The Pender Corporate Bond Fund returned -0.5%[1] in March. Although the period was a strong one for the high-grade part of the portfolio, a few idiosyncratic events in particular lines and widening spreads in lower-tier […]
HIGHLIGHTS The Fund added back a position in Valvoline Inc. 4.25% 2030 (NYSE:VVV) that we had sold out of in February. This bond is expected to be called in Q1 2024 with the proceeds from […]
HIGHLIGHTS 2023 is seeing deals materialize from a more diverse range of sectors. We expect technology sector M&A to continue representing a leading share of deal flow over the next year. The relative slowdown in […]
HIGHLIGHTS The Fund’s positioning was very defensive to start the month and finished with more market exposure compared to the end of January. However, we remain positioned defensively as spreads are tighter than the historic […]
HIGHLIGHTS The Pender Corporate Bond Fund had a relatively strong performance amidst a market that saw larger price declines in both high yield and investment grade bond benchmarks. We added a position in the 2028 […]
HIGHLIGHTS Pender Value Fund returned 9.7%[1] in January, following a 4.7% gain in the fourth quarter. Technology holdings now represent the largest sector weight in the portfolio at 37.6% at the end of January, up […]
Highlights After a busy December where we had positioned the Fund to take advantage of the wave of year-end SPAC liquidations, January was an active month as we redeployed proceeds from those liquidations into new […]
HIGHLIGHTS January 2023 was the strongest start to the year for credit since 2019 and the second strongest year since 2009. We added or established positions on bonds issued by SECURE Energy Services Inc. (TSX: […]
Highlights Most of the holdings of the Pender Corporate Bond Fund rose as lower benchmark yields coincided with narrowing spreads for corporate bonds. Significant performers included positions in discounted convertible bonds as holdings in Eventbrite […]
HIGHLIGHTS Key positive drivers were Spartan Delta Corp (TSX: SDE), North American Construction Group Ltd. (TSX: NOA), Chorus Aviation Inc. (TSX: CHR) and Exchange Income Corporation (TSX: EIF). A new position is NFI Group Inc. […]
HIGHLIGHTS Our equity exposure to energy companies led the way with Spartan Delta Corp. (TSX: SDE), ARC Resources Ltd. (TSX: ARX), and Texas Pacific Land Corporation (NYSE: TPL) among the top five contributors. Defense contractor […]
HIGHLIGHTS The Fund had a nice recovery in the fourth quarter with a return of 9.7%. Maxar Technologies Inc. (TSX: MAXR) was a top contributor to the portfolio after private equity firm Advent International made […]
HIGHLIGHTS The Fund’s positive performance was driven by proceeds from several SPAC liquidations and redemptions, tightening of some wide-spread merger arbitrage deals, and the closing of several merger deals. The Fund had its highest positioning […]
For the three months ended December 31, 2022, the Pender Bond Universe Fund generated a 0.8%[1] return, outperforming its benchmark by approximately 70bp. For the full year of 2022, the Fund returned -6.4%1, realizing a […]
HIGHLIGHTS The Fund added to loan exposures, participating in the TransDigm Group Incorporated (NYSE: TDG) new term loan, and added a position in Maxar Technologies Inc. (Nasdaq: MAXR) 2027 bond. We exited our position in […]
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Fixed Income – March 2023
The Pender Corporate Bond Fund returned -0.5%[1] in March. Although the period was a strong one for the high-grade part of the portfolio, a few idiosyncratic events in particular lines and widening spreads in lower-tier […]
Alternative Absolute Return – March 2023
HIGHLIGHTS The Fund added back a position in Valvoline Inc. 4.25% 2030 (NYSE:VVV) that we had sold out of in February. This bond is expected to be called in Q1 2024 with the proceeds from […]
Alternative Arbitrage – February 2023
HIGHLIGHTS 2023 is seeing deals materialize from a more diverse range of sectors. We expect technology sector M&A to continue representing a leading share of deal flow over the next year. The relative slowdown in […]
Alternative Absolute Return – February 2023
HIGHLIGHTS The Fund’s positioning was very defensive to start the month and finished with more market exposure compared to the end of January. However, we remain positioned defensively as spreads are tighter than the historic […]
Fixed Income – February 2023
HIGHLIGHTS The Pender Corporate Bond Fund had a relatively strong performance amidst a market that saw larger price declines in both high yield and investment grade bond benchmarks. We added a position in the 2028 […]
Value Fund – Outlook For 2023
HIGHLIGHTS Pender Value Fund returned 9.7%[1] in January, following a 4.7% gain in the fourth quarter. Technology holdings now represent the largest sector weight in the portfolio at 37.6% at the end of January, up […]
Alternative Arbitrage – January 2023
Highlights After a busy December where we had positioned the Fund to take advantage of the wave of year-end SPAC liquidations, January was an active month as we redeployed proceeds from those liquidations into new […]
Alternative Absolute Return – January 2023
HIGHLIGHTS January 2023 was the strongest start to the year for credit since 2019 and the second strongest year since 2009. We added or established positions on bonds issued by SECURE Energy Services Inc. (TSX: […]
Fixed Income – January 2023
Highlights Most of the holdings of the Pender Corporate Bond Fund rose as lower benchmark yields coincided with narrowing spreads for corporate bonds. Significant performers included positions in discounted convertible bonds as holdings in Eventbrite […]
Small/Mid Cap Dividend – Q4 2022
HIGHLIGHTS Key positive drivers were Spartan Delta Corp (TSX: SDE), North American Construction Group Ltd. (TSX: NOA), Chorus Aviation Inc. (TSX: CHR) and Exchange Income Corporation (TSX: EIF). A new position is NFI Group Inc. […]
Balanced Funds – Q4 2022
HIGHLIGHTS Our equity exposure to energy companies led the way with Spartan Delta Corp. (TSX: SDE), ARC Resources Ltd. (TSX: ARX), and Texas Pacific Land Corporation (NYSE: TPL) among the top five contributors. Defense contractor […]
Small Cap Equity – December 2022
HIGHLIGHTS The Fund had a nice recovery in the fourth quarter with a return of 9.7%. Maxar Technologies Inc. (TSX: MAXR) was a top contributor to the portfolio after private equity firm Advent International made […]
Alternative Arbitrage – December 2022
HIGHLIGHTS The Fund’s positive performance was driven by proceeds from several SPAC liquidations and redemptions, tightening of some wide-spread merger arbitrage deals, and the closing of several merger deals. The Fund had its highest positioning […]
Bond Universe – Oct-Dec 2022
For the three months ended December 31, 2022, the Pender Bond Universe Fund generated a 0.8%[1] return, outperforming its benchmark by approximately 70bp. For the full year of 2022, the Fund returned -6.4%1, realizing a […]
Alternative Absolute Return – December 2022
HIGHLIGHTS The Fund added to loan exposures, participating in the TransDigm Group Incorporated (NYSE: TDG) new term loan, and added a position in Maxar Technologies Inc. (Nasdaq: MAXR) 2027 bond. We exited our position in […]