Highlights Positive contributors in December were Chinese property developer Country Garden Holdings Company Limited, Emergent BioSolutions Inc., and Carriage Services, Inc., while detractors included National CineMedia LLC, and rising government bond yields that drove investment […]
Fellow Unitholders, The Pender Small/Mid Cap Dividend Fund (PSMDF) returned a positive 3.6% in November, bringing year-to-date returns to -10.4%[1]. This compares to the TSX Small Cap Index returning -7.3% year-to-date and the TSX Composite […]
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was up 0.3% in November, bringing year-to-date performance to 2.8% and one-year performance of 3.1%[1]. Download PDF M&A Market Update Global M&A activity totalled $3.3 trillion through […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished November with a return of 0.3%[1], bringing year-to-date performance to 5.1%. November was one of the more difficult market environments for the Fund to navigate, as […]
HIGHLIGHTS We expect a further easing of inflation pressures as consumers and companies digest the impact of significantly higher rates. We find the prices of relatively strong corporate credits in the three to seven-year tenors […]
Highlights The Fund initiated a position in the Twitter acquisition by Elon Musk. While this deal was a relatively bumpy ride, it’s also a great example of the contractual and legal strength of a definitive […]
Highlights There was a significant bounce in most asset classes, as dip buyers emerged following significant repricing from mid-August to mid-October Large macro moves have created pockets of dislocation within credit markets, especially between Investment […]
Highlights During October there were some bright spots and some challenges, the latter from lower prices across the investment-grade bond complex reacting to a higher yield curve. Bright spots included our positions in McDermott International, […]
Highlights Policymakers in most parts of the world have raised rates this year with the count and pace continuing to mount. The US Bond Market has had a -0.3% annualized return over the last five […]
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was down 1.1% in September, bringing year-to-date performance to 1.1% with one-year performance of 2.9%[1]. Download PDF M&A Market Update M&A activity stalled in Q3 with a […]
Fellow unit holders, The Pender Small Cap Opportunities returned -12.5% in September, bringing returns so far this year to -34.8%[1]. This was a challenging period for the Fund, which was up against a difficult market […]
Highlights: September proved to be another challenging month for markets. It was the third worst month for the high-yield market since 2008. Early September presented the Fund with some good relative value trading opportunities. If […]
Highlights: The Fund has thus far held above the summer lows, all the while seeing much improved forward-looking returns available in credit markets. The four factors to identify good entry points are: price, positioning, flows […]
The Pender Alternative Arbitrage Fund (PAAF) marked one year since its inception on September 8, 2022 with performance of 4.3% since inception. The Fund was up 1.1% in August, bringing year to date performance to […]
The Fund has marked one year since its inception and we are happy to now report the performance of the Fund. The Pender Alternative Absolute Return Fund finished August with a return of 1.5% bringing […]
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
Fixed Income – December 2022
Highlights Positive contributors in December were Chinese property developer Country Garden Holdings Company Limited, Emergent BioSolutions Inc., and Carriage Services, Inc., while detractors included National CineMedia LLC, and rising government bond yields that drove investment […]
Small/Mid Cap Dividend – November 2022
Fellow Unitholders, The Pender Small/Mid Cap Dividend Fund (PSMDF) returned a positive 3.6% in November, bringing year-to-date returns to -10.4%[1]. This compares to the TSX Small Cap Index returning -7.3% year-to-date and the TSX Composite […]
Alternative Arbitrage – November 2022
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was up 0.3% in November, bringing year-to-date performance to 2.8% and one-year performance of 3.1%[1]. Download PDF M&A Market Update Global M&A activity totalled $3.3 trillion through […]
Alternative Absolute Return – November 2022
Dear Unitholders, The Pender Alternative Absolute Return Fund finished November with a return of 0.3%[1], bringing year-to-date performance to 5.1%. November was one of the more difficult market environments for the Fund to navigate, as […]
Fixed Income – November 2022
HIGHLIGHTS We expect a further easing of inflation pressures as consumers and companies digest the impact of significantly higher rates. We find the prices of relatively strong corporate credits in the three to seven-year tenors […]
Alternative Arbitrage – October 2022
Highlights The Fund initiated a position in the Twitter acquisition by Elon Musk. While this deal was a relatively bumpy ride, it’s also a great example of the contractual and legal strength of a definitive […]
Alternative Absolute Return – October 2022
Highlights There was a significant bounce in most asset classes, as dip buyers emerged following significant repricing from mid-August to mid-October Large macro moves have created pockets of dislocation within credit markets, especially between Investment […]
Fixed Income – October 2022
Highlights During October there were some bright spots and some challenges, the latter from lower prices across the investment-grade bond complex reacting to a higher yield curve. Bright spots included our positions in McDermott International, […]
Balanced Funds – Q3 2022
Highlights Policymakers in most parts of the world have raised rates this year with the count and pace continuing to mount. The US Bond Market has had a -0.3% annualized return over the last five […]
Alternative Arbitrage – September 2022
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was down 1.1% in September, bringing year-to-date performance to 1.1% with one-year performance of 2.9%[1]. Download PDF M&A Market Update M&A activity stalled in Q3 with a […]
Small Cap Equity – September 2022
Fellow unit holders, The Pender Small Cap Opportunities returned -12.5% in September, bringing returns so far this year to -34.8%[1]. This was a challenging period for the Fund, which was up against a difficult market […]
Alternative Absolute Return – September 2022
Highlights: September proved to be another challenging month for markets. It was the third worst month for the high-yield market since 2008. Early September presented the Fund with some good relative value trading opportunities. If […]
Fixed Income – September 2022
Highlights: The Fund has thus far held above the summer lows, all the while seeing much improved forward-looking returns available in credit markets. The four factors to identify good entry points are: price, positioning, flows […]
Alternative Arbitrage – August 2022
The Pender Alternative Arbitrage Fund (PAAF) marked one year since its inception on September 8, 2022 with performance of 4.3% since inception. The Fund was up 1.1% in August, bringing year to date performance to […]
Alternative Absolute Return – August 2022
The Fund has marked one year since its inception and we are happy to now report the performance of the Fund. The Pender Alternative Absolute Return Fund finished August with a return of 1.5% bringing […]