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 […]

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 In response to the hostile regulatory environment for merger deals this year and particularly in May, spreads for mergers have widened considerably. Merger arbitrage spreads now offer increasingly appealing returns with average merger arbitrage […]

HIGHLIGHTS April saw a return to a more normalized merger arbitrage market following a volatile March fraught with regulatory pushback and increased uncertainty due to the regional banking crisis. A benefit of the elevated volatility […]

Highlights A positive development during the month was banks returning to provide buyout debt financing. March was the peak month of SPAC maturities for 2023 with the industry now fully lapping the peak of the […]

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 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 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 […]

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 […]

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 […]

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 […]

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 Pender Alternative Arbitrage Fund (PAAF) ended the month of July 2022 with a NAV of $10.30 per unit[1]. Download PDF The first seven months of 2022 saw $2.3T of deals announced globally, the fourth […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of June 2022 with a NAV of $10.27 per unit[1]. Download PDF The first half of 2022 closed off with $2.2T of global M&A […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of May 2022 with a NAV of $10.23 per unit[1]. M&A activity remains elevated with over $1.8T of deals announced globally at the end […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of April 2022 with a NAV of $10.23 per unit[1]. Download PDF After a slow-down last month, M&A activity is picking back up with […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of March 2022 with a NAV of $10.28 per unit[1]. M&A activity ended Q1 with over $1 trillion of global deal activity, down 21% […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of February 2022 with a NAV of $10.18 per unit[1]. Despite equity market volatility, record inflation, rising rates and a geopolitical crisis, M&A activity […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of January 2022 with a NAV of $10.15 per unit[1]. Download PDF M&A activity is off to the races, with momentum from the record […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of December 2021 with a NAV of $10.19 per unit[1]. Download PDF M&A activity capped off 2021 with a record $5.8 trillion in global […]