Highlights Cash and T-bill holdings have been reduced by about 20% of net asset value to improve portfolio yield. Additions to loan holdings, with current yields from mid-7% to mid-8%, include high quality businesses like […]

Highlights Cash and T-bill holdings have been reduced by about 20% of net asset value to improve portfolio yield. Additions to loan holdings, with current yields from mid-7% to mid-8%, include high quality businesses like […]

Highlights A major theme in January was the reopening of the primary market in North American liquid credit, following limited issuance in late 2023. The Pender Alternative Absolute Return Fund selectively participated in new issues […]

Highlights One of the drivers of market performance in December was strong inflows for risk assets combined with limited new issue supply in credit markets. Despite our generally defensive positioning there are some areas of […]

Highlights In November we significantly added to our US Treasury Bill holdings as well as high-quality term loans. Our purchases included loans backed by Hilton Worldwide Holdings Inc. (NYSE: HLT), TransDigm Group Inc. (NYSE: TDG) […]

Highlights Both widening credit spreads and higher government yields negatively impacted returns for the month. The Fund increased market exposure with the focus on high-quality, high yield bonds trading at attractive discounts to par. The […]

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 • 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 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 The Fund added to event-driven holdings, most notably the 5.75% 2026 notes issued by PDC Energy Inc. (Nasdaq: PDCE) which is in the process of being acquired by Chevron Corp. (NYSE:CVX). New issue activity […]

HIGHLIGHTS With improved valuations, the Fund added to long credit positions, while also topping up short positions in equity index ETFs. We believe that the divergence between credit and equities, which has been widening since […]

HIGHLIGHTS Several of our shorter duration holdings experienced solid gains in April, including secured bonds of Greystar Real Estate Partners LLC (private) and Life Time Group Holdings Inc. (NYSE: LTH). In banks, our focus was […]

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 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 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 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 […]

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 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: 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 […]

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 […]

Dear Unitholders, The Pender Alternative Absolute Return Fund finished July with a unit price of $9.81 and distributions of $0.04 per unit[1]. Download PDF July 2022 saw a strong rebound across most asset classes following […]