Commentaries

Dear Unitholders, The Pender Alternative Absolute Return Fund finished February with a unit price of $10.01 and distributions of $0.02 per unit[1]. Download PDF February 2022 was a volatile month for markets with the high-yield market putting up its second consecutive negative month and fifth negative month out of the last six. The ICE BofA […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of February 2022 with a NAV of $10.18 per unit[1]. Despite equity market volatility, record inflation, rising rates and a geopolitical crisis, M&A activity shows no signs of slowing with over $740B of global deal activity in the first two months 2022, the second […]

The Pender Corporate Bond Fund delivered a result of -0.5%[1] in February, a period of relatively strong performance in a market beset by numerous headwinds, one of which was a spread-widening in credit. Download PDF Bright spots for the Fund included some positions in the precious metals sector, as both SSR Mining Inc. and First […]

Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) returned -2.3%[1] in January, taking a breather after a strong year in 2021 when it delivered a return of 19.2%. The Pender Enhanced Income Fund returned -2.3%1 in January, following a gain of 24.1% in 2021. Over longer periods, PSGIF has compounded at a healthy […]

Fellow unit holders, It was a tough start to 2022, with January being one of the worst months ever for broad indices and our fund. The Pender Small Cap Opportunities Fund was down 7.8%[1] in January, while large and small-cap indices were also down: the S&P 500 Index (CAD) was down 4.7% and the Russell […]

Fellow unit holders, It was a tough start to 2022, with January being one of the worst months ever for broad indices and our fund. The Pender Value Fund was down 7.0%[1] in January, while large and small-cap indices were also down: the S&P 500 Index (CAD) was down 4.7% and the Russell 2000 Index […]

The return of the class F units of the Pender Bond Universe Fund for the three-month period ended January 31, 2022 was -0.5%[1]. For the full calendar year of 2021, the class F units were up 2.0%1 with average quarter-end duration of 4.6 years, decreasing somewhat into year-end to 4.03 years at December 31. When […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of January 2022 with a NAV of $10.15 per unit[1]. Download PDF M&A activity is off to the races, with momentum from the record levels of global M&A activity last year continuing into 2022. Deal activity in January was the third highest on record, […]

Dear Unitholders, The Pender Alternative Absolute Return Fund finished January with a unit price of $10.02 and distributions of $0.06 per unit[1]. Download PDF January 2022 was the worst month for the high-yield market since March 2020 and the worst January total return ever. The ICE BofA High Yield Index returned -2.75%. The negative total […]