Highlights Strong performance in December; top contributors included the preferred shares issued by Fannie Mae and Freddie Mac which tripled in value during 2024, a term loan in American Tire Distributors Inc, and the convertible […]
Highlights The Fund initiated positions in 12 merger deals while 12 deals closed this month. Invested deals span a broad range of sectors including healthcare, industrials, materials, energy, financials and real estate with a mix […]
We Are Live! This is a great time to be launching the Pender US Small/Mid Cap Equity Fund. The historical premium small- and mid-cap stocks traded at relative to large caps has turned into a […]
Highlights The riskiest segments of the high yield market performed the best in November, continuing a trend that started in July. We added to our holdings in Wolf Midstream Canada LP (private) in early December. […]
Highlights Positive contributors included preferred shares in Fannie Mae and Freddie Mac which, in the wake of the US election, gained over 100%, after which we sold down the position. Gains also came from the […]
Highlights The Fund initiated positions in 10 new merger deals and 13 deals held within the Fund closed. Capital from closed deals was recycled into new and existing mergers trading at attractive spreads. The Fund […]
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 […]
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Fixed Income – January 2025
The Pender Corporate Bond Fund returned 1.4%[1] in January, which was a generally benign period in both the credit market and high-grade bonds markets. Top contributors to the month’s return included our position in Spirit […]
Pender Strategic Growth and Income Fund – Q4 2024
“The future ain’t what it used to be” – Yogi Berra Highlights Fund returned 3.0% in Q4 and 20.6% for 2024; 5-year milestone crossed w/ top decile performance. Rotated tactical allocation to defensive undervalued equities: […]
Pender Alternative Arbitrage Fund – December 2024
Highlights There was a pickup in deal activity in December as pent-up demand going into the US election was released. We initiated positions in 16 new merger deals during the month, notably in several small-cap […]
Pender Credit Opportunities Fund – Q4 2024
Dear Investor Since its inception, the Fund has achieved a net return of 29.6%, outperforming our benchmark[1] return of 14.8%. As of the end of 2024, the Fund’s net IRR stands at 20.6%. The investment […]
Pender Small Cap Opportunities Fund – Q4 2024
Highlights Strong contributors to the Fund included Kraken Robotics Inc. (TSXV: PNG), D2L Inc. (TSX: DTOL), and MDA Space Ltd. (TSX: MDA). Detractors to the Fund this quarter included Sylogist Ltd. (TSX: SYZ), NFI Group […]
Pender US Small/Mid Cap Equity Fund – December 2024
Highlights Positive contributors to the Fund included Jabil Inc. (NYSE: JBL) and Antero Resources Corporation (NYSE: AR). Detractors to performance this month included Fluor Corporation (NYSE: FLR) and M/I Homes, Inc. (NYSE: MHO) . The […]
Pender Bond Universe Fund – Q4 2024
Highlights Positive contributors to the Fund included TXNM Energy 5.75% ’54 convertible bonds via the combination of price appreciation and a competitive coupon, and OPKO Health Inc. 3.75% ’29 convertible bonds. The Fund added Duke […]
Pender Alternative Absolute Return Fund – December 2024
Highlights The Fund generated a positive December and found opportunities in the new issue markets in both Canada and the US that included Wolf Midstream Canada LP (private) and Diebold Nixdorf Incorporated (NYSE: DBD). Our […]
Fixed Income – December 2024
Highlights Strong performance in December; top contributors included the preferred shares issued by Fannie Mae and Freddie Mac which tripled in value during 2024, a term loan in American Tire Distributors Inc, and the convertible […]
Pender Alternative Arbitrage Fund – November 2024
Highlights The Fund initiated positions in 12 merger deals while 12 deals closed this month. Invested deals span a broad range of sectors including healthcare, industrials, materials, energy, financials and real estate with a mix […]
Pender US Small/Mid Cap Equity Fund – November 2024
We Are Live! This is a great time to be launching the Pender US Small/Mid Cap Equity Fund. The historical premium small- and mid-cap stocks traded at relative to large caps has turned into a […]
Pender Alternative Absolute Return Fund – November 2024
Highlights The riskiest segments of the high yield market performed the best in November, continuing a trend that started in July. We added to our holdings in Wolf Midstream Canada LP (private) in early December. […]
Fixed Income – November 2024
Highlights Positive contributors included preferred shares in Fannie Mae and Freddie Mac which, in the wake of the US election, gained over 100%, after which we sold down the position. Gains also came from the […]
Pender Alternative Arbitrage Fund – October 2024
Highlights The Fund initiated positions in 10 new merger deals and 13 deals held within the Fund closed. Capital from closed deals was recycled into new and existing mergers trading at attractive spreads. The Fund […]
Pender Alternative Absolute Return Fund – October 2024
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 […]