Highlights We continue to focus on the fundamentals, rotating into high quality businesses. We initiated new positions in two companies during the quarter that we have been following for a long time but have finally […]
Highlights The top contributors included Computer Modeling Group, Saturn Oil & Gas, Spartan Delta, and NFI Group. Among the detractors were Chorus Aviation, and Trisura Group, despite posting strong quarterly earnings. The Fund took advantage […]
Highlights The primary driver of returns in September were higher interest rates, as 2024 rate cuts are being priced out in favour of a “higher for longer” for reality. The Fund continued to sell into […]
Highlights We reduced the Fund’s weight in several, shorter-dated, high-quality corporate issuers and government bonds and re-allocated proceeds to longer-dated holdings, including Warner Brothers Discover 5.391% ’62. The Fund’s position in Inflation-Linked Bonds was slightly […]
Highlights: The Fund had several pockets of strength in September, including energy-related securities, a pharma company, and U.S.-based marijuana companies. Higher risk-free rates caused most bonds within the Fund to fall in price. We have […]
Highlights The Fund initiated positions in 20 new or previously announced mergers, while nine merger deals held within the Fund closed during the month. Performance was impacted by a regulatory challenge to a merger deal […]
Highlights • The Fund benefited from volatility in credit markets with a bias to protecting capital. • The Fund’s exposure to event-driven positions was significantly reduced. The Pender Alternative Absolute Return Fund finished August with […]
Highlights: • Positive contributors to the Fund were Cineworld Group PLC and Federal National Mortgage Association (Fannie Mae). Detractors included Canadian rate-reset preferred shares due to negative price momentum, and Emergent BioSolutions, which we have […]
Highlights: July was an active month for the Fund as we continued to harvest returns from closed merger deals and reinvest that capital in new mergers. Merger arbitrage spreads continued to remain at wide levels […]
Highlights The broad-based rally provided an opportunity to sell liquid high-yield positions at prices that we viewed as fully valued. There were several positive developments within our Event Driven book including Black Knight Inc. (NYSE: […]
Highlights: Positive contributors included First Majestic Silver Corp., which rallied from multi-year lows, and our holdings of Liberty TripAdvisor Holdings, Inc. notes, which attracted bids due to their attractive double-digit yield to a 2025 put […]
Highlights June was a good month for the Fund as it harvested returns from several closed merger deals, which we added to at wider spreads in May. The Fund took advantage of recent volatility to […]
Highlights Within the Fund’s equity holdings, strong positive contributions came from Onex Corp. (TSX: ONEX), ARC Resources Ltd. (TSX: ARX), and Burford Capital Ltd. (NYSE: BUR). Detractors included Brookfield Corporation (TSX: BN), Texas Pacific Land […]
Highlights Sylogist Inc (TSX: SYZ) is the largest holding in the Fund and was a top contributor in the quarter. We have been active with the company over the last few months and have successfully […]
Highlights It was the first month of outperformance for small caps relative to large caps since February. Sylogist Inc. (TSX: SYZ) was a top contributor in the quarter. We are focused on reviewing our holdings […]
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Small Cap Equity – Q3 2023
Highlights We continue to focus on the fundamentals, rotating into high quality businesses. We initiated new positions in two companies during the quarter that we have been following for a long time but have finally […]
Small/Mid Cap Dividend – Q3 2023
Highlights The top contributors included Computer Modeling Group, Saturn Oil & Gas, Spartan Delta, and NFI Group. Among the detractors were Chorus Aviation, and Trisura Group, despite posting strong quarterly earnings. The Fund took advantage […]
Alternative Absolute Return – September 2023
Highlights The primary driver of returns in September were higher interest rates, as 2024 rate cuts are being priced out in favour of a “higher for longer” for reality. The Fund continued to sell into […]
Bond Universe – Q3 2023
Highlights We reduced the Fund’s weight in several, shorter-dated, high-quality corporate issuers and government bonds and re-allocated proceeds to longer-dated holdings, including Warner Brothers Discover 5.391% ’62. The Fund’s position in Inflation-Linked Bonds was slightly […]
Fixed Income – September 2023
Highlights: The Fund had several pockets of strength in September, including energy-related securities, a pharma company, and U.S.-based marijuana companies. Higher risk-free rates caused most bonds within the Fund to fall in price. We have […]
Alternative Arbitrage Fund – August 2023
Highlights The Fund initiated positions in 20 new or previously announced mergers, while nine merger deals held within the Fund closed during the month. Performance was impacted by a regulatory challenge to a merger deal […]
Alternative Absolute Return – August 2023
Highlights • The Fund benefited from volatility in credit markets with a bias to protecting capital. • The Fund’s exposure to event-driven positions was significantly reduced. The Pender Alternative Absolute Return Fund finished August with […]
Fixed Income – August 2023
Highlights: • Positive contributors to the Fund were Cineworld Group PLC and Federal National Mortgage Association (Fannie Mae). Detractors included Canadian rate-reset preferred shares due to negative price momentum, and Emergent BioSolutions, which we have […]
Alternative Arbitrage Fund – July 2023
Highlights: July was an active month for the Fund as we continued to harvest returns from closed merger deals and reinvest that capital in new mergers. Merger arbitrage spreads continued to remain at wide levels […]
Alternative Absolute Return – July 2023
Highlights The broad-based rally provided an opportunity to sell liquid high-yield positions at prices that we viewed as fully valued. There were several positive developments within our Event Driven book including Black Knight Inc. (NYSE: […]
Fixed Income – July 2023
Highlights: Positive contributors included First Majestic Silver Corp., which rallied from multi-year lows, and our holdings of Liberty TripAdvisor Holdings, Inc. notes, which attracted bids due to their attractive double-digit yield to a 2025 put […]
Alternative Arbitrage Fund – June 2023
Highlights June was a good month for the Fund as it harvested returns from several closed merger deals, which we added to at wider spreads in May. The Fund took advantage of recent volatility to […]
Strategic Growth and Income Fund – Q2 2023
Highlights Within the Fund’s equity holdings, strong positive contributions came from Onex Corp. (TSX: ONEX), ARC Resources Ltd. (TSX: ARX), and Burford Capital Ltd. (NYSE: BUR). Detractors included Brookfield Corporation (TSX: BN), Texas Pacific Land […]
Value Fund – Q2 2023
Highlights Sylogist Inc (TSX: SYZ) is the largest holding in the Fund and was a top contributor in the quarter. We have been active with the company over the last few months and have successfully […]
Small Cap Equity – Q2 2023
Highlights It was the first month of outperformance for small caps relative to large caps since February. Sylogist Inc. (TSX: SYZ) was a top contributor in the quarter. We are focused on reviewing our holdings […]