Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.13% and -0.27%[1] respectively in March 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.41%[2]. Download the PDF. […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.4% and 0.6%[1] respectively in February 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.7%[2]. Download the […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.6% and 0.9%[1] respectively in January 2025. The HFRI ED: Merger Arbitrage Index (USD) returned 0.6%[2]. Download the PDF. […]

Highlights There was a pickup in deal activity in December as pent-up demand going into the US election was released. We initiated positions in 16 new merger deals during the month, notably in several small-cap […]

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 […]

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 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  The Fund has increased exposure to SPACs through participation in new issuances adding exposure to existing SPACs.   Equity markets corrected in early August before subsequently recovering. The Fund took advantage of widening spreads […]

Highlights July was another positive month for Fund as several of the larger holdings closed allowing us to harvest and redeploy capital. Key deals included: Apartment Income REIT, Vericity Inc, National Western Life Insurance Co, […]

Highlights Key deals held in the Fund closed in June, including Indigo Books & Music Inc., Shockwave Medical Inc., Model N Inc., and Secure Energy Services. The Fund initiated positions in 13 new merger deals […]

Highlights The Fund initiated positions in 17 new merger deals. Several key deals closed after achieving their final approvals. These included: Tricon Residential Inc, Carrols Restaurant Group, TrueContext Corp and MDF Commerce Inc. Our SPAC […]

Highlights After a euphoric March, April poured cold water on the euphoria halting the market’s year-to-date rise. Global M&A at the end of April was up 31% from last year. In Canada, technology sector leads […]

Highlights Fund holding, Everbridge Inc (NASDAQ: EVBG, a critical event management enterprise software company) announced they had entered into an agreement to be acquired by private equity firm Thoma Bravo. The Fund initiated positions in […]

Highlights North America is expected to lead global M&A with the health care, real estate, consumer staples and technology sectors expected to be the primary beneficiaries of the recovery. After a slow start to the […]

Highlights After a positive end to 2023 which saw several key deals held by the Fund close, January had muted activity due to seasonality. The Fund initiated positions in 15 new merger deals. Six deals […]

Highlights There was a high level of activity in the Fund during December with several merger deals closing by year-end. This allowed the Fund to harvest returns and redeploy the capital in new opportunities. Nineteen […]

Highlights November was a strong month driven by the closing of several deals including many of the largest positions in the Fund. There were 19 merger deals held within the Fund that closed during the […]

Highlights October was a tough month for markets as recessionary fears and higher bond yields pressured markets. In October, the Fund initiated positions in 23 new or previously announced mergers, while 20 merger deals held […]

Dear Unitholders, Highlights The Fund initiated positions in 14 new or previously announced mergers while five merger deals held within the Fund closed during the month. At the end of September, the Fund had 41 […]

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: 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 […]