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 […]
Highlights Key positive contributors included the secured bonds of Spirit Airlines Inc., Lucid Group Inc., and the preferreds of Fannie Mae and Freddie Mac. Detractors included American Tire Distributors Inc., a small portfolio weight, which […]
“Luck is random, but the ability to capitalize on luck isn’t necessarily random.” – Mari Kuraishi Highlights Fund returned 7.8%, with notable contributions from small cap equity and real-estate holdings First Fed reduction in borrowing […]
Highlights The Fund has gained 38.4% year-to-date. Top contributor this quarter was Kraken Robotics Inc., (TSXV: PNG), a marine technology company. Thinkific Labs Inc. (TSX:THNC) was a detractor this quarter subsequent to their SIB as […]
Download PDF Dear Investor Since its inception, the Pender Credit Opportunities Fund (PCOF) has delivered a return of 26.7%, net of all fees and expenses, with a Net IRR of 22.2%. The investment period concluded […]
Highlights With the global rate cut cycle now well underway we have been actively reducing our exposure to broadly syndicated loans. The Fund closed out a small, long position bond issued by a stressed US […]
Highlights Ten new merger deals were initiated in the Fund and six deals held within the Fund closed. We are currently seeing the highest level of potential “deals in the works” for small and mid-cap […]
Highlights Positive contributors included OPKO Health Inc. 3.75% 2029 convertible bonds and TXNM Energy Inc. 5.75% 2054 convertible bonds. We extended duration slightly this quarter from 4.74 at June 30 to 5.14 at quarter-end. The […]
Highlights September was a positive month for the Fund, with contributions from Hughes Satellite Systems first lien bond as well as precious metal securities. In the long run, our guess is that North America is […]
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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 […]
Fixed Income – October 2024
Highlights Key positive contributors included the secured bonds of Spirit Airlines Inc., Lucid Group Inc., and the preferreds of Fannie Mae and Freddie Mac. Detractors included American Tire Distributors Inc., a small portfolio weight, which […]
Pender Strategic Growth and Income Fund – Q3 2024
“Luck is random, but the ability to capitalize on luck isn’t necessarily random.” – Mari Kuraishi Highlights Fund returned 7.8%, with notable contributions from small cap equity and real-estate holdings First Fed reduction in borrowing […]
Pender Value Fund – Q3 2024
Highlights The Fund has gained 38.4% year-to-date. Top contributor this quarter was Kraken Robotics Inc., (TSXV: PNG), a marine technology company. Thinkific Labs Inc. (TSX:THNC) was a detractor this quarter subsequent to their SIB as […]
Pender Credit Opportunities Fund – Manager’s Commentary – Q3 2024
Download PDF Dear Investor Since its inception, the Pender Credit Opportunities Fund (PCOF) has delivered a return of 26.7%, net of all fees and expenses, with a Net IRR of 22.2%. The investment period concluded […]
Pender Alternative Absolute Return Fund – September 2024
Highlights With the global rate cut cycle now well underway we have been actively reducing our exposure to broadly syndicated loans. The Fund closed out a small, long position bond issued by a stressed US […]
Pender Alternative Arbitrage Fund – September 2024
Highlights Ten new merger deals were initiated in the Fund and six deals held within the Fund closed. We are currently seeing the highest level of potential “deals in the works” for small and mid-cap […]
Pender Bond Universe Fund – Q3 2024
Highlights Positive contributors included OPKO Health Inc. 3.75% 2029 convertible bonds and TXNM Energy Inc. 5.75% 2054 convertible bonds. We extended duration slightly this quarter from 4.74 at June 30 to 5.14 at quarter-end. The […]
Fixed Income – September 2024
Highlights September was a positive month for the Fund, with contributions from Hughes Satellite Systems first lien bond as well as precious metal securities. In the long run, our guess is that North America is […]